20 Best Books On Private Equity (2023 Update)

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.

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.

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.

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.

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 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.

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.

"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"–

This set combines the definitive guide to private equity with its case book companion, providing readers with both the tools used by industry professionals and the means to apply them to real-life investment scenarios. 1) mastering private equity was written with a professional audience in mind and provides a valuable and unique reference for investors, finance professionals, students and business owners looking to engage with private equity firms or invest in private equity funds. from deal sourcing to exit, lbos to responsible investing, operational value creation to risk management, the book systematically distils the essence of private equity into core concepts and explains in detail the dynamics of venture capital, growth equity and buyout transactions. with a foreword by henry kravis, co-chairman and co-ceo of kkr, and special guest comments by senior pe professionals. 2) private equity in action takes you on a tour of the private equity investment world through a series of case studies written by insead faculty and taught at the world’s leading business schools. the book is an ideal complement to mastering private equity and allows readersto apply core concepts to investment targets and portfolio companies in real-life settings. the 19 cases illustrate the managerial challenges and risk-reward dynamics common to private equity investment. written with leading private equity firms and their advisors and rigorously tested in insead's mba, emba and executive education programmes, each case makes for a compelling read.

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.

-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—

Global financial markets might seem as if they increasingly resemble each other, but a lot of peculiar aspects qualify different markets with different levels of development. private equity investors can take advantage of these variations. structured to provide a taxonomy of the business, private equity and venture capital in europe, second edition, introduces private equity and venture capital markets while presenting new information about the core of private equity: secondary markets, private debt, ppp within private equity, crowdfunding, venture philanthropy, impact investing, and more. every chapter has been updated, and new data, cases, examples, sections, and chapters illuminate elements unique to the european model. with the help of new pedagogical materials, this second edition provides marketable insights about valuation and deal-making not available elsewhere. covers new regulations and legal frameworks (in europe and the us) described by data and tax rates features overhauled and expanded pedagogical supplements to increase the versatility of the second edition focuses on europe includes balanced presentations throughout the book

"the private equity toolkit aims to be a book like no other in its field. it is the first reference guide that will cover all critical aspects of private equity deal execution, from sourcing to exit. as an experienced private equity deal practitioner, sakovska shares her knowledge and industry best practices with other aspiring and curious deal practitioners around the world. some topics in the book, especially those relating to deal origination, management assessment and deal structuring, will provide completely unique content not covered in any other private equity book published to date. in addition, the private equity toolkit has the following distinctive features: proprietary frameworks. sakovska shares her extensive private equity knowledge in a well-structured and systematic way. wherever possible, she utilizes her own actionable frameworks that other private equity professionals can apply in their day-to-day jobs. supported by extensive research. sakovska annotates the book with academic papers in adjacent disciplines such as m&a or equity research. evergreen content. sakovska provides useful content intended to stay relevant over the long run, avoid references and charts that will become outdated in the next few years. global appeal. sakovska has designed this book to be geography-neutral in order to maximize its foreign sales potential. she leverages her experience in leading private equity transactions in 14 countries in order to highlight the key aspects of private equity deal execution that apply in both developed and emerging markets. accessible language. sakovska delivers a clear, helpful message that will be easily understood. she speaks to the reader in a friendly and colloquial style, without "dumbing down" the underlying concepts."–

"the private equity toolkit aims to be a book like no other in its field. it is the first reference guide that will cover all critical aspects of private equity deal execution, from sourcing to exit. as an experienced private equity deal practitioner, sakovska shares her knowledge and industry best practices with other aspiring and curious deal practitioners around the world. some topics in the book, especially those relating to deal origination, management assessment and deal structuring, will provide completely unique content not covered in any other private equity book published to date. in addition, the private equity toolkit has the following distinctive features: proprietary frameworks. sakovska shares her extensive private equity knowledge in a well-structured and systematic way. wherever possible, she utilizes her own actionable frameworks that other private equity professionals can apply in their day-to-day jobs. supported by extensive research. sakovska annotates the book with academic papers in adjacent disciplines such as m&a or equity research. evergreen content. sakovska provides useful content intended to stay relevant over the long run, avoid references and charts that will become outdated in the next few years. global appeal. sakovska has designed this book to be geography-neutral in order to maximize its foreign sales potential. she leverages her experience in leading private equity transactions in 14 countries in order to highlight the key aspects of private equity deal execution that apply in both developed and emerging markets. accessible language. sakovska delivers a clear, helpful message that will be easily understood. she speaks to the reader in a friendly and colloquial style, without "dumbing down" the underlying concepts."–

"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

"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

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.

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.

A comprehensive look at the world of leveraged buyouts the private equity industry has grown dramatically over the past twenty years. such investing requires a strong technical know-how in order to turn private investments into successful enterprises. engaging and informative, this book skillfully shows how to identify a private company, takes you through the analysis behind bringing such an investment to profitability—and further create high returns for the private equity funds. it includes an informative leveraged buyout overview, touching on everything from lbo modeling, accounting, and value creation theory to leveraged buyout concepts and mechanics.

As our economy evolves, private equity groups, hedge funds, and investment banks compete and cooperate in different ways. their recent innovations are reported and analyzed by the 3rd edition of david stowell's landmark book, which adds three new cases, significantly revisions of most chapters, and updated figures, tables, and exhibits. it captures the actual work that associates and vice presidents do, providing readers with templates for real transactions. finally, it provides significantly more content about the ways liquidity is supplied in secondary markets, including an overview of high frequency trading/electronic market making, quantitative trading strategies, and the evolution of cash equities from open outcry pits to fully electronic central limit order books. includes a new chapter on china to accompany nine heavily updated chapters integrates three new cases with relevant chapters in the book to create real world applications of chapter teachings employs spreadsheet models to enable readers to create analytical frameworks for considering choices, opportunities and risks described in the cases