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CYRIL DEMARIA is a Partner at Tiaré Investment Management AG, Zurich and Manager of Pilot Fish, a small business angels fund. Previously, he was a Portfolio Manager at Maaf Gestion, where he managed private equity assets in excess of $60 million, and Head of Corporate Development at Externall in Paris. Cyril began his career at Pyramid Technology Ventures, a hybrid venture capital and fund of funds firm dedicated to IT and software investments. He is also Associate Professor of Finance at ESSCA, where he lectures on private equity, LBO, money and finance and international finance, and Lecturer at EADA and ZHAW. He regularly consults as an expert for the Swiss, European and French private equity and venture capital associations and provides training in private equity topics to the Association Française des Investisseurs en Capital (AFIC) and the Institut d'Analyse Financière. Cyril holds a BA in Political Sciences, a Masters in Geopolitics applied to Money and Finance, a Masters in European Business Law, and a Diploma from HEC. He is currently a doctoral candidate at the University Sankt-Gallen.

Foreword.

Acknowledgments.

About the Author.

Introduction.

A Moving Target.

A Consubstantial Lack of Information.

Benign Neglect, Malign Consequences.

Knowing the Devil to Circumvent It.

PART I WHAT IS PRIVATE EQUITY?

1 Private Equity as an Economic Driver: An Historical Perspective.

1. Pooling interests to identify and exploit sources of wealth.

2. Championing entrepreneurship.

Conclusion: an attempt at definition.

2 Modern Private Equity – A French Invention?

1. USA: the foundry of modern private equity.

The strict separation of public policies and public financing.

The separation of public endeavours and private efforts; the subsequent support of the former for the latter.

2. Europe: adapting a successful model or creating its own?

Conclusion: Emerging markets, building castles on sand?

PART II THE PRIVATE EQUITY ECOSYSTEM.

3 Private Equity: A Business System Perspective.

1. We are all investors in private equity.

2. Organisation and governance of private equity funds.

3. Measuring performance, managing risks and optimising returns.

4. Pitfalls and challenges.

Conclusion.

4 The Universe of Investment.

1. Venture capital: financing company creation.

2. Growth capital: financing companies’ expansion.

3. Leveraged Buy-Out: financing companies transmissions.

4. Other interventions in private equity.

Conclusion.

5 The Process of Investment: a Matter of Trust and Mutual Interest.

1. Step 1: Preliminary analysis.

2. Step 2: Valuation.

3. Step 3: Negotiating.

4. Step 4: Structuring.

5. Step 5: Complementary due diligences.

6. Step 6: Transaction.

7. Step 7: Monitoring and exit.

Conclusion.

PART III PRIVATE EQUITY IN TEENAGE TIME: TREND SETTING, FADS AND RESPONSIBILITIES.

6 Private Equity Evolutions: Trends or Buzzes?

1. Is private equity going mainstream?

2. Is private equity (still) creating value?

3. Private equity: between bubbles and crashes.

Conclusion.

7 Private Equity and Ethics: a Culture Clash.

1. Greed.

2. Destruction.

3. Philanthropy.

4. Transparency.

5. Confidentiality and self-regulation.

Conclusion.

General Conclusion—Private Equity Today and Tomorrow.

1. Core target: manage the volatility of performances.

2. The only valid leitmotiv: long-term thinking.

3. The IMPACT of the fair market value.

4. A long-term trend: the attractiveness of private equity.

5. Private equity: future victim of its own success?

6. The impact of a better knowledge of private equity.

Bibliography

Glossary.

Index.