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Venture Capital and Private Equity: A Casebook (v. 3) Hardcover – October 15, 2004

ISBN-13: 978-0471230694 ISBN-10: 0471230693 Edition: 3rd

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Product Details

  • Hardcover: 576 pages
  • Publisher: Wiley; 3 edition (October 15, 2004)
  • Language: English
  • ISBN-10: 0471230693
  • ISBN-13: 978-0471230694
  • Product Dimensions: 10.2 x 8.2 x 1 inches
  • Shipping Weight: 2.7 pounds
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (12 customer reviews)
  • Amazon Best Sellers Rank: #1,583,172 in Books (See Top 100 in Books)

Editorial Reviews

From the Back Cover

Why have private equity funds experienced such tremendous cycles of boom and bust?
How have these funds created so much value?
Can we expect this kind of growth in other countries and other types of investments?

These are just a few of the exciting and important questions you’ll explore in this new and updated collection of real-world venture capital and private equity cases.

Now thoroughly revised to reflect the new realities in today’s venture capital and private equity markets, Lerner, Hardymon, and Leamon’s Third Edition addresses such timely issues as troubled portfolio companies, markedly smaller funds, and ongoing attempts to address the problematic practices of the late 1990s.

The cases take you through each step in the venture capital/private equity process, including:

  • Raising and structuring private equity funds
  • Investing in, monitoring of, and adding value to companies
  • Exiting investments and returning capital to the private equity group’s investors
  • Adapting the private equity model in other settings, such as corporate and community development venture funds

About the Authors:

Josh Lerner, the Jacob H. Schiff Professor of Investment Banking at the Harvard Business School, is one of the best-known authorities on venture capital. Both his academic and practical activities focus on the structure and workings of these funds. His mix of practical and academic perspectives is at the heart of this book.

Felda Hardymon is a Professor of Management Practice at Harvard Business School and a partner since 1981 at Bessemer Venture Partners, a leading venture capital firm.

Ann Leamon, after co-founding the Center for Case Development at Harvard Business School, now serves as Senior Research Associate dedicated to the Venture Capital & Private Equity class. She came to Harvard after a decade of senior analytical positions in operating companies.

About the Author

Josh Lerner, the Jacob H. Schiff Professor of Investment Banking at the Harvard Business School, is one of the best-known authorities on venture capital. Both his academic and practical activities focus on the structure and workings of these funds. His mix of practical and academic perspectives is at the heart of this book.

Felda Hardymon is a Professor of Management Practice at Harvard Business School and a partner since 1981 at Bessemer Venture Partners, a leading venture capital firm.

Ann Leamon, after co-founding the Center for Case Development at Harvard Business School, now serves as Senior Research Associate dedicated to the Venture Capital & Private Equity class. She came to Harvard after a decade of senior analytical positions in operating companies.


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Most Helpful Customer Reviews

97 of 102 people found the following review helpful By Unsatisfied on November 26, 2000
Format: Hardcover
Over the past few years the institutional private equity market has exploded. Riding on the backs phenomenal public markets and a wave of technological innovation, private equity in general and venture capital has become one of the most sought after investments.
However, given the rash of recent publicity, stellar performance, and a balooning assets, there's surprisingly little research available about the institutional private equity market. Profs. Lerner and Gompers currently account for probably half of all academic research in this market.
The institutional private equity market is quite different from angel investments. The majority of the capital at the institutional level flows from large investment institutions like public pensions, endowments and insurance companies. Moreover, the personal investing into private companies do so professionally.
More than anything, the book serves as a primer to the institutional private equity market.
The book was intitially meant for HBS and other MBA students. Thus, almost all the content is in case study form. In a lot of respects this is advantageous. In general, a book either has the option of being a primer or providing high level analysis on a very specific topic. Clearly this book is the former. In my opinion, the downfall of most primers are the oversimplification of topics and useless generalizations. Given the early stages of the institutional private equity market, generalizations are especially questionable and difficult. On the other hand, the case method presents users with numerous situations and predicaments facing the participants. As a result, readers gain an understanding of the issues facing this market from a number of perspectives.
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141 of 157 people found the following review helpful By Frederic Harwood on April 26, 2000
Format: Hardcover
As an investor in small start ups, I had to read this book twice. The first read, the book didn't seem relevant at all. The second, somewhat more methodical read, the picture became clearer--The book is written for MBA students who think they might go to work someday for a firm that forms venture capital investment groups. That's nice, if you are thinking of working for a big venture capital company. But for the investor $300k - $3M investor wanting to understand issues like how much of the company is my investment worth, what percentage of equity should I take, can I treat my investment as a loan and still expect equity, (if yes) how does the loan repayment work so it does not strip the company of working capital and much needed startup cash, what controls do I have over management, how can I be sure they are doing with the money what they are supposed to be doing and not squirreling cash away, what happens to my equity if management needs more funding, how is management paid a salary, how is management rewarded vis a vis the investors--who is in line first, middle and last--and how do I get out early and late, this book provides answers to some of these questions buried in the case studies. You read a case study teasing out the rules of thumbs by what the investors and ownwers did in a particular case situation. In the process, the reader looks for guidelines, principles, and rules of thumb -- but these are mostly buried deep in the paragraphs or found between the lines of a case study or discussion of a case study. What to do, the rules of thumb for the middling-sophisticated investor are hard to comke by, suggesting this is a textbook meant to supplement classroom lectures and discussions. Richard Gladstone's Guide to Venture Capital is a much better primer, but the book that takes Gladstone to the next level and answers the questions I posed above has not been written by Lerner.
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36 of 39 people found the following review helpful By John F. Dascher on April 4, 2000
Format: Hardcover
In my opinion this is best and most comprehensive overview of modern VC practices available. Dr. Lerner is cleary the nation's leading authority on VC research and his experiences are detailed in this book.
The case study format is organized into 4 themes (paraphrased): 1. Raising & Structuring Funds, 2. Making Investments, 3. Exiting Invesments, 4. Other forms of VC funds.
so the lessons of each individual case study support a larger and organized theme. Furthermore, the case study format makes the book more entertaining than academic texts tend to be.
If you are somewhat knowledgeable about private equity then this is a "must read". If you are a beginner make sure you become familiar with the ins & outs of private equity/venture capital before reading or else you may miss a lot of the value of this book.
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15 of 15 people found the following review helpful By Brian Lomax on August 8, 2005
Format: Hardcover
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.
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17 of 22 people found the following review helpful By A Customer on February 27, 2000
Format: Hardcover
Lerner has collected and arranged case studies to a very comprehensive and enjoyable book on venture capital, from an academic standpoint. However, the book is never dry as it contains real cases throughout. A great introduction.
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