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Exposed to the J-Curve: Understanding and Managing Private Equity Fund Investments
Euromoney Institutional Investor, Feb 2005, Pages: 181
How can institutional and private investors safely invest into private equity?
Two experienced market practitioners provide you with a review of the private equity fund industry and a description of all the relevant management issues of fund investments, from a day-to-day and a portfolio perspective to indirect investment vehicles like funds of funds and securitised notes.
Learn how to think independently and avoid succumbing to the traps of private equity.
This book includes:
- A discussion of private equity as an asset class and its place within an alternative investment programme.
- Guidance on investment into funds, including a behind-the-scenes look at the relationship between the fund investor and the fund manager.
- Portfolio management of fund investments including the latest cash-flow models and their use to avoid liquidity squeezes and over-allocation.
- An examination of the different types of risks faced by private equity investors and how these can be minimised.
- An explanation of how investors can outsource these tasks - the relative merits of funds of funds and CFOs, listed products or secondary transactions.
This is the first book to discuss the relationship between the limited partners and the general partner, providing an undisguised and independent look behind the scenes, and explain the core aspects of this industry from the perspective of two insiders.
An indispensable reference for institutional practitioners and private equity lawyers, as well as students and academics who seek to understand the dynamics of the complex world of private equity.
Author biographies
Ulrich Grabenwarter is head of division for Venture Capital Operations at the European Investment Fund (EIF), and responsible for a portfolio of nearly 100 private equity funds and €1 billion under management. Prior to EIF, he worked for several years at the European Investment Bank in the Directorate for Financing Operations in Germany and Austria, executing structured finance operations in the corporate and financial sector and private equity fund of fund investments. He was the personal adviser of the Austrian Management Board Member at EIB. He began his career at PriceWaterhouseCoopers in the Audit and later Finance Consulting Department, specialising in derivatives for investment and risk management purposes including their use in hedge funds.
Dr Tom Weidig is the author of several works on private equity funds, funds of funds, and the impact of Basel II. His study ‘The Risk Profile of Private Equity’ has been publicised and endorsed by the European Venture Capital Association, and translated into German and French. He holds a Master of Science in Theoretical Physics from Imperial College London, and a PhD from the University of Durham. He was a postdoctoral researcher at the University of Manchester, and a visiting researcher at Trinity College, University of Cambridge. Leaving physics behind, he then worked as a risk analyst in derivatives for the US investment bank Bear Stearns in London. He is currently an independent consultant, and also worked for the European Investment Fund researching and modelling private equity funds.
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