How can private equity investors exploit investment opportunities in foreign markets? Peter Cornelius uses a proprietary database to investigate and describe private equity markets worldwide, revealing their levels of integration, their risks, and the ways that investors can mitigate those risks. In three major sections that concentrate on the risk and return profile of private equity, the growth dynamics of discrete markets and geographies, and opportunities for private equity investments, he offers hard-to-find analyses that fill knowledge gaps about foreign markets. Observing that despite the progressive dismantling of barriers investors are still home-biased, he demonstrates that a methodical approach to understanding foreign private equity markets can take advantage of the macroeconomic and structural factors that drive supply and demand dynamics in individual markets.
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PART I: PRIVATE EQUITY AS AN ASSET CLASS
Organization, Value Creation and Performance
Private Equity in Diversified Investment Portfolios
Designing Private Equity Programs in Open Markets
PART II: MARKETS, INVESTMENT FLOWS AND DUE DILIGENCE
Global Markets, Regional Penetration and Country Risk
Private Equity Funds and Cross-Border Acquisitions
Cross-Border Fund Commitments, Due Diligence and the Allocation Matrix
Regional Integration: The Case of Europe
Fund Investments and Currency Movements
PART III: WHAT'S NEXT?
Private Equity in the Era of Deleveraging
PART IV: STRATEGIC CONVERSATIONS WITH GENERAL PARTNERS
Chasing Deals Globally: Expansion Strategies and Risk Management of Leading Private Equity Firms
Peter Cornelius is a Research Fellow at the Emerging Markets Institute, Samuel Curtis Johnson Graduate School of Management, Cornell University, Ithaca, NY, USA.