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Inside Private Equity

The Professional Investor’s Handbook

Inside Private Equity was written with the limited partner in mind and is meant as both an introductory and a somewhat advanced text, with a particular emphasis on measurement. This text is a handbook, not an academic treatise on samples of industry data.

We take the approach that you should be able to use the techniques here, explained with simple examples, on your portfolio of assets. We begin at the beginning, providing a brief history, general background and jargon and then introduce standard industry measurements such as multiples and the IRR. One of the most important ideas we discuss is that a portfolio of private assets is much more than the sum of its parts. There are, for example, diversification effects that begin to occur when a portfolio reaches a certain size and composition. We provide means to approach how to measure aspects of fund and portfolio characteristics, such as concentration of wealth and performance attribution.

As a bonus, our good friend Tom Judge, formerly of AT&T Investment Management, provided some guidance, historical context and a few timeless articles that should be of interest to everyone involved in the business of private equity.