This second edition of Introduction to Private Equity is
more than an update, it reflects the dramatic changes which have
affected an industry which is evolving rapidly, internationalizing
and maturing fast. What is recognized as a critical yet grounded
guide to the private equity industry blends academic rigour with
practical experience. It provides a clear, synthetic and 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 approaches the private equity sector top-down, to
provide a sense of its evolution and how the current situation has
been built. It then details the interrelations between investors,
funds, fund managers and entrepreneurs. At this point, the
perspective shifts to bottom-up, how a private business is valued,
how transactions are processed and the due diligence issues to
consider before moving ahead.
Introduction to Private Equity, Second
Edition covers the private equity industry as a whole,
putting its recent developments (such as secondary markets,
crowdfunding, venture capital in emerging markets) into
perspective. The book covers its organization, governance and
function, then details the various segments within the industry,
including Leveraged Buy-Outs, Venture Capital, Mezzanine Financing,
Growth Capital, Distressed Debt, Turn-Around Capital, Funds of
Funds and beyond. Finally, it offers a framework to anticipate and
understand its future developments.
This book provides a balanced perspective on the corporate
governance challenges affecting the industry and draws perspectives
on the evolution of the sector, following a major crisis.
Author Biography
Cyril Demaria specializes in private equity and combines practical and entrepreneurial experience, academic knowledge and lecturing experience. Prior to founding and managing Pilot Fish, a series of private equity funds, he was Chief Investment Officer of Tiare Investment Management AG (Zurich). He previously created a multi-strategy fund of funds focused on environment (Pionat Viable Investments). Prior to that, he was an Investment Associate in a Swiss private equity fund of funds; a Portfolio Manager responsible for private equity funds investments for a French insurance group; and Head of Corporate Development of a French IT firm in charge of acquisitions and financing. He started his career in an American hybrid venture capital and fund of funds firm. A French citizen, Cyril holds a BA in Political Sciences from the Institut d'Etudes Politiques (Lyon), a Master in Geopolitics applied to Money and Finance (Paris); a Master in European Business Law (Paris) and is a graduate from HEC (Paris, specialized in Entrepreneurship). He is a doctoral candidate at University Sankt-Gallen and an Associate Professor at EDHEC (Nice, Lille, London), ESCP-Europe (London), ESCE (Paris), EADA (Barcelona), Fipecafi (Sao Paulo), USP (Sao Paulo) and IFP Business School (Paris). He lectures on "Private Equity", "LBO", "Money and Finance", and "International Finance". He notably holds executive training sessions at the Association Francaise des Investisseurs en Capital (Paris), and the Societe Francaise des Analystes Financiers (Paris). Cyril collaborates regularly as an expert with the SECA, AFIC and EVCA.
