Private equity demystified – An explanatory guide
The first edition of Private Equity Demystified (PDF 1.4mb/111 pages) - An explanatory guide was published in 2008, under Financing Change, the thought leadership programme of the Corporate Finance Faculty of the ICAEW. The guide provides an objective, up to date explanation of private equity, recognising that for public scrutiny to be effective it must be conducted on an informed basis.
Since the publication of the first edition the major economies have moved from growth to recession and the global banking system has experienced unprecedented turmoil and distress. The private equity industry has not been immune to the effects of these events, having not only seen investee companies striving to cope with economic uncertainty but also itself having to operate in an environment where the availability of debt has been severely restricted. We have also seen the first pronouncements of the Walker Guidelines Monitoring Group and the first reporting in line with its guidelines.
As well as comprising an update of the first edition this publication includes new material covering the effect of the banking crisis on private equity and deal structures together with a detailed examination of how corporate distress and restructuring impact on private equity investments.
The guide also contains a summary of the findings of academic studies on private equity transactions from around the world. It draws from these findings to provide objective explanations, highlighting what we currently know about the impact of private equity - but also what we don’t know.
Private equity demystified – An explanatory guide – 2nd edition
(available 29 March 2010)
Further information
Contact the Corporate Finance Faculty for more information.