Private equity phd thesis

Your blog is extremely brilliant especially the quality content is really appreciable. Sequoia India. I went to this website, and I believe that you have a plenty of excellent information, I have saved your site to my bookmarks. Though the concept of VCPE investment prevailed in the country in one form or another since the s, the growth in the industry was mainly after the economic reforms in Prior to that, most of the VCPE funding was from public sector financial institutions, and was characterized by low levels of investment activity.

This represents a growth of 1, percent over the previous decade. Funds raised duringrepresented a growth rate of percent as compared to funds raised over the previous five-year period The growth rate in investments made by variousVCPEfunds has been equally strong.

During the five-year periodthe industry growth rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments[1].

The rest of the paper is structured as follows: Section 2 indicates the objective of the paper. Section 3 provides details on the data set used for analysis and the sources of data.

Research Paper in Venture capital and Private Equity in India

Section 4, which covers the results and discussion, is divided into six sub-sections. The sub-sections are in the following order: round wise analysis of investments, time of incorporation and financing stage, intervals between funding rounds, investment exits, duration of investment, and a statistical analysis of investment duration and type of exit.

Section 5 provides a summary of the paper. Research on VCPE has not been in tune with the growth seen in the industry. Past research on the Indian VCPE industry can be broadly classified into the following categories: studies that examined the evolution and the current status of the industry Pandey,; Verma, ; Dossani and Kenney, ; Singh et al.

The objectives of this paper are as follows: first, research that has focused on the recent growth phase of the VCPE industry in India has been limited. Most of the papers that have studied the Indian industry were either before the growth phase pre or did not cover the growth phase in full, starting from the onset of growth in until the slowdown incaused by the global financial crisis.

This paper is an attempt to meet the gap in research on the recent trends in the Indian VCPE industry. Second, there have been very limited studies that looked at the lifecycle of investments, i.

There have been several studies that have looked at areas related to investments such as investment decision making, structure of investments, and valuation. Similarly, there have been studies that have looked at topics related to venture exits.

private equity phd thesis

However, there have been limited studies that looked at the entire investment life cycle. The main contribution of this paper is to look at the investment lifecycle in its entirety. Third, this paper aims to highlight some of the lesser known features of the Indian VCPE industry such as the characteristics of the investee firm at the time of VCPE investment, the duration of VCPE investments in the firm, and the timing and mode of exit by the investors.

The objective of this paper is to provide an holistic understanding of the Indian VCPE industry to enable the creation of a policy environment to sustain the growth of the industry.

Unknown 24 June at Unknown 13 June at Newer Post Older Post Home. Subscribe to: Post Comments Atom.I have to do thesis on Private Equity this summer and i was wondering if there are interesting topics that i could work on within Private Equity. There are several streams of academic research in this area: - Structure of Private Equity Funds LP, covenants, contracting - Motivation to invest in PE different types of investors - PE Strategies imho, beneficial thesis, you will be aware of main strategies, broad and interesting field - Investment Performance imho, the best thesis - Listed Private Equity imho, not interesting - Syndication imho, too specific - Structure of PE Fund Portfolios imho, too specific - Value Creation more interesting in regards to VC - Risk and Return of PE imho, the best thesis 2 - PE Fund Selection do you want a fund-of-funds job?!

I actually have a question: Do you have any other hints especially that are 'in trend' now? An interesting topic that I would personally like to know more about is the turnover or churn of PE firms. How many new firms have been opened over the last 10 years and what is the average life cylce? Thesis: DO they really call it dry powder because coke is more prevalent and accepted on the buyside?

Tips from the Top: Getting Hired in Private Equity

I would prefer to stick to smth that would let me learn the PE mechanics, the deal process, the strategies. Smth general.

Lessons from Private-Equity Masters

I am going to write my thesis on Private Equity. I will conduct several interviews with PE managers and ask their opinion on what the future of private equity will be. Then I will aggregate their answers, possibly build a model and look for patterns in terms of regions, size of funds, and other attributes, with their expected returns and strategies. In short, I'd like to find out how PE professionals see the future of the industry.

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How do you report financial statements? Have their been changes in the last years and does this affect your peformance? Have you had to undergo major changes in 1 your accounting policies? What else do you guys think would be good questions to ask them to reach my goal?

Is there something else that you would think is interesting to discuss with these guys and in my thesis? Some of the data for your questions might already be available at third party companies that compiles statistics for fund-raising and such Do a quick literature review to see what data you have access to. How has this changed since the firm started? Succession planning and management retention is a key issue for PE firms.

What are their views on potential changes in taxation? Sounds a little or a lot vague to be honest. Why not pick a specific industry that interests you and discuss the opportunities for investment in that landscape and how they have changed or are changing?

Not sure your school but I was required to be much more specific on my thesis than that. I am currently interning PERE and already have some network developed, so data should not be a prob.

Look at what ranieri partners is up to. Then Blackstone. Then make some conclusions. Something on the difference if there is one between how firms value and acquire commercial vs residential single family deals could be interesting since single family is getting hot in the REPE world. Since single family deals are so much smaller in nominal dollars compared to commercial, it may be interesting to research how firms can even find and manage enough properties to deploy billions of dollars into the market without going insane.

Thanks guys for the tips. My university wants me to write a paper, which is sort of academic, with testing some theory in the best case and that makes it hard, when applied to REPE, as the data for any reasonable regression are just not existing.Private-equity firms routinely achieve eye-popping returns on the businesses they operate.

Their secret? A relentless focus on four management disciplines. Going private was the making of auto parts manufacturer Accuride. And so Accuride quickly invested in a new, highly automated plant to increase its capacity and reduce production costs; the low-cost capacity enabled it to undercut competitors on the prices and terms offered to target customers.

The competitors—big corporations like Goodyear and Budd—were caught flat-footed. With its focused strategy, Accuride flourished. When Bain Capital sold the company to Phelps Dodge just 18 months after buying the business, it earned nearly 25 times its initial investment. The most successful PE firms spearhead such business transformations all the time. In the process, they create exceptional returns for their investors.

How exceptional? Rather, it lies in the rigor of the managerial discipline they exert on their businesses. Despite the widespread assumption that the stock market forces managers to concentrate on increasing the value of their companies, many executives of public companies lack a clear focus on maximizing economic returns.

Their attention is divided between immediate quarterly financial targets and vaguely defined long-term missions and strategies, and they are forced to juggle a variety of goals and measurements while coping with contending stakeholders and other bureaucratic distractions.

In stark contrast, the top private-equity firms focus all their energies on accelerating the growth of the value of their businesses through the relentless pursuit of just one or two key strategic initiatives.

private equity phd thesis

They narrow their sights to widen their profits. By adopting these disciplines, executives at public companies should be able to reap significantly greater returns from their own business units. The first thing PE firms do when they acquire a business is define what we call an investment thesis—a clear statement of how they will make the business more valuable within about three to five years.

The best investment theses are extraordinarily simple; they lay out in a few words the fundamental changes needed to transform a company.

The thesis is then used to guide every action the company takes. Most public companies manage their business units by focusing simultaneously on two time lines: the very short-term and the very long-term.

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In the short term, they strive to hit their financial targets for the next quarter, even if it means making decisions that run counter to the overall interests of their companies. In contrast, PE firms manage their businesses to the intermediate term—three to five years—about the time they typically hold an investment before selling.

This time frame removes the often counterproductive focus on quarterly numbers yet still creates urgency to transform the business quickly. Consider what happened when, inTexas Pacific Group acquired Paradyne, a struggling, unprofitable telecommunications equipment arm of Lucent Technologies. Paradyne had endured for years as a relatively neglected division of a very large conglomerate. TPG quickly set expectations of a turnaround and exit within five years.

Both of the new companies have flourished under purposeful new ownership and management and fresh, urgent direction.View Item. JavaScript is disabled for your browser. Some features of this site may not work without it. Toggle navigation. Download Full printable version Other Contributors Massachusetts Institute of Technology. Advisor Alice H. Terms of use M. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission.

See provided URL for inquiries about permission. Metadata Show full item record. Abstract Private equity and venture capital investments in emerging markets grew significantly over the past five yearsboth in absolute and relative terms. In this study, we examine the industry's role in emerging markets, in terms of key actors, business processes, and impact on portfolio companies.

We use a case study of private equity and venture capital in Egypt, and the Middle East and North Africa region. We focus on two key questions: i Why did private equity activities grow so much and so fast in Egypt? And what are the broader economic development implications for the country? In addition to a number of global and macroeconomic trends that created a positive environment for private equity investments, we identify two key factors behind the industry's success in Egypt: first, the industry is dominated by local firms that rely on a mix of local knowledge and expatriate expertise, and have developed key competencies that provided them with a strong competitive advantage and enabled their growth.

private equity phd thesis

Second, these firms, while adopting global best practices in the industry, have adapted their business model and practices to the local market needs. In terms of their impact, we found that in most transactions, private equity firms acted as a catalyst for initiating, consolidating, professionalizing, growing and globalizing their portfolio companies, and in doing so, they increased their competitiveness and expanded their operations in regional and global markets.

Description Thesis Ph. Date issued Department Massachusetts Institute of Technology. Publisher Massachusetts Institute of Technology. Keywords Urban Studies and Planning. Collections Urban Studies and Planning - Ph. Urban Studies and Planning - Ph. Search DSpace. This Collection.Witney, Simon The corporate governance of private equity-backed companies.

This thesis looks inside that black box and, by studying the corporate governance arrangements in a unique sample of predominantly small and mid-size UK private equity-backed companies, proposes a theory to explain them.

In this thesis, I explain the structure of the typical private equity-backed company and conclude that — although there is no separation of ownership and control in the sense that the shareholders lack economic incentives and wherewithal to intervene — agency problems do need to be solved by private ordering, and I describe how that is achieved in practice.

However, I also describe two parallel functions of the decision-making structures that are established: to ensure that the company makes better, and more legitimate, decisions; and to protect the specific and separate interests of the investor. I then explore how well these three objectives can be achieved within the framework set by UK company law, and the ways in which the actors adopt or vary default rules, and seek to contract around apparently mandatory rules, in order to accommodate their multiple objectives.

In the final part of this thesis, I describe the evidence that private equity-backed companies outperform their peers, and consider existing empirical research that seeks to explain that outperformance. I argue that the corporate governance systems are a significant explanatory factor and that, by re-conceptualising private equity corporate governance in the way that I have suggested, we can adopt alternative academic frameworks to better understand the drivers of that outperformance.

Finally, I draw out lessons for policy-makers and practitioners and suggest avenues for future research. The corporate governance of private equity-backed companies. Identification Number: Download statistics. Downloads Downloads per month over past year. The corporate governance of private equity-backed companies Witney, Simon The corporate governance of private equity-backed companies. Kershaw, David and Gerner-Beuerle, Carsten.Example: "This is a description of my new script" imports optional A list of valid library identifiers.

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private equity phd thesis

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