Private Equity Unchained (eBook)

Thomas Meyer is partner and co-founder of LDS Partners, specialising in the development of private equity risk measurement models and investment strategies. He has held a distinguished career in and out of the financial services, from intelligence officer in the German Air Force to CFO of Allianz Asia Pacific. He was responsible for the creation of the European Investment Fund's risk management function with focus on the development of valuation and risk management models and investment strategies for venture capital funds-of-funds. As Director of the European Private Equity and Venture Capital Association he authored the EVCA Venture Capital White Paper 2010. Thomas co-directed the limited partner course delivered by the Private Equity Institute at the Saïd Business School, University of Oxford that led to the EVCA awarded certificate. He is member of EVCA's Private Equity Risk Measurement Group, a Shimomura Fellow of the Development Bank of Japan and was a visiting researcher at Hitotsubashi University in Tokyo.Thomas is the co-author of Beyond the J Curve, J Curve Exposure, Mastering Illiquidity and two CAIA Level II books, which are required reading for level II of the Chartered Alternative Investment Analyst® Program.He studied computer science at the Bundeswehr Universität in Munich and holds a Dr.rer.nat. from the University of Trier. He graduated with an MBA from the London Business School and with an MA in Japanese Language and Society from the University of Sheffield's School of East Asian Studies.

Cover 1
Half-Title 2
Title 4
Copyright 5
Contents 6
List of Figures and Tables 8
Acknowledgements 9
1 Introduction 10
2 A Neo-Classical Asset Class 16
3 The ‘Repair Shop of Capitalism’ 25
4 Strategy Challenges 33
5 Strategic Asset Allocation 49
6 The Sky is Not the Limit 63
7 The Limited Partnership as Part of Humanity’s DNA 71
8 Do-It-Yourself? 89
9 Economics of Private Equity Firms 103
10 Objectives 114
11 Performance Persistence 120
12 Nobody Knows Anything 132
13 Spreading Risks – Thinly and Thickly 142
14 Private Equity Risk 158
15 Performance Measurement 170
16 The Galapagos Islands of Finance 181
17 The Locust and the Deep Blue Sea 193
18 Don’t Confuse Transparency with Intelligence 203
19 Spreading Risks – Part II 211
20 Open-Ended Relationships 222
21 Hard and Soft Power 234
22 Real Options 244
23 No Plan Survives 258
24 The Heavy Hand of Regulation 268
25 Private Equity Unchained 276
Notes 282
Bibliography 299
Index 309