The Global Economic Impact of Private Equity Report 2008 - World ...

More documents

Recommendations

Info

ContributorsCo-editorsAnuradha GurungSenior Project Manager and Global Leadership Fellow,World Economic Forum USAJosh LernerJacob H. Schiff Professor of Investment Banking atHarvard Business SchoolCore research teamLead Academic:Josh LernerJacob H. Schiff Professor of Investment Banking atHarvard Business SchoolCore team members:Ann-Kristin AchleitnerHead of the KfW Endowed Chair in Entrepreneurial Financeand Scientific Co-Director of the Centre for Entrepreneurial andFinancial Studies (CEFS), Technische Universität MünchenFrancesca CornelliProfessor of Finance, London Business SchoolLily FangAssistant Professor of Finance, INSEADRoger LeedsResearch Professor and Director of the Center forInternational Business and Public Policy, School of AdvancedInternational Studies (SAIS), Johns Hopkins UniversityPer StrömbergAssociate Professor of Finance, Stockholm School ofEconomics and Senior Research Fellow, Swedish Institutefor Financial ResearchNumerous researchers contributed to this volume of WorkingPapers and are listed accordingly in the respective work.Advisory BoardChair:Joseph L. Rice, IIIChairman of Clayton Dubilier & Rice, Inc.Vice Chairs:Michael KleinChairman and Co-Chief Executive Officer Marketsand Banking, Citi Inc.R. Glenn HubbardDean and Russell L. Carson Professor,Columbia Business SchoolBoard MembersPiero BarucciProfessor, Autorità Garante della Concorrenza e del MercatoWim BorgdorffManaging Partner, AlpInvest PartnersUlrich CartellieriFormer Board Member, Deutsche BankNick FergusonChief Executive, SVG Capital and Chairman, SVG AdvisersGao XiqingVice-Chairman and President, China Investment CorporationPhilip JenningsGeneral Secretary, UNI GLOBAL UNIONJoncarlo MarkSenior Portfolio Manager, CalPERSYoshihiko MiyauchiDirector, Representative Executive Officer, Chairmanand Chief Executive Officer, Orix CorporationAlessandro ProfumoChief Executive Officer, Unicredit GroupKevin SteinbergChief Operating Officer and Head of the Centre for GlobalIndustries (New York), World Economic Forum USADavid SwensenChief Investment Officer, Yale UniversityMark WisemanSenior Vice President, Private Investments,CPP Investment BoardFrom the World Economic ForumMax von BismarckHead of Investors Industry, World Economic ForumAnuradha GurungSenior Project Manager and Global Leadership Fellow,Investors Industry, World Economic Forum USAKevin SteinbergChief Operating Officer and Head of the Centre for GlobalIndustries (New York), World Economic Forum USA
Page 2 and 3: The Globalization of Alternative In
Page 8 and 9: iiThe Global Economic Impact of Pri
Page 10 and 11: In a matter of only 10 months, this
Page 12 and 13: viThe Global Economic Impact of Pri
Page 14 and 15: which can be used for further resea
Page 16 and 17: The key findings are as follows:•
Page 18 and 19: xiiThe Global Economic Impact of Pr
Page 20 and 21: Large-sample studiesThe Global Econ
Page 22 and 23: data, on which we base our sample s
Page 24 and 25: transactions. This leaves us with a
Page 26 and 27: dropped significantly, where they a
Page 28 and 29: economically quite small. Ten years
Page 30 and 31: does not seem to be a significant f
Page 32 and 33: FIguresFigure 3B: Composition of LB
Page 34 and 35: TablesTable 2: Magnitude and growth
Page 36 and 37: TablesTable 3: Size and pricing of
Page 38 and 39: TablesTable 5: Holding periods for
Page 40 and 41: TablesTable 7: Ultimate staying pow
Page 42 and 43: TablesTable 9: Determinants of stay
Page 44 and 45: ReferencesAxelson, U., T. Jenkinson
Page 46 and 47: • These firms display no deterior
Page 48 and 49: challenges posed by our methodology
Page 50 and 51: Estimates are reported in Table 3.
Page 52 and 53: We are able to partially address th
Page 54 and 55:
additional data collection, they sh
Page 56 and 57:
tablesTable 3: Count models of cita
Page 58 and 59:
tablesTable 6: Poisson model of pat
Page 60 and 61:
ReferencesAbramowitz, M. (1956),
Page 62 and 63:
acquired in private equity transact
Page 64 and 65:
dollars, fundraising by US private
Page 66 and 67:
employment paths for targets with t
Page 68 and 69:
Figure 6C compares the actual emplo
Page 70 and 71:
targets and controls that are at le
Page 72 and 73:
one that we plan to pursue in futur
Page 74 and 75:
FIguresFigure 4:Figure 4B: Industry
Page 76 and 77:
FIguresFigure 7:Figure 7A: Job crea
Page 78 and 79:
FIguresFigure 10: Differences in im
Page 80 and 81:
FIguresFigure 12: Differences in im
Page 82 and 83:
ReferencesAmess, K. and M. Wright (
Page 84 and 85:
cases equity ownership is in the ha
Page 86 and 87:
took the relevant decision was not
Page 88 and 89:
transactions. To begin with, note t
Page 90 and 91:
follows a hands‐on approach). We
Page 92 and 93:
This view is confirmed if one looks
Page 94 and 95:
FIguresFigure 1: Year distribution
Page 96 and 97:
figuresFigure 4:Age distribution fo
Page 98 and 99:
TablesTable 3: Change in the board
Page 100 and 101:
TablesTable 6: Board composition, m
Page 102 and 103:
ReferencesAdams, R. (1998), “The
Page 104 and 105:
86The Global Economic Impact of Pri
Page 106 and 107:
In 2005, some factions of Germany
Page 108 and 109:
90The Global Economic Impact of Pri
Page 110 and 111:
substantially from private market v
Page 112 and 113:
Griesheim was not controlled more i
Page 114 and 115:
Sachs were also members of the shar
Page 116 and 117:
leveraged and in a difficult situat
Page 118 and 119:
Exhibit 3: Comparison of comparable
Page 120 and 121:
Exhibit 7: Comparison of employment
Page 122 and 123:
By the end of 2000, official figure
Page 124 and 125:
enter into a period of due diligenc
Page 126 and 127:
The new distribution centre impacte
Page 128 and 129:
Exhibit 3: New Look key financialsI
Page 130 and 131:
112The Global Economic Impact of Pr
Page 132 and 133:
Executive Summary: 3i Group plc and
Page 134 and 135:
going private; there have been virt
Page 136 and 137:
industry standard where the top fiv
Page 138 and 139:
agreed that an additional 8% of Hon
Page 140 and 141:
ResultsIn the three years following
Page 142 and 143:
Exhibit 2: An illustration of glass
Page 144 and 145:
Exhibit 5: Summary of acquisitions
Page 146 and 147:
Exhibit 7A: Income statement, 2004-
Page 148 and 149:
Page 150 and 151:
executives and industry experts who
Page 152 and 153:
investment banking, Lu was very sop
Page 154 and 155:
In little more than a year this new
Page 156 and 157:
Exhibit 4: Growth statistics for th
Page 158 and 159:
Page 160 and 161:
Executive Summary: Warburg Pincusan
Page 162 and 163:
sector. For example, nearly all of
Page 164 and 165:
2003 - 2005: patient, supportive ca
Page 166 and 167:
Exhibit 1A: India real GDP growth,
Page 168 and 169:
Page 170 and 171:
investment into India at the time.
Page 172 and 173:
Based on this strong foundation of
Page 174 and 175:
shift from a regional to a pan‐In
Page 176 and 177:
Exhibit 3: Timeline for Bharti Tele
Page 178 and 179:
Exhibit 5A: Bharti’s corporate st
Page 180 and 181:
Exhibit 6: Summary of Bharti’s fi
Page 182 and 183:
About the contributorsCo‐EditorsA
Page 184 and 185:
International Business and Public P
Page 186 and 187:
The Global Economic Impact of Priva
Page 188 and 189:
The Global Economic Impact of Priva
show all

The Global Economic Impact of Private Equity Report 2008 - World ...

Create successful ePaper yourself

Delete template?

Save as template?