Review: Private Equity, Direct Investing, Fund Investing, Co-investing and Secondary Investing Investors can invest in private equity in four different ways: Directly, funds, co-investments and secondaries. Direct investing is when an investor directly invests in private companies. It could be buying the entire company or a minority investment. Fund investing is when an investor goes to a private equity fund and the private equity fund buys companies on the investor’s behalf. Co-investing is the most complicated option. For example, an investor invests $50 million in a private equity fund with co-investment rights, meaning that when the fund looks for opportunities it can allow the investor to participate not only through the fund, but directly as well. An example of this would be when a fund is looking at investment in a $40 million company. That investment needs $30 million equity and $10 million in debt. The equity portion given by the fund (without co-investing) would be $30 million dollars. In the case of co-investing, the fund gives $20 million (in which the investor is participating through the fund) with the remaining $10 million (i.e. The difference between the $20 million in equity given by the fund and the $30 million equity needed) is offered to the investor to do on a direct basis resulting in the fund investing $20 million and the investor investing $10 million. When investors invest into a fund, they pay full fees, typically paying a 2% management fee and a 20% performance fee (i.e. “two and twenty”). By investing $10 million directly, other than a small deal origination fee, investors are able to reduce their overall fees. (For more on fees see Video #4). The fourth way to invest in private equity is through secondaries. In this example our investor makes a commitment to invest $50 million in a private equity fund by giving about $10 to $20 million dollars to the private equity fund up front for the first two fund investments. As more acquisitions are made, the private equity fund makes capital calls to the investor. The investor is usually locked into the private equity fund for seven to ten years (or longer). If the investor wants out of this agreement, the commitment can be sold to other investors. The sale can be of the entire commitment (which would include the existing deals that the private equity fund was already made, plus future capital calls) or it can be done through a structured secondary (selling different parts) where the investor may want to keep the existing investments and just sell the future commitments. As easy as an investor can sell a secondary, it can buy one as well.
Views: 7795 Steve Balaban
What is EQUITY CO-INVESTMENT? What does EQUITY CO-INVESTMENT mean? EQUITY CO-INVESTMENT meaning - EQUITY CO-INVESTMENT definition - EQUITY CO-INVESTMENT explanation. SUBSCRIBE to our Google Earth flights channel - https://www.youtube.com/channel/UC6UuCPh7GrXznZi0Hz2YQnQ Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. An equity co-investment (or co-investment) is a minority investment, made directly into an operating company, alongside a financial sponsor or other private equity investor, in a leveraged buyout, recapitalization or growth capital transaction. In certain circumstances, venture capital firms may also seek co-investors. Private equity firms seek co-investors for several reasons. Most important of these is that co-investments allow a manager to make larger investments without either dedicating too much of the fund's capital to a single transaction (i.e., exposure issues) or sharing the deal with competing private equity firms. Co-investors bring a friendly source of capital. Typically, co-investors are existing limited partners in an investment fund managed by the lead financial sponsor in a transaction. Unlike the investment fund however, co-investments are made outside the existing fund and as such co-investors rarely pay management fees or carried interest on an individual investment. Co-investments are typically passive, non-controlling investments, as the private equity firm or firms involved will exercise control and perform monitoring functions. For large private equity fund of funds and other investors, co-investments are a means of increasing exposure to attractive transactions and making investments that have a higher return potential because of the lower economics paid to the general partner. As a result, many private equity firms offer co-investments to their largest and most important investors as an incentive to invest in future funds.
Views: 104 The Audiopedia
WSO Video Library (100+ full webinars): http://www.wallstreetoasis.com/wall-street-videos Interview Guides: http://www.wallstreetoasis.com/guide-to-finance-interviews WSO Resume Review: http://www.wallstreetoasis.com/wso-finance-resume-review WSO Mentors: http://www.wallstreetoasis.com/wall-street-mentors-finance-mock-interviews WSO Events: http://www.wallstreetoasis.com/events
Views: 904 WallStreetOasis
A interview and Q&A with billionaire and Co-CEO of private equity giant KKR, Henry Kravis. In this interview Henry talks about how private equity has changed and where he predicts it will go. Henry also talks about the rise of growth equity investing in private equity and unicorn companies. 📚 Books on Henry Kravis and KKR are located at the bottom of the description❗ Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Other great Private Equity investor videos:⬇ Steve Schwarzman reflects on Blackstone and His Life:http://bit.ly/SSPEPic Billionaire Henry Kravis on Finance, Work Ethic and Life: http://bit.ly/HKFVid Billionaire Leon Black: Investment Strategy for Private Equity:http://bit.ly/LBlackVid Video Segments: 0:00 Introduction 0:21 Donald Trump said you would be a good treasury secretary 0:45 When you are looking at a deal, how do you look out for disruption in that industry? 4:32 Is a IPO of First Data on the horizon? 5:13 Why are you entering the growth equity/Venture capital market? 8:00 Do you think the deals are in a bubble? 9:22 Would you buy a index of unicorn companies? 10:32 Is a growth equity fund coming? 12:15 Paying the tech peoples salary? 12:50 Did you learn anything new when KKR went public? 15:24 Are the concerns of tech CEOs about going public legitimate fears? 16:25 How much of a technologist are you? 17:16 Investing with Iconiq 18:29 How do you get a feel of good culture at a company? 23:43 In the next 12 months will we see a $10 billion buyout? 24:22 Start of Q&A 24:37 Over the past 25 years, what have you had to give up to be more successful in investing? Henry Kravis and KKR Books 🇺🇸📈 (affiliate link) The New Financial Capitalists:http://bit.ly/NewFinancialCapitalists Merchants of Debt:http://bit.ly/MerchantsofDebt Barbarians At The Gate:http://bit.ly/BarbariansGate The Money Machine:http://bit.ly/MoneyMachineKKR Interview Date: 21st July, 2015 Event: Fortune's Brainstorm Tech Original Image Source:http://bit.ly/HKravisPic1 Investors Archive has videos of all the Investing/Business/Economic/Finance masters. Learn from their wisdom for free in one place. For more check out the channel. Remember to subscribe, share, comment and like! No advertising.
Views: 24625 Investors Archive
John Loverro of Lexington Partners, a leading independent manager of secondary private equity and co-investment funds, discusses current trends in private equity co-investment in an interview conducted by the Richard A. Mayo Center for Asset Management at the University of Virginia Darden
Views: 256 DardenMBA
Who invests in private equity? Investors in private equity are institutions and individuals. Institutions are defined as pension funds, endowments, and foundations. Currently (2016) individuals are comprised of family offices and select high net worth individuals. In the future, more and more people are going to be investing in private equity. In August 2015, Private Equity International compiled a list of the biggest investors in private equity. The list includes four categories of investors which include direct investors, fund investors, as well as investors that invest in co-investments and secondary investments. Direct investing is when an investor directly invests in private companies. It could be buying the entire company or a minority investment. Fund investing is when an investor goes to a private equity fund and the private equity fund buys companies on the investor’s behalf. Co-investing is the most complicated option. For instance, an investor invests $50 million in a private equity fund with co-investment rights, meaning that when the fund looks for opportunities it can allow the investor to participate not only through the fund, but directly as well. An example of this would be when a fund is looking at investment in a $40 million company. That investment needs $30 million equity and $10 million in debt. The equity portion given by the fund (without co-investing) would be $30 million dollars. In the case of co-investing, the fund gives $20 million (in which the investor is participating through the fund) with the remaining $10 million (i.e. the difference between the $20 million in equity given by the fund and the $30 million equity needed) is offered to the investor to do on a direct basis resulting in the fund investing $20 million and the investor investing $10 million. When investors invest into a fund, they pay full “two and twenty” fees (i.e. typically paying a 2% management fee and a 20% performance fee). By investing $10 million directly, other than a small deal origination fee, investors are able to reduce their overall fees. (For more on fees see the following video). The fourth way to invest in private equity is through secondaries. In this example, our investor makes a commitment to invest $50 million in a private equity fund by giving about $10 to $20 million dollars to the private equity fund up front for the first two fund investments. As more acquisitions are made, the private equity fund makes capital calls to the investor. The investor is usually locked into the private equity fund for seven to ten years (or longer). If the investor wants out of this agreement, the commitment can be sold to other investors. The sale can be of the entire commitment (which would include the existing deals that the private equity fund was already made, plus future capital calls) or it can be done through a structured secondary (selling different parts) where the investor may want to keep the existing investments and just sell the future commitments. As easy as an investor can sell a secondary, it can buy one as well. Returning to the August 2015 list of all the types of investments in private equity compiled by Private Equity International, we see that the Canada Pension Plan Investment Board (CPPIB) tops the list. CPPIB participates in all types of investments including direct, fund investments, co-investments, and secondaries. One of its most notable investments was in Skype. Skype was purchased from eBay in 2009 and sold to Microsoft in 2011. CPPIB had a small portion of that deals. In 2009, CPPIB invested $300 million and in 2011 it received $933 million. Yes, that’s right; CPPIB put in $300 million and received $933 million back in two years. Not too bad! To recap: Investors in private equity are institutions including pensions like CPPIB, endowments, foundations, and individuals. In 2016, individuals are mostly family offices and select high net worth individuals. In the future, more and more people are going to have access to private equity.
Views: 11688 Steve Balaban
As narrated by John Cleese. Understanding these rules makes it easier to invest with confidence - not being daunted by market uncertainty nor being tempted to seek safety in the herd behaviour of other investors. None of us can predict what stock markets will do next, but by being informed and then investing for the right reasons, we can move the odds further in our favour. Find out more: UK: http://thinkingaloud.aberdeen-asset.co.uk US: http://thinkingaloud.aberdeen-asset.us Australia: http://thinkingaloud.aberdeenasset.com.au/thinkingaloudau/ Global: http://thinkingaloud.aberdeen-asset.com/thinkingaloudglobal/
Views: 34795 Aberdeen Standard Investments
Valuing a company is more art than science. Tim Bennett explains why and introduces three ways potential investors can get started. Related links… • How to value a company using discounted cash flow (DCF) - https://www.youtube.com/watch?v=jfcRUzKZZE8 • How to value a company using net assets - https://www.youtube.com/watch?v=rV68zoBKTJE • What is a balance sheet? https://www.youtube.com/watch?v=DuKEcxVplnY MoneyWeek videos are designed to help you become a better investor, and to give you a better understanding of the markets. They’re aimed at both beginners and more experienced investors. In all our videos we explain things in an easy-to-understand way. Some videos are about important ideas and concepts. Others are about investment stories and themes in the news. The emphasis is on clarity and brevity. We don’t want to waste your time with a 20-minute video that could easily be so much shorter.
Views: 260836 MoneyWeek
Having issues deciding how to split up the equity in your business between your team (co-founder), advisors and potential investors? In this video, I provide some guidelines and some major DON'TS when thinking about startup equity. Are you an entrepreneur? Get free weekly video training here: http://www.danmartell.com/newsletter + Join me on FB: http://FB.com/DanMartell + Connect w/ me live: http://periscope.tv/danmartell + Tweet me: http://twitter.com/danmartell + Instagram awesomeness: http://instagram.com/danmartell Related Videos - To Raise or Not To Raise Venture Capital https://www.youtube.com/watch?v=syfMR9Akxqo - The 3 Secret Agreements You Make When Accepting Venture https://www.youtube.com/watch?v=syfMR9Akxqo - Startup Balance With Kids https://www.youtube.com/watch?v=X2NsSWYs-20 Okay. Due to popular demand, I’ve decided to finally tackle the billion dollar beast. And while it’s not easy to have a conversation about startup equity without putting the faint of heart to sleep, it’s territory that simply can’t be overlooked. Because for any growth-oriented entrepreneur entertaining the idea of handing out equity in their company, the math absolutely matters… And one small misstep can be the difference between accelerated growth or the speed pass to startup hell. So if you’ve ever wondered what a healthy equity breakdown looks like for all key stakeholders (founders, advisors, investors and team members)... … then give this new video a quick spin. As you can see, used appropriately, equity can be an amazing way to incentivize team members and attract key advisors and investors. Like I did with Uber’s Travis Kalanick But if you don’t enter the conversation with clear knowledge of the right benchmarks to shoot for… … then you’re setting yourself up to either give too much away or lose talent and investors to other startups playing a much sharper numbers game. So get your numbers right. Make the right offers. And then step up to the plate and use equity for the growth accelerant it is. To splitting the pie… (and watching it grow), – Dan Don't forget to share this entrepreneurial advice with your friends, so they can learn too: https://youtu.be/hWA1b8owinc ===================== ABOUT DAN MARTELL ===================== “You can only keep what you give away.” That’s the mantra that’s shaped Dan Martell from a struggling 20-something business owner in the Canadian Maritimes (which is waaay out east) to a successful startup founder who’s raised more than $3 million in venture funding and exited not one... not two... but three tech businesses: Clarity.fm, Spheric and Flowtown. You can only keep what you give away. That philosophy has led Dan to invest in 33+ early stage startups such as Udemy, Intercom, Unbounce and Foodspotting. It’s also helped him shape the future of Hootsuite as an advisor to the social media tour de force. An activator, a tech geek, an adrenaline junkie and, yes, a romantic (ask his wife Renee), Dan has recently turned his attention to teaching startups a fundamental, little-discussed lesson that directly impacts their growth: how to scale. You’ll find not only incredible insights in every moment of every talk Dan gives - but also highly actionable takeaways that will propel your business forward. Because Dan gives freely of all that he knows. After all, you can only keep what you give away. Get free training videos, invites to private events, and cutting edge business strategies: http://www.danmartell.com/newsletter
Views: 53717 Dan Martell
Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “Private Equity” Private equity is an umbrella term for large amounts of money raised directly from accredited individuals and institutions and pooled in a fund that invests in a range of business ventures. The attraction is the potential for substantial long-term gains. The fund is generally set up as a limited partnership, with a private equity firm as the general partner and the investors as limited partners. Private equity firms typically charge substantial fees for participating in the partnership and tend to specialize in a particular type of investment. For example, venture capital firms may purchase private companies, fuel their growth and either sell them to other private investors or take them public. Corporate buyout firms buy troubled public firms, take them private, restructure them, and either sell them privately or take them public again. Equity capital that is not quoted on a public exchange. Private equity consists of investors and funds that invest directly in private companies or conduct buyouts of public companies that result in a delisting of public equity. Capital for private equity is raised from very wealthy individuals and institutional investors and is used to fund new technologies, expand working capital, make acquisitions, or strengthen a company's balance sheet. The majority of private equity consists of institutional investors and accredited investors who commit large sums of money for long periods. Private equity investments are often long-term in cases of company turnarounds or a liquidity event such as an IPO or a sale to a public company. By Barry Norman, Investors Trading ACademy
Views: 1538 Investor Trading Academy
Looking for long-term growth? These three UK funds are highly rated by fund analysts and employ very different processes to achieve positive returns for investors. Studio Guest: Daniel Vaughan, Fund Analyst, Morningstar http://www.morningstar.co.uk -~-~~-~~~-~~-~- Please watch: "Should You Be Worried About the Economy?" https://www.youtube.com/watch?v=WUzqTPeI9IM -~-~~-~~~-~~-~-
Views: 4112 Morningstar UK
Nazrin talks to Bisnes Awani about Equity Co-investing and how it is beneficial to the Malaysian entrepreneurship scene.
Views: 4044 Cradle TV
CNBC's Leslie Picker sits down with hedge fund manager Marc Lasry, Avenue Capital Chairman and CEO and the co-owner of the NBA's Milwaukee Bucks, to get his take on the markets, investing, and basketball. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC #CNBC
Views: 1933 CNBC Television
Dan Pasko, co-managing partner at Private Equity Fund Diligent Capital Partners, joined the Kyiv Post to discuss investment climate in Ukraine and the potential economic benefits of land reform.
Views: 39 KyivPost
David Rubenstein talks about how he got into private equity and how he created the Carlyle Group, the largest Private Equity firm in the world in 2015 accordibg to PEI 300. In this video, Rubenstein shares about how he succeed in private equity even if he's not qualified nor had any experience. His talk is so inspiring that it made us think that with the right attitude, you will succeed in life. Aside from his tips on private equity, he also gives his advice to someone whose looking into public service and big challenges his company and the industry faced. In addition to these, he explains why his private equity Carlyle group is successful. You will definitely find valuable information about private equity and how to be successful in it. To get more valuable insights on personal finance, business, and investment: 🔴 SUBSCRIBE at http://bit.ly/trulyrichnoypisubscribe 🔴 SHARE, COMMENT, and LIKE this video! ================== ***I DO NOT OWN THIS VIDEO*** ***NO COPYRIGHT INFRINGEMENT INTENDED*** If you have any issue with the content used in our channel or you find something ABSURD or PROVOCATIVE, before you claim it to, PLEASE SEND US A MESSAGE and WE'LL LOOK into it. Notwithstanding the provisions of sections 106 and 106A, the fair use of a copyrighted work for purposes such as criticism, comment, review and news reporting is not an infringement of copyright. We are making such material available for the purposes of criticism, comment, review and news reporting which constitute the 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. ALL footage used is either done under the express permission of the original owner, or is public domain and falls under rules of Fair Use. ================== For more practical videos on wealth, business, and investment: 🔴 SUBSCRIBE at http://bit.ly/trulyrichnoypisubscribe HIGHLY RECOMMENDED VIDEOS: Warren Buffett and Jorge Paulo Lemann - How to Pick a Company to Invest In ▶️ https://www.youtube.com/watch?v=iI3tgA6IjAs Carlos Slim - How to Make Wise Investments and Run a Successful Business ▶️ https://www.youtube.com/watch?v=L_9Zq5NZDMI Ray Dalio - How to Balance Life and Work to Become Successful in Business ▶️ https://www.youtube.com/watch?v=gNu0Z53ga8g Warren Buffett - How to Be Successful in Stock Market Investing Even If You're a Beginner ▶️ https://www.youtube.com/watch?v=uE4V4C5sYYA Bill Ackman - Investing Advice and Strategy for First Time Investors ▶️ https://www.youtube.com/watch?v=WkCdVRZXrWg ================== Who is David Rubenstein? David Mark Rubenstein (born August 11, 1949) is an American financier and philanthropist best known as co-founder and co-chief executive officer of The Carlyle Group, a global private equity investment company based in Washington D.C. He is also currently serving as chairman of the Kennedy Center for the Performing Arts, co-chair of the board of trustees at the Brookings Institution, and chairman of the board of trustees at Duke University, his alma mater. According to the Forbes ranking of the wealthiest people in America, Rubenstein has a net worth of $2.5 billion. Source: en.wikipedia.org/wiki/David_Rubenstein
Views: 18856 Truly Rich Noypi
Caspian Private Equity Managing Director Sheryl Schwartz has been making co-investments with the PE firms she’s backed since 1997. Find out some of the lessons she has learned and the questions she needs answered before making a move.
Private equity – investing directly in an unlisted business – is an established way for wealthy or sophisticated investors to tap into the potentially lucrative smaller company market. However, it can be high risk and time-consuming. If you are interested in investing directly into single companies – many of which qualify for EIS tax breaks – what are the golden rules to remember? This short video explains how single company investments can work and how Wealth Club can help. This video is not advice nor personal recommendation. The investments mentioned are not for everyone. Capital at risk. Tax benefits depend on circumstances and tax rules can change.
Views: 568 Wealth Club
SuperInvestor Asia - http://www.superinvestorasia.com/ytsiasiaep SuperInvestor Asia 2013 - Singapore - January 2013. The biggest customisation point in the Hermes offering is co-invest. They have been approaching Asia from a co-invest standpoint for the past 8 years. Hermes decided to open an Asia office on the ground for 2 reasons: 1. They believe in the compelling growth story in Asia 2. It is difficult to execute co-investment remotely; because it is reactive, you need to be on the ground. We fundamentally believe that there are interesting opportunities in most Asian markets, not simply a few specific ones. 4 factors to focus on when looking at a private equity market: 1. Growth 2. Capital market ecosystem and sophistication 3. Culture 4. Governance Chinese private equity - the culture is very conducive to private equity as it is results-driven. China versus India: China entrepreneurs are more willing to accept private equity-based capital and there is a deeper market there whereas there is more excess PE capital in India.
Views: 492 SuperReturnTV
Private equity refers to company ownership by a specialized investment firm. Typically, a private equity firm will establish a fund and use it to buy multiple businesses, with the goal of selling each one within a few years at a profit. Private equity firms will often target an underperforming business and, after purchasing the company, use their management expertise to improve profitability.
Views: 119613 Investopedia
Live from SuperInvestor 2017, Mark C Boyle, Private Equity Industry Veteran, gives his best practice advice for building a successful co-investment programme. For more insights on private equity and investment, visit: http://bit.ly/2zHRJYT. #SuperInvestor
Views: 73 SuperReturnTV
David Smith, Managing Director and Co-head of Co-investment at Capital Dynamics, explains why he thinks the current level of interest in co-investment is sustainable going forward at SuperReturn International 2016.
Views: 185 SuperReturnTV
An interview with billionaire and co-founder of private equity firm Vista Equity Partners, Brian Sheth. In this interview, Brian discusses starting Vista and its investment philosophy of focusing on software. Brian also talks about philanthropy and talent management. Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Other great Private Equity investor videos:⬇ Steve Schwarzman reflects on Blackstone and His Life:http://bit.ly/SSPEPic Billionaire Henry Kravis on Finance, Work Ethic and Life: http://bit.ly/HKFVid Billionaire Leon Black: Investment Strategy for Private Equity:http://bit.ly/LBlackVid Video Segments: 0:00 Introduction 1:59 How do you measure success? 3:46 How did you get this big? 7:09 Free cash flow of software companies? 8:57 Challenges faced when scaling Vista Equity Partners? 11:35 Founders working at Vista? 14:09 Why have you not created a company we can invest in? 17:10 Recruiting a diverse workforce? 20:13 New species? 22:21 Why did you get interested in it? Interview Date: 15th May, 2018 Event: The Montgomery Summit 2018 Original Image Source:http://bit.ly/BShethPic Investors Archive has videos of all the Investing/Business/Economic/Finance masters. Learn from their wisdom for free in one place. For more check out the channel. Remember to subscribe, share, comment and like! No advertising. #InvestorsArchive
Views: 4720 Investors Archive
The Rest Of Us on Patreon: https://www.patreon.com/TheRestOfUs The Rest Of Us on Twitter: http://twitter.com/TROUchannel The Rest Of Us T-Shirts and More: http://teespring.com/TheRestOfUsClothing Part 2: https://www.youtube.com/watch?v=fcjmVj5fM5k Credits: Music by The FatRat. https://www.youtube.com/channel/UCa_UMppcMsHIzb5LDx1u9zQ If you're a YouTuber, definitely check The FatRat. The channel offers a wide variety of free-to-use music for your videos.
Views: 1376289 The Rest Of Us
http://www.evancarmichael.com/support/ - SUPPORT ME :) Like this video? Please give it a thumbs up below and/or leave a comment - Thank you!!! Help me caption & translate this video! http://www.amara.org/en/profiles/videos/Evan%20Carmichael/ "Great Evan! What about fin doing someone very good at the job, who used to be a business Man and Want to become part of the business That i created and have 50% of the parts and work 200% for the sucess of the company!!! Im alone and i came to the point That i cant do all the job alone???? Crazy...... I Want That support badly but AM i obligée to give the 50% away?????? Help Cuir Esthetica"
Views: 91503 Evan Carmichael
An interview with billionaire Co-Founder of Private Equity giant Apollo Global Management, Leon Black. In this interview Leon covers four topics in depth: Apollo over 25 years, The firms investment strategy, Deals and Passions outside of finance. This interview offers a rounded view of Leon Black and Apollo Management Group. Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Video Segments: 0:00 Introduction 0:21The firm's growth over 25 years? 5:13 Investment approach and differences to other firms 14:54 What deals have you learnt the most from? 21:46 Passions outside of work Interview Date: 5th December, 2015 Event: Prime Quadrant Conference 2015 Original Image Source:http://bit.ly/LeonBlackPic Investors Archive has videos of all the Investing/Business/Economic/Finance masters. Learn from their wisdom for free in one place. For more check out the channel. Remember to subscribe, share, comment and like! No advertising.
Views: 20102 Investors Archive
A interview with Billionaire and Private Equity giant, David Rubenstein. In this interview David discusses Private Equity with a focus on the highly successful Carlyle Group and how it has change since the financial crash. David also talks about his early life and making the jump from lawyer to entrepreneur and founding a private equity firm in Washington, as opposed to the traditional destination of New York. Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Video Segments: 0:00 Introduction 1:20 Upbringing 2:13 First job out of law school 3:08 Working at the White House 4:27 Leaving Government 5:23 Turning to Private Equity 5:43 How would you describe Private Equity 6:38 What makes you so successful 7:48 More firms have adopted your model 8:13 Taking Carlyle public 9:13 Philanthropy 10:11 Lawyer to entrepreneur 12:32 !ADVERT! 14:00 Public awareness of Private Equity 14:57 Can we get back to the good times in Congress 16:33 Making successful investments in this era 17:37 How do individuals get exposure to Private Equity 18:53 !ADVERT! 20:47 How has Private Equity changed since the financial crisis 21:18 Incorporating macro thinking 22:14 Are we in a tech bubble 23:03 Energy sector 24:13 Solving the skills gap 25:25 !ADVERT! 26:44 Word association game Interview Date:26th July, 2015 Event: WalStreetwek Original Image Source:http://bit.ly/DRubensteinPic Investors Archive has videos of all the Investing/Business/Economic/Finance masters. Learn from their wisdom for free in one place. For more check out the channel. Remember to subscribe, share, comment and like! No advertising.
Views: 20168 Investors Archive
💸 Here's a free crowdfund investor's handbook written by Davis Jones -- The Favorable FOUR: The Little Handbook for Crowdfund Investors → http://bit.ly/favorablefour 🚀 Here's an extensive post about what we have found works at Eazl with for promoting our equity crowdfunding campaigns: https://www.linkedin.com/pulse/real-tips-equity-crowdfunding-from-someone-who-has-actually-jones/ 📈 If you want to consider investing in Eazl, visit http://invest.eazl.co 🎯 Here's a list of the US FINRA-Approved Regulation Crowdfunding Platforms (as of November 2017) → http://bit.ly/eazlcfilist 📰 Here's the text-based guide that accompanies this course→ http://www.bit.ly/cfiguide Mini course description: Learn about a transformative financial technology just legalized in the US (May of 2016) and everything you need to be in the know about crowdfund investing (sometimes called Equity Crowdfunding). ✽ Build the vocabulary, rules, and use cases of crowdfund investing in 25 minutes ✽ • Why startup / small business investing via the internet is transformative • How crowdfund investing and crowdfunding (e.g. Kickstarter) are completely different • What the law allows for entrepreneurs, investors, and funding portals • Where business and social change fits into this equation ✽ Big opportunities to be early to the game ✽ Learning the basics of crowdfund investing (CFI) puts a very powerful tool into your hands. CFI’s use cases may include startup funding, small business “mini-IPOs”, and internet-based fundraising for larger projects. Opportunities for consultants, entrepreneurs, and investors in this space are likely to increase exponentially over the next 10 years. ✽ Content and Overview ✽ You’ll start by learning the basics of crowdfund investing, then move on to how this financial innovation can fit into a business’ financial lifecycle. Then, you’ll learn the basics of securities as they apply to crowdfund investing, including how equities, bonds, and profit-sharing arrangements work under this model. Next, you’ll learn how funding portals work and how businesses need to approach discussing financial information during these transactions. We’ll wrap up with a look at some of the socioeconomic impacts of the new law and access to additional resources. Subscribe to Eazl now by clicking → http://bit.ly/eazlyoutube Get Free Resources from Eazl → http://bit.ly/eazlresources
Views: 11064 Eazl
Balance sheets are one of the 3 financial statements that we use to measure the value of a company. A balance sheet gives the value of all of the assets and liabilities in a company, and shows the difference between the two as equity. http://bit.ly/1K9srFX To sign-up for my Transformational Investing Webinar, visit the link above. Think you have enough money saved for retirement? Learn more: http://bit.ly/1ONX2I1 Don't forget to subscribe to my channel here: http://ow.ly/RNAnK Looking to master investing? Attend one of my FREE 3-Day Transformational Investing Workshops. Apply here http://bit.ly/r1workshop _____________ For more great Rule #1 content and training: Podcast: http://bit.ly/1S9IyGw Blog: http://bit.ly/1PiELnA Facebook: https://www.facebook.com/rule1investing Instagram: https://instagram.com/ruleoneinvesting Twitter: https://twitter.com/Rule1_Investing Google+: +PhilTownRule1Investing Pinterest: https://www.pinterest.com/rule1investing/ analysis of balance sheet, reading balance sheet, how to read a company balance sheet,
Views: 162556 Phil Town's Rule #1 Investing
The Rest Of Us on Patreon: https://www.patreon.com/TheRestOfUs The Rest Of Us on Twitter: http://twitter.com/TROUchannel The Rest Of Us T-Shirts and More: http://teespring.com/TheRestOfUsClothing Part 1: https://www.youtube.com/watch?v=677ZtSMr4-4
Views: 305498 The Rest Of Us
What’s Private Equity? Private equity includes investing in a private company and investing in a public company, and bringing that public company private. An example of this was the management buyout where Michael Dell combined with the private equity company, Silver Lake Partners, to buy Dell off the stock market for $24.9 billion. Technically, by definition, venture capital would be a subset of private equity, but, here in North America, we look at private equity and venture capital as two distinct things. Of course, at the University of Waterloo we have a course titled Private Equity and Venture Capital. Private equity represents Buyouts investments in larger, more mature companies that use significant amount of debt Venture Capital investments in smaller companies, younger companies that use little or no debt. “In between” buyouts and venture capital is growth capital. Growth capital are minority investments that are usually made in more mature companies. You can classify growth capital more as private equity, but it could also be classified as venture capital. For example, Georgian Partners invest minority stakes in growing companies that have revenues between $10 and $80 million (Georgian Partners is referred to as a late-stage venture capital firm). So we looked at buyouts, growth capital, and venture capital, now let’s look at a detailed example of buyouts. Let’s say we buy a business for $40 million that has $5 million in EBITDA. Let’s say that the bank will give us a loan for four times EBITDA. So 4 times $5 million: that’s a $20 million loan. Now, let’s assume an interest rate of 5% per year. 5% of $20 million is $1 million a year. Let’s look at the difference between doing this deal without leverage or with leverage. Without leverage: We’re paying $40 million for $5 million in EBITDA, That’s a 12.5% return. With Leverage: We’re only paying $20 million (because the bank is paying the other $20 million). We’re not getting $5 million (because we still have to pay that $1 million in interest), so we’re getting $4 million. $4 million on your $20 million is a 20% return. By adding leverage to this deal we’re increasing the return from 12.5% to 20%. That’s a simple example of how a leveraged buyout works.
Views: 12756 Steve Balaban
A presentation by billionaire co-founder of private equity firm TPG Capital, James Coulter. In this presentation, Jim analyses four markets that he sees investment potential in and breaks down what he looks for in each industry before he invests. Jim also talks about the history of multiple sectors and reaching punctuated equilibrium. Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Other great Private Equity investor videos:⬇ Steve Schwarzman reflects on Blackstone and His Life:http://bit.ly/SSPEPic Billionaire Henry Kravis on Finance, Work Ethic and Life: http://bit.ly/HKFVid Billionaire Leon Black: Investment Strategy for Private Equity:http://bit.ly/LBlackVid Video Segments: 0:00 Introduction 1:01 Punctuated equilibrium 3:16 Alpha and growth 4:31 Education investing 10:16 Marijuana investing 20:42 Data investing 26:00 Influencer investing Interview Date: 28th November, 2018 Event: The year ahead Original Image Source:http://bit.ly/JCoulterPic Investors Archive has videos of all the Investing/Business/Economic/Finance masters. Learn from their wisdom for free in one place. For more check out the channel. Remember to subscribe, share, comment and like! No advertising. #InvestorsArchive
Views: 5378 Investors Archive
How do private equity firms find deals? The question should be: “How do private equity firms find good deals”. I run a private equity firm, and I get calls all the time from investment bankers and brokers, saying, “Steve, we have the perfect deal for you!” and they try to convince me (on the phone) that this deal is just for me. But, I know that the second they hang up the phone with me, they’re calling Bill, they’re calling Jeff, and they’re calling Susan with the exact same deal. These are not good deals; these are just……deals. Private equity firms need to find good deals through proprietary deal flow. Proprietary deal flow is obtained (for the most part) through connections. Private equity firms need to get to know lawyers and accountants who could know when their clients are about to sell, allowing them to tell the firms in advance. Private equity firms need to make a lot of connections in an industry, so that when the executives/owners of those companies want to sell, they tell the private equity firm before they market the deal to other companies. Private equity firms should also make connections with other private equity firms. If a private equity firm has a deal, and it doesn’t have the capital to do the entire deal themselves, the firm might call on another private equity firm to be part of a syndicate. To get deals you need to get out there - get out of that office. Finally, you need to market your private equity firm really well. If you market effectively,entrepreneurs will know to come to you. In summary, if you’re a private equity firm, you need to find good deals. Stop taking calls from those bankers, stop taking calls from those brokers, get out of your office and get proprietary deal flow. In 2014, the yogurt company Chobani needed $750 million. Before the market found out, Chobani was already in talks with TPG. Why? The co-founder of TPG, David Bonderman, knew a prominent businessman in Turkey, Cuneyd Zapsu, who in turn knew the CEO of Chobani, Hamdi Ulukaya. Remember, proprietary deal flow is all about working the connections you have. After all, this $750 million deal happened because a guy knew a guy who knew a guy.
Views: 18359 Steve Balaban
An interview and Q&A with billionaire technology private equity investor and Co-Founder of Silver Lake Partners, Glenn Hutchins. In this interview Glenn discusses private equity investments and the technology sector. Glenn also talks about his work in the public sector, focusing on the difference he found compared to working in the private sector. Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Other great Private Equity investor videos:⬇ Steve Schwarzman reflects on Blackstone and His Life:http://bit.ly/SSPEPic Billionaire Henry Kravis on Finance, Work Ethic and Life: http://bit.ly/HKFVid Billionaire Leon Black: Investment Strategy for Private Equity:http://bit.ly/LBlackVid Video Segments: 0:00 Introduction 2:08 What is Private Equity? 4:30 Why did you create this examination of the world? 6:40 How do you deal with the pace of change in technology? 12:03 Dealing with investment decision in a world that is always changing? 16:14 Buying and selling Skype? 21:25 Differences of working in the private v public sector 25:55 Being an advisor to Obama? 31:00 What skills are young people going to need? 38:47 Pace of change in China? 44:13 Best/Worst part of owning a sports team? 46:05 Start of Q&A 46:26 Advice on student loans? 51:28 When you were in high school did you think you would be successful? 54:40 Criticisms of Obama? Interview Date: 18th February 2015 Event: Leadership Speaker Series Original Image Source:http://bit.ly/GHutchinsPic Investors Archive has videos of all the Investing/Business/Economic/Finance masters. Learn from their wisdom for free in one place. For more check out the channel. Remember to subscribe, share, comment and like! No advertising.
Views: 6382 Investors Archive
http://www.PEFrontOffice.com is one of the only comprehensive and integrated suite of products that has been developed with focus on the front and middle office for the Private Equity / Venture Capital / Alternate Assets firms and is available in cloud based subscription model as well as can be deployed on the client’s premises. Our software suite includes CRM, Deal Pipeline, Portfolio Management (supports Equity, Debt & Bond transactions), Investor Management, Investor Portal, Fund Management and Reports & Analytics. This is further augmented by Task & Activities Management, Outlook Integration and Document Management. BENEFITS: One of the only comprehensive and integrated solutions available in the PE marketplace Developed as a globally applicable, class leading and scalable “Online/Cloud” solution for the PE/VC industry clientele The software solutions’ User Interface (UI) is intuitive, easy to use & very comprehensive covering all aspects of GP office work flow requirements The flexible back end of the software allows for easy & inexpensive customisations making this software truly affordable for small & mid sized as well as large PE/VC funds globally Sits on top of/or integrates easily with any of your data information source system Works in both hosted as well as non-hosted environments No sharing of data across clients Custom branding for each client – logo, color scheme, email templates, workflows, etc. Auto backup with unique recycle bin feature & online help at each screen level All latest browsers & OS versions supported Works on Windows & Mac operated desktop, laptop, tablet – ipad, android based. Deal Pipeline – Key Features Quick and easy deal creation Track basic deal information, investment summary and deal metrics Customize deal stages & workflow that enables intuitive deal stage transition Support for due diligence process, management check-list and alerts (Workflow enabled optional & mandatory tasks associated with Deal Stages) Link contacts, organization and deal team members Log all the meetings, activities and tasks linked to a deal Attach all the related emails using Outlook plugin Link or upload all related documents into a single repository Reports & Analytics Portfolio Management – Key Features Option to manage both Equity and Debt investments Generate and manage amortization schedule and track payments as per payment schedule Capture complete capitalization structure (i.e. actual investment cash flow in both INV and FUND CCY) Capture Valuations at instrument level Track Investee company performance - Current & Expected IRR and MoC projections Track other stakeholders and co-investors investments Track investee company Financial Information and KPIs for IC Plan, Budget and Actuals Flexibility to capture data in different Currency & Units and define periodicity (quarter, half yearly, annual) for each data set (i.e. IC Plan, Budget and Actuals) Set different financial year-end for respective Portfolio Companies Capture Notes & Comments - Investment Thesis, Quarterly Performance Review, Compliance, ESG, etc. Link contacts (including executive team, directors and board members), organization and deal team members Log all the meetings, activities and tasks linked to the respective portfolio company Attach all the related emails using Outlook plugin Link or upload all associated documents Reports & Analytics Investor Management – Key Features Track fund raising activities and status for each investor Track investments in existing funds Track investor level drawdown and distribution history Track investors co-investments in portfolio companies Option to link LP/investor team and advisors Attach documents and track meetings, activities and tasks linked to an investor Attach all the related emails using Outlook plugin Reports & Analytics Fund Management - Key Features Track fund raising and investors commitment status Track Fund specific portfolio companies cash flow - actual/realized, expected and valuations (option to import directly from fund accounting G/L) Track fund expenses (option to import directly from fund accounting G/L) Option to track fund performance history on monthly & quarterly basis Track investor level drawdown and distribution summary along with net IRR projections Ability to attach documents and manage calendar meetings, activities and tasks linked to the Fund Reports & Analytics
Views: 1384 PEfrontOffice
Watch the latest from New Venture Mentor: "How to Beat Your Bigger Competitors in Attracting and Retaining Top Talent" https://www.youtube.com/watch?v=b4OD44N7a6k --~-- THERE IS AN UPDATED VERSION OF THIS VIDEO AVAILABLE AT: https://youtu.be/JSd46QJSSi4
Views: 33631 Cate Costa
Panel 2: 12:00 – 12:50 How do the public / private business angel co-investment funds change the entrepreneurial ecosystem? Key Note Speech 8: Paulo Andrez, Emeritus President, EBAN, Portugal Mr. ANDREZ is a serial entrepreneur, angel investor, and VP of the Portuguese Business angels’ federation. He has taken one company public and helped design and implement Portugal’s first business angels tax break. For his extended bio, please visit the following link: http://ebaf2014.org/node/18 EBAN PANEL (74)Panel 2 : How to create succesful public – private early stage co-investment funds? Moderator: Paulo Andrez, Emeritus President, EBAN, Portugal Marek Rusiecki, Co-Founder & CEO, Xevin Investments, Poland MAREK RUSIECKI hails from Poland where he is the cofounder and CEO at Xevin Investments, a group of VC funds. He has been an investor in more than 50 companies in CEE. He cofounded Adnet, the largest online ad network in Poland & the Baltics. For his extended bio, please visit the following link: http://ebaf2014.org/node/2 Michael Gold, Chairman,Crimson Finance Fund, USA MICHAEL GOLD heads Crimson Capital. He has spent 23 years in emerging markets. His work has led to over $7bn in debt and equity financing, FDI, privatizations, PPPs, and export transactions. He’s been active in the Balkans since 1995 and helped found KosBAN. For his extended bio, please visit the following link: http://ebaf2014.org/content/michael-gold His presentation: EBAF2014 - Micheal Gold William Stevens, Europe Unlimited, Belgium WILLIAM STEVENS is the founder of Europe Unlimited, which organizes 25 int’l venture and technology forums that connect thousands of investors, policymakers and entrepreneurs every year. He started out at the EVCA where he became Secretary General at the age of 25. For his extended bio, please visit the following link: http://ebaf2014.org/content/william-stevens Ari Korhonen, EBAN Vice President, Finland ARI KORHONEN, the founder of Lagoon Capital. is an angel investor and venture capitalist from Finland. In the last 10 years, he has made angel investments in 22 companies. And of course he’s a VP at EBAN. For his extended bio, please visit the following link: http://ebaf2014.org/content/ari-korhonen Take-aways of Panel 2: Developing co-investment funds is very important to develop early stage investment market. Banks should also be accepted as public entities and should be forced to make startup investments with angel investors. So, a certain amonut of their profits every year (for example 0,01%) should go to co-investments by law. Private investors should be licensed as ‘Liabel to make co-investment with Public Funds’ Policymakers must be trained to show the best practices, pros-cons and how-tos of co-investment funds. EU should finance these trainings.
Britam asset managers limited announced that the company is investing 1.4 billion shillings in an energy private equity fund – ever strong power limited. The private equity firm ever strong will use the funds to buy a stake in the 80mw heavy fuel oil Athi river power plant, owned by gulf energy. Kenneth Kaniu, CEO, Britam asset managers has stated that the investment will achieve diversification across asset classes and currencies. SUBSCRIBE to our YouTube channel for more great videos: https://www.youtube.com/ Follow us on Twitter: https://twitter.com/KTNNews Like us on Facebook: https://www.facebook.com/KTNNewsKenya For more great content go to http://www.standardmedia.co.ke/ktnnews and download our apps: http://std.co.ke/apps/#android KTN News is a leading 24-hour TV channel in Eastern Africa with its headquarters located along Mombasa Road, at Standard Group Centre. This is the most authoritative news channel in Kenya and beyond.
Views: 194 KTN News Kenya
Introducing our current co-investment opportunity, Monidor Ltd. Monidor is a 2015 founded Oulu based health technology company developing small, smart digital health devices and software, which help nurses in their daily work by improving patient safety. We now offer you the opportunity to invest together with us. Why we are investing in Monidor: ✅ The comany has developed a cost efficient solution for hospital wards, that enables nurses to give the best possible patient care. ✅ Competitive advantage over competitors by having developed a SaaS business model based IV Screen remote monitoring software. ✅ Experienced team with expertise in wireless device and software development as well as medical professionals. ✅ ISO standard, patented device that is CE marked. ✅ Executed pilots in 6 European countries and have some of Finlands largest hospitals as their customers. // Watch the video, visit our platform and download the investor material - the round closes 1.3.2019: https://portal.innovestorgroup.com/company/a010O00002EMaXrQAL ----------------------------------------------------------------------------------------- Innovestor is a 2014 founded startup venture investor and provider of equity funding solutions in the Nordics. Learn more about us: https://innovestorgroup.com/about/ Videography by Joonas Villanen: https://www.joonasvillanen.com/
Views: 108 Innovestor Group
http://petron-group.com/ Petron Group LLP is a global Growth Equity Firm that invests in Equity, Debt, Infrastructure, Management, and renewables globally. The firm manages a broad range of investment programs for Institutional Investors such as family offices, endowments, funds of funds, ultra high net worth investors, and Large companies who wants direct exposure to private markets assets. Petron Group is Equity Division headquartered in Harrisburg, PA, has been one of the leading providers of institutional capital for the global energy industry. The firm’s deep sector expertise and internal technical capabilities allow Petron group to engineer creative solutions for our partners in complex situations. Petron derives from the word Patron, which means to support a person with money, gifts, efforts and cause. We exercise this by helping our employees and Limited partners succeed at achieving their Goals by categorizing milestones. We believe that our success depends on your success, So this is the reason why we are the only firm that holds a zero fee culture, We do this because the overall objective is creating long lasting value that your children’s will remember the name, We have seen overtime that companies who leverage other people money fail to build Strong Investment because it does not effect them personally, However when you develop a co-investment, ownership like culture, we develop better strategies, make better investment decision and drive growth rather than just meeting a status quota, this has been Petron success in the past and will continue advancing forward.
Views: 7170 Petron Group LLP
An interview with Billionaire and Co-Founder of Private Equity giant KKR. George discusses the start of Private Equity and how it has evolved over the years, he also gives some insight into where he believes it is heading in the future. George finishes by giving advice for life and those looking to pursue a career in Private Equity. 📚 Books on George Robert and KKR are located at the bottom of the description❗ Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Video Segments: 0:00 Introduction 4:48 Start of Private Equity 7:39 What's changed since the start? 10:07 Best & Worst deals 13:45 Investing in people 15:34 How to get into MBA and thrive 20:48 How has your partnership with Henry Kravis worked so well 24:22 View on Activist investors 26:23 Future trading trends 28:38 China 31:56 Views for 2015/2016 33:26 Bringing market forces to social impact 37:20 Encouraging others to give back to the community 39:27 Start of Q&A 39:35 Is Private Equity in China going to grow? 41:58 What does good management look like? 45:03 How can African governments align with investors? 47:23 Principles of compensation? 50:12 Lessons in venture philanthropy? 52:44 Crucial skill undergraduates should have? George Roberts and KKR Books 🇺🇸📈 (affiliate link) The New Financial Capitalists:http://bit.ly/NewFinancialCapitalists Merchants of Debt:http://bit.ly/MerchantsofDebt Barbarians At The Gate:http://bit.ly/BarbariansGate The Money Machine:http://bit.ly/MoneyMachineKKR Interview Date: 9th November 2015 Event: UCLA Robertson Lecture Series on Global Leadership Original Image Source:http://bit.ly/GRobertsPic Investors Archive has videos of all the Investing/Business/Economic/Finance masters. Learn from their wisdom for free in one place. For more check out the channel. Remember to subscribe, share, comment and like! No advertising.
Views: 15825 Investors Archive
CommSec's Tom Piotrowski speaks with Perpetual Equity Investment Co. Ltd (PIC) Portfolio Manager, Vince Pezzullo about his views on recent market movements, how PIC is positioning its portfolio and key drivers of performance.
Views: 1484 CommSecTV
An interview with billionaire Private Equity titian and co-founder of The Carlyle Group, David Rubenstein. In this interview, David discusses how the Private Equity industry works and creating The Carlyle Group. David also talks about what makes a great CEO, Venture Capital and Donald Trump. 📚Books recommended by David Rubenstein are located at the bottom of the description❗ Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Other great Private Equity investor videos:⬇ Steve Schwarzman reflects on Blackstone and His Life:http://bit.ly/SSPEPic Billionaire Henry Kravis on Finance, Work Ethic and Life: http://bit.ly/HKFVid Billionaire Leon Black: Investment Strategy for Private Equity:http://bit.ly/LBlackVid Video Segments: 0:00 Introduction 2:48 Growing up? 4:38 Nostalgia about Baltimore? 6:01 Working in Jimmy Carter White House? 7:18 Putting memos on top? 8:28 Is strategic maneuvering how you get ahead in life? 9:00 How does Private Equity work? 10:44 Rebranding from leveraged buyouts? 11:46 Is Private Equity the guardian angels of the economy? 13:56 How many companies does Carlyle own around the world? 14:15 A business sector that Carlyle does not own? 15:01 Your objection to alcohol? 16:16 What you should not do put cannot resist? 17:25 How your thinking has evolved on how you bid and how much you pay for a company? 18:41 Is your singular devotion to work necessary to run a company in the modern era? 19:57 Bad experience with alcohol? 21:16 How is business overall? 22:36 Why does America lead the way in Private Equity? 23:59 If you could start again, would you go into Venture Capital? 25:20 Difference in running a company as it matures? 27:00 When the startup CEO want to stay but is not qualified? 28:18 Do exceptional CEO’s give a skewed view? 29:18 Passing on an investment in Facebook? 31:15 Do you regret those decisions? 32:31 1500 employees? 32:53 $162 billion AUM? 33:20 What opportunities and challenges come with being so big? 34:18 Recruiting government officials? 36:59 Bringing in Republicans as a Democrat? 37:46 You know more prominent people in business than anyone else? 39:10 Net worth? 39:39 Is Harvard Corporation returns part of your responsibility? 42:41 Larry Summers being let go from Harvard? 46:21 What makes a good CEO? 47:38 Common characteristics of a CEO? 48:17 The ability to lead? 50:20 Learning to be persuasive and writing? 52:21 Speed reader? 54:16 Benefits out of the salons? 55:55 How much interaction have you had with Donald Trump? 57:50 How is this White House different from other White Houses? 58:50 If you acquired the Trump organization, would you keep him on as CEO? 59:21 Is it harder to be a CEO now then 10 years ago? 1:00:18 Glass cliff phenomenon? 1:02:03 Uber? 1:03:04 Uber CEO pick? 1:04:30 Carried Interest? 1:07:14 Counter arguments? 1:10:10 Tax deductions? 1:14:32 Philanthropy as a opportunity to make it? 1:16:33 Lightning round 1:26:24 What did you believe to be true that you found out was not? David Rubenstein’s Recommended Books🔥(affiliate link) The Hemingses of Monticello: http://bit.ly/HemingsOfMonticello Lindbergh: http://bit.ly/LindberghDR Interview Date: August 2017 Event: Freakonomics Radio Original Image Source:http://bit.ly/DRubensteinPic9 Investors Archive has videos of all the Investing/Business/Economic/Finance masters. Learn from their wisdom for free in one place. For more check out the channel. Remember to subscribe, share, comment and like! No advertising. #InvestorsArchive
Views: 5022 Investors Archive
What exit options private equity firms have for their portfolio companies? As a private equity firm, you have multiple options on how to sell your portfolio company. You could sell to the public market, through an IPO (which is costly, but doable), you can sell to a strategic buyer, you can sell to management, or you can sell to another private equity firm. If you sell to a strategic buyer, you have to be conscious of the fact that through the process of the sale, the strategic buyer is going to become aware of your strategies (your trade secrets). If the potential strategic buyer walks away from the deal, they may have a competitive advantage over you. If you are looking to sell to a strategic buyer, my recommendation is, before you disclose your trade secrets, have the potential buyer put down a good-sized deposit. You can also sell to management through a management buyout. Remember the example we gave of Michael Dell’s management buyout of Dell computers? (Video #2) Another option is to sell to another private equity firm. If you’re getting close to the end of the term of your fund, (i.e. in your ninth or tenth year) and you want to exit, there may be another private equity firm that’s close to the beginning of the term of its fund. Your portfolio company might still be amazing, you just have to divest. Finally, there’s a dividend recapitalization, where you can take on debt and pay out a dividend. As an example of a business that goes from inception until exit, we’re going to look at Alice. Alice is a third year university student who has an eye for fashion. Looking at what her fellow students were wearing, Alice realized something - students were either wearing attractive clothes that were not comfortable or comfortable clothes that were not attractive. Alice began to design clothes that were both attractive and comfortable. As Alice and her friends started wearing the clothes that she designed, other students on campus noticed, asking Alice to design clothes for them as well. Soon students across campus were wearing these attractive, comfortable clothes. Other students, from universities across the country, started to take notice and began contacting Alice for these attractive, comfortable clothes. There was such a demand that Alice had to open a large manufacturing facility. Now, students across Canada were wearing Alison’s clothes. When these students from Canada visited the U.S., American students looked at these Canadian students and said, “Wow, they look so good and so comfortable. We need to get a hold of some of these clothes!” So, more students started to order clothes from Alice. Word spread across the U.S., and before long, Alice had a company with sales across North America. Then, along came a private equity firm and this private equity firm loved Alice’s company. The private equity firm recognized that Alice’s company had no debt and had successfully penetrated the North American market. The private equity firm had a lot of contacts in the European clothing industry, where it wanted Alice to expand. The private equity company bought a majority stake in Alice’s company and then expanded it to Europe. Years later, the private equity firm and Alice had developed a huge clothing company that had penetrated both North America and Europe. The private equity firm now has a few options on how to exit its investment in Alice’s company. It could bring the company public through an IPO, it could sell the company to a strategic buyer (such as a big clothing company), or it could sell the company to Alice through a management buyout (depending on how much debt the company has on the books). The company can sell to another private equity firm, potentially one that has experience in markets that the company is currently not in, such as Asia or Australia. The company could also do a dividend recap (depending on how much debt that they have on the books, they could take out some more debt and pay a special dividend). These are just a few options that the private equity firm has to exit.
Views: 8653 Steve Balaban
Moderator Gary Pinkus, Managing Partner, North America, McKinsey & Company Speakers John Connaughton, Co-Managing Partner, Bain Capital LP Bruce Flatt, CEO, Brookfield Asset Management Jonathan Nelson, Founder and CEO, Providence Equity Partners David Rubenstein, Co-Founder and Co-CEO, The Carlyle Group 2016 was another exceptional year for private equity investment. Capital committed to traditional funds, co-investments, separate accounts and direct deals hit a record of $681 billion, beating the previous high set in 2015 by 9 percent. This session will examine major trends in private equity with a focus on the investment opportunities and the economic landscape. Should more private equity funds consider permanent capital vehicles for investing? Is the fee structure sustainable? Are too many firms chasing the same deals, crowding the market and making new targets harder to find? Are multi-strategy funds still plausible or does the industry need more specialization? Will we ever see a return of mega-buyouts?
Views: 28391 Milken Institute
When Jennifer Kerr talks, GPs need to listen. As Managing Director, Head of Investment Strategy and Portfolio Construction at the Canada Pension Plan Investment Board (CPPIB), Jennifer has a $300 billion pool of capital at her disposal and $24 billion currently under investment. She’s a big fan of private equity but, as you’ll hear in this interview, she has concerns about returns compression in the market. Jennifer sees LPs moving towards co-investment in response to changing fee structures and suggests that narrowing the gross-to-net spread should be an industry high priority.
An interview with billionaire Private Equity giant and Co-CEO of KKR, George R. Roberts. In this interview George discusses Private Equity and his investments at KKR. George also talks about social enterprises he has funded and created, and how KKR is doing more to become socially and environmentally conscious when investing. 📚 Books on George Robert and KKR are located at the bottom of the description❗ Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Other great Private Equity investor videos:⬇ Steve Schwarzman reflects on Blackstone and His Life:http://bit.ly/SSPEPic Billionaire Henry Kravis on Finance, Work Ethic and Life: http://bit.ly/HKFVid Billionaire Leon Black: Investment Strategy for Private Equity:http://bit.ly/LBlackVid Video Segments: 0:00 Introduction 3:50 What do you do at KKR? What is Private Equity? 8:48 Why do you work with your companies as partners instead of just investments? 11:48 Why you think about environmental, social and governance (ESG)? What is its link to value? 17:13 Sustainable Value Video 20:35 Private Equity has traditionally been against sustainability 23:44 How to keep investors patient for the long term gain? 28:30 Advice for major public companies about keeping investors happy for the long term? 30:23 Thoughts on energy investments 37:24 How do you demonstrate performance in ESG? 39:07 Role of private companies and social enterprises in contributing to the economy 43:08 Has KKR ever passed on a investment opportunity because of a ESG factor? 44:24 What sustainability issue are you personally most interested in? 45:29 Are you concerned about high unemployment in the USA? 49:22 What policies and tech trends do you want to focus on? 51:26 How do you think about reputation in terms of dollars? 52:15 Regulation 53:48 How do you manage having Co-Chairman and Co-CEO’s? 56:33 When the history of Private Equity is written, what will it say of its net benefit on society? George Roberts and KKR Books 🇺🇸📈 (affiliate link) The New Financial Capitalists:http://bit.ly/NewFinancialCapitalists Merchants of Debt:http://bit.ly/MerchantsofDebt Barbarians At The Gate:http://bit.ly/BarbariansGate The Money Machine:http://bit.ly/MoneyMachineKKR Interview Date: 14th November, 2013 Event: BSR Conference 2013 Original Image Source:http://bit.ly/GRobertsKKRPic Investors Archive has videos of all the Investing/Business/Economic/Finance masters. Learn from their wisdom for free in one place. For more check out the channel. Remember to subscribe, share, comment and like! No advertising.
Views: 2807 Investors Archive
How does private equity perform due diligence? You must do due diligence! You can never trust a company’s numbers when that company is trying to sell. Yes, you have their “actuals” (historical financial statements), but you have to see their projections! Let me tell you a little story. In 2012, I was looking to buy this company. It was a good company with a stable EBITDA for the last 10 years and solid cash flows. When I looked at the seller’s projections for 2013 EBITDA for 2013, I was shocked to see a triple in EBITDA! There wasn’t a big CapEx spend. There were no big acquisitions. The seller justified this triple in EBITDA by saying that the company’s existing customers were going to buy more, and that the company will get a lot of new customers using existing strategies. The company was trying to convince us that his projection of a triple in EBITDA warranted triple the price. Needless to say, we didn’t buy that company…..and neither did anybody else. One year later, when we re-visited the company, as per our expectation, the 2013 EBITDA was very similar to the company’s 2012 EBITDA. When buying a company, you need to understand everything about that company. In regards to sales, you need to know the customer concentration. Do half of the sales come from one customer? Or does the biggest customer account for three percent of sales? You need to understand every single line of the income statement. You need to double and triple check the numbers for the actuals in the past. You need to understand the industry to come up with your own forecasts. You need to question people. You may want to interview consultants or industry professionals. While maintaining the confidentiality of the company, interview as many people as possible - including customers. I recently met two of the world’s top private equity professors: Drs. Douglas Cumming from the Schulich School of Business in Toronto and Simona Zambelli from the University of Bologna in Italy. They collaborated on a paper that concluded that by doing internal due diligence, portfolio companies and other private equity funds have performed better than when the funds hired third-party consultants to conduct due diligence.
Views: 14724 Steve Balaban
State and local governments all around the country have failed to set aside enough money to pay for the pensions they have promised to workers in the public sector. They’re also making unrealistic assumptions about their future investment returns, further risking their budgets and the ability to pay for promised pension benefits. Confronting the true cost of future pension payments would force state and local governments to save more now and prevent budget problems in the future. For more information, visit the PolicyEd page here: https://bit.ly/2XYbreM Additional resources: Watch the five-part animated video series “Pension Pursuit” based on Josh Rauh’s research on the vast underestimation of public pension liability to gain insight into the hidden debts the next generation will face, available here https://bit.ly/2zKQj00 In “Hidden Debt, Hidden Deficits: 2017 Edition,” Joshua D. Rauh details the issues surrounding the pension system and the role of governments in increasing liabilities and deficits by means of their pension system. Available here: https://hvr.co/2xd8Un9 “The Public Pension Crisis” is an essay excerpted from a new Hoover report by Joshua Rauh, “Hidden Debt, Hidden Deficits: How Pension Promises Are Consuming State and Local Budgets.” The full report may be read here: https://hvr.co/2R5Nkud In “A Tale of Six Cities: Underfunded Retiree Health Care,” Rauh and Pozen analyze the retiree health care systems of six American cities: Boston, Minneapolis, Pittsburgh, San Francisco, San Antonia, and Tampa, Florida. They also outline a broad variety of reasonable measures that cities could adopt to materially reduce their long-term OPEB liabilities. Available here: https://hvr.co/2SeyGhi In “Pension Fund Board Composition and Investment Performance: Evidence from Private Equity, “Andonov, Hochberg, and Rauh examine the governance of public pension funds and its relationship to investment performance. Availabe here: https://hvr.co/2ExAgqJ In “A Few Trillion Short,” Rauh reveals the government debt owed to public employees, available here: https://hvr.co/2rNXHnZ In “Unfunded Pension Debts of U.S. States Still Exceed $3 Trillion,” Raul explains the true magnitude of unfunded pension promises for the systems tracked by Pew is much larger. Available here: https://bit.ly/2Lu7Z5Z In “Funding Retiree Healthcare Plans,” Robert Pozen and Rauh explain why the new accounting rules won’t cure the budgetary ills of state and local governments, available here: https://hvr.co/2Se4iDM In “Real Pension Reform: A California Design,” Joshua Rauh explains why California cannot be the leader of real pension reform, available here: https://hvr.co/2EwIKhT Visit https://www.policyed.org/ to learn more. - Subscribe to PolicyEd's YouTube channel: http://bit.ly/PolicyEdSub - Follow PolicyEd on Twitter: http://bit.ly/PolicyEdTwit - Follow PolicyEd on Instagram: http://bit.ly/PolicyEdInsta
Views: 8330 PolicyEd