20 Best Books About Private Equity (2023 Update)

Ten leading private investors share their secrets to maximum profitability in the masters of private equity and venture capital, the pioneers of the industry share the investing and management wisdom they have gained by investing in and transforming their portfolio companies. based on original interviews conducted by the authors, this book is filled with colorful stories on the subjects that most matter to the high-level investor, such as selecting and working with management, pioneering new markets, adding value through operational improvements, applying private equity principles to non-profits, and much more.

Private equity, the business of investing in private companies, has quickly grown from a cottage industry to a mature asset class. for those that supply the money—the endowments, foundations, pension funds, family offices, and others—learning the business of private equity can be one of its principle challenges. inside private equity was written for this audience to help provide a general understanding of how to invest in, monitor, and measure the performance and risk of private equity. with inside private equity, four experienced financial professionals—james kocis, james bachman, austin long, and craig nickels—share their broad range of private equity experience to help demystify this asset class. divided into four comprehensive parts—setting the foundation, measurements and comparisons, topics on risk, and conclusions—inside private equity opens with a brief introduction to this discipline and sets the stage for more technical discussions to follow. here, you'll become familiar with everything from traditional industry measurements to a structured approach to portfolio management. to discover this more structured approach, inside private equity: provides an exhaustive review of internal rate of return (irr) calculations outlines various peer universes and benchmarks presents tools that will help you uncover both how and where wealth was gained and lost examines the effect portfolio size has on performance expectations explores two different modeling techniques for cash management and much more by providing straightforward explanations and detailed examples of the concepts covered, inside private equity demystifies many of the common assumptions about this asset class and puts the various pieces of the private equity puzzle in perspective. a growing number of financial institutions and professionals are investing in private equity for its diversification benefits and the opportunity to participate in substantial long-term gains. but many are finding it difficult to manage things they can't always measure. filled with in-depth insights and expert advice, inside private equity focuses on what you can measure and how this process will allow you to better manage these assets—as well as your time.

Once an obscure niche of the investment world, private equity has grown into a juggernaut, with consequences for a wide range of industries as well as the financial markets. private equity funds control companies that represent trillions of dollars in assets, millions of employees, and the well-being of thousands of institutional investors and their beneficiaries. even as the ruthlessness of some funds has made private equity a poster child for the harms of unfettered capitalism, many aspects of the industry remain opaque, hidden from the normal bounds of accountability. the myth of private equity is a hard-hitting and meticulous exposé from an insider's viewpoint. hooke–a former private equity executive and investment banker with deep knowledge of the industry–examines the negative effects of private equity and the ways in which it has avoided scrutiny. hooke details the flaws in private equity's investment strategies, critically examines its day-to-day operations, and reveals the broad spectrum of its enablers. a bracing and essential read for both the financial profession and the broader public, this book pulls back the curtain on one of the most controversial areas of finance.

-the definitive guide to private equity for investors, finance professionals, managers and business owners. mastering private equity: growth via venture capital, minority investments & buyoutspresents a valuable on-demand tool and unique handbook for investors, finance professionals, managers and business owners looking to engage with private equity or venture firms. the book distills the essence of private equity into core concepts ranging from fundraising over investment process execution to institutional investors building and managing a private equity fund portfolio, always referring to standard market practice across all steps of the private equity life cycle. the book is complimented by private equity in action: case studies from developed and emerging markets, an insead case book which provides rich, real-life applications of these core concepts. the complexity of the private equity model continues to confuse industry outsiders, with the success of the industry often attributed either to a mystical -secret sauce- or a ruthless approach to cost cutting and asset stripping. in the authors' experience, however, the competitive advantage of private equity comes from the diligent application of best practices, as described in this book, a corporate governance model which provides alignment of interest among managers and owners, a keen focus on major drivers of risk and opportunity and, above all, a lot of hard work. this book provides a comprehensive, unbiased guide to investing market practices, enabling its readers to better understand the inner workings of the private equity model. it can equally serve as a standard introduction for investment professionals new to the field, as a reference book for specific steps along the investment process, or as a comprehensive overview of the mechanics of private equity to students of alternative investing. each diligently researched and concisely presented chapter focuses on one specific aspect of private equity and is complemented by a comment from a guest author, all of whom are seasoned private equity and venture capital professionals or founding partners of established funds. the team of experienced authors ensures the right balance of academic rigor and industry relevancy, given their experience in the world of alternative investments and their regular engagement with both pe investors and the fund managers themselves. the chapters and case studies have been refined through in-class discussion at one of the world's preeminent business schools, insead, and bolstered by the research engine of the global private equity initiative (gpei), a leading private equity research institution—

Private equity firms are snapping up brand-name companies and assembling portfolios that make them immense global conglomerates. they're often able to maximize investor value far more successfully than traditional public companies.how do pe firms become such powerhouses? bain chairman orit gadiesh and partner hugh macarthur use the concise, actionable format of a memo to lay out the five disciplines that pe firms use to attain their edge: invest with a thesis using a specific, appropriate 3-5-year goal create a blueprint for change–a road map for initiatives that will generate the most value for your company within that time frame measure only what matters–such as cash, key market intelligence, and critical operating data hire, motivate, and retain hungry managers–people who think like owners make equity sweat–by making cash scarce, and forcing managers to redeploy underperforming capital in productive directions this is your playbook for building the results-driven culture that will put your firm on par with pe.from our new memo to the ceo series– solutions-focused advice from today's leading practitioners.

"when the first edition came out in 2007, the landscape for private equity was about to be redrawn. the second edition comes in most handy to provide the post-crisis perspective on the new private equity scene. as would be expected, the industry is finding original ways to reinvent itself in a deleveraging world. it is maturing, developing new forms to ensure its sustainability. let there be no doubt it is an industry that is here to stay!" —dr benoit leleux, stephan schmidheiny professor of entrepreneurship & finance, imd, switzerland “the author provides a thoroughly researched introduction to the different aspects and key dimensions of the private equity industry. the historical perspective adds a refreshing element of life in the matter. the volume keeps abreast of recent developments and offers a realistic assessment of the current trends affecting the industry. it should find its place on the bookshelf of practitioners and academics as a valuable reference work.” —cédric spahr, senior market advisor, grimaldi & partners "private equity is an important investment category for long-term investors. as such, all efforts to clarify the concepts, techniques and issues associated with these investments should be saluted. cyril demaria's publication is particularly welcome from that point of view. the quality of the thinking and the clarity of expression make it a work of reference on the subject." —professor noël amenc, director, edhec-risk institute “an introduction to private equity provides a holistic view of the private equity industry and is a good starting point for everyone interested in it. the author brings his academic and professional experience to bear. i can highly recommend it.” —bernhard engelien, managing director, cogent partners "as an investor and practitioner of the private equity asset class the first thing one realizes is that this book is clearly written by a practitioner who knows the industry inside-out. it is well structured and addresses a number of misconceptions afflicting the private equity industry. it offers very valuable insights to both novices and intermediate-level industry participants. one of the best books i have read on the subject." —markus benzler, executive director, ubs global asset management “once a niche strategy, private equity has claimed its position in institutional investors' portfolios. the author has mastered the difficult task of writing both a comprehensive and topical book on the subject. despite the broad wealth of information, the author manages to present the content in an entertaining manner, which makes the book a pleasant read as well. the book will prove an invaluable source of knowledge for laypersons, and provide experienced practitioners with new insights.” —marina stoop, alternative investments research, credit suisse ag

An authoritative guide to understanding the world of private equity (pe) investing, governance structures, and operational assessments of pe portfolio companies an essential text for any business/finance professional's library, private equity: history, governance, and operations, second edition begins by presenting historical information regarding the asset class. this information includes historical fundraising and investment levels, returns, correlation of returns to public market indices, and harvest trends. the text subsequently analyzes pe fund and portfolio company governance structures. it also presents ways to improve existing governance structures of these entities. a specific focus on portfolio company operations, including due diligence assessments, concludes the text. seamlessly blends historical information with practical guidance based on risk management and fundamental accounting techniques assists the book's professional audience in maximizing returns of their pe investments highly conducive to advanced, graduate-level classroom use purchase of the text includes access to a website of teaching materials for instructional use learn more about pe history, governance, and operations with the authoritative guidance found in private equity: history, governance, and operations, second edition.

Private equity funds are often called grasshoppers or corporate raiders. are these accusations true? are financial investors who generally acquire non-listed companies and sell them after a few years for as much profit as possible really value destroying? in order to answer these and other questions, it is important to understand the business model of private equity funds. the aim of this book is to convey this understanding. the business model of private equity funds has been explained comprehensively and lively. furthermore, questions like the following will be discussed: what does a private equity fund earn when selling a portfolio company? what do the investors who provide the capital earn? in the beginning, the historical developments of private equity are explained. next, there is a comprehensive, lively, and practical explanation of the business model of private equity based on the individual stages of a private equity fund's lifecycle. later in the book, the leverage buyout valuation (lbo) model, which is used by private equity funds, is explained using a practical case study. after reviewing the case study, readers on their own should be able to build an lbo model using the main functions.

Private equity firms are on the rise and rapidly changing the game. today more than 5,500 p.e. firms own tens of thousands of companies, so it is essential for ceos and senior management executives to understand exactly how private equity firms operate. ceo adam coffey has almost twenty years of experience building businesses for private equity companies. in this authoritative yet approachable handbook, he covers: – the history and landscape of private equity- ground rules for finding the right firm to partner with- techniques for navigating the new governance- strategies for continued growth in the private equity space- and more.the private equity playbook provides all the coaching you'll need to compete and win on this new playing field.

"when the first edition came out in 2007, the landscape for private equity was about to be redrawn. the second edition comes in most handy to provide the post-crisis perspective on the new private equity scene. as would be expected, the industry is finding original ways to reinvent itself in a deleveraging world. it is maturing, developing new forms to ensure its sustainability. let there be no doubt it is an industry that is here to stay!" —dr benoit leleux, stephan schmidheiny professor of entrepreneurship & finance, imd, switzerland “the author provides a thoroughly researched introduction to the different aspects and key dimensions of the private equity industry. the historical perspective adds a refreshing element of life in the matter. the volume keeps abreast of recent developments and offers a realistic assessment of the current trends affecting the industry. it should find its place on the bookshelf of practitioners and academics as a valuable reference work.” —cédric spahr, senior market advisor, grimaldi & partners "private equity is an important investment category for long-term investors. as such, all efforts to clarify the concepts, techniques and issues associated with these investments should be saluted. cyril demaria's publication is particularly welcome from that point of view. the quality of the thinking and the clarity of expression make it a work of reference on the subject." —professor noël amenc, director, edhec-risk institute “an introduction to private equity provides a holistic view of the private equity industry and is a good starting point for everyone interested in it. the author brings his academic and professional experience to bear. i can highly recommend it.” —bernhard engelien, managing director, cogent partners "as an investor and practitioner of the private equity asset class the first thing one realizes is that this book is clearly written by a practitioner who knows the industry inside-out. it is well structured and addresses a number of misconceptions afflicting the private equity industry. it offers very valuable insights to both novices and intermediate-level industry participants. one of the best books i have read on the subject." —markus benzler, executive director, ubs global asset management “once a niche strategy, private equity has claimed its position in institutional investors' portfolios. the author has mastered the difficult task of writing both a comprehensive and topical book on the subject. despite the broad wealth of information, the author manages to present the content in an entertaining manner, which makes the book a pleasant read as well. the book will prove an invaluable source of knowledge for laypersons, and provide experienced practitioners with new insights.” —marina stoop, alternative investments research, credit suisse ag

"the first true insider's account of private equity, revealing how the world's most aggressive and successful financial animals spot opportunities and win deals, and the mindset it takes to thrive in this high-stakes, rapidly evolving and often misunderstood field. private equity was once an investment niche, with the industry managing just $500 billion. no more. today that number exceeds $7 trillion for all forms of private capital, with leading firms directing more money than some countries' entire gdps. the industry has overtaken investment banking-and well-known names like goldman sachs, jp morgan, morgan stanley, and citi-as the premier destination for ambitious financial talent, as well as the investment dollars of some of the world's largest pension funds, sovereign wealth funds, and endowments. at private equity's pinnacle are the firms' partners, happy to earn "two and twenty"-that is, a flat yearly fee of 2 percent of a fund's capital, on top of 20 percent of the investment spoils. the private equity industry has succeeded in near-stealth-until now. in two and twenty, sachin khajuria, a former partner at the elite private equity firm apollo, takes an unapologetic yet critical look in the mirror, giving readers an unprecedented view inside an opaque and rapidly expanding engine of the global economy. from how to "think like a principal, not an advisor" to "respond, don't react," khajuria brings the habits of the industry's leading practitioners to life through a series of vivid and unvarnished deal sketches, illuminating how their traits, culture and temperament lead to consistent market-beating returns. two and twenty is an unflinching examination of the mindset that drives the most influential and least understood center of financial power and a call to action for people to start paying closer attention to a key industry underpinning global retirement systems-a field that has become a punching bag for some and the source of envy for countless others"–

Revealing the dark truth about the impact of predatory private equity firms on american health care.finalist of the american book fest best book social change and current events by the american book festprivate equity (pe) firms pervade all aspects of our modern lives. unlike other corporations, which generally manufacture products or provide services, they leverage considerable debt and other people's money to buy and sell businesses with the sole aim of earning supersized profits in the shortest time possible. with a voracious appetite and trillions of dollars at its disposal, the private equity industry is now buying everything from your opioid treatment center to that helicopter that helps swoop you up from a car crash site. it may even control how and when you can get your kidney dialysis. in ethically challenged, laura katz olson describes how pe firms are gobbling up physician and dental practices; home care and hospice agencies; substance abuse, eating disorder, and autism services; urgent care facilities; and emergency medical transportation. with a sharp eye on cost and quality of care, olson investigates the pe industry's impact on these essential services. she explains how pe firms pile up massive debt on their investment targets and how they bleed these enterprises with assorted fees and dividends for themselves. throughout, she argues that public pension funds, which provide the preponderance of equity for pe buyouts, tend to ignore the pesky fact that their money may be undermining the very health care system their workers and retirees rely on.weaving together insights from interviews with business owners and experts, newspaper articles, purchased data sets, and industry publications, olson offers a unique perspective and appreciation of the significance of pe investments in health care. the first book to comprehensively address private equity and health care, ethically challenged raises the curtain on an industry notorious for its secrecy, exposing the nefarious side of its maneuvers.

Elgar advanced introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. – this advanced introduction provides an illustrative guide to private equity, integrating insights from academic research with examples to derive practical recommendations. paul gompers and steven kaplan begin by reviewing the history of private equity then exploring the evidence on performance of private equity investments at both the portfolio company level and fund level, documenting the creation of economic value. the book then presents a set of actionable frameworks for driving value creation in private equity investments. it concludes by examining how private equity investors raise funds and how they successfully manage their private equity firms. key features: explains what private equity investors do and how they do it – includes a detailed discussion of career paths in private equity – links real world examples that illustrate insights from academic research – provides an overview of the private equity industry from individual investments to fundraising to firm management – this advanced introduction is an excellent resource for investment bankers and consultants as well as prospective investors who are looking for a comprehensive yet succinct introduction to the topic. scholars interested in the fields of finance and private equity will find the research and case studies informative and enlightening.

You are about to get a full glimpse into the inner world and workings of private equity to use it as an investor with confidence knowing fully well what you are getting yourself into! of all the ways of raising capital, private equity is perhaps one of the least talked about methods. you will hear a lot about venture capital, debt financing and much more but most times, private equity is mentioned in passing as one of the ways of raising funds for a business. nobody talks about how to use private equity to raise money for businesses and nobody talks about how to venture into private equity as an investor. it seems like something that only big monied people can use. but that's not the case, ordinary people like you and i can invest in private equity firms and tidy returns on investment. that's not all; ordinary businesses (not just tech unicorns) are increasingly tapping into private equity funds to finance their growth and operations. are wondering how to 'get in' into the world of private equity, whether as an investor or a business seeking private equity financing? do you want to uncover the veil of secrecy that has clouded private equity funds for years so that you too can go all in and benefit from it? this book will help you to achieve just that by covering the a-z of private equity so that even if you are a complete beginner, you have expert level understanding of the inner workings of private equity funds so that you can use that to your advantage. in it, you will learn: the basics of private equity, including what it is all about, the terms used in private equity, the different roles played by different people in a private equity fund, their rights etc. the fee structure and economics of pe or who earns what? how pe funds have evolved to become what they are today how private equity became an important part of fund portfolios how pe funds invest in minority investments, why sellers prefer minority stake, what pe buyers see in a minority stake etc. how to make minority deals to work like a charm how to tap into the power of growth equity effectively buyouts in pe, including how they work, how to analyze risks, how to make the most of them, funding, various buyout approaches and more the interesting concept of secondaries, with respect to pe, including how to make the most of it how principal investors can up their game in private equity how private equity in a recession can catch the upside how and where to add digital to your private equity playbook and much more! stop using "private equity" phrase without having a comprehensive understanding of it! use this book to usher you into the knowledge of everything to do with private equity! click buy now with 1-click or buy now to get started!

Introduction to private equity is a critical yet grounded guide to the private equity industry. far more than just another introductory guide, the book blends academic rigour with practical experience to provide a critical perspective of the industry from a professional who has worked at many levels within the industry, including insurance, funds of funds, funds and portfolio companies. the book looks at private equity from the point of view of the individual or the business. how is a private business valued? how is the acquisition transaction processed? what are the due diligence issues that should be considered before moving ahead? a valuable insight to a rather opaque market. introduction to private equity covers the private equity industry as a whole, highlighting its historical development in order to put its recent development into perspective. the book covers its organization, governance and function, then details the various segments within the industry, including lbo, venture capital, mezzanine financing, growth capital and beyond. finally, it offers a framework to anticipate and understand its future developments. it provides a balanced perspective on the current corporate governance challenges which are affecting the industry and draws perspective to understand the evolution of the sector, following one of its major crises.

Get a complete understanding of the inner workings of private equity, enter the industry with confidence and in depth knoweldge, knowing exactly what you're getting yourself into! are you interested in learning how to "break into" the world of private equity as an investor or as a company pursuing private equity funding? do you want to lift the curtain of confidentiality that has shrouded private equity funds for years, so you can get in on the ground floor and reap the rewards? private equity companies are on the rise, and they're reshaping the industry. with thousands of private equity firms owning thousands of businesses, ceos and senior management executives need to know what works. this invaluable resource will help you develop a winning pe strategy for your own business that will provide you with more independence and financial success. this book will help you achieve that goal by covering the a-z of private equity so that, even if you are a total beginner, you will have an expert level understanding of how private equity funds operate and how to use that knowledge to your advantage. why choose this guide? private equity overview doing deals in private equity managing private equity investments fund management and the gp-lp relationship the evolution of private equity and much more! with this comprehensive guide, you'll understand how private equity works and how to confidently use the phrase "private equity" with an in-depth comprehension of it. do you want to reap the reward attached to private equity, then reading this book is a must! buy now to get started!!!

Bringing a unique joint practitioner and academic perspective to the topic, this is the only available text on private equity truly international in focus. examples are drawn from europe the middle east, africa and america with major case studies from a wide range of business sectors, from the prestigious collection of the london business school’s coller institute of private equity. much more than a simple case book, however, international private equity provides a valuable overview of the private equity industry and uses the studies to exemplify all stages of the deal process, and to illustrate such key topics as investing in emerging markets; each chapter guides the reader with an authoritative narrative on the topic treated. covering all the main aspects of the private equity model, the book includes treatment of fund raising, fund structuring, fund performance measurement, private equity valuation, due diligence, modeling of leveraged buyout transactions, and harvesting of private equity investments.

Its framework quantifies how leverage, valuation, company p&ls, market and industry trends, and other factors drive equity returns. such analyses are used by private equity and venture capital fund managers to explain their approaches to buying and selling companies and by institutional investors to validate them.specifically designed for the particularities of private equity ownership, the book's value creation models are mathematically rigorous and based on metrics that are practical and accessible (i.e., those generally found in fund manager reporting and marketing materials). formulas are built to function over the widest range of company, industry, and market conditions and provide intuitive and non-volatile results.volume i: theory describes more than two dozen value creation components, with over 200 formulas and 60 step-by-step examples intended to help analysts build and error-check their own value creation models. demonstrations are supported by more than 80 data tables and 35 figures and graphs. this volume describes:- value creation driven by changes in ebitda, revenue, and margins- market and company-specific multiple expansion- five ways to measure the impact of leverage- shareholder-specific value creation components- value creation alternatives to public market equivalence- adjustments for add-on acquisitions, dividend recapitalizations, and other holding period events- models for measuring private company and portfolio net returns, including net irrs, without time series data or complicated cash flow modelsprivate equity value creation analysis is essential reading for fund managers seeking to tell more credible, data-driven stories about their private company investments and institutional investors seeking to validate whether those narratives are supported by the numbers.

An insider's look at security analysis and business valuation, as practiced by wall street, corporate america, and international businesses two major market crashes, numerous financial and accounting scandals, growth in private equity and hedge funds, sarbanes oxley and related regulations, and international developments changed security analysis and business valuation substantially over the last fourteen years. these events necessitated a second edition of this modern classic, praised earlier by barron's as a "welcome successor to graham and dodd" and used in the global cfa exam. this authoritative book shows the rational, rigorous analysis is still the most successful way to evaluate securities. it picks up where graham and dodd's bestselling security analysis – for decades considered the definitive word on the subject – leaves off. providing a practical viewpoint, security analysis on wall street shows how the values of common stock are really determined in today's marketplace. incorporating dozens of real-world examples, and spotlighting many special analysis cases – including cash flow stocks, unusual industries and distressed securities – this comprehensive resources delivers all the answers to your questions about security analysis and corporate valuation on wall street. the second edition of security analysis on wall street examines how mutual funds, private equity funds, hedge funds, institutional money managers, investment banks, business appraisers, and corporate acquirers perform their craft of security analysis and business valuation in today's highly charged environment. completely updated to reflect the latest methodologies, this reliable resource represents the most comprehensive book written by someone who has actually worked as an investment banker, private equity executive, and international institutional investor. shows the methodical process that practitioners use to value common stocks and operating companies and to make buy/sell decisions discusses the impact of the two stock market crashes, the accounting and financial scandals, and the new regulations on the evaluation process covers how internet and computing power automate portions of the research and analytical effort includes new case study examples representative of valuation issues faced daily by mutual funds, private equity funds, hedge funds, institutional investors, investment banks, business appraisers, and corporate acquirers is a perfect tool for professors wishing to show their mba students the essential tools of equity and business valuation security analysis and business valuation are core financial disciplines for wall streeters, corporate acquirers, and international investors. the second edition of security analysis on wall street is an important book for anyone who needs a solid grounding in these critical finance topics.

This is version 2.6 (warning: audiobook is following the first edition)! designed for an mba course on private equity, this textbook aims to familiarize any reader with the jargon and mechanics of private markets using simplified examples, real-life situations and results from thorough academic studies. the intention is to have a book that can be read more like a novel than like a regular textbook. in order to have long-lasting impact on readers, i believe in making things as simple as possible, boiling everything down to the essence, going straight to the point, and, most importantly, writing in an informal and hopefully entertaining way. the objective is for the reader to open this book with anticipation of having a good educational time.