Imposters at the Gate (Hardcover)

by Aseem K. Giri (Author)

Editorial Reviews

Review
A hugely successful yet restless financier breaks free and learns lessons that money can't buy. Over the past five years from his home in Los Angeles, Ashwin "Ash" Gyan has generated eight million dollars in revenue for Popular Capital, a publicly-traded New York private-equity firm. And his efforts haven't gone unnoticed. Ash is swiftly promoted to firm partner after he closes the biggest deal of his career. But he remains dissatisfied and despondent, unable to appreciate his newfound success in the financial marketplace. After a sluggish start, Giri (obviously drawing from his own experience as a young Wall Street success story) creates a whirlwind of executive trouble for his harmless, good-natured protagonist. Ash's mentor, Samuel, encourages him to move on to a different company, but Ash remains overworked and grossly underpaid by Popular Capital's autocratic president and founder, Lasi. Ash's pleas for perks and fair compensation garner nothing, leading him to opportunities managing other company's capital funds independently (with aid from contemporaries Benson and Max), until duplicitous actions (and an insurance-related disaster) by "friendly" associates throw a wrench into their plans. All's not lost for Ash, though, and Popular Capital's eventual downfall proves sweet revenge. Giri does a commendable job of creating a believable supporting cast, from the deplorable (calculated associate Eddie Cache and deceitful CEO Lasi) to the adorable (Ash's romantic interest, Sophie). Readers unfamiliar with the financial-services industry may get lost in the jargon and acrobatics of this complex trade, but the office politics prove compelling. The clunky start gives way to a lively, entertaining story about the intoxicating allure of money. --Kirkus

A hugely successful yet restless financier breaks free and learns lessons that money can't buy. Over the past five years from his home in Los Angeles, Ashwin "Ash" Gyan has generated eight million dollars in revenue for Popular Capital, a publicly-traded New York private-equity firm. And his efforts haven't gone unnoticed. Ash is swiftly promoted to firm partner after he closes the biggest deal of his career. But he remains dissatisfied and despondent, unable to appreciate his newfound success in the financial marketplace. After a sluggish start, Giri (obviously drawing from his own experience as a young Wall Street success story) creates a whirlwind of executive trouble for his harmless, good-natured protagonist. Ash's mentor, Samuel, encourages him to move on to a different company, but Ash remains overworked and grossly underpaid by Popular Capital's autocratic president and founder, Lasi. Ash's pleas for perks and fair compensation garner nothing, leading him to opportunities managing other company's capital funds independently (with aid from contemporaries Benson and Max), until duplicitous actions (and an insurance-related disaster) by "friendly" associates throw a wrench into their plans. All's not lost for Ash, though, and Popular Capital's eventual downfall proves sweet revenge. Giri does a commendable job of creating a believable supporting cast, from the deplorable (calculated associate Eddie Cache and deceitful CEO Lasi) to the adorable. Readers unfamiliar with the financial-services industry may get lost in the jargon and acrobatics of this complex trade, but the office politics prove compelling. The clunky start gives way to a lively, entertaining story about the intoxicating allure of money. --Have some serious money to invest? What kind of people are investing it for you? IMPOSTERS AT THE GATE offers some provocative answers in a light, fictional envelope. While most of us stick to IRAs and mutual funds, a few of us have big bucks to put into venture capital. Even if you don t, you might appreciate having a peek into the mysterious world of venture capital and the private equity firms that pour huge amounts of other people s money into these highly speculative investments. By writing a novel rather than a dry tome, Mr. Giri (who became a partner in a large private equity firm at a young age and has a keen grasp of the business) gives the reader a simulated peek into the day-to-day behind-the-scenes world of a private equity firm, revealing truths that are disturbing, educational, and occasionally hilarious. The narrative follows a talented young man, Ash Gyan, who shifts his career from investment banking to venture capital, and eventually enters and makes partner in a firm run by a former communist turned aggressive capitalist. Becoming rapidly disillusioned with his new company, Gyan gets together with two other young men to launch a business of their own. The story of the protagonist's progress through the industry teaches the lay reader quite a bit about the nature of private equity firms. Venture capital is like going to Vegas and laying down twenty bets; one of the books characters declares. You know that with each one you are trying to hit it big, looking for a payout of twenty to thirty to one. So as long as [at least] one hits, even if the others tank, you are golden. The portrait the author draws of the players that control the firm where Gyan works is more than a little chilling. Key players are obsessed with superficial numbers and data rather than the real dynamics of the businesses they invest in or the character of the people that run them. They cover up their own disastrous decisions by taking credit for the success of underlings, pad expenses ridiculously, and even cook the books to cover their --Pavlos Mavrides, Partner, Provident Group

Have some serious money to invest? What kind of people are investing it for you? IMPOSTERS AT THE GATE offers some provocative answers in a light, fictional envelope. While most of us stick to IRAs and mutual funds, a few of us have big bucks to put into venture capital. Even if you don t, you might appreciate having a peek into the mysterious world of venture capital and the private equity firms that pour huge amounts of other people s money into these highly speculative investments. By writing a novel rather than a dry tome, Mr. Giri (who became a partner in a large private equity firm at a young age and has a keen grasp of the business) gives the reader a simulated peek into the day-to-day behind-the-scenes world of a private equity firm, revealing truths that are disturbing, educational, and occasionally hilarious. The narrative follows a talented young man, Ash Gyan, who shifts his career from investment banking to venture capital, and eventually enters and makes partner in a firm run by a former communist turned aggressive capitalist. Becoming rapidly disillusioned with his new company, Gyan gets together with two other young men to launch a business of their own. The story of the protagonist's progress through the industry teaches the lay reader quite a bit about the nature of private equity firms. "Venture capital is like going to Vegas and laying down twenty bets," one of the books characters declares. "You know that with each one you are trying to hit it big, looking for a payout of twenty to thirty to one. So as long as [at least] one hits, even if the others tank, you are golden." The portrait the author draws of the players that control the firm where Gyan works is more than a little chilling. Key players are obsessed with superficial numbers and data rather than the real dynamics of the businesses they invest in or the character of the people that run them. They cover up their own disastrous decisions by taking credit for the success of underlings, pad expenses ridiculously, and even cook the books to cover their mistakes! Imposters at the Gate is not Masterpiece Theater lit, and Mr. Giri s novel starts a bit slowly. However, although the book has some of the faults to be expected from a new author, it is better written than most first novels, and Giri manages to tell an intriguing tale around his core subject. Given the current economic climate, in which the supposedly secure alternatives to private equity, hedge funds and derivatives, are looking more and more precarious; venture capital is drawing more attention these days. Even if you don t have a few million to play with in this casino, you may enjoy a privileged peek into the world in which this money moves-- and find this an entertaining read. --J. Rod Clark, BookReview.com

Product Description
Despite having little patience for numbers, Ash Gyan wanted nothing more than to be a proverbial king of capitalism by having a successful career in private equity, the pinnacle of finance. His first two attempts to launch this career, after spending time as an investment banker, ended as false starts when the groups where he worked ceased operating. He had no choice but to go to the only place he could get a job, even if it meant joining a firm started by a former communist.

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Product Details

• Hardcover: 304 pages
• Publisher: Tusk Publishing, Inc.; 1st edition (November 1, 2007)
• Language: English
• ISBN-10: 160502001X
• ISBN-13: 978-1605020013
• Product Dimensions: 8.2 x 5.8 x 1.2 inches
• Shipping Weight: 1.1 pounds (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars See all reviews (24 customer reviews)
• Amazon.com Sales Rank: #490,409 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

7 of 9 people found the following review helpful:

5.0 out of 5 stars A Private Equity "Monkey Business", January 4, 2008

By	John Grounds "sirjohnathon" (Chicago, IL United States) - See all my reviews (REAL NAME)

I am as interested to see the progression of this book through the industry as I was to see the progression of the main character through the story.

I would not be surprised to see this novel make an appearance on the reading lists at the top business schools. I think it perfectly illustrates many of the ethical and moral dilemmas that face the industry on a daily basis. Ethics professors would be well served by adding it to the required "read and debate" list.

When I first looked at the book I was a little concerned. Anything over 300 pages by a first time author makes me hesitant. The opening pages started rough, but my perseverance to continue was rewarded with a fantastic voyage.

There is a chilling reality to this entire book. I have been unfortunate enough to see the industry from a few different angles, and the truth in this story brings back more than a couple nauseating memories.

If you are an associate at a private equity firm, if you are an entrepreneur wanting to get funded by some of these firms, or if you are a sideline player who is working to help structure a deal, you MUST read this book. It doesn't only give an incredible insight into some of the pressures surrounding the parties, but it touches on a bit of the expectations pre and post closing. It shows private equity in a way "Hell's Kitchen" shows what it is like to be a Chef. You aren't going to get the recipes, but you will have a far greater appreciation of what goes on in the kitchen.

I am also very excited to see the quality in which this book was put together physically. Tusk Publishing has done a very good job in the binding and overall construction. I always enjoy it when a book allows the pages to be turned easily without breaking the spine. In this instance it is especially important, as I think a first edition, from a first time author, from a first time publisher, may have some value in the future.

3 of 4 people found the following review helpful:

1.0 out of 5 stars This book is an imposter, June 12, 2008

By	M. Clark (Scandinavia) - See all my reviews (REAL NAME)

Let me start with a disclaimer: I am an investment manager in a private equity firm in Europe. I was looking for a book that gave me insight into other firms and the situations that happen there - admitedly in a "tell all " kind of way. In essence, my hope was that this is version of Barbarians at the Gate for PE and, hence the author's usage of the title.

However, the book is a actually a better guide to selecting good wine than in describing the actual industry. As the author says multiple times, he is really a debt guy (i.e. Mezz) and he has slyly tried to portray his book about private equity rather than writing about what he knows. Some of his stories may be truthful of what he experienced, but you have to wonder time and time again why he bothered to stay when he points out there is nothing keeping him there. It takes away from the credibility of the book and also becomes rather annoying.

The storyline becomes too incredulous and the thinly veiled references to other firms insults the reader's intelligence. The forward notes that any similarities to companies depicted in the book is strictly coincidental but then TTW (aka KKR) is described as a firm with "tremendous notoriety as a result of acquiring the large tobacco and consumer products conglomerate". Similiar instances are true for Carlyle Group.

It is dishonest for this book to be sold as "a novel about private equity" when it is not. Obviously, playing upon that increases sales, but it is dangerous to portray the industry as such when the book is written by an outsider. There are rotten firms out there that do bad things. That is a fact. However, authentic private equity firms do have a value creation (not destruction) strategy and that is why they are successful. This points to the fact of exactly why the author could not get funding for a new firm. He does not know private equity - period.

7 of 10 people found the following review helpful:

4.0 out of 5 stars A very interesting story about life in the world of mid-tier finance , January 21, 2008

By	Craig Matteson (Ann Arbor, MI) - See all my reviews (TOP 50 REVIEWER)

Do you remember the famous book "Barbarians at the Gate" that reported the dramatic fight of RJR Nabisco? It was supposed to represent the age of greed, but its biggest at the time Leveraged Buy Out has been surpassed by bigger deals in even greedier present times. The novel of this period in the 80s was Tom Wolfe's "Bonfire of the Vanities" and the world of big time bond trading.

This novel by Aseem K. Giri tells a story about a young would-be Master of the Universe, Ash Gyan in the present time. He didn't have the pedigree to get a place at the table in a big firm and had to settle for an odd little creation called Popular Capital. I say odd, because it is a publicly traded firm, which puts pressures and constraints on it that are decidedly at cross purposes with more "normal" private equity firms and hedge funds.

Ash has been a fine producer for the firm and is quite talented at spotting great companies they can buy, improve, and sell. Things seem to be going well and he is made a partner in the firm. However, one of his more experienced friends points out that something is odd about how they are treating him as a partner. Things get continually worse and more complex for Ash as he tries to do the right things for his portfolio companies. The company is run by a former communist named Lasi who runs the company by dominating a committee whose initials are CCCP. For those of you who remember the old Soviet Union and those initials, you will get the joke that the nickname for the committee is "The Commies".

I think Giri does a fine job in telling the story of the kinds of deals that go on in the non-prestigious firms and the poisonous politics that exist in some places (no matter the kind of business the firm conducts). When Ash and a couple of his friends try to start their own firm and are shot down because they haven't found a way to be different in the right way. The right way is to be different in a way that has already been successfully done by someone else. They finally get the message when another person asks them if they know of another successful fund that had been run by three Asians.

The love story with Sophie is nice and allows some diversion from the core business narrative and I think the author uses it with taste and care. I also like the way the author keeps in touch with Ash's friends and they way those relationships shapes the choices Ash makes as he works out his course of action.

If you like business, are interested in the world of investment firms, buyouts, and hedge funds at something other than the heroic level, I think you will enjoy this story. However, if business makes your eyes glaze over, well, even though Giri does keep things personal and human there is enough business talk here to fire the glaze.

But I liked it very much. You won't mistake the prose for Tom Wolfe, but you will sense that Giri is talking about a business world he knows on a more firsthand basis than most authors of fiction can ever pull off.

Reviewed by Craig Matteson, Ann Arbor, MI