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.
Value-creation in Middle Market Private Equity by John A. Lanier holistically examines the ecosystem relationships between middle market private equity firms and their portfolio companies. Small business is the job creating engine in the US economy, and consequently is a prime target market for private equity investment. Indeed, private equity backs over six of each 100 private sector jobs. Both the small businesses in which private equity firms invest, and the private equity firms making the investments, face inter- and intra-company fiduciary leadership challenges while implementing formulated strategy. The architecture of each private equity firm-portfolio company relationship must be uniquely crafted to capitalize on the projected return on investment that is memorialized in the investment thesis. Given the leveraged capital structure of portfolio companies, the cost of a misstep is problematic. Individual private equity professionals are typically members of multiple investment teams for the firm. Not only may each investment team have its own unique leadership style, but its diverse members have to assimilate styles for each team in which they participate relative to a specific portfolio company. Acquisitions and their subsequent integrations add exponential complexity for both private equity investment and portfolio company leadership teams; indeed, cultural integration ranks among the most chronic acquisition obstacles. Accordingly, the stakeholders of private equity transactions do well to embrace leadership best practices in applying value-creation toolbox best practices. The perspectives of both the private equity investment team and the portfolio company leadership team are within the scope of these chapters.
One of the most remarkable phenomena of the 10 years leading up to the financial crisis was the growth of private equity, which became one of the main drivers of mergers and acquisitions. The global financial crisis presented a number of challenges for the private equity world, which in the main have been successfully met. This practical third edition introduces the world of private equity, explains its rise and recent challenges, and explores the key ingredients of private equity transactions and the technical issues associated with them. Featuring fully updated chapters by leading private equity practitioners, the book includes high-level analysis of private equity fund structures, equity and debt finance, acquisition documentation, due diligence, tax structuring, pensions issues and public-to-privates. New to the third edition are key chapters analysing private equity returns and looking at the new regulatory landscape facing private equity, and an expanded international section now covering not only France and Germany, but also Benelux, Italy, Spain and Scandinavia.
A Private Commentary on Ruth is an explanatory commentary. I ask the scriptures questions and listen to the answers, including reasonable answers to the difficult questions raised by the Epistle. Other commentaries from the Puritans to the present are consulted and used. The result is an in-depth explanation and discussion of each verse, idea, theme, and biblical truth met during the course of the exposition. The commentary was written for the the Bible study group leader, Sunday School teacher, local church Pastor, and Bible college student. The point of view is a conservative theology. Bible students who desire to understand and apply the scriptures are invited to study the book with me and come to their own conclusions.
The United States is more ideologically, philosophically, culturally, linguistically, racially, and ethnically diverse than she has been in any given point in her history; however, many of her citizens are currently living in a state of fear. What stands out the most is how we allow this fear to take over our lives in multiple ways. We fear our neighbors; therefore, we do not engage them. We fear young people and the way they look; therefore, we do not have conversations with them. We fear the possibility of terrorists' attacks; therefore, we utilize eavesdropping and surveillance devices on our citizens. There are some of us who fear the lost of gun rights; therefore, we stockpile weapons. We fear anything that is different from who we are and what we believe. This nation has, at many points within our history, become more united because of our fear; however, as our borders, physical and virtual, become less protective and the opportunities to connect more via the digital world expand, we must educate our citizenry to not live in fear but in hope. To teach, learn, and lead democratically requires the individual to engage in problem posing and in critiquing taken-for-granted narratives of power and privilege. Critical change occurs with significant self-sacrifice, potential alienation/rejection, and costly consequences. Educators must do justice to the larger social, public, and institutional responsibility of our positions, and we must exercise courage in creating opportunities for change. Diversity, Equity, and Inclusive Education: A Voice from the Margins, provides the space and opportunity to move beyond a state of fear, into a state of "organic transformation," a place where fear creates the energy to speak those things that are not, as though they were.