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 | | Venture Capital and Private Equity: A Casebook by Josh Lerner ISBN-10: 9780471322863 ISBN-10: 0-471-32286-5 ISBN-13: 9780471322863 ISBN-13: 978-0-471-32286-3 Hardcover 2000 Wiley Find Lowest Price |
Editorials | ||
Product Description What Explains the Recent Tremendous Growth in Private Equity Funds? How Have These Funds Created so Much Value? Can We Expect This Kind of Growth in Other Countries and Other Types of Investments? The pool of U.S. private equity funds has grown from $5 billion in 1980 to over $175 billion in 1999. Private equity's recent growth has outstripped that of almost every class of financial product. Whether you are an entrepreneur seeking private equity finance, a private equity investor grappling with the industry's changes, or an investor interested in private equity as a potential investment, this book is required reading! It presents a collection of real world cases-supplemented by detailed industry notes-that explore the exciting and dynamic world of venture capital and buyout funds. The organization mirrors that of the venture capital/private equity process itself: * The first part explores the raising and structuring of private equity funds, as well as the perspective of investors. * The second part explores the selection,oversight, and adding value to firms-the 'heart' of the private equity cycle. * The third part describes how private equity groups reap attractive returns from successful investments. * The final section explores the emerging efforts to translate the private equity model into other settings, such as corporate venturing programs. | ||
Reviews | ||
Excellent introduction to an exciting asset class First let me start with what this book is not! It is not a textbook and it will not teach you the practical methodology of deal structuring, LBO modeling or valuation. However if you are looking for a well-written, non-technical book that illustrates the rationale and dynamics behind PE/VC investing, look no further. After diligently reading these case studies, I have become comfortable with the unique terminologies and thought processes involved in each stage of the investment life-cycle. A slightly greater emphasis on the technical aspects would have made this book perfect, but overall I have no complaints. | ||
Good with Potential for Greatness This book is good, primarily because it has no real competition as so little is written on the subject. It provides a brief introduction to private equity in the first few pages and goes into case studies thereafter, with a few 'notes' re: private equity in between the case studies. Case studies are useful for getting a 'feel' for how the private equity process works if you are (i) an investment banking analyst or other professional planning to make the jump into a private equity analyst/associate position or (ii) an MBA student who wants to understand or jump into a private equity associate position. So for doing that, I'd give it a 3-star 'good' rating. I rate it a 3 because, while it largely succeeds in its own stated goal of being a 'case book', it fails to do what the only real text book on private equity should be doing: analyzing the profession in terms of: (i) its evolution, (ii) strategy re: the private equity group, (iii) strategy re: the private equity group's portfolio companies, (iii) its effects on the economy, employees, government/taxes, society (iv) comparison of the private equity ownership structure vs. other ownership structures (e.g. public corporations, owner-operated companies, conglomerates, wealthy family holding companies), (v) analysis of private equity critcisms, (vi) alternative forms (e.g. SWFs, IFC), (vii) developing markets, and (viii) future. Academics seem to find themselves oddly content not to discuss this industry in any real depth. I believe part of this has to do with their involvement in somewhat unobjective, case study oriented MBA programs that take a 'cookie cutter' approach to educating their students, but I digress. 3 stars. 5 stars, if Lerner does what he should do and makes a private equity book that is analytical and forward-thinking. | ||
Reads like a novel I couldn't put this book down; I felt like I was reading a captivating novel. It does a great job of introducing the reader to the unique terminology of the VC/PE industry. However, I wish there was more follow through or structured questions presented for the cases; without sitting in Prof. Lerner's class, I would like to see exactly what broad lessons he is attempting to present and drive home. | ||
A case book, not a textbook This book was a disappointment. A real textbook would actually have instruction. This book is merely a collection of cases, with a few scattered chapters on VC/PE. Only buy the book if required to for a class. | ||
Good Private Equity Overview This book provides a good overview of venture capital and buyout fund management. It addresses the investment process through four modules: fundraising, investing, exiting, and new frontiers. There are twenty nine chapters of which nine are instructional and the rest are case studies. Though there is information interspersed within the case studies, I think it would have been better to have had shorter case studies and longer instructional pieces to delve more deeply into subjects. | ||