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Venture Capital and Private Equity: A Casebook 4th Edition

4.5 out of 5 stars 6 customer reviews
ISBN-13: 978-0470224625
ISBN-10: 0470224622
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Editorial Reviews

From the Inside Flap

The private equity industry is experiencing tremendous change. Buyout firms are raising funds of more than $20 billion; the sizes of venture funds are rising again toward the $1 billion mark. At the same time, the industry is globalizing at a rapid rate.

This new Fourth Edition of Lerner and Hardymon's classic text reflects the current and future state of the industry as it introduces you to the private equity-venture capital process. Reviewing the history of private equity leading up to today's environment, the authors give you insight into the ways in which private equity groups work; the key distinctions in the industry; how the concepts of corporate finance are applied to private equity; and valuation approaches--popular techniques as well as less frequently used ones--in practice today.

Through extensively updated real-world cases, Lerner and Hardymon examine:

  • How private equity funds are raised and structured
  • The features of private equity funds and the actors in the fundraising process
  • Interactions between private equity investors and the entrepreneurs they finance
  • The critical problems that companies in a private equity portfolio face
  • Valuation approaches, from techniques widely used in practice to methods that are likely to be important in the future
  • How private equity firms invest in, monitor, and add value to companies
  • successful strategies fro exiting investment and returning capital to investors
  • The international arena, with examples from Great Britain, Ireland, Germany, Argentina, and China
  • Fundamental shifts in the industry and how firms are  meeting the challenge

Built upon the solid foundation of its acclaimed Previous editions but thoroughly updated to include the challenges of the 21st century, Venture Capital & Private Equity: A Casebook, Fourth edition remains an essential resource for current and aspiring private equity and venture capital professionals.

From the Back Cover

The private equity and venture capital industry has become a leading pillar of modern investment, growing from $5 billion in 1980 to more than $530 billion in 2006. Yet many of its features remain puzzling even to advanced business students.

Whether you are an MBA student, a private equity investor grappling with the industry's changes, or an investor interested in private equity as a potential investment, Venture Capital & Private Equity: A Casebook, Fourth Edition will shed light on the history and workings of this complex area and prepare you for a career in the prestigious and profitable world of venture capital and private equity.


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Product Details

  • Hardcover: 545 pages
  • Publisher: Wiley; 4th edition (May 2, 2008)
  • Language: English
  • ISBN-10: 0470224622
  • ISBN-13: 978-0470224625
  • Product Dimensions: 8.4 x 1 x 10.1 inches
  • Shipping Weight: 2.9 pounds
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #847,057 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By Nirjhar Raina on July 22, 2008
Format: Hardcover
First let me start with what this book is not! It is not a textbook and it will not teach you the practical methodology of deal structuring, LBO modeling or valuation. However if you are looking for a well-written, non-technical book that illustrates the rationale and dynamics behind PE/VC investing, look no further.

After diligently reading these case studies, I have become comfortable with the unique terminologies and thought processes involved in each stage of the investment life-cycle. A slightly greater emphasis on the technical aspects would have made this book perfect, but overall I have no complaints.
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Format: Hardcover
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.
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Format: Hardcover Verified Purchase
Ideal for anyone involved in or looking at getting into private equity. The case studies have real substance and result in depth understanding (as opposed to just knowing) of the key challenges, issues and activities in the industry.

It covers everything from staffing and careers in PE, to raising funds, developing deal flow and managing portfolio companies, with real indepth cases of the successes and failures of individuals and organisations.

I've been involved with PE (from a management view point) for over 2 years, this book put many things in perspective and gave me insight into how others have handled issues similar to the ones I face. [...]
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