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Copyrighted Material Index Note: Page numbers in italics refer to figures and tables. 100-days plan, LBOs, 191, 251, 276, 277 between limited and general partners, 336 AA Capital Partners, fraud, 288 and diversification, 132 aborted/broken deal costs, 102, 135, 247, fund investors and fund managers, 107, 271, 294 110–11, 300–1 Abraaj Group, fraud, 289 private equity Board members and accelerators, start-up, 23–5 shareholders, 275–6 accredited investors, 167, 169 ‘alternative alternatives’ (exotic assets), acquisition(s) 234 consortia of, 134–5, 192, 254 alternative assets/investments, 315, 316 as an exit scenario, 29 alternative credit (direct lending), large and mega LBO funds, 267–9 215–16 leveraged build-up (LBU), 188, 252 Alternative Investment Fund Managers management buy-in (MBI), 187–8 Directive (AIFMD), 239 and value creation, 276–7 American Research and Development of venture-backed companies, 164 Corporation (ARD), 40, 43, 44 see also leveraged buy-outs (LBOs) American waterfall, 111 active ownership, 96, 146, 375 ‘anchor firm’ model of entrepreneurship, activism/activist investors, 133, 319 36 actors, LBOs, 188–90 angel investors (business angels), 161, ‘add-ons’ (complementary businesses), 165–6, 167, 170 188, 204, 270 anti-dilution clause, 249, 356 administrator of a fund, fees of, 110 asset allocation, 99 Advent International, business case, of pension funds, 100, 105–6 374–7 progressive shift in, 315 investment in Kroton Educacional and turn-around capital, 210 SA, 386 COPYRIGHTEDasset stripping,MATERIAL 192, 214, 327 adverse selection, 104, 135, 300, 324 assets under management (AUM), Advisory Boards, 115, 117–18, 132 90, 183 advisory committees, Advent and the ‘denominator effect’, 105 International, 375 increase in, 10, 280, 314–15, 318 AIFMD see Alternative Investment Fund move away from, 104 Managers Directive proportion allocated to private equity, AIM (Alternative Investment Market), 87, 99 London, 177–8 asymmetry of information, 4, 102–3, alignment of interests, 4 104 between entrepreneur and investor, 27 auctions, 153–4, 247 439 440 INDEX auctions (Continued) business angels (angel investors), 7, 161, club deals, 134–5 165–6, 167 failed, 135–6 business angels (angels investors), 170 AUM see assets under management business cases, 363–77 (AUM) Business Development Companies (BDCs), 3, 85–6, 133 business plan bank loans, 13–14 and due diligence, 32 Basel Agreements restricting, 183, template for, 347–52 279–80, 327 buy-and-build, LBO strategy, 203–4, bankruptcy, 213, 221, 222, 246 270, 276 pre-bankruptcy procedures, 209 see also acquisition(s); leveraged banks, 100 build-up (LBU) competitors of growth capital, 183 buy-and-hold strategy, 226 reaction to defaulting companies, 222 buy-ins, 187–8 Basel II Agreement, 120, 152, 183, see also leveraged buy-ins (LBIs); 279–80 management buy-ins (MBIs) Basel III Agreement, 100, 120, 152, 183, buy-in management buy-out (BIMBO), 279–80, 327 188 BDCs (Business Development Companies), 3, 85–6, 133 capital calls (drawdowns), 104, 123, 137, beauty contest, 251 321, 323 Behrman Capital (USA), excessive fund capital increase, 31, 148 extension, 292–3 capital inflow, 279, 281, 319 benchmark(ing), 101, 118–19, 124 capital loss risk, 137, 138 public market equivalent (PME), 97–8, capital outflows, 294 123–4, 130–1 “capital overhang”, 282, 284 beta-testers, American consumers, 153 captive (fund) managers, 190 Blackstone Group,90, 254, 268, 271, captive teams, 171, 173, 182, 190 273, 274, 276, 326 carried interest, 104, 110–11, 117, bootstrapping, 159–60, 165 119, 327 Boston Consulting Group, operating carve-out (of a business unit), 270 models for GPs, 194, 196 catch-up, 111, 113 bottom-up approach, portfolio Chapter 11, US Bankruptcy Code, 211, construction, 136, 138, 139 221–2 Brazil, 75–6 Chilean model of venture capitalism, Advent International’s investments 157–8 in, 376 China, 56, 57, 64, 73, 75, 289 current situation, 368–9 classical model of entrepreneurship, 36 history of education sector, 383–5 clawback clause, 111 private education market, 363–8 CLOs see collateralised loan obligations social class brackets, 388 closed-end funds, 27, 106 see also Kroton Educacional SA listing of, 271–2 break-up fees, 135 ‘closings’, 107, 125 broken deal costs/fees, 135–6 club deals, 134–5, 136, 192, 268, 270–1 brownfield, 227 clusters of financing, 149, 155, 156–7, bullet payment, 219 158, 160, 165 Index 441 co-investment funds, 100 cost of capital, 103, 120, 138, 273 co-investments, 135, 136, 230, 270, 271 cost of debt, 191 temptation of, 323–5 costs, 102–5 Code of Hammurabi, 20–1 aborted/broken deal, 102, 135, 247, collateral, 13–14, 21 271, 294 collateralised debt obligations (CDOs), co-investments, 135 232–4 friction costs, 102–3 collateralised loan obligations (CLOs), from new regulation, 240 232–4 operational, 46, 103, 110 collusion, 290–1, 306 opportunity costs, 137–8 Colombia, 76–7 set-up costs, 104, 110, 271 commitment, 120, 270 unused capital, 123 risks, 137, 321 see also hidden costs US venture capital funds, 317 covenant-light debt, 219–20 committed capital see fund size covenants (‘legal guarantees’), 191, 214, commoditisation 215, 216, 219–20 of large LBOs, 132 credit lines, 123 of LBO techniques, 197–8 creditor protection, 222 of private equity sector, 318–19 cross investments, 116 common equity/shares, 146 crowdfunding/crowdlending, 88, 146, compensation see management fees 148, 166–8 concentration risk, 136 cultural differences, fraud in Asia, 289 confidentiality, 305 culture and lack of transparency, 114–15 of business and innovation, 150–1 non-disclosure agreement, 247, 343–5 and risk-taking, 40, 47 conflicts of interest, 114–17, 190, 293–4, and venture capitalism, 40, 156 303 custodian of a fund, fees of, 110 consortia of acquisition, 134–5, 192, 254 CVC see corporate venture capital constraints for fund investors, 140–1 contagion risks, 137 Da Vinci, Leonardo, 24 conversion rights, 216, 233 DCFs see discounted cash flows (DCFs) convertible debt, 31–2, 145 DD (distressed debt), 3–4, 32, 220–3 use by business angels to invest in deal-by-deal carried interest, 111 start-ups, 167 deal flow, 88, 99, 135 cooperative companies, 168 deal recycling, 116 “core deals”, 132 debt of acquisition, 191, 194, 219, 250 core-plus PRE funds, 226 debt-for-control, 220–1 core PRE funds, 225–6 debt-for-trading, 220–1 corporate governance and value defaults, 219, 222, 280, 281 creation, 194 Defense Advanced Research Projects corporate/industry giants, 43, 52, 55 Agency (DARPA), 42 corporate venture capital (CVC), 53, delisting, 102, 213, 236, 267–8, 304 170, 171–2 “denominator effect”, 105 corporate venturing, 53 dilution, 159, 190, 248, 252, 349 programmes to support entrepreneurs, non-dilution clause, 249 171–2 direct investments, 87–9, 98, 172 corruption, 75, 290–1 dispersion of returns,95 442 INDEX direct investments (Continued) of fund investors, 127–8 risks and returns,61 internalisation of externalities, 296 skewed distribution, 94–5 and mezzanine debt, 217 direct lending, 14, 32, 215, 216 necessary for start-ups, 169–70 direct secondaries, 231 public-to-private deals, 269 disclosure, 115, 302 and the triple bottom line, 296 non-disclosure agreement, 343–6 duration of an investment (holding discount rate, 121, 248 period), 3, 32–3, 121, 226, 284 discounted cash flows (DCFs), 110, duration of a fund, 107, 108, 120, 231 116, 248 dispersion of returns in venture early-stage financing, 59, 131, 153 capital, 175 earn-out clauses, 251 disruptive innovation, 22–3, 26, 47, 62 earnings before interest, taxes, distressed debt (DD), 3–4, 32, 210, 220–3 depreciation and amortisation distributed to paid-in (DPI) ratio, (EBITDA), 194, 203, 205, 277, 319 119, 120 earnings before interest and taxes (EBIT), diversification, 93–4 110, 193, 204, 277, 341, 380 and co-investing, 324, 325 economic cycles, effect on private equity, fund managers’ temptation, 131–4 279–81 funds of funds, 91, 95, 130, 228 Edison, Thomas, 23 industries differentiated by amount education, 180 of, 173 Brazil, business case, 363–73 LBO fund managers, 239 correlated with success, 153 private markets funds, 90 European vs American, 62, 63 to reduce risk, 93, 94 and immigration, 63 divestment period, 107, 116 Israel, 44 divestments, 205–7, 237, 283–4 USA, 258, 261 see also exits from investment see also universities dividend recaps, 101–2, 207–9, 272, 284 EIR (entrepreneur-in-residence) Dodd–Frank Act, USA, 239, 327 programmes, 23–4 Doriot, George, 39–40, 43 emerging markets, 40, 66–74, 150 down round, 349 Africa, 78–9 downstream assets, 227 Asia, 74–5 DPI (distributed to paid-in) ratio, Europe, 77–8 119, 120 Latin America, 75–7, 100 drag-along clause, 252, 358 Middle East, 78–9 drawdown (capital call), 104, 123, 137, employment and private equity, 235–7, 321, 323 294–5 ‘dry powder’, 148, 205, 215, 225, endowments, 86, 99, 140, 141, 315 227, 285 enterprise value, 267 consequences of a high level of, 206–7 entrepreneur-in-residence (EIR) model, due diligence, 32, 250–1 23–4 and co-investing, 324 entrepreneurship, 22–30, 35 complementary, 253 barriers to, 152 and crowdfunding, 168 cultural resistance to, 153 and direct lending, 215 and education, 180, 261 documents/procedures, 128, 335–7 four models of, 36 Index 443 myths about, 152–3 evergreen vehicles (funds/holding policy drivers, 33,34 companies), 44, 85, 107, 134, 137–8, recovery trends in the USA, 255–63 273 see also immigration excess of capital, 163–4 Environmental Defense Fund (EDF), exclusivity clause, 253, 359 ESG management tool, 296–300 executive summary, business plans, environmental,
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