PIPE Investments of Private Equity Funds : The temptation of public equity investments to private equity firms.
Title:
PIPE Investments of Private Equity Funds : The temptation of public equity investments to private equity firms.
Author:
Särve, Bernhard.
ISBN:
9783842839113
Personal Author:
Edition:
1st ed.
Physical Description:
1 online resource (77 pages)
Contents:
PIPE Investments of Private Equity Funds -- Table of Contents -- Table of Abbreviations and Symbols -- List of Figures and Tables -- Table of Appendices -- 1 Introduction -- 1.1 What is a PIPE? -- 1.2 Research objectives -- 2 Overview of existing literature about PIPEs -- 2.1 General literature about PIPEs -- 2.2 Literature about private equity investors in PIPEs -- 3 Sample description -- 4 Analysis of PIPE deals by private equity investors -- 4.1 Development of the PIPE market - overall and for private equity -- 4.2 Nature of target companies -- 4.3 Nature of private equity PIPE investors -- 4.4 Characteristics of PIPE deals compared to traditional PE deals -- 5 Why do private equity firms invest in PIPEs? -- 5.1 Fast process of due diligence and deal execution -- 5.2 Improved liquidity -- 5.3 Governance rights -- 5.4 Access to certain markets -- 5.5 Avoidance of takeover premiums -- 5.6 Surplus investment money -- 5.7 Overall assessment -- 6 Conclusion -- Appendix -- Appendix A: PIPE percentage share of overall PE activity -- Appendix B: Geographic distribution of PIPE deals of PE funds -- Appendix C: Industry distribution of PIPE deals of PE funds -- Appendix D: Descriptive statistics about deal volumes in theZephyr database -- Appendix E: Development of key financial indicators -- Appendix F: Investment focus of PE funds -- Appendix G: Distribution of fund sizes -- Appendix H: Acquired ownership in PIPE deals -- Appendix I: Analysis of private equity investment rounds -- Appendix J: Analysis of performance and holding periods -- Appendix K: Correlation matrix for quarterly PIPE deal activity -- Appendix L: The 20 most active PIPE investors -- Bibliography.
Abstract:
Usually, private equity firms take control of firms which are privately held, and tend to act hidden. But, in recent years, the rising phenomenon of private investments in publicly listed companies, so-called PIPEs, could be observed. At first, this seems to be inconsistent but, it could become a perfect way to generate good returns. This book gives an overview about the PIPE market, and then focuses on the role of private equity funds. How do they invest in publicly listed firms? And what are their motivations? Is the overall performance of PIPE deals superior to those of traditional private deals? PIPE deals have much in common with typical venture capital deals with regard to the young and high-risk nature of target companies, and the minority ownership position. Surprisingly, buyout funds are relatively more engaged in PIPEs than venture funds are. The author analyzes deal sizes, industry sectors, holding periods, IRRs and multiples of public deals, and comparable private deals with a unique data sample on transaction level. Finally, he discusses other possible motives for private equity firms to engage in these deals: improved liquidity, fast process of deal execution, access to certain markets, avoidance of takeover premiums and the thesis of an escape-strategy for surplus investment money. Biographische Informationen Bernhard Särve absolvierte ein berufsbegleitendes Studium der Betriebswirtschaft in Regensburg und arbeitete anschließend drei Jahre lang im Finanzbereich eines großen Industrieunternehmens. Während seines MBA-Studiums an der Handelshochschule Leipzig (HHL) legte er seinen Schwerpunkt auf die Bereiche Corporate Finance und Private Equity. Von 2010 bis 2012 arbeitete er in der Private Equity Branche und konnte dadurch seine praktischen Erfahrungen auf diesem Gebiet vertiefen. Heute ist der Autor als selbständiger Unternehmer
tätig.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Genre:
Electronic Access:
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