Private Debt

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Private Capital Investing

Roberto Ippolito
Private Capital Investing Book PDF

Author : Roberto Ippolito
Publisher : John Wiley & Sons
Page : 341 pages
File Size : 54,8 Mb
Release : 2020-02-03
Category : Business & Economics
ISBN : 9781119526162

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Private Capital Investing by Roberto Ippolito Pdf

A step-by-step, comprehensive approach to private equity and private debt Private Capital Investing: The Handbook of Private Debt and Private Equity is a practical manual on investing in the two of the most common alternative asset classes (private equity and private debt) and provides a unique insight on how principal investors analyze investment opportunities. Unlike other textbooks available in the market, Private Capital Investing covers the various phases that principal investors follow when analyzing a private investment opportunity. The book combines academic rigor with the practical approach used by leading institutional investors. Chapters are filled with practical examples, Excel workbooks (downloadable from the book website), examples of legal clauses and contracts, and Q&A. Cases are referred at the end of every chapter to test the learning of the reader. Instructors will find referrals to both third-party cases or cases written by the author. • Covers analytical tools • Includes the most common methods used to structure a debt facility and a private equity transaction • Looks at the main legal aspects of a transaction • Walks readers through the different phases of a transaction from origination to closing Bridging the gap between academic study and practical application, Private Capital Investing enables the reader to be able to start working in private equity or private debt without the need for any further training. It is intended for undergraduates and MBA students, practitioners in the investment banking, consulting and private equity business with prior academic background in corporate finance and accounting.

Private Debt

Stephen L. Nesbitt
Private Debt Book PDF

Author : Stephen L. Nesbitt
Publisher : John Wiley & Sons
Page : 262 pages
File Size : 50,5 Mb
Release : 2019-01-14
Category : Business & Economics
ISBN : 9781119501152

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Private Debt by Stephen L. Nesbitt Pdf

The essential resource for navigating the growing direct loan market Private Debt: Opportunities in Corporate Direct Lending provides investors with a single, comprehensive resource for understanding this asset class amidst an environment of tremendous growth. Traditionally a niche asset class pre-crisis, corporate direct lending has become an increasingly important allocation for institutional investors—assets managed by Business Development Company structures, which represent 25% of the asset class, have experienced over 600% growth since 2008 to become a $91 billion market. Middle market direct lending has traditionally been relegated to commercial banks, but onerous Dodd-Frank regulation has opened the opportunity for private asset managers to replace banks as corporate lenders; as direct loans have thus far escaped the low rates that decimate yield, this asset class has become an increasingly attractive option for institutional and retail investors. This book dissects direct loans as a class, providing the critical background information needed in order to work effectively with these assets. Understand direct lending as an asset class, and the different types of loans available Examine the opportunities, potential risks, and historical yield Delve into various loan investment vehicles, including the Business Development Company structure Learn how to structure a direct loan portfolio, and where it fits within your total portfolio The rapid rise of direct lending left a knowledge gap surrounding these nontraditional assets, leaving many investors ill-equipped to take full advantage of ever-increasing growth. This book provides a uniquely comprehensive guide to corporate direct lending, acting as both crash course and desk reference to facilitate smart investment decision making.

Introduction to Private Equity, Debt and Real Assets

Cyril Demaria
Introduction to Private Equity Debt and Real Assets Book PDF

Author : Cyril Demaria
Publisher : John Wiley & Sons
Page : 469 pages
File Size : 54,8 Mb
Release : 2020-06-15
Category : Business & Economics
ISBN : 9781119537380

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Introduction to Private Equity, Debt and Real Assets by Cyril Demaria Pdf

Fully revised and updated to reflect changes in the private equity sector Building on and refining the content of previous editions, Introduction to Private Equity, Debt and Real Assets, Third Edition adopts the same logical, systematic, factual and long-term perspective on private markets (private equity, private debt and private real assets) combining academic rigour with extensive practical experience. The content has been fully revised to reflect developments and innovations in private markets, exploring new strategies, changes in structuring and the drive of new regulations. New sections have been added, covering fund raising and fund analysis, portfolio construction and risk measurement, as well as liquidity and start-up analysis. In addition, private debt and private real assets are given greater focus, with two new chapters analysing the current state of these evolving sectors. • Reflects the dramatic changes that have affected the private market industry, which is evolving rapidly, internationalizing and maturing fast • Provides a clear, synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry • Approaches the private markets sector top-down, to provide a sense of its evolution and how the current situation has been built • Details the interrelations between investors, funds, fund managers and entrepreneurs This book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector.

Asset Allocation and Private Markets

Cyril Demaria,Maurice Pedergnana,Remy He,Roger Rissi,Sarah Debrand
Asset Allocation and Private Markets Book PDF

Author : Cyril Demaria,Maurice Pedergnana,Remy He,Roger Rissi,Sarah Debrand
Publisher : John Wiley & Sons
Page : 325 pages
File Size : 50,7 Mb
Release : 2021-04-19
Category : Business & Economics
ISBN : 9781119381006

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Asset Allocation and Private Markets by Cyril Demaria,Maurice Pedergnana,Remy He,Roger Rissi,Sarah Debrand Pdf

The comprehensive guide to private market asset allocation Asset Allocation and Private Markets provides institutional investors, such as pension funds, insurance groups and family offices, with a single-volume authoritative resource on including private markets in strategic asset allocation. Written by four academic and practitioner specialists, this book provides the background knowledge investors need, coupled with practical advice from experts in the field. The discussion focuses on private equity, private debt and private real assets, and their correlation with other asset classes to establish optimized investment portfolios. Armed with the grounded and critical perspectives provided in this book, investors can tailor their portfolio and effectively allocate assets to traditional and private markets in their best interest. In-depth discussion of return, risks, liquidity and other factors of asset allocation takes a more practical turn with guidance on allocation construction and capital deployment, the “endowment model,” and hedging — or lack thereof. Unique in the depth and breadth of information on this increasingly attractive asset class, this book is an invaluable resource for investors seeking new strategies. Discover alternative solutions to traditional asset allocation strategies Consider attractive returns of private markets Delve into private equity, private debt and private real assets Gain expert perspectives on correlation, risk, liquidity, and portfolio construction Private markets represent a substantial proportion of global wealth. Amidst disappointing returns from stocks and bonds, investors are increasingly looking to revitalise traditional asset allocation strategies by weighting private market structures more heavily in their portfolios. Pension fund and other long-term asset managers need deeper information than is typically provided in tangential reference in broader asset allocation literature; Asset Allocation and Private Markets fills the gap, with comprehensive information and practical guidance.

The Debt Trap

Sebastien Canderle
The Debt Trap Book PDF

Author : Sebastien Canderle
Publisher : Harriman House Limited
Page : 542 pages
File Size : 51,9 Mb
Release : 2016-09-19
Category : Business & Economics
ISBN : 9780857195418

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The Debt Trap by Sebastien Canderle Pdf

This is the inside story of private equity dealmaking. Over the last 40 years, LBO fund managers have demonstrated that they are good at making money for themselves and their investors. But when one looks beneath the surface of the transactions they engineer, it is apparent that these deals can, at times, go spectacularly wrong. Through 14 business stories, all emanating from the noughties' credit bubble and including headline-grabbing names like Caesars, Debenhams, EMI, Hertz, Seat Pagine Gialle and TXU, The Debt Trap shows how, via controversial practices like quick flips, repeat dividend recaps, heavy cost-cutting and asset-stripping, leveraged buyouts changed, for better or for worse, the way private companies are financed and managed today. From technological disruption in the worlds of music recording and business-directory publishing to economic turbulence in the gambling, real estate and energy sectors, highly levered corporations are often incapable of handling market corrections when debt commitments start piling up. Behind the historical events and the financial empires erected by some of the elite private equity specialists, these 14 in-depth case studies examine how value-maximising techniques and a short-cut mentality can impact investment returns and portfolio assets. Whether you are a PE practitioner, investor, business manager, academic or business student, you will find The Debt Trap to be an authoritative and fascinating account.

Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox

Ms.Yan Liu,Mr.Christoph B. Rosenberg
Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox Book PDF

Author : Ms.Yan Liu,Mr.Christoph B. Rosenberg
Publisher : International Monetary Fund
Page : 21 pages
File Size : 47,6 Mb
Release : 2013-02-20
Category : Business & Economics
ISBN : 9781475546231

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Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox by Ms.Yan Liu,Mr.Christoph B. Rosenberg Pdf

The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 47,8 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Distressed Debt Analysis

Stephen G. Moyer
Distressed Debt Analysis Book PDF

Author : Stephen G. Moyer
Publisher : J. Ross Publishing
Page : 518 pages
File Size : 52,9 Mb
Release : 2004-11-15
Category : Business & Economics
ISBN : 9781932159189

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Distressed Debt Analysis by Stephen G. Moyer Pdf

Providing theoretical and practical insight, this book presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The author uses numerous real- world examples to demonstrate concepts and critical issues. Readers will understand the chess-like, multi- move strategies necessary to achieve financially advantageous results.

The Character of Credit

Margot C. Finn
The Character of Credit Book PDF

Author : Margot C. Finn
Publisher : Cambridge University Press
Page : 386 pages
File Size : 54,8 Mb
Release : 2003-08-21
Category : Business & Economics
ISBN : 0521823420

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The Character of Credit by Margot C. Finn Pdf

Table of contents

Bailing Out the People? When Private Debt Becomes Public

Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae
Bailing Out the People When Private Debt Becomes Public Book PDF

Author : Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae
Publisher : International Monetary Fund
Page : 45 pages
File Size : 53,8 Mb
Release : 2018-06-13
Category : Business & Economics
ISBN : 9781484363829

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Bailing Out the People? When Private Debt Becomes Public by Samba Mbaye,Ms.Marialuz Moreno Badia,Kyungla Chae Pdf

This paper documents a form of private sector bailout that is much more common (and yet unnoticed) than the typical bank bailout. Building on the newly-created Global Debt Database, we show that excess private debt systematically turns into higher public debt, regardless of whether the credit boom resulted in a crisis or a more orderly deleveraging process. This debt migration operates mainly through growth rather than explicit bailouts: private deleveraging weighs on activity, prompting a countercyclical government response to support economic activity. Ultimately, whether this debt substitution results in a net increase or a net decline of overall indebtedness in the economy depends on the extent of the growth slowdown during the deleveraging spell. These findings suggest that markets and policymakers should move away from looking at private and sovereign debt in silos and pay closer attention to the total stock of debt in the economy, as the line between the two tends to become blurry.

Fiscal Buffers, Private Debt, and Stagnation

Nicoletta Batini,Mr.Giovanni Melina,Stefania Villa
Fiscal Buffers Private Debt and Stagnation Book PDF

Author : Nicoletta Batini,Mr.Giovanni Melina,Stefania Villa
Publisher : International Monetary Fund
Page : 41 pages
File Size : 53,5 Mb
Release : 2016-05-23
Category : Business & Economics
ISBN : 9781484365502

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Fiscal Buffers, Private Debt, and Stagnation by Nicoletta Batini,Mr.Giovanni Melina,Stefania Villa Pdf

We revisit the empirical relationship between private/public debt and output, and build a model that reproduces it. In the model, the government provides financial assistance to credit-constrained agents to mitigate deleveraging. As we observe in the data, surges in private debt are potentially more damaging for the economy than surges in public debt. The model suggests two policy implications. First, capping leverage leads to milder recessions, but also implies more muted expansions. Second, with fiscal buffers, financial assistance to credit-constrained agents helps avoid stagnation. The growth returns from intervention decline as the government approaches the fiscal limit.

Self-Help, Private Debt Collection and the Concomitant Risks

Cӑtӑlin Gabriel Stӑnescu
Self Help Private Debt Collection and the Concomitant Risks Book PDF

Author : Cӑtӑlin Gabriel Stӑnescu
Publisher : Springer
Page : 315 pages
File Size : 52,7 Mb
Release : 2015-08-25
Category : Law
ISBN : 9783319215037

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Self-Help, Private Debt Collection and the Concomitant Risks by Cӑtӑlin Gabriel Stӑnescu Pdf

The book shows that self-help in commercial law is a fast, inexpensive and efficient alternative to court enforcement. Self-help remedies and private debt collection are largely but not exclusively features of common law jurisdictions, since remnants of private enforcement can still be found in contract law in civilian systems. The book argues that – despite their usefulness – self-help and private debt collection entail significant risks, especially for consumer debtors. This means that private enforcement needs to be accompanied by the introduction of tailor-made consumer-debtor protection regulation. Specific attention is given to factoring, which functions in many instances as a form of pseudo-private debt collection and which has been exploited to bypass sector-specific consumer protection regulations.

The Cost of Private Debt Over the Credit Cycle

Eugen Tereanu,Dilek Aykut,Johanna L. Francis
The Cost of Private Debt Over the Credit Cycle Book PDF

Author : Eugen Tereanu,Dilek Aykut,Johanna L. Francis
Publisher : International Monetary Fund
Page : 32 pages
File Size : 40,8 Mb
Release : 2010-12-01
Category : Business & Economics
ISBN : 9781455210909

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The Cost of Private Debt Over the Credit Cycle by Eugen Tereanu,Dilek Aykut,Johanna L. Francis Pdf

We identify global and regional fluctuations in international private debt flows to emerging and developing countries using data on cross border loans and international bond issuance over 1993 -2009. We estimate the effects of individual borrower characteristics as well as macroeconomic conditions on the cost of foreign borrowing and test whether these effects differ across phases of the lending cycle. We find that public and financial institutions benefit from lower spreads compared to private and nonfinancial firms and that lenders may differentiate the risk associated with the borrower’s industrial sector between good and bad times. The loan (bond) rating has an equally robust spread reduction effect across credit cycle phases. The results also suggest that international reserve holdings and investment ratios have a significant effect on reducing credit spreads for loans, while higher reserve holdings and longer maturities matter more for bond spreads.

Credit Derivatives and Synthetic Structures

Janet M. Tavakoli
Credit Derivatives and Synthetic Structures Book PDF

Author : Janet M. Tavakoli
Publisher : John Wiley & Sons
Page : 328 pages
File Size : 46,6 Mb
Release : 2001-07-16
Category : Business & Economics
ISBN : 047141266X

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Credit Derivatives and Synthetic Structures by Janet M. Tavakoli Pdf

Fully revised and updated Here is the only comprehensive source that explains the various instruments in the market, their economic value, how to document trades, and more. This new edition includes enhanced treatment of U.S. and worldwide regulatory issues, and new product structures. "If you want to know more about credit derivatives--and these days an increasing number of people do--then you should read this book." --Merton H. Miller, winner, Nobel Prize in Economics, 1990 "Tavakoli brings extraordinary insight and clarity to this fascinating financial evolution . . ."--Carl V. Schuman, Manager, Credit Derivatives, West LB New York Janet M. Tavakoli (Chicago, IL) is Vice President of the Chicago branch of Bank of America, where she directs the company's overall marketing of global derivatives and manages its CreditMetrics initiative.

Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox

Ms.Yan Liu,Mr.Christoph B. Rosenberg
Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox Book PDF

Author : Ms.Yan Liu,Mr.Christoph B. Rosenberg
Publisher : International Monetary Fund
Page : 21 pages
File Size : 52,5 Mb
Release : 2013-02-20
Category : Business & Economics
ISBN : 9781475544305

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Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox by Ms.Yan Liu,Mr.Christoph B. Rosenberg Pdf

The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.