Critical Analysis Of Private Equity Investments Within Small And Medium Sized Enterprises
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Critical Analysis Of Private Equity Investments Within Small And Medium Sized Enterprises
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Author : Anonym
language : en
Publisher:
Release Date : 2022-05-28
Critical Analysis Of Private Equity Investments Within Small And Medium Sized Enterprises written by Anonym and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-05-28 with categories.
Seminar paper from the year 2021 in the subject Business economics - Investment and Finance, grade: 1,3, University of Applied Sciences Essen, course: International Investment, language: English, abstract: This term paper is split into five chapters. After the introduction, the theoretical framework of small- and medium-sized enterprises (SMEs) and private equity (PE) is elaborated. Besides the explanatory definition of PE, an overview of PE types and the roles in PE investments is provided. Chapter three emphasizes the process of PE investments and their characteristics from the planning stage to exit strategies. Before the conclusion, opportunities and threats for SMEs and investors in PE investments are derived in section four.
Critical Analysis Of Investment Management Within Company Successions
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Author : Christin Wessels
language : en
Publisher:
Release Date : 2017-05-31
Critical Analysis Of Investment Management Within Company Successions written by Christin Wessels and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-31 with categories.
Seminar paper from the year 2017 in the subject Business economics - Investment and Finance, grade: 1,7, University of applied sciences Dortmund, course: Investment, language: English, abstract: Company successions are an important theme for the economy. The amount of enterprises, which search for a successor, increased in the last years. Especially small and medium-sized enterprises are affected by this issue. In this case the issue arises, that no internal successor is available. That's why external opportunities have to be considered. Among options like foundations or management buy-outs, private equity investors are one possibility of a successor. These investors bring new equity and know how into the enterprise. On the other side, private equity firms often invest only for a defined period and focus on the return on investments. That's why private equity firms mention in the sales contract specific rights and agreements. These rights include e.g., that other shareholder have to sell their shares, if the private equity firm wants to sell its shares. Furthermore, if the private equity firm wants to go public, the other shareholders must agree. If these rights are reflected in the sales contract, the private equity firm has the total power over the enterprise. That's why especially in the contract phase the current entrepreneur should be alerted, what agreements are reflected in the contract. Otherwise the PE firm holds sway over the whole company. After the defined time horizon, the private equity firm leaves the enterprise. For this different exit strategies exist: An Initial public offering, a trade sale, a secondary sale or a buy back. The most interesting one for the investor is to go public, followed by a trade sale. Going public means a high return on investments for the investor. All in all, the entrepreneur holds the strings: He can influence the future of the company, because he chooses the successor for the enterprise. If he reflects, what the enter
Critical Analysis Of Investment Management Within Company Successions
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Author : Rima Hammoudeh
language : en
Publisher: GRIN Verlag
Release Date : 2016-12-16
Critical Analysis Of Investment Management Within Company Successions written by Rima Hammoudeh and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-16 with Business & Economics categories.
Seminar paper from the year 2015 in the subject Business economics - Controlling, grade: 1,7, University of Applied Sciences Essen, course: MBA, language: English, abstract: The funding landscape in Germany, including corporate funding, has changed significantly in recent years. The main reason for this change is the banking and financial market crisis through which profitability and risk considerations have become much more important in the business policies of financial institutions nowadays. At the same time, analysts are talking about the biggest change in leadership of the post-war period in medium-sized companies in Germany. 1 Many family businesses were founded after 1945, so that the founders have to start considering a potential successor regime, as they are getting older. This includes high financing needs (in the form of the purchase price, taxes and severance pay) that cannot be fully covered by the successors in most cases. With respect to the outstanding importance of these two main aspects, the aim of the present work is to show the opportunities and risks of investment management and especially funding by private equity in the context of corporate succession. The conclusion of this paper finally shows that there are various opportunities and risks in the context of investment management regarding corporate successions. Each form of financing has its advantages and disadvantages, which must be analyzed carefully and according to the company ́s needs and strategies before deciding which form of financing should be chosen.
Private Equity Investments In Emerging Markets
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Author : Benjamin Heckmann
language : en
Publisher: GRIN Verlag
Release Date : 2009-08-31
Private Equity Investments In Emerging Markets written by Benjamin Heckmann and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-31 with Business & Economics categories.
Seminar paper from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of Münster (International Management), course: Seminar International Finance, language: English, abstract: The paper deals with Private Equity Investments in Emerging Markets. This asset class is associated with attractive opportunities and appropriate risk-adjusted returns. The Private Equity industry in Emerging Markets showed strong growth over the last few years – after a period of disappointment and unmet expectations. Private Equity is a primary source of equity for small and medium sized companies. It is associated with higher default risk but offers the opportunity to receive higher returns. One special characteristic is the provision of ‘smart money’, the integration of investment banking and management consultancy. The environment of Emerging Markets is challenging. The term refers to capital markets in developing countries with outstanding growth opportunities. 35 countries from Latin America, Central and Eastern Europe, Asia, Middle East and Africa belong to the group of Emerging Markets. These markets are characterised by weak legal institutions, political and economic risk, dysfunctional capital markets and a low standard of corpo-rate governance. The combination of the high risk asset class Private Equity with the high risk environment of Emerging Markets results in high risk investments. But the superior return op-portunities attract more and more investors. After a period of disappointment and setbacks – due to an inappropriate approach – at the beginning of the 21st century this asset class took off. Fundraising figures from 2003 to 2006 are increasing strongly and the investors expect the growth to continue. The macroeconomic environment, the legal framework and the quality of capital markets are the main determinants for Emerging Markets Private Equity. The introduction of good corporate governance is essential for the provision of a hospitable investment climate. If the legal framework is weak, efficient governance structures can serve as a substitute. Intensive due diligence, monitoring, involvement, networks, diversification and exiting are the key success factors for Private Equity firms engaging in Emerging Markets. With an appropriate adjustment of the strategy, risk can be mitigated and the investment is likely to be successful. Emerging Markets Private Equity can be beneficial for both the investors and the entrepreneurs. Especially small and medium sized enterprises and family-owned companies in Emerging Markets benefit from this source of equity while investors receive potential extraordinary returns and diversify their portfolio.
Critical Analysis Of Private Equity Investments From The Investors And The Target Companies Point Of View
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Author : Jan Sickinger
language : de
Publisher: GRIN Verlag
Release Date : 2011
Critical Analysis Of Private Equity Investments From The Investors And The Target Companies Point Of View written by Jan Sickinger and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
Studienarbeit aus dem Jahr 2010 im Fachbereich BWL - Investition und Finanzierung, Note: 2,7, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule, Veranstaltung: Investment and Controlling, Sprache: Deutsch, Abstract: This assignment is part of the MBA studies at the University of Applied Science in Essen (FOM, Hochschule für Oekonomie, Essen) and covers the subject "International Finance and Controlling". The objective of this assignment was a critical analysis of Private Equity (PE) investments both from the perspectives of PE investors and of PE target companies. PE investors expect high returns, but it could be shown by taking independent data into account that it is highly questionable if the returns of PE investments are always higher compared to other forms of investments. Furthermore, there is the risk of a total loss, which is higher for PE investments than other forms of investments, especially due to the information asymmetry between PE investors and PE issuers. Looking at it from the perspective of PE issuers, PE investments inject fresh capital into target companies with often a high percentage of debts. This capital can be used for expansion and innovation. However, PE investors expect high returns and may use assets of the target company to refinance debts which have been taken in order to finance the PE investment. Furthermore, PE companies will gain managerial control within the target company through which decisions are aligned with the objectives of the PE investor. This can also include decisions regarding the future employment situation in the target company. There cannot be an overall statement if PE investments are "good" or "bad" for both sides, because the outcome of an evaluation strongly depends on the statistical method, the observed time span, the choice of statistical data and the personal viewpoint.
Critical Analysis Of Private Equity Investments From The Investors And The Target Companies Point Of View
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Author : Jan Sickinger
language : de
Publisher: GRIN Verlag
Release Date : 2011-09-06
Critical Analysis Of Private Equity Investments From The Investors And The Target Companies Point Of View written by Jan Sickinger and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-06 with Business & Economics categories.
Studienarbeit aus dem Jahr 2010 im Fachbereich BWL - Investition und Finanzierung, Note: 2,7, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule, Veranstaltung: Investment and Controlling, Sprache: Deutsch, Abstract: This assignment is part of the MBA studies at the University of Applied Science in Essen (FOM, Hochschule für Oekonomie, Essen) and covers the subject “International Finance and Controlling”. The objective of this assignment was a critical analysis of Private Equity (PE) investments both from the perspectives of PE investors and of PE target companies. PE investors expect high returns, but it could be shown by taking independent data into account that it is highly questionable if the returns of PE investments are always higher compared to other forms of investments. Furthermore, there is the risk of a total loss, which is higher for PE investments than other forms of investments, especially due to the information asymmetry between PE investors and PE issuers. Looking at it from the perspective of PE issuers, PE investments inject fresh capital into target companies with often a high percentage of debts. This capital can be used for expansion and innovation. However, PE investors expect high returns and may use assets of the target company to refinance debts which have been taken in order to finance the PE investment. Furthermore, PE companies will gain managerial control within the target company through which decisions are aligned with the objectives of the PE investor. This can also include decisions regarding the future employment situation in the target company. There cannot be an overall statement if PE investments are “good” or “bad” for both sides, because the outcome of an evaluation strongly depends on the statistical method, the observed time span, the choice of statistical data and the personal viewpoint.
Private Equity 4 0
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Author : Benoît Leleux
language : en
Publisher: John Wiley & Sons
Release Date : 2015-01-15
Private Equity 4 0 written by Benoît Leleux and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-15 with Business & Economics categories.
“Private equity is more economically significant than ever, as institutions hunt for high returns in a risky world. Private Equity 4.0 examines the role, workings and contribution of this important industry in a straightforward yet revealing manner.” Dr. Josh Lerner Jacob H. Schiff Professor of Investment Banking Chair, Entrepreneurial Management Unit Harvard Business School A multi-perspective look at private equity's inner workings Private Equity 4.0 provides an insider perspective on the private equity industry, and analyzes the fundamental evolution of the private equity asset class over the past 30 years, from alternative to mainstream. The book provides insightful interviews of key industry figures, and case studies of some of the success stories in the industry. It also answers key questions related to strategy, fund manager selection, incentive mechanisms, performance comparison, red flags in prospectuses, and more. Private Equity 4.0 offers guidance for the many stakeholders that could benefit from a more complete understanding of this special area of finance. Understand the industry's dominant business models Discover how value is created and performance measured Perform a deep dive into the ecosystem of professionals that make the industry hum, including the different incentive systems that support the industry's players Elaborate a clear set of guidelines to invest in the industry and deliver better performance Written by a team of authors that combine academic and industry expertise to produce a well-rounded perspective, this book details the inner workings of private equity and gives readers the background they need to feel confident about committing to this asset class. Coverage includes a historical perspective on the business models of the three major waves of private equity leading to today's 4.0 model, a detailed analysis of the industry today, as well as reflections on the future of private equity and prospective futures. It also provides readers with the analytical and financial tools to analyze a fund's performance, with clear explanations of the mechanisms, organizations, and individuals that make the system work. The authors demystify private equity by providing a balanced, but critical, review of its contributions and shortcomings and moving beyond the simplistic journalistic descriptions. Its ecosystem is complex and not recognizing that complexity leads to inappropriate judgments. Because of its assumed opacity and some historical deviant (and generally transient) practices, it has often been accused of evil intents, making it an ideal scapegoat in times of economic crisis, prodding leading politicians and regulators to intervene and demand changes in practices. Unfortunately, such actors were often responding to public calls for action rather than a thorough understanding of the factors at play in this complex interdependent system, doing often more harm than good in the process and depriving economies of one of their most dynamic and creative forces. Self-regulation has clearly shown its limits, but righteous political interventions even more so. Private equity investment can be a valuable addition to many portfolios, but investors need a clear understanding of the forces at work before committing to this asset class. With detailed explanations and expert insights, Private Equity 4.0 is a comprehensive guide to the industry ways and means that enables the reader to capture its richness and sustainability.
Critical Analysis Of Private Equity Investments Within Small And Mid Sized Enterprises Smes
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Author :
language : en
Publisher: GRIN Verlag
Release Date : 2020-03-02
Critical Analysis Of Private Equity Investments Within Small And Mid Sized Enterprises Smes written by and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-02 with Business & Economics categories.
Seminar paper from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,3, University of applied sciences, Düsseldorf, language: English, abstract: This work focuses on the private equity (PE) investments within SMEs. Fundamentals of private equity investments are reviewed in the second chapter. This includes definition and product categories of private equity and how PE business is organized as well as the history of PE market in Germany. The third chapter analyses the process of the PE deals including the different phases as well as the exit strategies. The last chapter critically analyse the PE deals from the point of view of the investor and the targeted company before closing with the outlook and conclusion. In the last decades, the private equity market in Germany has witnessed waves of rise and fall. But it surpassed, by the end of 2017, all the records of German PE history. According to Deutsche Beteiligungs (DBAG), the amount of transactions in the mid-sized businesses in the German market dramatically increased and hit €4.4 billion in 2017 which was the highest during the last 15 years. But in contrast, the competition in the German market has been recently high with a steady number of companies which led to high prices and overvalued companies. PE firms target the mid-sized businesses since they are more likely to accept financial investors than bank loans or credit lines. However, this problem can now be countered with the help of PE in the context of alternative corporate financing. It should be noted that PE business has been a concern of German politics and businesses since the 1960s where the financial system was basically based on banks which is not appropriate for the development of PE industry. The government intervention was the base to build a stronger PE industry away from bank-based financial systems. Recently, the stock market segment was a key driver for the dynamic development of PE market. The price falls and the collapse of the overheated and overvalued companies were also clearly felt in the PE segment and generated a great deal over scepticism on the capital markets.
Private Equity Investment A Theoretical Analysis Of Process Parties And Requirements
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Author : Sean Miller
language : de
Publisher: GRIN Verlag
Release Date : 2011
Private Equity Investment A Theoretical Analysis Of Process Parties And Requirements written by Sean Miller and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Investition und Finanzierung, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule (-), Veranstaltung: Investment & Controlling, Sprache: Deutsch, Abstract: The majority of companies are in need of investment capital to pursue their growth strategies. Also, a large number of companies only display a low equity ratio and as a result possess bad credit worthiness. In this regard, Private Equity represents a good alternative solution providing investment capital. It allows companies to make investments to solidify or improve their position among the competitors on the market. In times where banks and credit institutions exercise restraints, the interest of companies in Private Equity even increases. Nevertheless, particularly in Germany the growing importance of Private Equity is accompanied by great controversy. One group argues that often the Private Equity investors in their function as majority shareholders neglect the sustainable development of their portfolio companies in favor of their temporary value increase. On the other hand numerous studies indicate that companies benefit from Private Equity investments. According to these studies, companies, which have entered cooperation with Private Equity investors, comparatively, display stronger revenue growth and productivity and also generate more jobs.1 In this respect, the quality of the partnership between the portfolio company and the Private Equity investment association is a decisive success factor and must not be underestimated. Private Equity deals only generate win-win-situations if both parties are professionally engaged. Lack of preparation can either lead to a one-sided relationship - leaving one party at a disadvantage -, or even to a bad overall business, in which both sides incur losses. This paper takes the perspective of each party and points out which specific aspects they have to cons
Private Equity Review
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Author : Stephen L Ritchie
language : en
Publisher: Law Business Research Ltd.
Release Date : 2017-05-12
Private Equity Review written by Stephen L Ritchie and has been published by Law Business Research Ltd. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-12 with categories.
The Private Equity Review, edited by Stephen L Ritchie of Kirkland & Ellis LLP, reflects the fact the market continues to become more geographically diverse, meaning that private equity professionals need guidance from local practitioners about how to raise money and close deals in multiple jurisdictions. With this need in mind, this book contains contributions from leading private equity practitioners in 29 different countries, with observations and advice on private equity deal-making, investing and fundraising in their respective jurisdictions. Contributors include: Iain McMurdo, Maples and Calder; Christian Hoedl, Uria Menendez.