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Private Equity as an Asset Class (The Wiley Finance Series)
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Review
"...a comprehensive attempt to get to the bottom of private equity returns over the past 15 years or so as well as being a well–written overview of the buyout and venture markets." (The Daily Telegraph, February 2007)
“…the first ever book that anyone who has even a passing interest in the PE business can pick up and delve into without feeling intimidated…will appeal to even the most jaded investor.” (Banker Middle East, April 2007)
“…the first textbook about private equity for investors" (Management Today, May 2007)
"Guy Fraser Sampson conveys the complex specifics of private equity with some ease. His introduction to private equity is stimulating reading for experts and non–experts." (Investment & Pensions Europe, June 2007)
"...a comprehensive attempt to get to the bottom of private equity returns over the past 15 years or so." (The Daily Telegraph, February 2007)
“…a book that anyone who has even a passing interest in the PE business can pick up and delve into ” (Banker Middle East, April 2007)
“…the first textbook about private equity for investors" (Management Today, May 2007)
"Guy Fraser Sampson conveys the complex specifics of private equity with some ease." (Investment & Pensions Europe, June 2007) --This text refers to an out of print or unavailable edition of this title.
Ernie Richardson, MTI
"I have always said that Guy wrote the book on private equity -
now he really has!"
--This text refers to an out of print or unavailable edition of this title.
now he really has!"
--This text refers to an out of print or unavailable edition of this title.
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Most Helpful Customer Reviews
1 of 1 people found the following review helpful
Format:Hardcover
I suspect that I am not alone in only really having been exposed to private equity funds from the perspective of companies acquired by them. This book focusses primarily on the relationship between those who manage the funds and those who invest in them and thereby clarified and illuminated many things for me. The author is not afraid to state his view (for example on the level of rewards received by fund managers), but doesn't neglect to provide evidential and analytical backup for what he says.
Format:Hardcover
An interesting and informative guide. Guy does bang on a bit about the semantic differences between the US & UK and all the other quirks of the industry he dislikes but once you get past those then he does a good job of laying into you the inner workings of PE firms. There are five broad sections (1) Definition and Structure of industry (2) Buyout funds (3) Venture funds (4) Development/Growth funds (5) Due Diligence and other stuff. Each of (2) - (4) has a detailed discussion of what the funds do and which return metrics are important for the fund type. Returns, returns, returns. IRRs and multiples. If you weren't aware of how focussed PE guys are on returns (say as opposed to actually building world class companies) then Guy will leave you in no doubt about that fact. I think in the main the book is aimed at the institutional investor looking to invest in PE (hence I guess the book title) rather than the curious bystander who wants to understand what all the PE fuss is about. I liked it.
8 of 11 people found the following review helpful
Format:Hardcover
I have had the advantage of reading the manuscript of this book in advance, and one of the comments on the cover is my own.
Unlike other books on the subject, this one does not dive straight off into complicated areas such as return analysis, nor does it deal with such nebulous matters as the GP/LP relationship (indeed, the writer states that he considers this last topic to be something of a red herring). Instead, the book sets out to be a comprehensive account of private equity from first principles onwards, and will guide you steadily through the intricacies of the asset class until you find yourself quite happily using very complex analysis models to look at buyout and venture returns. More importantly, it focuses on explaining the principles which underlie all of this, so you will actually understand what you are doing, and why. As the writer says repeatedly "don't just look at the figures - try to think what lies behind them."
Fraser-Sampson has twenty years experience of the private equity industry, and the depth and range of his knowledge shines through every page. I was a great fan (and a reviewer) of his first book "Multi Asset Class Investment Strategy", and ideally they should be read together. The first explains why you should be allocating 25% of your portfolio to private equity, and this one explains how you should actually go about it. Just as the first one came up with a whole new way of looking at investment in general, so this one makes some very innovative points, not all of which will make happy reading in some quarters. For example, he believes that private equity performance should be judged across an investor's whole allocation (what he calls Total Return investing) rather than, as presently, on just that small part of it which may be invested at any one time.
Both books are brilliantly written and make very easy reading out of what are very complex issues.
Unlike other books on the subject, this one does not dive straight off into complicated areas such as return analysis, nor does it deal with such nebulous matters as the GP/LP relationship (indeed, the writer states that he considers this last topic to be something of a red herring). Instead, the book sets out to be a comprehensive account of private equity from first principles onwards, and will guide you steadily through the intricacies of the asset class until you find yourself quite happily using very complex analysis models to look at buyout and venture returns. More importantly, it focuses on explaining the principles which underlie all of this, so you will actually understand what you are doing, and why. As the writer says repeatedly "don't just look at the figures - try to think what lies behind them."
Fraser-Sampson has twenty years experience of the private equity industry, and the depth and range of his knowledge shines through every page. I was a great fan (and a reviewer) of his first book "Multi Asset Class Investment Strategy", and ideally they should be read together. The first explains why you should be allocating 25% of your portfolio to private equity, and this one explains how you should actually go about it. Just as the first one came up with a whole new way of looking at investment in general, so this one makes some very innovative points, not all of which will make happy reading in some quarters. For example, he believes that private equity performance should be judged across an investor's whole allocation (what he calls Total Return investing) rather than, as presently, on just that small part of it which may be invested at any one time.
Both books are brilliantly written and make very easy reading out of what are very complex issues.
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Most Recent Customer Reviews
Start here, and keep it on your shelf for good
As a total newcomer to private equity I probably wasn't the intended reader for this title, but it's an excellent primer nevertheless. Read more
Published on 31 May 2009 by J. E. Dunne
Not particularly skillful or vital, but OK
Not a very balanced book, tending to press its own agenda instead. Written in a slightly repetitive and even, on occasion, condescending and presumptious tone. Read more
Published on 14 Sep 2008 by roy
Private Equity made easy
I got an advanced copy of this text through a friend in publishing as I am currently undertaking a Business Masters; she felt that it might come in useful and I am only too glad... Read more
Published on 21 Feb 2007 by Cameron Spence
Private Equity as an Asset Class
One cannot open a paper, or an online newspaper, these days without private equity being showcased.
The media, depending on its mood, swings between showcasing private... Read more
The media, depending on its mood, swings between showcasing private... Read more
Published on 18 Feb 2007 by Shamsa R
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