文档介绍:WhatisPrivateEquity?panyInvestmentismadethroughanegotiatedprocessBysophisticatedinvestorswithfinancialandoperatingexpertiseThegoalistoacquireundervaluedor“promising”assetsandrealizeprofitsin3-5yearsaftertheacquisitionInformationasymmetryandinefficienciesareimportantfactorsAlternativeInvestmentsPrivateEquityInvestmentStrategiesLeveragedBuyoutsVentureCapital()SpecialSituations()MezzanineSecondaryPurchasesFundofFundsLeveragedBuyoutsEstablishedfirmswithtrackrecords,stablecashflowsandstablegrowthratesAnnualrevenuesof$25-$500millionTypicallyinbasicretail,esstobankloansSeekprivateequitytoeffectachangeinownership,financeanexpansionorrestructureVentureCapital-EarlyStageFirmswithsubstantialriskoffailure-businessmodelsandmarketingapproachareyettobeprovedSmallandilliquidinvestmentswithsizeof$500k-$2millionThesmallesttypeistheentrepreneurwhoneedsthefinancingtoconductinitialresearchanddevelopmentThemostmaturetypearethosefirmsthatarestartingtoturnprofitsbutneedcapitalforexpansionAngelcapitalisanimportantsourceoffundingVentureCapital-LateStageFirmswithmorecertainbusinessmodelsProventechnologyandmarketProfitableandneedexpansioncapitalGeneralsizeof$2-$15millionIPOorSaleexpected/feasibleinneartermOriginalinvestorsmayachievesomeliquidityBecausetheriskisgenerallylowerandtheliquidityhigher,later-stageinvestmentsrequirelowerreturnsthanearly-(TF)fortargetfirmsthathavedefaultedontheiroutstandingloansTFsreceivecontrollinginterests,withformerownersmakinguptheminorityinterestTFsrenegotiatestermswithexistinglenders,offeringtorestructureorpayoffloansatadiscountTFsalsodeliverexpertisetofindnewmarketsorpartn