Private equity and venture capital in Europe : markets, techniques, and deals /

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"Global financial markets might seem as if they increasingly resemble each other, but a lot of peculiar aspects qualify different markets with different levels of development. Private equity investors can take advantage of these variations. Structured to provide a taxonomy of the business, Priv...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Caselli, Stefano, 1969- (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: London : Academic Press, an imprint of Elsevier, [2018]
�2018
Edición:Second edition.
Temas:
Venture capital > Europe.
Private equity > Europe.
Business enterprises > Europe > Finance.
Investments > Law and legislation > Europe.
Capital �a risques > Europe.
Capital-investissement > Europe.
BUSINESS & ECONOMICS > Finance.
Business enterprises > Finance
Investments > Law and legislation
Private equity
Venture capital
Economics.
Development economics & emerging economies.
Investment & securities.
Takeovers, mergers & buy-outs.
Research & development management.
Finance and Accounting.
Europe
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Front Cover
  • Private Equity and Venture Capital in Europe: Markets, Techniques, and Deals
  • Copyright
  • Contents
  • About the Authors
  • Foreword by Michael Collins
  • Foreword by Josh Lerner
  • Acknowledgments
  • Part 1: General Framework and Private Equity Deals
  • Chapter 1: The Fundamentals of Private Equity and Venture Capital
  • 1.1. Introduction
  • 1.2. Definition of Private Equity and Venture Capital
  • 1.2.1. Certification Effect
  • 1.2.2. Network Effect
  • 1.2.3. Knowledge Effect
  • 1.2.4. Financial Effect
  • 1.3. Main Differences between Corporate Finance and Entrepreneurial Finance
  • 1.4. The Map of Equity Investment: An Entrepreneur's Perspective
  • 1.5. The Map of Equity Investment: An Investor's Perspective
  • 1.6. The PE Market in Europe
  • 1.6.1. Fundraising Activity During 2015
  • 1.6.2. Investment Activity During 2015
  • 1.6.3. Divestment Activity During 2015
  • Chapter 2: Theoretical Foundation of Private Equity and Venture Capital
  • 2.1. Introduction
  • 2.2. Theories About Corporation Financing
  • 2.2.1. Remarks on the Approach of Modigliani and Miller
  • 2.2.2. Remarks on the Trade-Off Theory Approach
  • 2.2.3. Remarks on Agency Theory
  • 2.2.4. Remarks on Pecking Order Theory
  • Chapter 3: Clusters of Investment Within Private Equity
  • 3.1. Introduction
  • 3.2. Preliminary Focus on the Different Clusters of Investment
  • 3.3. The Main Issues of Investment Clusters
  • 3.4. Private Equity Deals
  • 3.4.1. Seed Financing
  • 3.4.2. Start-Up Financing
  • 3.4.3. Early Stage Financing
  • 3.4.4. Expansion Financing
  • 3.4.5. Replacement Financing
  • 3.4.6. Vulture Financing
  • Chapter 4: Investing in the Early Stages of a Company: Venture Capital
  • 4.1. Introduction
  • 4.2. General Overview of Early Stage Financing
  • 4.2.1. Seed Financing
  • 4.2.2. Start-Up Financing
  • 4.2.3. Early Growth Financing.
  • 4.3. Operation Phases During Early Stage Financing
  • 4.4. Structure of Venture Capitalists in Early Stage Financing
  • 4.5. Selection of the Target Company
  • 4.6. Supporting Innovation Development
  • 4.7. Private Investor Motivation and Criteria
  • Chapter 5: Investments in Mature Companies: Expansion Financing
  • 5.1. General Overview of Financing Growth
  • 5.2. Expansion Financing
  • 5.3. The Cluster of Expansion Growth Deals
  • 5.4. Characteristics of Growth
  • 5.5. Internal Growth
  • 5.6. External Growth
  • 5.6.1. M & A Motivations
  • 5.6.2. M & A Characteristics
  • 5.6.3. M & A in the Private Equity Business
  • 5.7. Advantages for Venture-Backed Companies
  • 5.8. Disadvantages for Venture-Backed Companies
  • Chapter 6: Investments in Mature Companies: Replacement Financing
  • 6.1. Introduction
  • 6.2. Replacement Financing
  • 6.3. PIPE Deals
  • 6.4. Corporate Governance Deals/Turnaround Deals
  • 6.4.1. Characteristics of Turnaround Deals
  • 6.4.2. Reasons Behind Turnaround Deals
  • 6.4.3. Valuation and Risk Management in Turnaround
  • 6.5. LBO
  • 6.5.1. General Overview of Buy Outs
  • 6.5.2. Characteristics of a Buy Out Deal
  • 6.5.2.1. Financial Structure
  • 6.5.2.2. Corporate Governance
  • 6.5.3. LBO as a Private Equity Deal
  • 6.5.3.1. Valuation
  • 6.5.3.2. Managed Risk
  • 6.5.3.3. Condition for a Good and Bad Buy Out
  • Chapter 7: Investing in Mature Companies: Vulture Financing
  • 7.1. Introduction
  • 7.2. General Overview of Vulture Financing
  • 7.3. Characteristics of Restructuring Financing
  • 7.4. Characteristics of Distressed Financing
  • Part 2: Legal and Fiscal Framework in the Private Equity Business
  • Chapter 8: Legal Framework in Europe for Equity Investors
  • 8.1. Introduction
  • 8.2. Different Financial Institutions That Invest in Equity: An Introduction to the EU System.
  • 8.3. Banks and Investment Firms: Common Rules and Differences in the EU
  • 8.3.1. Banks
  • 8.3.1.1. The Role of Basel Frameworks on Private Equity Investments for Banks and Investments Firms
  • 8.3.2. Investment Firms
  • 8.4. Closed-End Funds
  • 8.4.1. Funds
  • 8.4.2. AMC
  • 8.4.2.1. The Minimum Requisites to Operate for AMC
  • 8.4.2.2. Governance Rules for AMC
  • 8.4.2.3. Management Rules for AMC
  • 8.4.3. Closed-End Funds
  • 8.4.3.1. General Framework for Closed-End Funds
  • 8.4.3.2. Internal Code of Activities for Closed-End Funds
  • 8.4.3.3. The Investment Policy for Closed-End Funds
  • 8.4.3.4. Definition of Public and ��Reserved�A��A� Offer
  • 8.5. Reasons for Choosing a Closed-End Fund Rather Than Banks or Investment Firms
  • 8.6. The Relationship Between Closed-End Funds and AMCS: Economic and Financial Links
  • 8.6.1. General Overview of Costs and Revenues
  • 8.6.2. Management Fee
  • 8.6.3. Carried Interest
  • 8.7. Vehicles for Private Equity Finance in the EU
  • 8.7.1. The Legal Framework for Private Equity Finance in France
  • 8.7.2. The Legal Framework for Private Equity Finance in Germany
  • 8.7.3. The Legal Framework for Private Equity Finance in the Netherlands
  • 8.7.4. The Legal Framework for Private Equity Finance in Spain
  • Chapter 9: Legal Framework in the United States and United Kingdom for Equity Investors
  • 9.1. Introduction
  • 9.2. Why the United States and United Kingdom Differ From the EU: The Common Law versus Civil Law System and the Impact o ...
  • 9.3. Rules for US Equity Investors
  • 9.3.1. Venture Capital Funds
  • 9.3.2. Small Business Investment Companies
  • 9.3.3. Corporate Ventures
  • 9.3.4. Banks
  • 9.3.5. Business Angels
  • 9.4. Rules for UK Equity Investors
  • 9.4.1. Venture Capital Funds
  • 9.4.2. Venture Capital Trusts
  • 9.4.3. Merchant Banks
  • 9.4.4. Business Angels
  • 9.4.5. Dedicated Public Institutions.
  • 9.5. Carried Interest and Management Fee Scheme: US and UK Systems
  • 9.5.1. Management Fee
  • 9.5.2. Carried Interest
  • 9.6. Clauses Signed in an LP Agreement
  • Chapter 10: Taxation Framework for Private Equity and Fiscal Impact for Equity Investors
  • 10.1. Introduction
  • 10.2. Fundamental Role of Taxation in Private Equity and Venture Capital
  • 10.3. Taxation and Equity Investors: Lessons From Theory and Relevant Models
  • 10.3.1. Taxation on Dividends, Earnings, and Capital Gain
  • 10.3.2. Fiscal Incentive to Start-Up and to Incentivize R & D Expenses
  • 10.3.3. Fiscal Incentive to Increase Leverage and/or Equity
  • 10.4. Taxation Players: Investment Vehicles, Investors, and Companies Demanding Capital
  • 10.5. Taxation Features Around the World: A Brief Comparative Analysis
  • 10.5.1. Taxation in Italy
  • 10.5.2. Taxation in France
  • 10.5.3. Taxation in Germany
  • 10.5.4. Taxation in Spain
  • 10.5.5. Taxation in Luxembourg
  • 10.5.6. Taxation in Netherlands
  • 10.5.7. Taxation in the United Kingdom
  • 10.5.8. Taxation in the United States
  • 10.6. Fiscal Framework for Equity Investors and Vehicles: The EU Condition
  • 10.6.1. Taxation of the Most Important Private Equity and Venture Capital Vehicles
  • 10.6.2. Vehicle Taxation: Italy
  • 10.6.3. Vehicle Taxation: United States
  • 10.6.4. Vehicle Taxation: United Kingdom
  • Part 3: Managing a Private Equity Investment
  • Chapter 11: The Managerial Process
  • 11.1. Introduction
  • 11.2. The Need of a Structured Managerial Process for the Private Equity Business
  • 11.3. Equity Investment as a Process: Organization and Management
  • 11.4. The Four Pillars of Equity Investment
  • 11.4.1. Fundraising
  • 11.4.2. Investing
  • 11.4.3. Managing and Monitoring
  • 11.4.4. Exiting
  • 11.5. The Relevance of Expertise and Skills Within the Process
  • Chapter 12: Fundraising
  • 12.1. Introduction.
  • 12.2. Creation of the Business Idea
  • 12.3. Venture Capital Organizations
  • 12.4. Job Selling
  • 12.5. Debt Raising
  • 12.6. Calling Plan
  • 12.7. Types of Investment
  • Chapter 13: Investing
  • 13.1. Introduction
  • 13.1.1. Groups Involved
  • 13.2. The Investing Phase
  • 13.3. Decision Making
  • 13.3.1. Deal Flow (Origination)
  • 13.3.2. Screening
  • 13.3.3. Valuation and Due Diligence
  • 13.3.4. Rating Assignment
  • 13.3.5. Negotiation
  • 13.3.6. Decision to Invest
  • 13.4. Deal Making
  • 13.4.1. Targeting
  • 13.4.2. Liability Profile
  • 13.4.3. Engagement
  • 13.5. Problems and Critical Areas of Venture Capital Operations
  • 13.6. The Role of Managerial Resources in Venture Capital
  • 13.7. Possible Unsuccessful Financial Participation
  • 13.8. Involvement of the Private Equity in the Board of Directors
  • Chapter 14: Managing and Monitoring
  • 14.1. Introduction
  • 14.2. Why Is There a Need for a Management and Monitoring Phase?
  • 14.3. Performance Determination
  • 14.4. The Managing and Monitoring Phase
  • 14.4.1. Actions to Create and Measure Value
  • 14.4.2. Actions to Protect Value
  • 14.4.2.1. Liquidity Management in the Presence of a Put Option
  • Example
  • Chapter 15: Exiting
  • 15.1. Introduction
  • 15.2. The Exit Vademecum
  • 15.3. Exit Alternatives
  • 15.3.1. Trade Sale
  • 15.3.2. Buyback
  • 15.3.3. Sale to Other Private Equity Investors
  • 15.3.4. Write-Off
  • 15.3.5. IPO or Sale Post-IPO
  • 15.4. Quotation of Private Equity Companies
  • 15.4.1. Potential Advantages and Disadvantages
  • 15.4.2. Segmentation of Private Equity Operators
  • Chapter 16: Listing a Private Company
  • 16.1. General Overview of an IPO
  • 16.2. Characteristics of a Company Going Public
  • 16.3. Advantages of an IPO for the Company
  • 16.4. Advantages of an IPO for Shareholders
  • 16.5. Advantages of an IPO for Management
  • 16.6. Disadvantages of an IPO.

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