عنوان

Private equity and venture capital in Europe :

0128122552

9780128122556

0128122544

9780128122549

Private equity and venture capital in Europe :

[Book]

markets, techniques, and deals /

Stefano Caselli.

Second edition.

London :

Academic Press, an imprint of Elsevier,

[2018]

©2018

1 online resource

Online resource; title from PDF title page (EBSCO, viewed January 10, 2018).

Includes bibliographical references and index.

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.

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.

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 R̀̀eservedÂÁ̂ ́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.

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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, Private Equity and Venture Capital in Europe, Second Edition, introduces private equity and venture capital markets while presenting new information about the core of private equity: secondary markets, private debt, PPP within private equity, crowdfunding, venture philanthropy, impact investing, and more. Every chapter has been updated, and new data, cases, examples, sections, and chapters illuminate elements unique to the European model. With the help of new pedagogical materials, this Second Edition provides marketable insights about valuation and deal-making not available elsewhere. Covers new regulations and legal frameworks (in Europe and the US) described by data and tax rates Features overhauled and expanded pedagogical supplements to increase the versatility of the Second Edition Focuses on EuropeIncludes balanced presentations throughout the book"--

Ingram Content Group

9780128122556

Private equity and venture capital in Europe.

9780128122549

Business enterprises-- Europe-- Finance.

Investments-- Law and legislation-- Europe.

Private equity-- Europe.

Venture capital-- Europe.

BUSINESS & ECONOMICS-- Finance.

Business enterprises-- Finance.

Investments-- Law and legislation.

Private equity.

Venture capital.

Europe.

7

BUS-- 027000

Caselli, Stefano,1969-

20200822085000.0

pn

[Book]

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