Comprehensive reports & Literature reviews

The latest report on why the Norway sovereign wealth fund should invest in private equity is a great read. It shows how most of the facts presented in the book can be spin in a very different way, how certain topics can receive more or less coverage, be dismissed etc. It is probably the best read to do in complement to the book. You may find the compare and contrast exercise useful, and will really have heard both sides of the argument.

For some up to date facts and figures, as well as a discussion of some key issues facing the sector, you should take a look at the Bain & co reports.

You can also look at the different reports and videos from Pitchbook.

Preqin also publishes a lot of information about the private equity industry.

InvestEurope also has a lot of things posted on their website. The Invest Europe’s Professional Standards Handbook is a comprehensive piece about PE fund (governance, fundraising, performance presentation)… even though they promote #IRRelevant performance metrics, most of the content is excellent and very much up to date (2018!).

This book by Ivo Welsh does not cover private equity but Corporate Finance. There is some overlap in terms of material with the first part of the book. It is a good idea to start by reading this if you do not know Finance as Ivo starts with the basics. And this book is free!

Recent academic articles

Great paper on LP performance, taking into account side vehicles used to access PE

Newspaper articles & Daily news

This recent FT big piece on PE may be of interest.

Daily news on Private Equity is published on www.pehub.com and you can sign up for their free daily newswire, which has information on internships, job postings etc. For the later I also find the following newsletter useful.

This Is Your Life, Brought to You by Private Equity. The private equity industry has become hugely influential and the NYT shows how the industry’s influence plays out in your daily life.

Newspaper articles referred to in the book

Work in progress

NYT on performance, by deal professor

Articles about private equity fund raising capital in order to buy stakes in private equity advisory companies: A1, A2, A3

Secondary market for private equity fund stakes

Elm capital has a great newsletter, and gather news on that market here.

A very good website for secondaries and more PE things is secondarylink. Their newsletter also contain job offers in PE.

Debt capital markets

Relatively advanced material here. It is for people who want to specialize or need to know lots about debt markets. Some of the material is also a bit old but still relevant.

Milken – The US leveraged loan market – A primer. This is a primer to the U.S. leveraged loan market. It starts with a historical view of loan syndication, relevant developments in the market and its emergence until 2004. This overview is followed by a general description of the advantages of syndicated loans and the different facilities, and presents the primary and the secondary syndicated (leveraged) loan market.

Standard and Poors – A guide to the loan market . This report gives an introduction to the U.S. syndicated loan market: types of syndication, the syndication process, information difficulties, credit risks, the different types of loan facilities, their fees and pricing terms as well as covenants, the rating process of leveraged loans and the criteria guidelines for recovery ratings on speculative-grade debt.

The European loan market is covered in this other report . Its initial structure and content is similar to its US counterpart, however highlighting the differences in the European market is useful. Also, the 2007 situation of the European leveraged finance market is described and similar to today’s situation.

Standard and Poors – High yield bond market primer. This short primer gives a short introduction into the high yield bond segment. It contains information about the issuers and the investors, bond characteristics and covenants as well as registration, offerings, syndication and the secondary market.

Collateralized Loan Obligations – A primer. This paper introduces Asset Securitization and Collateralized Debt Obligations, the different types of CBOs and CLOs, the structuring and tranching of CLOs as well as techniques for internal and external credit enhancement, the different characteristics of synthetic and traditional loan securitization, analytical consequences of securitization, and the effect of securitization on the loan portfolio composition of banks.

Industry associations

Most investors are part of the ILPA.

The industry has many regional bodies: America Invest Council, Invest Europe, Latin America, Asia, Africa, British, France Invest … On these websites, there are tons of research reports, case studies…

 

 

Other

The International Private Equity and Venture Capital Valuations Guidelines are available here.

For great PE related cartoons, check this out