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Private Equity : History, Governance, and Operations

by: Cendrowski, Harry; Petro, Louis W.; Martin, James P.; Wadecki, Adam A.

ISBN: 9781118138502 | 1118138503

Edition: 2nd
Format: Hardcover
Publisher: John Wiley & Sons Inc
Pub. Date: 5/1/2012

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Summary Table of Contents Author Biography

Private Equity: History, Governance, and Operations, Second Edition provides a multitude of information, including detailed descriptions of the private equity process, governance best practices, risk management techniques, and contemporary private equity issues. The book is an invaluable resource for high net worth individuals looking to better understand the industry, entrepreneurs who are growing their business, and fund managers striving to create value in the companies they purchase.

Praise For Private Equity S... MOREecond Edition "With Private Equity, Second Edition, Messrs. Cendrowski, Petro, Martin, and Wadecki go beyond the transaction to provide a surprisingly holistic view of private equity, describing this often misunderstood industry in the context of its history and purpose. They also address the difficult area of investment due diligence and dig extensively into the process of business improvement that is at the heart of the value proposition of many PE firms. For readers, the organization of this treatise allows for a front-to-back read but also boasts sufficiently modular chapters to make it a fine ongoing reference on individual topics. A well researched and well explained book on an important set of topics." -Chris Rizik, Chief Executive Officer and Fund Manager, Renaissance Venture Capital Fund "The Second Edition of Private Equity: History, Governance, and Operations is a well researched, clearly written text that provides readers with in-depth analyses of the industrys best practices. The first editions strengths are further reinforced through new chapters and an updated history that greatly details private equitys modern-day zenith as well as its rise following the Great Recession." -W. Y. Campbell, Founding General Partner, Huron Capital Partners Chairman and Partner, Superior Capital Partners Chairman and Managing Partner, Peninsula Capital Partners "You know its an excellent book when a second edition is being published. The new chapter addressing intellectual property in Private Equity is a great addition, as it is a critical topic. While this book is obviously an excellent guide for any investor new to the private equity asset class, it also serves as an excellent reference guide for the savviest of investors. I have referred to it many times since the book was first published." -Maribeth S. Rahe, President and Chief Executive Officer, Fort Washington Investment Advisors "Private Equity, Second Edition is a thorough and thoughtful analysis. It addresses financial and business issues as well as important legal and regulatory issues that may arise for and should be considered by investors. It will serve as an important reference for businessmen and counsel who work in this important financial sector." -Jonathan Feld, Partner, Katten Muchin Rosenman LLP "A sharp update to a modern text, the authors do a phenomenal job dissecting the role of economic turmoil and its impact on the private equity and venture capital landscape of yesterday, today, and tomorrow." -Jeff Mirmelstein, Sales Finance Lead, Americas Media Products, Google

"An authoritative guide to understanding the world of private equity (PE) investing, governance structures, and operational assessments of PE portfolio companiesAn essential text for any business/finance professional's library, Private Equity: History, Governance, and Operations, Second Edition begins by presenting historical information regarding the asset class. This information includes historical fundraising and investment levels, returns, correlation of returns to public market indices, and harvest trends. The text subsequently analyzes PE fund and portfolio company governance structures. It also presents ways to improve existing governance structures of these entities. A specific focus on portfolio company operations, including due diligence assessments, concludes the text. Seamlessly blends historical information with practical guidance based on risk management and fundamental accounting techniques Assists the book's professional audience in maximizing returns of their PE investments Highly conducive to advanced, graduate-level classroom use Purchase of the text includes access to a website of teaching materials for instructional use Learn more about PE history, governance, and operations with the authoritative guidance found in Private Equity: History, Governance, and Operations, Second Edition"--

Preface xvii

MODULE I The Private Equity Model and Historical Information

CHAPTER 1 Introduction to Private Equity 3

Introduction 3

What Is Private Equity? 4

General Terms and Brief Overview 5

The Limited Partner Agreement and General Partner Incentives 12

Private Equity Firm Structure and Selected Regulations 15

Types of Private Equity Investment 20

The Private Equity Fundraising Process 22

Recent Fundraising Trends 25

General Partner Investment Restrictions 26

... MORE

Harry Cendrowski is a 30-year veteran consultant to and investor in private equity and venture capital funds. He is cofounder and Managing Director of Cendrowski Corporate Advisors, a midwest financial and operations consulting firm based in Chicago, Illinois, and Bloomfield Hills, Michigan.

Louis W. Petro has contributed to Wiley business publications and has written both books and journal articles. He is a professor at the University of Windsor and a CPA.

James P. Martin is Managing Director of Cendrowski Corporate Advisors. He is a seasoned enterprise risk management professional who has performed engagements for private equity funds and their portfolio companies as well as publicly traded organizations.

Adam A. Wadecki is Manager of Operations for Cendrowski Corporate Advisors and a lecturer at the University of Michigan, Ann Arbor.

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