{"product_id":"private-capital-isbn-9781394217694","title":"Private Capital","description":"\u003cp\u003eIn \u003ci\u003ePrivate Capital: The Complete Guide to Private Markets Investing, \u003c\/i\u003erenowned private markets investor and expert Dr. Stefan W. Hepp delivers an insightful and comprehensive exploration of the history, nature, and influence of private market investing. The author offers a robust examination of the key practical and conceptual issues faced by investors as they move forward into the future.\u003c\/p\u003e \u003cp\u003eIn the book, you'll find fulsome discussions of the rise of private market investment following the conclusion of World War II, as well as why the limited partnership became the dominant investment vehicle for private equity. You'll also discover the importance of the convergence of technology, government, academia, and venture capital that came to define what we now know as Silicon Valley.\u003c\/p\u003e \u003cp\u003eThe book includes:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eExplanations of the emergence of buyout firms, as well as why and how buyouts differ from other forms of mergers and acquisitions\u003c\/li\u003e \u003cli\u003eExaminations of the explosive growth of private equity and other private asset classes since the turn of the millennium\u003c\/li\u003e \u003cli\u003eDiscussions of the issues set to dominate the future of private markets, including ESG investing, value creation, unicorns, special purpose acquisition companies (SPACs), and more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eA must-read book for regulators, investors, asset managers, entrepreneurs, founders, and other businesspeople, \u003ci\u003ePrivate Capital \u003c\/i\u003ewill earn a place on the bookshelves of anyone with a stake or interest in private equity and other private asset classes.\u003c\/p\u003e \u003cp\u003eAbbreviations ix\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I The Beginning 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Funding Private Enterprise 11\u003c\/p\u003e \u003cp\u003eChapter 2 Enterprise Financing in the USA from WWII to the 1960s 67\u003c\/p\u003e \u003cp\u003eChapter 3 How Silicon Valley Came to Be 77\u003c\/p\u003e \u003cp\u003eChapter 4 US Private Equity During the 1960s and 1970s 111\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Booms and Busts 157\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 5 Private Equity During the 1980s 159\u003c\/p\u003e \u003cp\u003eChapter 6 The 1990s: Dotcom Boom and Bust 193\u003c\/p\u003e \u003cp\u003eChapter 7 A Private Markets Boom Between Two Crises 261\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Becoming Indispensable 355\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 8 The GFC and the Surge of Private Markets 357\u003c\/p\u003e \u003cp\u003eChapter 9 Responding to Shifting Dynamics: Intermediaries, VC, and Growth Financing 435\u003c\/p\u003e \u003cp\u003eChapter 10 Buyouts, Private Debt, and Real Assets During the Post-GFC Boom 517\u003c\/p\u003e \u003cp\u003eReferences 607\u003c\/p\u003e \u003cp\u003eAcknowledgments 671\u003c\/p\u003e \u003cp\u003eAbout the Author 675\u003c\/p\u003e \u003cp\u003eIndex 677\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eDR. STEFAN W. HEPP, \u003c\/b\u003e a finance veteran since the late 1980s, started his career at Salomon Brothers and Morgan Stanley, where he served on Bank Morgan Stanley's Management Committee before he founded and led SCM Strategic Capital Management, a global private markets investment firm with about ten billion dollars in assets. After SCM was acquired by Marsh \u0026amp; McLennan Company, he became the Global Business Leader for Private Markets at Mercer. He serves on the boards of several financial institutions. Stefan has been a consultant for international organizations such as the World Bank and the American Enterprise Institute. He received his Ph.D. in Economics from the University of St. Gallen and an MBA from the University of Chicago Booth School of Business, where he also teaches in the full-time MBA program.   \u003c\/p\u003e\u003cp\u003eSince the year 2000, private markets investing has grown over 25-fold. It broke the $10 trillion assets under management (AuM) mark in 2021. Why has an industry that began as a small-scale endeavour of few practioners at the fringe of the wider asset management industry grown to such mammoth proportions? And what significant events and trends have shaped its evolution? \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003ePrivate Capital\u003c\/i\u003e, veteran global finance and private markets expert Dr. Stefan W. Hepp delivers a comprehensive and insightful exploration of the history, nature, and influence of private market investment, as well as the key practical and conceptual issues faced by investors as they invest in the asset class. These insights are combined with a practitioner’s view and the experience gained over many years of investing in the asset class that provides context and highlights relevant lessons for those investing in the asset class or dealing with private market firms. \u003c\/p\u003e\u003cp\u003eThe book charts the origins of risk capital and the financing of entrepreneurial ventures since the Age of Discovery and asks what are the grand dynamics that drove the formation of financial capital, the intermediation between owners of capital and entrepreneurs, and shaped the regulatory and institutional environment in which capital markets evolved. The historical perspective provides insights into the role of public and private equity investing over the centuries. It reveals patterns of booms and busts, overinvestment, consolidation, and conditions that favor public or private equity that hold valuable lessons for today’s investors. The book also asks why modern venture capital and buyouts emerged after centuries of evolution of capital markets and the growing depth and sophistication of stock markets. By analyzing the institutionalization of capital markets and the political and regulatory trends that shaped the investment landscape, the author shows how opportunities were created that allowed the private market industry to grow to its present size. He discusses how policy decisions that enable these investments to flourish can bestow a competitive advantage upon nations.  \u003c\/p\u003e\u003cp\u003eYou’ll also learn about the different types of private market investing across the full spectrum from venture capital and buyouts to private debt and real assets and how they differ in their deal structures value creation strategies.  \u003c\/p\u003e\u003cp\u003eThis book intends to fill the void by offering an objective perspective as the first compendium that provides an in-depth overview of the full spectrum of private markets investing and reviews the empirical evidence of the private market industry’s track record by using a wealth of data that is typically not publicly accessible.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003e\u003csmall\u003ePRAISE FOR\u003c\/small\u003e PRIVATE CAPITAL\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“This book not only demystifies the world of private markets investing but also provides invaluable insights into how individuals and businesses can harness the power of private capital to drive innovation, growth, and financial success.”\u003cbr\u003e\u003cb\u003e— Prof. Dr. Dr. Ann-Kristin Achleitner, Scientific Director, Center for Entrepreneurial and Financial Studies – CEFS at the Technical University Munich \u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“A comprehensive, detailed and entertaining Tour d’Horizon of Private Equity. Love it.”\u003cbr\u003e\u003cb\u003e —Dr. Marcel Erni, Co-Founder and Member of the Board of Directors of Partners Group\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“Stefan Hepp has authored a tour de force for the alternative investment industry. Never before have we seen such an ambitious, sweeping and comprehensive overview, spanning centuries, continents and asset classes.” \u003cbr\u003e\u003cb\u003e —Blair V. Jacobson, Partner, Co-Head of European Credit of Ares Management \u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“Stefan Hepp provides a broad and deep history of private capital in its many forms and manifestations. As such, \u003ci\u003ePrivate Capital\u003c\/i\u003e is extremely useful for anyone who wants to understand the past and present of private investing.”\u003cbr\u003e\u003cb\u003e— Prof. Steven N. Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“\u003ci\u003e Private Capital\u003c\/i\u003e is storytelling at its best, taking us on a detailed journey through the pivotal events alongside the visionaries who helped shape our industry and providing rich context to understand the current structure and form of an industry so vital to drive the growth economy.” \u003cbr\u003e\u003cb\u003e—Walter G. Kortschak, Senior Advisor and former Managing Director of Summit Partners\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“I thoroughly enjoyed the wonderfully written \u003ci\u003ePrivate Capital\u003c\/i\u003e —it is certain to be a classic about private investment markets.”\u003cbr\u003e\u003cb\u003e—David. M. Rubenstein, Co-Founder and Co-Chairman of the Board, The Carlyle Group\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“This book makes private markets investing public and I am sure students and PE practitioners all over the world will find \u003ci\u003ePrivate Capital\u003c\/i\u003e a fascinating must read.”\u003cbr\u003e\u003cb\u003e—Christophe Sarrasin, CFA, CAIA, Director of the Nestlé Pension Fund\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“\u003ci\u003ePrivate Capital\u003c\/i\u003e is both extremely well written and extremely comprehensive. This book should be required reading for every MBA student and for anyone entering this asset class as a profession.” \u003cbr\u003e\u003cb\u003e—Brooks D. Zug, Co-Founder and Senior Managing Director Emeritus, HarbourVest\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“\u003ci\u003ePrivate Capital\u003c\/i\u003e is the first book to provide a comprehensive and thorough overview of the evolution of today’s ten trillion dollar industry since its infancy.”\u003cbr\u003e\u003cb\u003e—Dr. Rüdiger R. Stucke, Senior Vice President, Head of Quantitative Research, Warburg Pincus LLC\u003c\/b\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989856076005,"sku":"NP9781394217694","price":65.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781394217694.jpg?v=1761785690","url":"https:\/\/k12savings.com\/products\/private-capital-isbn-9781394217694","provider":"K12savings","version":"1.0","type":"link"}