前导课程讲义

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PrivateEquityDescribeprivateequityincludingcategories,potentialbenefitsandrisks,feesstructure,andportfoliocompanyvaluationPrivateequity(PE)(私募股权投资):investseitherinpriva ownedcompaniesorinpubliccompanieswiththeintenttotakethemLeveragebuyouts(LBOs)(杠杆收购):acquirepubliccompaniesorestablishedprivatecompanieswithasignificantpercentageofthepurchasepricefinancedthroughdebtVenturecapital(风险投资investsinorprovidefinancingprivatecompanieswithhighgrowthDevelopmentalcapital(发展资本):minorityinvestmentinmaturefirmsthatarelookingforcapitaltoexpandorrestructure,enternewmarkets,orfinanceDistressedinvesting 投资investsdebtofcompaniesinfinancialdifficultiesinexpectationofdebtincreasinginBenefitsandHigheraveragereturnthanoverallstockLowcorrelationwithtraditionalinvestmentsprovidesdiversificationopportunities.PEindicesaresubjecttosurvivorshipbias(生存偏差andbackfillbias(回填偏差)PEfirmsmaynotregularlyvaluetheirinvestments,leadingtounderestimationofvolatilityandcorrelationswithotherinvestment.FeesManagementfees:arecalculatedoncommittedcapital(承诺投额)(theamountthatLPshaveagreedtoprovidetotheprivateequityfund)Incentivefees:GPdoesnotearnanincentivefeeuntiltheLPshavereceivedinitialinvestmentback.Clawbackprovision(回拨条款requirestheGPtoanyincentivefeespreviouslyreceiveduntiltheLPshavereceivedbackinitialinvestmentand80%ofthetotal parablesapproach:ValueacompanyusingestimatemultiplesofEBITDA,net eorrevenue.Discountedafter-taxcashflowapproach:valuesacompanyasthepresentvalueoftherelevantexpectedfuturecashAsset-basedapproach:Basedonthevaluesofitsunderlyingassetslessthevalueofanyrelatedliabilities.CategoriesofprivateBenefitsandrisksofprivateFeesPortfoliocompanyExam

PrivateEquityDescribeleveragedbuyouts,Venturecapital,Exitstrategiesofprivateequity,andduediligenceLeveragedBuyouts(LBOs)(杠杆收购ManagementBuyouts(管理层收购acompany’smanagementteamacquiresthebusinesstheymanageManagementBuy-ins(管理层换购anexternalteamacquiresacompanyandreplacetheexistingmanagementteamUndervalued/depressedstockWillingmanagement(willingtomaketheInefficientStrongandsustainablecashLowAssets(usedasVentureCapital(风险投资Angelinvesting(天使投资providedatideastagemaybeusedtotransformtheideaintoabusinessplanandtoassessmarketpotential.Seed 期financingSupportsdevelopmentand/ormarketingefforts,generallythefirststageatwhichVCfundsinvestEarlystage(早期financingFinancingmaybeprovidedinitiatecommercialproductionandLaterstage(后期financingusedforexpansionofproductionandincreasingsales.Mezzanine-stage(成熟期/夹层融资financingProvidedtopreparetogopublic.ExitStrategies(退出策略Trade 出售SaleofacompanytoastrategicsuchasacompetitoroftheIPO(InitialPublicOfferings):potentialforthehighestRecapitalization(资本结构调整Acompanyissuesdebttofundadividenddistributiontoequityholders.NotatrueexitstrategyasPEmaintainsPopularstrategywheninterestratesareApreludetoalaterSecondarySales(二次出售):saletoanotherPE/otherWrite- DueGP'sexperienceandknowledgeonfinanceandValuationmethodologyThealignmentofGP'sincentiveswiththeinterestsofTheplantodrawoncommittedTheplannedexitAngelinvestingcapitalistypicallyprovidedinwhichstageoflater-formative-mezzanine-BisFormativestagefinancingoccurswhenthecompanyisstillintheprocessofbeingformed.AngelinvestingcapitalistypicallyraisedinthisearlystageoffinancingLeverageVentureExitDueExam

RealDescriberealestateincludingbenefitsandrisks,formsofinvestment,returns,valuationRealKeyreasonsforinvestinginrealCompetitivelong-termtotalreturnsdrivenbyboth generationandcapitalappreciationProspectthatmultiple-yearleaseswithfixedrentslessencashflowimpactfromeconomicDiversificationbenefitsmaybeprovidedbylessthanperfectcorrelationwithotherassetclassesProvidinginflationhedgeifrentscanbeadjustedquicklyforRealFormsofRealEstateConstructionDirectownershipofrealestate(soleownership,jointventures,realestatelimitedpartnerships,etc)securities(MBS)SharesinrealestatemortgageobligationsSharesofrealestateinvestmenttrusts(REITs)RealAppraisalUseestimatesofvalueasinputstotheDatafromcomparablesalesandcash ysisSubjective,understateRepeatsales(transaction-based)UserepeatsalesofpropertiestoconstructtheSampleselectionREITUsethepricesofpubliclytradedsharesofREITstoconstructtheindices.Morefrequentlytraded,morereliableistheRealValuationComparablesalesApproximatevaluebasedonrecentsalesofsimilarAdjustments:Condition,age,location,andeCalculatingthepresentvalueofexpectedfuturecashflowfrompropertyownershipDividingthenetoperating e(NOI)byacapitalizationrateRealValuationMethodCostEvaluatethereplacementcostofthepropertybyestimatingthevalueofthelandandthecostsofrebuildingusingcurrentconstructioncostsandstandards.RealRealEstateInvestmentPropertyvaluesaresubjecttovariabilitybasedonnationalandglobaleconomicconditions,localrealestateconditions,andinterestratelevelsPropertydevelopmentissubjecttoregulatoryissues,constructiondelays,andcostoverrunsLeverageincreasestherisktoequityinvestorsandalsodebtReasonsforinvestingrealFormsofrealestatePerformancemeasurementsusingValuationRealestateinvestmentExam

Describecommoditiesincludingbenefitsandrisks,formsofinvestment,returnsofcommodityfuturesInvestmentreturnsarebasedonchangesinpriceratherthanon estreamsuchasinterest,dividendsorrentHoldingcommoditiesincurscostsfortransportationandstorage,thusmostinvestorstradecommodityderivativesDiversificationbenefitsduetolowercorrelationwithtraditionalinvestmentsHedgeagainstCommodityEquitiesdirectlylinkedtoacommodity(e.g.,sharesofcommodityproducer)ManagedfuturesIndividualmanagedaccounts(Managedonbehalfofhigh)networthindividualsorinstitutionalinvestors.Specializedfundsinspecificcommoditysectors(e.g.,privateenergypartnerships)Futuresprice≈Spotprice(1+r)+storagecosts-convenienceFuturespricesmaybehigherorlowerthanspotpricesdependingupontheconvenienceyield(便利收益率)Futuresprice>Spot 溢价littleornoconvenienceFuturesprice<SpotBackwardation(现货溢价):highconvenienceSourcesofCommodityFuturesCollateralYield:TheinterestearnedonRollYield:resultsfromtheconvergenceofspotpriceandfuturespriceRollyieldispositiveinbackwardationandnegativeinYieldfromchangesinspotIfacommodity'sconvenienceyieldisclosetozero,thefuturesmarketforthatcommodityismostlikely:ininatfairBisFuturesprice≈Spotprice(1+risk-freerate)+storagecosts−convenienceyield.Iftheconvenienceyieldisclosetozero,itislikelythatthefuturespriceexceedsthespotprice.Introd