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      Claudia Zeisberger

      Mastering Private Equity

      Mastering Private Equity

      TRANSFORMATION VIA VENTURE CAPITAL, MINORITY INVESTMENTS & BUYOUTS

      Claudia Zeisberger

      Michael Prahl

      Bowen White

      This edition first published 2017

      © 2017 Claudia Zeisberger, Michael Prahl and Bowen White

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      Library of Congress Cataloging-in-Publication Data

      Names: Zeisberger, Claudia, author. | Prahl, Michael, author. | White, Bowen, author.

      Title: Mastering private equity: transformation via venture capital, minority investments

      & buyouts / Claudia Zeisberger, Michael Prahl, Bowen White.

      Description: Hoboken: Wiley, 2017. | Includes index. |

      Identifiers: LCCN 2017013988 (print) | LCCN 2017014649 (ebook) | ISBN 9781119327943 (pdf) |

      ISBN 9781119327981 (epub) | ISBN 9781119327974 (paperback) | ISBN 9781119327943 (ebk) |

      ISBN 9781119327981 (ebk)

      Subjects: LCSH: Private equity. | Venture capital. | Capital investments. |

      Consolidation and merger of corporations. | BISAC: BUSINESS & ECONOMICS / Finance.

      Classification: LCC HG4751 (ebook) | LCC HG4751 .Z42 2017 (print) | DDC

      658.15/224 – dc23

      LC record available at https://lccn.loc.gov/2017013988

      ISBN 978-1-119-32797-4 (hardback) ISBN 978-1-119-32794-3 (epdf)

      ISBN 978-1-119-32798-1 (epub)

      Cover design: Wiley

      Cover image: (c) jps/Shutterstock

      LIST OF CONTRIBUTORS

      Our distinguished Guest Authors made time to share their experiences and at times critical comments, thereby adding a practical perspective to our writing. We are grateful for their support and list them in order of appearance.

      ● A Look Back at the Last 45 Years

      T. Bondurant French, Executive Chairman, Adams Street Partners (page 15)

      ● What Is a Venture Capitalist?

      Brad Feld, Managing Director, Foundry Group (page 28)

      ● Creating Value Through Genuine Partnerships

      J. Frank Brown, Managing Director and Chief Operating Officer, General Atlantic (page 35)

      ● A Differentiated Approach – Buying Right and Creating Value Early

      Andrew Sillitoe, Co-CEO and a Partner in the Tech & Telco team, APAX Partners LLP (page 48)

      ● Distressed Investing: Why Europe is Different from the US

      Karim Khairallah, Managing Director, European Principal Group, Oaktree Capital Management (UK) LLP (page 61)

      ● Hunting for Deals in Emerging Markets

      Nicholas Bloy, Founding Partner, Navis Capital Partners (page 77)

      ● The Due Diligence “Conspiracy”

      Richard Foyston, Founding Partner, Navis Capital Partners (page 81)

      ● Understanding Enterprise Value

      Graham Oldroyd, Partner from 1990–2013, Bridgepoint Private Equity (page 92)

      ● Deal Pricing Dynamics Outside the Financial Model

      Veronica Eng, Retired Founding Partner, Permira (page 101)

      ● The Art of Deal Structuring

      Guy Hands, Chairman and Chief Investment Officer, Terra Firma (page 114)

      ● Deal Documentation – “Clean Exit” vs. Purchaser Protection

      Heiner Braun, Partner, Freshfields Bruckhaus Deringer LLP (page 125)

      ● “Govern a family as you would cook a small fish – very gently”: About growth capital investments in family-owned SMEs in emerging markets

      Idsert Boersma and Martin Steindl, FMO (page 143)

      ● What Makes a Great Private Equity CEO?

      Tony DeNunzio CBE, Chairman of Pets at Home and formerly Chairman of Maxeda BV (page 156)

      ● More than Private Equity-Skilled Industrialists

      William L. Cornog, Member and Head of KKR Capstone (page 164)

      ● Responsible Investing: In Growth Markets, It's Common Sense

      Tom Speechley, Partner, The Abraaj Group (page 181)

      ● The Proof is in the Exit

      Marco De Benedetti, Managing Director and Co-Head of European Buyouts, The Carlyle Group (page 193)

      ● Not on the Side

      Andrew M. Ostrognai, Partner, Debevoise & Plimpton LLP (page 212)

      ● Raising a First-time Fund

      Javad Movsoumov, Managing Director, Head of APAC Private Funds Group, UBS (page 220)

      ● Relative Value Approach to Enhance Portfolio Returns

      Christoph Rubeli, Partner and Co-CEO,

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