Exits are the lifeblood of private equity: for private equity investors, at the top of their list of priorities when making an investment is an understanding of when and how they will realise it in due course. The methods of exiting private equity investments have developed over the years, and particularly in the more challenging economic environment of recent times. To the usual trade sales and initial public offerings (IPOs) have been added secondary, tertiary (and more) buy-outs, refinancings, partial sales, private equity house spin-outs and liquidations. In these uncertain times, private equity houses will continue to put a significant focus on what options might be available to them to realise their portfolio investments, being mindful of not just the economic risks, but also the legal, tax, regulatory and reputational issues at stake. Management teams are key to this process and their economic, commercial and personal priorities cannot be underestimated in what is a very complex environment of often conflicting aspirations.This practical guide features contributions by leading specialists (including from Latham & Watkins, Linklaters, Macfarlanes and Ropes and Gray) on a range of topics linked to the exit of private equity investments. Topics featured include preparing for exits, vendor diligence, management issues, auction sales, partial exits, private equity house spin-outs, IPOs, refinancing, winding-up, tax and perspectives from Luxembourg, the US and views on the emerging markets. Together, the contributors provide an invaluable guide to the legal, regulatory, tax and practical elements in play. Whether you are a lawyer in practice or in-house, this commercially focused new title will provide you with an invaluable all-round overview of private equity exits.
The 5<sup>th</sup> edition of Lerner's <i>Venture Capital and Private Equity: A Casebook </i>continues to present the important historical cases of private equity while incorporating a number of new relevant and timely cases from previous best-selling issues. It includes more cases relevant to the texts four main goals: understanding the ways in which private equity firms work, applying the key ideas of corporate finance to the industry, understanding the process of valuation, and critiquing valuation approaches of the past and present- an approach which has proved very successful over the past four editions.</p> <p> This casebook contains cases and notes designed to provide an understanding of the history of the private equity industry's development and the workings of the industry today. By explaining the industry on a case-by-case basis, this text promises to address the critical question of whether gains made in recent years have been sustained and how firms will respond to the current opportunities and challenges. </p>
How will the latest series of sweeping reforms affect China's expanding private equity industry? How does this complex sector of the massive Chinese economy point the way towards further explosive growth? How can investors position themselves under the new regulatory system to do business in the future? Private Equity Funds in China: A 20-Year Overview, in 2 volumes, serves as the definitive resource on understanding and navigating China's private funds market. Both a history and a guide, the 2 volumes of this set explain the ups-and-downs of China's private funds market and the substantial differences and striking similarities between China's private equity market and similar markets in the United States and Europe. With comprehensive data and statistics, as well as inside information, Chief Editor Xia Bin, the Counselor of the State Council, presents policy recommendations which could potentially change China's equity funds sector, and even the asset management market. Private Equity Funds in China: A 20-Year Overview offers a bold and frank assessment of the state of the industry and reveals: The inner workings of China's private securities and non-securities investment funds The intricacies of China's "sunshine" private funds The progression of China's venture capital funds
First published in 1998. Routledge is an imprint of Taylor & Francis, an informa company.
Organizational Theory for Equity and Diversity helps aspiring leaders understand, apply, and integrate theories in ways to lead socially just K-12 schools. Covering the full range of organizational theories as applied to educational leadership practice and research -- including decision-making, motivation, leadership, organizational structure, change, communication, conflict, organizational culture, and climate -- this book guides readers to examine not only traditional perspectives but also a range of critical and current theory. Readers are guided to critically analyze their own leadership strengths and limitations from each organizational perspective, in a continued effort to better inform their current educational practices. This valuable text will provide aspiring school leaders and administrators the tools and strategies for creating equitable and diverse schools that are effective and sustainable.