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Venture Capital and Private Equity: A Casebook [Hardcover]

by Josh Lerner
4.0 out of 5 stars  See all reviews (12 customer reviews)


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Venture Capital and Private Equity: A Casebook Venture Capital and Private Equity: A Casebook 5.0 out of 5 stars (1)
$42.23
In stock on April 27, 2014

Book Description

2000 0471322865 978-0471322863 1
What Explains the Recent Tremendous Growth in Private Equity Funds? How Have These Funds Created so Much Value? Can We Expect This Kind of Growth in Other Countries and Other Types of Investments? The pool of U.S. private equity funds has grown from $5 billion in 1980 to over $175 billion in 1999. Private equity's recent growth has outstripped that of almost every class of financial product. Whether you are an entrepreneur seeking private equity finance, a private equity investor grappling with the industry's changes, or an investor interested in private equity as a potential investment, this book is required reading! It presents a collection of real world cases-supplemented by detailed industry notes-that explore the exciting and dynamic world of venture capital and buyout funds. The organization mirrors that of the venture capital/private equity process itself:
* The first part explores the raising and structuring of private equity funds, as well as the perspective of investors.
* The second part explores the selection,oversight, and adding value to firms-the 'heart' of the private equity cycle.
* The third part describes how private equity groups reap attractive returns from successful investments.
* The final section explores the emerging efforts to translate the private equity model into other settings, such as corporate venturing programs.

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From the Back Cover

What Explains the Recent Tremendous Growth in Private Equity Funds? How Have These Funds Created so Much Value? Can We Expect This Kind of Growth in Other Countries and Other Types of Investments? The pool of U.S. private equity funds has grown from $5 billion in 1980 to over $175 billion in 1999. Private equity's recent growth has outstripped that of almost every class of financial product. Whether you are an entrepreneur seeking private equity finance, a private equity investor grappling with the industry's changes, or an investor interested in private equity as a potential investment, this book is required reading! It presents a collection of real world cases-supplemented by detailed industry notes-that explore the exciting and dynamic world of venture capital and buyout funds. The organization mirrors that of the venture capital/private equity process itself:
* The first part explores the raising and structuring of private equity funds, as well as the perspective of investors.
* The second part explores the selection,oversight, and adding value to firms-the 'heart' of the private equity cycle.
* The third part describes how private equity groups reap attractive returns from successful investments.
* The final section explores the emerging efforts to translate the private equity model into other settings, such as corporate venturing programs.

About the Author

Josh Lerner, a Professor of Business Administration at the Harvard Business School, is one of the best known authorities on venture capital. Both his academic studies and practical activities focus on the structure and workings of these funds. This mix of practical and academic perspectives is at the heart of this volume as well.

Product Details

  • Hardcover: 540 pages
  • Publisher: Wiley; 1 edition (2000)
  • Language: English
  • ISBN-10: 0471322865
  • ISBN-13: 978-0471322863
  • Product Dimensions: 1.2 x 8.5 x 10.5 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: #1,337,125 in Books (See Top 100 in Books)

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Customer Reviews

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Most Helpful Customer Reviews
97 of 102 people found the following review helpful
5.0 out of 5 stars Perhaps the only book available on the subject matter 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
3.0 out of 5 stars Forming a Venture Capital Fund 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
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
4.0 out of 5 stars Good Private Equity Overview 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
4.0 out of 5 stars Great introduction and overview! February 27, 2000
By A Customer
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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Most Recent Customer Reviews
5.0 out of 5 stars Reads like a novel
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. Read more
Published on July 5, 2007 by Susan Gray
2.0 out of 5 stars A case book, not a textbook
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. Read more
Published on November 9, 2006 by J. Dempsey
3.0 out of 5 stars Good But Nothing more
The book is quite good,but suffers from the case approach pitfalls- too much details for specific cases, and less generally applicable information. Read more
Published on February 12, 2003 by entrepreneneur century
2.0 out of 5 stars Large investment in time for little payback in information
If you are interested in quickly learning about how to raise a VC fund, save your time and money. This book does not offer many clues.
Published on August 27, 2002
5.0 out of 5 stars Get This Book!
A must for anyone wanting to know how VC firms work, structure themselves, and considerations for funding. This is an excellent case study that ought to be in a graduate program! Read more
Published on March 28, 2002 by "attila206"
5.0 out of 5 stars Another Great Book!
Want examples of how funding works? Want to know how Venture firms set up their business? Want to know everything about practical application of VC firms? Read more
Published on March 28, 2002 by "attila206"
5.0 out of 5 stars Most Comprehensive Book on Private Equity Available
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... Read more
Published on March 29, 2000 by John F. Dascher
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