The Future of Private Equity: Beyond the Mega Buy-Out (Hardback)
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Short Description for The Future of Private Equity The easy money that flowed through the banking system prior to 2008 fueled a boom in buy-outs. Now it is gone, how will the private equity industry reinvent itself? A series of interviews with some of the most respected and innovative firms, give rare insights to the strategies that will drive this secretive sector over the next economic cycle.
- Published: 13 November 2012
- Format: Hardback 256 pages
- ISBN 13: 9780230354937 ISBN 10: 0230354939
- Sales rank: 416,130
Full description for The Future of Private Equity
The private equity industry is at a cross-roads. In the easy money years between 2004 and 2008, it was awash with investment, debt was easily obtained and some rash, over-leveraged deals were done by the so-called 'mega buyout' funds. Today, fund managers are dealing with the legacy of that era, while also figuring out how best to secure new investment and make attractive returns in the age of deleveraging. Many firms are succeeding, sometimes spectacularly, in both developed and emerging markets. Some have developed innovative new business models, while others have reinvented the old. This book contains exclusive interviews with the leaders of many of the world's most successful and innovative funds. These include: Steve Klinsky and Ajit Nedungadi of US growth investors New Mountain Capital and TA Associates; Jon Moulton and Wol Kolade of the British turnaround and growth specialists Better Capital and ISIS Equity Partners; Niten Malhan of Warburg Pincus' Indian operation; Derek Sulger, an Anglo-American who transitioned from setting up telecoms businesses in the country to founding Lunar Capital, which backs indigenous entrepreneurs; pan-emerging market specialist Actis and innovative investors in Africa and the Middle East such as Citadel Capital's Hisham El-Khazindar and Abraaj's Mustafa Abdel-Wadood. These in-depth interviews tease out issues such as how private equity managers can best create enterprise value and out-perform public markets without returning to pre-crisis levels of leverage, techniques for differentiating a firm's capital, the sustainability of private equity in emerging markets, the role of the industry in low-income countries and alternatives to the established limited partnership governance model. The Future of Private Equity: Beyond the Mega Buyout is essential reading for anyone working in or with the private equity industry, anywhere in the world.