by Josh Lerner, Felda Hardymon, Ann Leamon
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Product Description
Over the past twenty years, the private equity industry has undergone tremendous growth and sweeping changes. With the growth of private equity investing, it is imperative that financial professionals fully understand this complex subject. The cases and notes in this updated edition are designed to provide you with a better understanding of the history of the private equity industrys development and the workings of the industry today. Divided into four modules, the first examines how private equity funds are raised and structured; the second considers the interactions between private equity investors and the entrepreneurs that they finance; the third discusses the process through which private equity investors exit their investments; and the last considers the future of the private equity industry.
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Average Customer Review:
0 of 0 people found the following review helpful:
 Good with Potential for Greatness, 2008-06-18
This book is good, primarily because it has no real competition as so little is written on the subject.
It provides a brief introduction to private equity in the first few pages and goes into case studies thereafter, with a few 'notes' re: private equity in between the case studies.
Case studies are useful for getting a 'feel' for how the private equity process works if you are (i) an investment banking analyst or other professional planning to make the jump into a private equity analyst/associate position or (ii) an MBA student who wants to understand or jump into a private equity associate position. So for doing that, I'd give it a 3-star 'good' rating.
I rate it a 3 because, while it largely succeeds in its own stated goal of being a 'case book', it fails to do what the only real text book on private equity should be doing: analyzing the profession in terms of: (i) its evolution, (ii) strategy re: the private equity group, (iii) strategy re: the private equity group's portfolio companies, (iii) its effects on the economy, employees, government/taxes, society (iv) comparison of the private equity ownership structure vs. other ownership structures (e.g. public corporations, owner-operated companies, conglomerates, wealthy family holding companies), (v) analysis of private equity critcisms, (vi) alternative forms (e.g. SWFs, IFC), (vii) developing markets, and (viii) future. Academics seem to find themselves oddly content not to discuss this industry in any real depth. I believe part of this has to do with their involvement in somewhat unobjective, case study oriented MBA programs that take a 'cookie cutter' approach to educating their students, but I digress.
3 stars. 5 stars, if Lerner does what he should do and makes a private equity book that is analytical and forward-thinking.
1 of 2 people found the following review helpful:
 Reads like a novel, 2007-07-05
I couldn't put this book down; I felt like I was reading a captivating novel. It does a great job of introducing the reader to the unique terminology of the VC/PE industry.
However, I wish there was more follow through or structured questions presented for the cases; without sitting in Prof. Lerner's class, I would like to see exactly what broad lessons he is attempting to present and drive home.
5 of 10 people found the following review helpful:
 A case book, not a textbook, 2006-11-10
This book was a disappointment. A real textbook would actually have instruction. This book is merely a collection of cases, with a few scattered chapters on VC/PE. Only buy the book if required to for a class.
14 of 14 people found the following review helpful:
Good Private Equity Overview, 2005-08-09
This book provides a good overview of venture capital and buyout fund management. It addresses the investment process through four modules: fundraising, investing, exiting, and new frontiers. There are twenty nine chapters of which nine are instructional and the rest are case studies. Though there is information interspersed within the case studies, I think it would have been better to have had shorter case studies and longer instructional pieces to delve more deeply into subjects.
13 of 19 people found the following review helpful:
Good But Nothing more, 2003-02-12
The book is quite good,but suffers from the case approach pitfalls- too much details for specific cases, and less generally applicable information. Thsi might be useful in the context of an MBA case study class, but certainly not as a useful reading book on the industry. The actual notes are very short and lack suficient details to be useful.
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