ISD Library

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ISD Library

  1. 1. l ISD Library “Private Equity is medium to long-term finance provided in return for an equity stake in potentially high growth unquoted companies. We follow the British practice and use the term Private Equity to describe the industry as a whole, encompassing investments at all stages. We refer to Venture Capital investments as a subset of Private Equity. Some commentators use the term "private equity" to refer only to the buy-out (Management Buy Out - the existing management team becomes a part-owner of the business) and buy-in (Management Buy In - a new management team from outside the business becomes a part-owners of the business) investment sector. Others in Europe, but not in the US, use the term "venture capital" to cover all stages, i.e. synonymous with "private equity'. In the US "venture capital" refers only to investments in early stage and expanding companies. From the London Business School Private Equity club website A simple overview of the Venture Capital Industry and sources of information can be found in BestofBiz: Go to Portal>A-Z list of Databases: BestofBiz> Research tools>Research Guides: Venture Capital For specific frequently asked business questions and recommended sources try our database Business Brain via the Portal. Still stuck? Email libresearch@london.edu and we will do our best to help. Contents 1. Understanding the Industry 2. Books 3. Industry Overviews 4. Finding Companies 5. Current awareness (journals, trade press, blogs) 6. Careers KEY RESOURCES ARE HIGLIGHTED 1. Understanding the industry Look at the book section of this guide (section 2 below) but also: The ICAEW have produced: Private Equity Demystified and Explanatory Guide by John Gilligan & Mike Wright (available from ICAEW.com). This report covers: • Overview (PDF 63kb) • Chapter 1: The private equity market (PDF 472kb) • Chapter 2: Who are the participants in a private equity transaction? (PDF 342kb) • Chapter 3: Evaluating and structuring a private equity investment (PDF 186kb) • Chapter 4: A detailed worked example of a leveraged buy-out (PDF 153kb) • Summary of studies of buy-outs and private equity • References (PDF 44kb) • Glossary (PDF 50kb) 1
  2. 2. BestofBiz Portal Database A concise overview of the Venture Capital Industry and key sources of information can be found in BestofBiz. In Portal go to: A-Z List of Databases>BestofBiz> Research tools>Research Guides>Venture Capital 2. Books Search the Library Catalogue with either one of the phrases: venture capital or private equity, additional terms are entrepreneurs (ABJ) or small business (AZH). The Class mark ECGD represents venture capital companies. Short Loan A number of key titles are held in the short loan collection: • Lerner, Capital and Private Equity: a Casebook: Volume I, • Lerner & Hardymon: Venture Capital and Private Equity: a Casebook: Volume II, • Bygrave Hay & Peeters: Venture Capital Handbook, • Bygrave & Timmons: Venture Capital at the Crosssroads, • Sharp: Insider’s Guide to Raising Venture Capital E-Books E-Books can be read on and off campus. Simply log onto Portal and locate the title in the catalogue and click on the detailed catalogue entry. The link to the E-Book will work if you are searching the catalogue while in Portal. The Venture Capital Cycle by Gompers & Lerner and Angel Capital by Bradley and Beyond the J- Curve by Meyer and Mathonet are all available as E-Books. 3. Industry Overviews EVCA Yearbook Latest edition only is held: 72 51 ECGD Coverage: Europe – print and web Contains European wide survey data and country by country sections. See also the EVCA Research section on their website. Global Private Equity Report 2008 by PriceWaterhouse Coopers http://www.pwc.com/extweb/pwcpublications.nsf/docid/9BE69DD0705C3C98852574E10048843A An annual publication, the 2008 global private equity report highlights the challenges private equity firms are facing – ranging from issues that all agree are fundamental, such as how to create sustainable value, through to those that many private equity houses have yet to take seriously, in particular sustainability. The topics covered in the report include: • Creating sustainable value • Accessing emerging market growth • Building the business model • Appreciating the business case for responsibility • Reporting fair value • Addressing tax in a wider world Money Tree Survey Coverage: US - Public web resource http://www.pwcmoneytree.com/MTPublic/ns/index.jsp The MoneyTree Survey is a quarterly study of venture capital investment activity in the United States. It is a collaboration between PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association. The MoneyTree Survey is a key source of information on emerging companies that receive financing and the venture capital firms that provide it. 2
  3. 3. Click on the link to see the MoneyTree Survey and other reports such as CleanTech comes of Age. Venture Capital and Private Equity Yearbook: 2005/6 72 50 ECGD/EEBD NB 2005/6 is the latest available edition Coverage: Europe - print Partly brief directory entries by country, but the greater part of the volume is made up of articles which consider topics in different countries such as: ‘Structuring Venture Capital Investments in Sweden’ and ‘Concerns of Early Stage Investors in France’. VentureXpert Web Coverage: International Portal Database This Thomson Reuter database is the key source for venture capital and private equity research. It has global coverage back to 1970 of companies, venture funds, private firms, executives, venture-backed companies, limited partners and IPOs that are private equity, venture, or buyout backed. Also provides analytics for fund commitments, disbursements, statistics and performance. You should see the round up of latest statistical reports (produced with the NVCA) when you first login You can use this database to research specific industry sectors to and to design you own output. National Venture Capital Association Yearbook 72 521 ECGD Coverage: US and some European coverage - Print Compiled by Thomson Venture Economics with additional data from other contributors, this title reports on venture capital activity and trends in the last few years. It includes a high number of tables and charts with accompanying text offer on commitments, funding, performance and sector analysis. Report on Investment Activity 1984 to date 72 511 ECGD/EEN Coverage: UK with international comparisons - Print Compiled by the BVCA and PriceWaterhouseCoopers this concentrates on looking at investment from different angles: by region, stage, industry sector, divestments, type of private equity organisation. It also compares the UK to the rest of the world and compares UK and US high technology investment. See also the Private Equity Council Public website http://www.privateequitycouncil.org/ Provides overview reports: PE by Numbers 4. Finding Companies VentureXpert Web Coverage: International – Portal database This Thomson Reuter database is the key source for venture capital and private equity research. It has global coverage back to 1970 of companies, venture funds, private firms, executives, venture-backed companies, limited partners and IPOs that are private equity, venture, or buyout backed. Capital IQ Coverage: International Portal Database CIQ covers international quoted companies which also includes private equity companies and funds and can be searched using a range of filters including investment criteria. NB Prior registration is required to access Capital IQ See the entry in the A-Z list in Portal. Asian Private Equity 300 & Venture Capital in Asia 72 55 ECGD/EEBD Coverage: Asia – Print A directory produced by the Asian Venture Capital Journal. The directory is arranged by country, offering a brief statistical overview for the country followed by venture capital companies listed by name 3
  4. 4. BVCA Directory Print - latest edition only: 511 ECGD Coverage: UK - Print A straightforward listing of full and associate members of the British Venture Capital Association (BVCA) See their web site to carry out an electronic search on sources of funds by industry and region and for professional advice. http://www.bvca.co.uk/ Directory of EVCA Members 72 51 ECGD Coverage: Europe - Print Lists members of the European Private Equity and Venture Capital Association (EVCA) by country with contact details and brief details on size and type of funds managed/advised. EVCA Yearbook Coverage: Europe – Print latest edition only: 72 51 ECGD Contains European wide survey data and country by country sections. See also their website. http://www.evca.eu/ Galante’s venture capital and private equity directory Electronic version available in library only Coverage: International (but US focus) 72 521 ECGD Covers U.S. and some non-U.S. companies with coverage of organizations engaged in venture capital, M&A, LBOs, merchant banking firms and SBICs. It includes various ranked lists and industry statistics, firms’ investment criteria and preferences. National Venture Capital Association Membership Directory Coverage: USA - Print 72 521 ECGD This lists venture firms by state and industry preference and has a section of recommended service providers. Pratt’s Guide to Private Equity Sources – 2008 72 50 ECGD Coverage: International - Print This annual directory contains information on over 1,200 venture capital companies including some Canadian, European, and Asian-Pacific companies. Entries are arranged by state or country and list project preferences, type of financing, minimum investment, preferred investment, and contact person. It includes useful introductory chapters on pertinent topics. Venture Capital and Private Equity Yearbook: 2005/6 72 50 ECGD/EEBD NB 2005/6 is the latest available edition Coverage: Europe Partly brief directory entries by country, but the greater part of the volume is made up of articles which consider topics in different countries such as: ‘Structuring Venture Capital Investments in Sweden’ and ‘Concerns of Early Stage Investors in France’. Venture Capital Report directory: private equity and venture capital in the UK and Europe Electronic version available in library print at 72 51 ECGD This annual gives the most comprehensive description of the major providers across Europe. Covering over 3,000 venture capital and private equity investors the company profiles include the firm’s investment preferences, portfolio management information, and profiles of key management personnel and funds managed. 5. Current awareness (journals, trade press blogs) Article Finder Coverage: International journals (by name) Portal Database All our electronic full text and print holdings of journals can be located using Article Finder. 4
  5. 5. Use Article Finder Title Search to locate the electronic full text of a known journal or use the Category search to browse cluster of journal titles by category or topic. It links through to the full text within our subscribed databases. Find Article Finder in the A-Z list of Library Databases or under Top Search Tools Journals Held in Print Collection To find out if the Library holds a particular journal – in print or electronically – use Article Finder which can be accessed on the Library A-Z list of Databases on Portal. Or check our catalogue. Our Library holds the following in print: • Asian Venture Capital Journal May 2003 - • European Venture Capital Journal 1989 - • Institutional Investor 2(11)-, 1968- • Private Equity Analyst 5 year holding/1999-, • Private Equity International No 16, 2003- • Real Deals - Dec 2006 - • Venture Capital: an International Journal of Entrepreneurial Finance 1-, 1999- • Venture Capital Analyst: Technology Edition (previously: ”Corporate Venturing Report) 5 year holding Business Source Complete Coverage: International Portal Database Business Source Complete has the full-text of over 11,200 academic and business journal articles of which the following may be useful: • Entrepreneur 2003 - • Entrepreneurship and Regional Development 1998 - • Entrepreneurship: Theory and Practice 1988 – Embargo on the last 12 months. • Private Equity Week 1999 - • Buyouts 1997 – • Venture Capital 1999 - Embargo on the last 12 months. N.B. Business Source Complete offers an alerting service that will inform you when the latest issue of a journal becomes available. You can also set up topic search alerts. See the Research Resource Guide to Current Awareness for further explanation or contact one of the library research team who can assist. Email: mailto:libresearch@london.edu Factiva Coverage: International Portal Database Has over 7,000 International full-text sources including a number with particular relevance to venture capital: Use Article Finder to locate them or the “Source” button in Factiva to single out a named journal. Private Equity News Portal Database Private Equity News provides daily news and analysis for Europe’s private equity industry covering fundraising, deals, debt and advisory services. The website also provides in-depth features, roundtables, reports and surveys on key topics and regional activity. It is the sister publication of EFinancial News. Prior Registration is required. Follow the link in the A-Z list of databases Venture Wire Alert – Dow Jones Public web source http://www.venturewire.com/register.aspx Provides free news alerts if you register Private Equity Week Wire (Thomson Reuters) Public web source Private Equity Week focuses on active transactions, deals that are about to be launched or offerings that have closed but not yet been announced. Register for free alerts. http://www.pewnews.com/ 5
  6. 6. 6. Careers Vault Portal database Vault Career Guide to Venture Capital 4th Edition, 136 pages November 2008 It can be download from Portal – follow the instructions. Or under the careers advice section a section entitled: Venture Capital Careers. You can also find printed Vault guides in our Careers section and listed in our catalogue. Private Equity Online Public web source http://www.privateequityonline.com/careerhome.aspx PrivateEquityCareers Public web source http://www.privateequitycareers.net/ 7. Web Sites, Associations and organisations Try Business Brain via the Portal for specific business research FAQs (frequently asked questions) and recommended web sites. If you can recommend a web site (or other source) please let us know by emailing libresearch@london.edu . Here are just a few sites that deal with venture capital or private equity: The British Business Angels Association (BBAA) Public web source The British Business Angels Association is the new National Trade Association for the UK’s Business Angel Networks and its Associates and Affiliates. It has evolved from National Business Angel Network (NBAN) and is backed by the DTI and is sponsored by Nesta and Kingston Smith. http://www.bbaa.org.uk British Venture Capital Association Public web source British Venture Capital Association: Directory of members, report on investment activity, performance measurement survey, business angel finance, plus links to private equity trade associations throughout the world. http://www.bvca.co.uk/ Business Partners Public web source Business Partners is a global Internet based service that connects entrepreneurs, early stage companies and established corporations with angel investors, venture capital, corporate investors, potential partners and target data on mergers and acquisitions. http://www.businesspartners.com/ EVCA Public web source European Venture Capital Association: Directory of members, EVCA yearbook Published the Global Trends in Venture Capital 2006 Survey and their site provides a search for members with filters for finance type, industry preference and region. http://www.evca.com/ FT in Depth - Private Equity Public web source The section of the FT.com that concentrates on Private Equity. http://www.ft.com/indepth/privateequity National Venture Capital Association (US) 6
  7. 7. Public web source The US site for the industry, with a wide range of useful data including a "template" set of model legal documents for venture capital investments put together by a group of leading venture capital attorneys, plus industry statistics, list of members etc. http://www.nvca.org/ Private Equity Council Public web source “The Private Equity Council, based in Washington, DC, is an advocacy, communications and research organization and resource center established to develop, analyze and distribute information about the private equity industry and its contributions to the national and global economy. The PEC opened its doors in February 2007.” The site has useful news, case studies, white papers, research and statistics. http://www.privateequitycouncil.org/ PrivateEquityOnline.com Public web source Industry news profiles and features from Investoraccess Ltd. It is a subscription site. http://www.privateequityonline.com/ TheDeal.com Public web source - limited data for free Magazine type website providing news and analysis on M&A, Private Equity, VC, IPO and Bankruptcy. It is a subscription site. Limited data can be viewed for free and it offers free email news: http://www.thedeal.com/newsletter/wire_register.html Tornado-Insider.com Public web source Monitors European deal activity, a subscription site with some free news. http://www.tornado-insider.com/ VentureEconomics.com Public web source Produced by Thomson Financial, with international coverage it does supply some free reports and statistics as well as news. Growing Business An online free magazine and blog on entrepreneurship and growing businesses. http://www.growingbusiness.co.uk/ London Business School Students may use the library subscribed electronic database for personal educational research purposes only, and must comply at all times with the database copyright holders’ terms and conditions. Use for any other purposes, such as commercial activity, consultancy or resale is strictly prohibited. S:ISDLibraryResearchSupportSubjectGuidesSubjectGuide-PrivateEquityandVentureCapitalV4_Jan2009_AF.doc 7

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