...Private Equity as an Asset Class Guy Fraser-Sampson Praise for Multi Asset Class Investment Strategy: “. . . pension fund trustees right around the globe should read the book . . . it is certain to stir up some much needed debate . . . has received rave reviews from within the UK pension industry” (Global Pensions) “. . . time and money well spent . . . the tectonic plates are shifting under the UK investment establishment” (Daily Telegraph) “. . . an indispensable roadmap for anyone looking to create a successful investment programme . . .” (The Securities Investment Review) “It’s some time since I read anything as clear and punchy . . . if you are involved in setting investment strategy for a pension fund, this book cannot help but clarify your thinking.” (Benefits & Compensation International) “This book stakes Fraser-Sampson’s claim to be recognised as one of the great thinkers on portfolio theory, ranking alongside Markowitz and Swensen.” (Rebecca Meijlink, AlphaBet Capital) “I somehow expected another version of Swensen’s “Pioneering Portfolio Management”. However, this is in my eyes a huge improvement and a surprisingly entertaining and satisfying read.” (Thomas Meyer, EIF, author: Beyond the J-Curve) Private Equity as an Asset Class For other titles in the Wiley Finance Series please see www.wiley.com/finance Private Equity as an Asset Class Guy Fraser-Sampson Copyright © 2007 John Wiley & Sons Ltd, The Atrium, Southern Gate...
Words: 103951 - Pages: 416
...Although high-net-worth investors have been buying large positions in companies since the days of Carnegie and Rockefeller, the modern aspects of the industry took shape in the 1960’s through the efforts of Kohlberg, Kravis, and Roberts, three Bear Stearns bankers who would later form the eponymous private equity firm KKR. PE activity then grew rapidly in the 1970-80’s when a large number of family businesses that were started after WWII were struggling with succession concerns and an inability to continue organic growth. PE firms saw this uncertainty as an opportunity to “flip” these companies for a profit by acquiring them, restructuring their operations, and then either finding a strategic buyer or taking the company public. Around this same time was the start of the technology boom and rise of Silicon Valley, causing an influx of capital hoping to fund the next big growth story. This large amount of eager capital spurred the creation of PE firms to facilitate investment opportunities which led to the industry standards we have today. The first task for any aspiring private equity firm is to raise the pool of assets utilized for pursuing investment opportunities. Since its inception PE has been the domain of high-net-worth investors, and as a result PE firms source their capital from high value clients such as pension funds, university endowments, sovereign wealth funds, and the fund managers’ own personal wealth. Given a finite number of potential investors, PE firms compete...
Words: 1421 - Pages: 6
...Why are private label products successful? Private labels are successful because consumers, especially in todays economy are always searching for the best way to stretch their dollar and private labels fit into these types of budgets. Next, retailers understand that families are on a tighter budget and welcome private labels with open arms due to the fact that these products will attract more consumers to their store (Hauptman, 2009). What are the key success factors for private label products? The key factors pertaining to success of private labels was quite simple. For example, products must function similar to a branded product. Next, in order for a private label to succeed performance is the only way to survive and thrive in a cutthroat industry because, for private labels there is no advertising or marketing, the product must do the talking. Therefore, the majority of the leading private labelers today will take a proactive role in the production specifications of the product and will no longer place their logo on whatever comes off the conveyor belt. Therefore, attention to details has played big dividends and has helped expand the consumer base throughout several economic classes. Finally, as private labels continue to improve, the lower income shoppers can be assured that they will receive an appropriate value for their money ratio. So just like a name brand item, once a relationship has been formed, the shopper will continue to purchase it as long as it continues...
Words: 617 - Pages: 3
...Briefly describe the private security industry in the U.S. Private security is an extremely important part of law enforcement today. Although the size of private securities is unknown, there are an estimated 90,000 private security organizations in the US. These organizations employ more than estimated 2 million people. Elizabeth Joh estimates that this amounts to be 3 private officers for every one public officer. Private securities include private detectives and investigators, security guards, patrol services, and loss prevention specialists. Private firms are responsible for public and private security from everything from housing communities to power plants and airports. They now play a major role in traffic regulations with installation of cameras that detect red-light running and speeding. They free up public officers to focus on other areas of law enforcement. But there are some concerns with private securities. Requirements for employment are minimal. The training qualifications are minimal and the ongoing training is nonexistent. Also, there are very few laws that guide private police conduct. There also seems to be a disconnect between private and public officers. Private police feel that public officers do not respect them. Private security effect on law enforcement cannot be understated. The 9/11 Commission notes that 85 % of the nations critical infrastructures are protected by private securities. Private securities are important and a necessary...
Words: 263 - Pages: 2
...Private Equity 4/12/15, 7:31 PM Private Equity By root | November 25, 2003 DEFINITION Equity capital that is not quoted on a public exchange. Private equity consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity. Capital for private equity is raised from retail and institutional investors, and can be used to fund new technologies, expand working capital within an owned company, make acquisitions, or to strengthen a balance sheet. The majority of private equity consists of institutional investors and accredited investors who can commit large sums of money for long periods of time. Private equity investments often demand long holding periods to allow for a turnaround of a distressed company or a liquidity event such as an IPO or sale to a public company. INVESTOPEDIA EXPLAINS The size of the private equity market has grown steadily since the 1970s. Private equity firms will sometimes pool funds together to take very large public companies private. Many private equity firms conduct what are known as leveraged buyouts (LBOs), where large amounts of debt are issued to fund a large purchase. Private equity firms will then try to improve the financial results and prospects of the company in the hope of reselling the company to another firm or cashing out via an IPO. © 2015, Investopedia, LLC. http://www.investopedia.com/terms/p/privateequity...
Words: 269 - Pages: 2
...similarities when it comes to private verses public education for children. This is a subject that many parents have a solid opinion on, where others do not have enough information to hold an educated opinion. Some of the differences are abundantly clear, such as price, while others are written in shades of gray and do not have clear cut differences, such as the curriculum differences or the level of engagement which will be present in lessons. Both schools will make claims, and many are valid, but when it comes to your child having strong educational foundations, it is a decision that parents take very personally and need more information to choose which is truly the best option for their individual children. One of the first things to consider is affordability. To consider this decision from both angles, the obvious thing to do first is to research the available private schools in your area and decide whether or not private school is even an option when taking a closer look at your personal financial situation. At this point, whether or not parents like to admit it, there may not be a choice to make. Private school costs an average of $17,000 per year, per student. In the state of Texas. If this cost is clearly not available, the next step would be to look into financial aid, which serves less than three percent of students looking to get into private school. For some parents, this would be the end of the decision. Once a parent has decided that a private school in a possible option...
Words: 1524 - Pages: 7
...Private schools vs public schools have debated that are better for him or her children to go to. Many of the private schools are religious and follow Catholics. The private schools are to be safer public schools. This is not true the crime rate is increasing in private schools. Children are bullied just as much as a child in a public school. Parents automatically assume that these private schools do not have these issues because usually the kids that go to these schools have money. This makes him or her wonder how long the private schools will stay safe. The belief once the parents see the crime and bullying is the same as public schools this will change things for the parents. Education is another topic that the private schools have better. The students at private schools are beyond smart this is automatically assumed. This is not always a true concept the students are the same in a private school as he or she is in a public school. The teacher has more time here to help the students with things because the classrooms are not as full. If parents would see what test scores are in both schools this could change things that private school students are smarter. Public school violence has increased in the last few years. Students are getting bullied or sexual harassment in schools. Parents fear for their children’s life from the bullying and switch them over to private schools. The public schools have seminars and classes to help the students be aware of the bullying and trying...
Words: 365 - Pages: 2
...Private Investigator Stephanie Summers SEC 493 October 28, 2013 Terence Hunt Private Investigator Private investigators have been around for over 150 years, and have become increasingly more popular in response to books and television shows. Many have a stereotypical image of an investigator working in a small, cluttered, and smoky office located in the bad part of town. However, this is not the case. Using an investigator is more common now, than it was 50 years ago. They have offices located in a number of areas and typically have others who also work for them, they also investigate more issues now, than they did in the past. Private investigators and detectives search for facts and analyze information about financial, legal and person situations. An investigator can offer a variety of services, for instance finding a missing person, computer crimes, verify an individual’s background, marital, and insurance claims are just a few. An investigator works in a variety of environments, some prefer to do most of their research in office by using the internet and making phone calls, whereas others spend more time in the field conducting surveillance and interviews. Private investigators or detectives typically work for private citizens or businesses. An investigator will often help to solve a crime, however they are not law enforcement officials. Their main goal is collect the information desired by the client. Private investigation is both a contract and proprietary position...
Words: 386 - Pages: 2
...` School of Business, Society and Engineering Bachelor thesis in in Business Administration FOA214 (15 credits) Factors that influence consumer purchasing decisions of Private Label Food Products A case study of ICA Basic Thu Ha, Nguyen 900524 Ayda Gizaw 1/13/2014 830902 ` Abstract Course: Bachelor Thesis in Business Administration Institution: School of Business, Society and Engineering Authors: Thu Ha, Nguyen & Ayda Gizaw Examiner: Eva Maaninen-Olsson Supervisor: Magnus Linderströmd Title: Factors influence consumer purchase decisions of Private Label Food Products Keywords: Private Label Brand, consumer attitudes, intention, perceptions, ICA Basic Abbreviations PLB: Private Label Brand, WOM: word of mouth Research questions: Which factors influence consumers buying decisions of low-price PLBs food products? How consumers perceive low-price PLB food product? Case study of ICA Basic Research purpose: The purpose of this study is to identify and analyze factors that influence consumer purchasing decision of private label food products. Method: In this case study, both secondary data and primary were utilized. Secondary data was obtained from relevant literatures, online journals, articles, blogs, and other electronic sources. The primary data was collected by the combination of quantitative and qualitative approaches. Qualitative data was carried out through interviews with store...
Words: 23561 - Pages: 95
...GARCIA, Ronance Adrian F. 24th November, 2013 4ABE Prof. Dimaculangan “Private Equity Today and Tomorrow” The industry of business in its entirety has undergone a number of changes both good and bad over the last century. From the limitless amount of credit people had in the 1920’s, to the great depression that soon followed, with the popularity of manufacturing in the industrial age, over to the advent of technology development after the second millennium, time has changed how we conduct and treat our businesses. No matter what circumstance, the only thing that seemed to remain constant in all businesses is the understanding that it cannot function without capital. And although the internet obliterated certain walls of businesses such as geographic restrictions and costly marketing expenses, businesses would still have the need for capital. The need for business capital now brings us to the question of its procurement. There are a number of ways in which the budding entrepreneur or business prodigy can do this but perhaps one of the most effective ways in seeking funds for a business is through private equity. Private equity or private equity funds is the combined effort of individuals in a certain organization seeking to pool in funds in order to finance high-risk and potentially high reward projects. In its initial years, the private equity industry was a rage all over the American market. Its origins could be traced within the lines of...
Words: 964 - Pages: 4
...Carlos Austin-Hill Prof. Passerini ENCV-0027-80C October 20, 2014 Word Count: 617 Private Investigator Recently, there has been more TV programs and movies being made based on private investigators. A private investigator duties include gathering information on unlawful crimes. They also observe and document activities of individuals to detect unlawful acts or to obtain evidence for cases, using items such as, binoculars or spy video cameras. I am interested in being a private investigator because I love to solve problems and mysteries like Sherlock Holmes. I also have a strong desire to help others, plus it is adventurous and inquisitive. Being in this type of field also offers many services from verifying people’s background, cheating spouse investigations, finding missing people, and computer crime investigations. From the history of a Private Investigator it has been around for quite a while. A French soldier, criminal and privateer, named Eugene Francois Vidocq, founded the first known private detective agency in 1833. The name of the agency was called “Le bureau des renseignments”. It was not until the early 1900s when Private Investigators became more known, and since then the private detective industry has grown with the need of the public. “Social issues like infidelity and unionization have impacted the industry and created new types of work, as has the need for insurance, and with it insurance fraud, criminal defense investigations, the invention of low...
Words: 756 - Pages: 4
...Venture Capital and Private Equity Contracting This page intentionally left blank Venture Capital and Private Equity Contracting An International Perspective Douglas J. Cumming Associate Professor and Ontario Research Chair, York University – Schulich School of Business, Toronto, Ontario, Canada Sofia A. Johan Senior Research Fellow, Tilburg Law and Economic Centre (TILEC), Tilburg, The Netherlands AMSTERDAM • BOSTON • HEIDELBERG • LONDON • NEW YORK • OXFORD PARIS • SAN DIEGO • SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO Academic Press is an imprint of Elsevier Academic Press is an imprint of Elsevier. 30 Corporate Drive, Suite 400, Burlington, MA 01803, USA 525 B Street, Suite 1900, San Diego, California 92101-4495, USA 84 Theobald’s Road, London WC1X 8RR, UK Copyright © 2009, Elsevier Inc. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage and retrieval system, without permission in writing from the publisher. Permissions may be sought directly from Elsevier's Science & Technology Rights Department in Oxford, UK: phone: ( 44) 1865 843830, fax: ( 44) 1865 853333, E-mail: permissions@elsevier.com. You may also complete your request online via the Elsevier homepage (http://elsevier.com), by selecting “Support & Contact” then “Copyright and Permission” and then “Obtaining Permissions.” Library of Congress Cataloging-in-Publication...
Words: 236635 - Pages: 947
...Benefits of Private Equity Private equity provides capital that is both committed, and long-term, to help unquoted companies succeed and experience more growth. Private equity can help if you want to (1) start up a company, (2) expand your business, (3) buy out a portion of your parent company, (4) revive or turn around a company, or (5) buy into a company. Raising private equity for your company is very different than applying for a loan from a bank or other lender. If you obtain funding from a lender, whether your business succeeds or fails, the lender has a legal right to all of the interest on the loan as well as on the interest on the repayment of the capital. When private equity is invested in your company, the shareholders have a stake in your company. This means that the amount of money the investor earns is dependent on the profit and growth of your company. You may be wondering if your company is attractive to potential private equity investors. Most small companies are developed with the main goal of providing the owner with a good level of living as well as satisfaction at having their own business. These small businesses are not usually used as a private equity investment since they are not likely to provide a large enough financial return to make them worth the time for large investors. You can recognize large entrepreneurial businesses by their potential for growth as well as their business objectives. Many times you won't be able to recognize these entrepreneurial...
Words: 484 - Pages: 2
...According to BusinessDictionary.com, private sector is defined as the part of a national economy made up of private enterprises, including the personal sector (households) and corporate sector (companies), which are responsible for allocating most of the resources within an economy. This article discusses how the British company, Northern Rock, has changed its business sector in the last few years due to a change in the economy. The company has had many changes—going from private sector to public sector, and then back to the private sector. Three years prior, the British government after there were funding concerns, which caused the company to go public. After two years of being government-run, the company split up into two distinct groups managed by United Kingdom Financial Investments. The split created smaller deposit taking and mortgage lending bank. Eventually, Virgin Money bought out all of Northern Rock, bringing it back to the private sector. The article relates to the private sector because Northern Rock was once a part of the private sector until the government of Great Britain took control over it due to some financial concerns. Ultimately, the company wished to remain within the private sector, being eventually bought out by Virgin Money. Government control of a company is never ideal. Within the free enterprise system, government regulation prohibits free trade. The private sector is where a majority of the resources within an economy go, and therefore,...
Words: 581 - Pages: 3
...McKinsey Banking Practice McKinsey Private Banking Survey 2012 Finding a new footing July 2012 Contents 05 Introduction 19 06 12 Middle East: Attractive but increasingly competitive Western Europe: Fighting for sustainable profits 21 Priorities for finding a new footing North America: Expanding profitability, but no growth 26 27 Disclaimer 16 Authors Asia: Growing fast but at a cost McKinsey Private Banking Survey 2012 Finding a new footing 5 Introduction Private banking may be one of the most attractive segments within financial services in 1 terms of profitability, but it has not emerged unscathed from 4 years of financial crisis. Not only did the crisis hit the economics of the industry by slowing net inflows and squeezing margins, it has also led to structural changes. Following a difficult year in 2009, when net inflows in developed markets were negligible and margins and profits hit record lows, a modest improvement was seen in 2010. It seemed at first that this recovery would continue in 2011. But, after a good start, the industry suffered from a difficult second half: markets fell and profits stagnated at low levels. The situation has not yet improved in 2012; another good start was wiped out in the second quarter. Given the continued growth in global wealth, this implies that private banks are failing to capture their fair share of the market. The longer-term structural changes caused by the crisis are creating...
Words: 9308 - Pages: 38
