The Complete Direct Investing Handbook

Name: The Complete Direct Investing Handbook | A Guide for Family Offices, Qualified Purchasers, and Accredited Investors
Brand: Bloomberg Press
Price: 60.99 EUR
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A Guide for Family Offices, Qualified Purchasers, and Accredited Investors

Kirby Rosplock(Autor*in)

Bloomberg Press

Erschienen am 28. April 2017

368 Seiten

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978-1-119-09473-9 (ISBN)

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Beschreibung

The practical guide to direct investing strategies and best practices
The Complete Direct Investing Handbook provides comprehensive guidelines, principles and practical perspectives on this increasingly attractive private equity investment strategy. Interviews with leading family office investors, qualified private equity buyers, and top direct investing advisors provide essential insights, and attention to the nuanced processes of direct investing. The books is a hands-on resource for family offices and those investors interested in generating returns through private company ownership to be more effective in creating returns in a complex market. Direct investing best practices are explored in-depth, with guidance on strategy and the evaluation and assessment of various investment opportunities. The process begins with a codified and specific investment goal, and a robust strategy tailored to the investor's individual needs. Useful insight on 'narrowing the field' helps investors select the appropriate opportunities to meet their investment goals, and practical tools help streamline the process of capital deployment and in turn providing more opportunities to achieve desired returns.
Despite the growing interest in direct investing, there is little public information available to investors and there is a lack of transparency into practical standards. This book bridges the gap between strategy and execution, with comprehensive guidance and real-world insights.
* Define and craft a focused investment thesis and appropriate timeline specific to your needs
* Identify the right type, size, duration, and risk profile aligned to your investment objectives
* Gain perspective on real-world direct investing and a deeper understanding of the risks and rewards
* Better understand best practices and institutional investment rigor to develop bespoke processes and policies that create better outcomes for independent investors
Historically, extraordinary wealth has been created through equity in privately-held enterprise. Today, family offices and direct investors are looking more and more toward large capital deployment in early-stage and growth-oriented private equity investments, but are constrained by a lack of informed, established practices. The Complete Direct Investing Handbook provides the much-needed guidance and tools that can improve direct investment outcomes.

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Inhalt

1 - Cover [Seite 1]
2 - Title Page [Seite 7]
3 - Copyright [Seite 8]
4 - Contents [Seite 11]
5 - Foreword [Seite 17]
6 - Preface [Seite 19]
7 - Acknowledgments [Seite 23]
8 - Part I: Direct Investing and the Family Office Test [Seite 27]
8.1 - Chapter 1: Introduction to Direct Investing [Seite 29]
8.1.1 - 2008: A Wakeup Call for Investors [Seite 31]
8.1.2 - Role of the Family Office and Private Investors [Seite 32]
8.1.3 - The Opportunity [Seite 35]
8.1.4 - Best Practices [Seite 36]
8.1.5 - Key Considerations [Seite 38]
8.1.6 - Conclusion [Seite 41]
8.1.7 - Notes [Seite 42]
8.2 - Chapter 2: The Emerging Presence of Private Capital in Direct Investing [Seite 44]
8.2.1 - The Family Office Marketplace [Seite 45]
8.2.2 - The Unique Benefits of Private Capital [Seite 47]
8.2.3 - Increased Interest in Private Equity [Seite 50]
8.2.4 - Conclusion [Seite 56]
8.3 - Chapter 3: Co-Investment Strategies in Direct Investing [Seite 58]
8.3.1 - Defining Co-Investing and Providing Context [Seite 58]
8.3.2 - Insights on the Popularity of Co-Investing [Seite 59]
8.3.3 - Interest in Co-Investment Strategies [Seite 59]
8.3.4 - Roles of the Co-Investor [Seite 61]
8.3.5 - Going Solo: Why Co-Investing May Not Be Your Choice [Seite 66]
8.3.6 - The Perils and Pearls of Co-Investing [Seite 67]
8.3.7 - Vetting Co-Investors [Seite 70]
8.3.8 - Club Deals [Seite 72]
8.3.9 - Mini Case Study [Seite 77]
8.3.10 - Conclusion [Seite 77]
8.3.11 - Notes [Seite 78]
8.4 - Chapter 4: Private Equity Strategies: Characteristics and Implications [Seite 80]
8.4.1 - What Is Private Equity? [Seite 81]
8.4.2 - Real Estate [Seite 84]
8.4.3 - Venture Capital [Seite 88]
8.4.4 - Growth Capital [Seite 98]
8.4.5 - Buyouts [Seite 101]
8.4.6 - Mezzanine Financing [Seite 104]
8.4.7 - Distressed Assets [Seite 107]
8.4.8 - Conclusion: Putting It All Together [Seite 111]
8.4.9 - Notes [Seite 112]
9 - Part II: Direct Investing in Action [Seite 115]
9.1 - Chapter 5: Family Office Considerations to the Direct Investment Process [Seite 117]
9.1.1 - Source of Wealth: Lens of the Family Office [Seite 118]
9.1.2 - SWOT Analysis for Direct Investing [Seite 119]
9.1.3 - Three Phases to the Direct Investing Process [Seite 120]
9.1.4 - A Three-Phase Direct Investing Process [Seite 123]
9.1.5 - Case Study [Seite 137]
9.1.6 - Conclusion [Seite 139]
9.1.7 - Notes [Seite 140]
9.2 - Chapter 6: Designing a Direct Investment Thesis [Seite 141]
9.2.1 - Defining the Direct Investment Thesis [Seite 141]
9.2.2 - Asset Mix and the Direct Investment Thesis [Seite 143]
9.2.3 - Family Pathways and the Direct Investment Thesis [Seite 145]
9.2.4 - The Barbell Approach and the Direct Investment Thesis [Seite 148]
9.2.5 - Entrepreneurial Orientation and the Direct Investment Thesis [Seite 150]
9.2.6 - Family Investment Style and the Direct Investment Thesis [Seite 154]
9.2.7 - Case Study [Seite 158]
9.2.8 - Conclusion [Seite 163]
9.2.9 - Notes [Seite 164]
9.3 - Chapter 7: Sourcing, Deal Flow, Screening, and Deploying Direct Investments [Seite 167]
9.3.1 - Industry Professionals and Thought Leaders [Seite 168]
9.3.2 - Investment Bankers/Business Brokers [Seite 169]
9.3.3 - Professional Service Providers [Seite 170]
9.3.4 - Commercial Banks [Seite 170]
9.3.5 - Private Equity Funds/Family Offices [Seite 171]
9.3.6 - Screening Process [Seite 172]
9.3.7 - Due Diligence [Seite 177]
9.3.8 - Investment Memorandum [Seite 180]
9.3.9 - Investment Decision Process [Seite 181]
9.3.10 - Conclusion [Seite 182]
9.3.11 - Notes [Seite 182]
9.4 - Chapter 8: Direct Investments: Deal Structures, Terms, and Portfolio Construction [Seite 183]
9.4.1 - How to Get Started [Seite 184]
9.4.2 - Portfolio Construction [Seite 185]
9.4.3 - The Capital Stack [Seite 186]
9.4.4 - Equity Transactions [Seite 188]
9.4.5 - Types of Debt Instruments [Seite 191]
9.4.6 - Mezzanine Debt [Seite 192]
9.4.7 - Case Study: Early-Stage Solar Energy Finance Company [Seite 194]
9.4.8 - A Primer on Important Term Sheet Items [Seite 196]
9.4.9 - Conclusion [Seite 201]
9.5 - Chapter 9: Investment Monitoring, Exit Strategies, and Harvesting Returns [Seite 203]
9.5.1 - Introduction [Seite 203]
9.5.2 - Alignment of Objectives [Seite 204]
9.5.3 - Monitoring Direct Investments as a Minority Stake Owner [Seite 204]
9.5.4 - Why Timing of an Investment Exit and Not Just the Investment Return Is Critical [Seite 205]
9.5.5 - Importance of Company Lifecycles with Respect to Timing and Harvesting Returns [Seite 207]
9.5.6 - Exit Valuations and Multiples [Seite 210]
9.5.7 - Maximizing Liquidity of Illiquid Investments through Pre-Negotiated Rights [Seite 212]
9.5.8 - Exit Value Drivers [Seite 214]
9.5.9 - Common Exit Strategies [Seite 215]
9.5.10 - Mergers and Acquisitions [Seite 218]
9.5.11 - Working with Investment Bankers and Key Advisors to the Exit Strategy [Seite 218]
9.5.12 - Conclusion [Seite 220]
9.5.13 - Notes [Seite 221]
10 - Part III: Direct Investing Perspectives [Seite 223]
10.1 - Chapter 10: The CIO Perspective [Seite 225]
10.1.1 - Sourcing Top CIOs to Oversee Direct Investing in the SFO [Seite 226]
10.1.2 - What's the Edge? [Seite 228]
10.1.3 - What Defines Success for the CIO? [Seite 229]
10.1.4 - The CIO Fit [Seite 233]
10.1.5 - Risk Management at the Investment Level and Portfolio Level [Seite 235]
10.1.6 - CIO Compensation [Seite 237]
10.1.7 - Conclusion [Seite 242]
10.2 - Chapter 11: The Millennials and Direct Investing: A Look at Impact Investing [Seite 244]
10.2.1 - Who Are the Millennials and What Do They Care About? [Seite 245]
10.2.2 - Millennials' Respect for the Senior Generation [Seite 246]
10.2.3 - Growing Interest in Impact Investing [Seite 248]
10.2.4 - Making the Case for Impact Investing [Seite 248]
10.2.5 - How to Source Impact Investments [Seite 253]
10.2.6 - Experiential Returns: Intangible Benefits of Impact Investing [Seite 257]
10.2.7 - Common Challenges and Barriers to Impact Investing [Seite 258]
10.2.8 - Systems Thinking: Creating and Sustaining Family Knowledge [Seite 261]
10.2.9 - Conclusion [Seite 264]
10.2.10 - Notes [Seite 265]
10.3 - Chapter 12: SCIE: Sustainable Cycle of Investing Engagement [Seite 268]
10.3.1 - The Purpose of SCIE [Seite 270]
10.3.2 - The SCIE Framework [Seite 272]
10.3.3 - Family Purpose, Values, and Mission [Seite 273]
10.3.4 - Framing Strategy [Seite 275]
10.3.5 - Developing Strategy [Seite 279]
10.3.6 - Implementing Strategy [Seite 285]
10.3.7 - Capture and Communicate Learning [Seite 290]
10.3.8 - Conclusion [Seite 295]
10.3.9 - Notes [Seite 295]
10.4 - Chapter 13: International Direct Investing [Seite 297]
10.4.1 - Why Consider International Direct Investing? [Seite 298]
10.4.2 - Key Differences between Investing Abroad versus Investing in the United States [Seite 300]
10.4.3 - How to Determine Where to Invest [Seite 302]
10.4.4 - How Population Change Can Impact Target Market Opportunities [Seite 304]
10.4.5 - Keys to Success in International Direct Investing [Seite 308]
10.4.6 - The Role of a Partner in International Investing [Seite 310]
10.4.7 - Common Mistakes Made by Investors Venturing Abroad [Seite 312]
10.4.8 - Risk Mitigation [Seite 314]
10.4.9 - Foreign Families in the United States [Seite 316]
10.4.10 - Conclusion [Seite 317]
10.4.11 - Notes [Seite 318]
11 - Appendix A: Private Equity Strategies Summary [Seite 319]
12 - Appendix B: Sample Due Diligence Checklist [Seite 325]
13 - Appendix C: Glossary [Seite 332]
14 - About the Author [Seite 342]
15 - About the Chapter Authors [Seite 344]
16 - Index [Seite 349]
17 - EULA [Seite 367]

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