Venture Capital, Private Equity, and the Financing of Entrepreneurship

Preface vii

Acknowledgments ix

About the Authors xi

1. Introduction 1

2. The Private Equity Cycle— Fundraising and Fund Choosing 20

3. Deal Sourcing and Evaluation— Not as Easy as It Looks! 65

4. Assigning Value 101

5. Deal Structuring— Private Equity Securities and Their Motivation 131

6. After the Money Arrives 175

7. Getting Liquid: Exits and Distributions 204

8. The Globalization of Venture Capital and Private Equity 246

9. Risk and Return 285

10. The Impact of Private Equity on Society— Does This Really Matter Anyway? 313

11. People, Positions, and Culture: The Management of the Private Equity Firm 345

12. Scaling and Institutionalization 374

13. Boom and Bust 404

14. Wrapping Up 435

Glossary G- 1

Index I- 1