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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor Of Finance  University of Colorado, Colorado Springs¡™P™ªSAóŸ @Private Equity  Broadly Defined¡!!(Ÿ¨žTechnically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡¼ZZZ$ZZ(Z Z Z$(   óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨7The Basic Value Creation Formula Two Fundamental Ideas ¡86 Ÿ¨ÿRefocuses acquired businesses resulting in lower costs and improved efficiency. 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Most likely a combination of both¡zµ’" Z%’" Z&“" ZŸ%"ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¡“" êrî4õXÊ4ùD Å1è·é(€àà€ ò`/È 0ÒÕ˜·DArialNew RomanL©L©dm�Ô–—T0Ô–Õ"·DTimes New RomanL© þÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿþÿÕÍÕœ.“—+,ù®0Xˆ�¨ÄÌÔÜ ä ìô ü   ÒäOn-screen ShowBraddock FinancialBðH\ ArialTimes New Roman WingdingsDefault DesignMicrosoft Equation 3.0Microsoft Office Excel ChartPrivate Equity An Overview!Private Equity – Broadly Defined(Private Equity – Categories and PlayersThe Private Equity MarketSlide 5.Traditional Private Equity – Primary Activity4The Basic Value Creation Formula Fundamental Ideas 9The Basic Value Creation Formula Debt can increase Value9The Basic Value Creation Formula Debt can inö_À‘ãðôCmaxamCmaxamcrease Value<The Basic Value Creation Formula An Example – Carlyle Group Slide 11 Slide 12 Slide 13 Slide 14 Defined¡!!(Ÿ¨žTechnically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. 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Most likely a combination of both¡vµ’" Z%’" Z&ZŸ%"ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¨Dupont Equation ¡ª ó Ÿ vThe Basic Value Creation Formula An Example  Carlyle Group¡<; Ÿ¨Dupont Equation¡ª êîæï €0 VðN ð (ðæð( ð ð(ð~ ð( s ð*€8 ÷¿ÿˆð0 `ðà  ÷ ð žð” ð( s ð*€à÷¿ÿˆð p`Ððà ÷ ð"ž¦ø€p`Ppð ² ð(0 ã ðTA �ƒ†A¿ÀÅAÿ ?ðÀ À€P ðÁ à ØðRB ð(€ s ð*D¿ÀÑÿð0 Àppð"¢ ð( ƒ ð0€EØ¿�ƒ¿Àÿð  4 🠀Leverage  Debt as % of Assets èð Equity èð Multiplier èð ROE ¡&A 2!€ðRB ð(€ s ð*D¿ÀÑÿðÐ��`ðRB ð ( s ð*D¿ÀÑÿð�° ° ðRB ð (€ s ð*D¿ÀÑÿð`@@ ðRB ð (€ s ð*D¿ÀÑÿð`°° ðH ð( ƒ ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ8Š0º___PPT10‹ë.G‹Ç^‹YxœíXMhSAžÝ—Ôæõ'Mšš6T|jÄŠ÷Š9¤ÐCIRéѯ˜’4­/mÈ-ñP/zhыЋŃࡇ"‚‚P=x졞õP�^jMœÙ}ÛÆË‹J%óøòæÍÎÎìîÌÎ.ùüÉ·õìUè+ÔÑ Ð Rõ@[�Œ!¸úèpÙ²JµZ%‘†¨¶èDÑ/Då¸Ñ¢c£8äðɃ˜Á÷}(Ö—‚Cé4¸ÿØóNúTê9¥fý5�dÿGªÿ|Cžë²y´V·ôníCìÑ{æ¦û`‰ÀÌC =§q38ލýµ¦ÿžHÍοq•IžA 2Ž<5&ýüû›ç¶ÿ[¸ò&X0,çԜъÓtš‰ÿm—|«qÓžTg…æÈ}Ú¢ÿ›Ô�Žö.¥íMÿv„(Ç:�ˆ.D7 â >;O”Ó}@5 ØÊŸC*öª†¨;~hà%6\Ô†™ éœ2eI´R¦x¸â8c6Ç8šÜ5ÖoË:öõ:ùM׺Aðb›BvÍ¢LZGî5¢dìh2ãH§ÆSù{Éâ,ém‘“»\ö{ÜTËÉv€ßt׋\—GÉ^èJÖ×­d_¼J6T2÷€’ŒAä~òREzy,fçâГLgMˈš#žË¦ð¼zþ£p a ïÂS+rUxÐ`¬ƒ*pÌþ}çQw7íuYß €¯ú/A¢…fF² žê«r>‡¡6¨×Ñ­ ö楽&Úÿ{Õ£~`!ð×¶¼Qã!¼�´Ó j†€à˜G/ÕþxÚ¥T;KAž™õ•óÏ !ŠœB "ê)šN¬£à,�pâëTP é‚‚†T6‚…ÀÞÂ" …½ÁÞFTŒû¸=“uaÂ7_¾™ïfwïlŠøäA¬jÒˆ=„T($İÇÕûººg™.“£Þšfˆ@Aˆ!ÈóŽfj&»† ^ãi ‘Ü[�Oï8\uœ}%U!V�T½C4)Q+G¤¹»Z͵šÛjîÊÔÜu»æ0ÒÉÑe>”Ë J/‚àüšëìZÓNÊšÝv“[`]<¥úxXös*ѺSσò9GŒ%zé¥Ñ´ÎSb+†ã™çØe;¹m;J±ƒ¡p©b#¨OQÎäØmm¹Æcâ_š1ÐŒv:åTaV³Î¥ÝåíM€QËøÈ¼šßÌJò ‹f^�ˆãq�·©¼Ü¹§Ê‡|ŸþFÑaÑ÷™¨RyÞ»9.꛳°�D†È Y“¸¢Ùa l¼QÖcŸÑC¥0¿ý¯8JšË–^fÿ`ðWÓ"Cû߆%q4·ÊoÌþ¤Qq¢†·ï†|«å+êÌCâëÁW^~�¨g.½»ç¸ç+*»!' „àüÝ„ò»Ådý'‹Ù2nðÏóÞˆOçKúÛq£ræÿ‰PNG  IHDR$…}¬DsRGB®Îé pHYs›@¨6¦cIDATx^í]?rÛ>¥¿“È“&…ïiÒ(“Ö7°šÌ¯•'gÈX­'�|·™¨ÉH¹CŠ4ë&þð‡±K‚’ÌÇ&‘¸X,ö=_‡ù¸dûðáCþŠ&QÃïß¿'æÔÚÛ'‰VÿëSe�HGdKÇ –@  [/øP¤#²¥cK Ð �  ̘Íà –ºEquation ºEquation.30º,Microsoft Equation 3.0̘Íà –ºEquation ºEquation.30º,Microsoft Equation 3.0̘ÍÖºEquation ºEquation.30º,Microsoft Equation 3.0̘Íà –ºEquation ºEquation.30º,Microsoft Equation 3.0ò¬/È 0ÒÕä·DArialngsRomanL©L©¬zËÔ–—T0Ô–Õ"·DTimes New RomanL©L©¬zËÔ–—T0Ô–Õ ·DWingdingsRomanL©L©¬zËÔ–—T0Ô–Õ¤€@ÿÿ¥ .©  @£nÿý?" dÿd@ÿÿïÿÿÿÿÿÿ  @@``€€ ðøð� @>      oðbð$gµeÄ]ææ }jç°e'ÿx[bð$‚RtáÛÈ–³$�_y~ótÿänx[2ð$`¨ÜáŸÝe¼¬pÛLï£}ÿJ\Ê2ð$ .`Ý6x�½V8:K�ÿ!¦Ì2ð$R yM,4ì�qi ” \ÿ1ÇÎ2ð$×¶¼Qã!¼�´Ó jÿøÐƒ ð0�ƒ†A¿ÀÅAÿ@ñ÷ðó€Ð©º“°öÊš;­”ÇÊš;úgþý4UdUdP}Ëì–—T0ªÿÿÿªÿÿÿpûppû@ <ý4dddd—œ!0L©ˆzËÿ ˆ®Š0º___PPT10‹ ÀÀŠnº___PPT9‹P®H¯¬0€ÿÿ€ÿÿ?Ù Ú %OÙ Ú =ðÎ óŸ¨Private Equity An OverviewŸ 0Clark L. Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor Of Finance  University of Colorado, Colorado Springs¡™P™ªSAóŸ @Private Equity  Broadly Defined¡!!(Ÿ¨žTechnically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡¼ZZZ$ZZ(Z Z Z$(   óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨7The Basic Value Creation Formula Two Fundamental Ideas ¡86 Ÿ¨Refocuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Most likely a combination of both¡vµ’" PC’" P&PŸC"ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¨Dupont Equation ¡ª óŸ¨8The Basic Value Creation Formula Debt can increase Value¡98 ó Ÿ vThe Basic Value Creation Formula An Example  Carlyle Group¡<; Ÿ¡êî:ï €0 ªð¢�ð$ð:ð( ð ð$ðr ð$ S ð€ ó�¿ÿð`ððpðà  � ð žðˆ ð$ S ð€ˆ÷¿ÿðð0ðà � ð"ž¦ø€p`PpðH ð$ ƒ ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ8Š0º___PPT10‹ë.G‹Ç^‹îæï €0 VðN ð (ðæð( ð ð(ð~ ð( s ð*€8 ÷¿ÿˆð0 `ðà  ÷ ð žð” ð( s ð*€à÷¿ÿˆð p`Ððà ÷ ð"ž¦ø€p`Ppð ² ð(0 ã ðTA �ƒ†A¿ÀÅAÿ ?ðÐÀ€` ðÁ à ØðRB ð(€ s ð*D¿ÀÑÿð0 Àppð"¢ ð( ƒ ð0€EØ¿�ƒ¿Àÿð  4 🠀Leverage  Debt as % of Assets èð Equity èð Multiplier èð ROE ¡&A 2!€ðRB ð(€ s ð*D¿ÀÑÿðÐ��`ðRB ð ( s ð*D¿ÀÑÿð�° ° ðRB ð (€ s ð*D¿ÀÑÿð`@@ ðRB ð (€ s ð*D¿ÀÑÿð`°° ðH ð( ƒ ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ8Š0º___PPT10‹ë.G‹Ç^‹îyï €0 éðáÐð4ðyð( ð ð4ð~ ð4 s ð*€¨%Ø¿ÿˆð0 `ðà  Ø ð žð¦² ð40 ó ðZA ?�ƒ†A¿ÀÅAÿ ?ð€ÐD ðÁ à Ëð ² ð40 ã ðTA �ƒ†A¿ÀÅAÿ ?ðP €P1 ðÁ à bðî¢ ð4 ƒ ð0€sË¿�ƒ¿ÀÿðP�” ðŽŸ¨^Consider a company that takes on debt at a cost of $3 in Net Income, but changes NOTHING ELSE.¡_ 2_ðÇ¢ ð4 ƒ ð0€TŸØ¿�ƒ¿Àÿð�pÐw ðgŸ¨7Could drop NI to 4.8 and still match the previous ROE!!¡8 28ð ² ð40 ã ðTA  �ƒ†A¿ÀÅAÿ ?ð� P€†ðÁ  à ØðH ð4 ƒ ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ8Š0º___PPT10‹ë.G‹Ç^‹îFï €0 ¶ð®°ð,ðFð( ð ð,ðx ð, c ð$€ü÷¿ÿˆð`ððpðà  ÷ ð žðŽ ð, c ð$€ä ÷¿ÿˆðð0ðà ÷ ð"ž¦ø€p`PpðH ð, ƒ ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ8Š0º___PPT10‹ë.G‹Ç^‹QxœíX=LSQ>÷¾éã§´ ƪÄÄø⎱CIhI[ £5yÆ’–‚¯ÐtkR》D�ƒ‰1&š˜ ƒ#Î:�Dê9÷§Ô—Jªƒíi>³úî¹çžµ÷ß=ß9°¨áý;ßÖ£g¡�µ¦+¸¿À~Õ³¾³Ü6³ÕïÐàR¶ýÂᵪç«-9¸é’€<~ †(Ìà÷m(9©p¨w-çŽùöu9=Zï»Þ1±‘¸÷š¹i ˆ…9˜‡4îœÁsÌà9bj´Vû‡�ÿÀ¹fÎÜ‹¸¨ÈÌ Ù¦vj,æoìïG”ÎÕþxóØ0,>ÍK?pF7®k¯Ùu×\ò›j÷[ÝùiL©9¦æZòoËŸ¬ÿò«µ7ñVýÿUõ¯Ï­û@«þÿ/a‚ƒT»D ªM�ÿv„ˆãˆND¢áñ >Åqº¨'[ü92¢s¯{W="4ð'.šC&&'¦,‰YbЇk�3¦4Æ1„Ð.±~eë¨ùuò«®õ0uÀ³m^©žELZGí9¢Ø1$ãȧÆÓ…[©Ò,6émÁÉ].W€:7õrŠàÀ7]¤õ¢ÖåѶ'¦¶õukÛ¯¶�µÍ= mÅð 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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor Of Finance  University of Colorado, Colorado Springs¡™P™ªSAóŸ @Private Equity  Broadly Defined¡!!(Ÿ¨žTechnically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡¼ZZZ$ZZ(Z Z Z$(   óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨7The Basic Value Creation Formula Two Fundamental Ideas ¡86 Ÿ¨Refocuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). 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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado Springs¡©P©ªSQóŸ @Private Equity  Broadly Defined¡!!(Ÿ¨žTechnically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. 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Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡ÔZZZ$ZZ(Z Z Z$    ó Ÿ¨The Private Equity MarketŸª óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨3The Basic Value Creation Formula Fundamental Ideas ¡42 Ÿ @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley ¡œ¶’" C’" “" &’"  C&  ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¨Dupont Equation ¡ª óŸ¨8The Basic Value Creation Formula Debt can increase Value¡98 ó Ÿ vThe Basic Value Creation Formula An Example  Carlyle Group¡<<Ÿ¨Leveraged Buyout¡ó Ÿª Ÿª ó Ÿª Ÿª óŸª Ÿª ó Ÿª Ÿª óó Ÿª Ÿ FPE as a new Model of General Management (Jensen)  Governance Driven Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. 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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado Springs¡©P©ªSQóŸ @Private Equity  Broadly Defined¡!!(Ÿ¨žTechnically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡ÔZZZ$ZZ(Z Z Z$    ó Ÿ¨The Private Equity MarketŸª óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨3The Basic Value Creation Formula Fundamental Ideas ¡42 Ÿ @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley ¡œ¶’" C’" “" &’"  C&  ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¨Dupont Equation ¡ª óŸ¨8The Basic Value Creation Formula Debt can increase Value¡98 ó Ÿ vThe Basic Value Creation Formula An Example  Carlyle Group¡<<Ÿ¨Leveraged Buyout¡ó Ÿª Ÿª ó Ÿª Ÿª óŸª Ÿª ó Ÿª Ÿª óó Ÿª Ÿ FPE as a new Model of General Management (Jensen)  Governance Driven Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. 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Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡ÔZZZ$ZZ(Z Z Z$    ó Ÿ¨The Private Equity MarketŸª óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨3The Basic Value Creation Formula Fundamental Ideas ¡42 Ÿ @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley ¡œ¶’" C’" “" &’"  C&  ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¨Dupont Equation ¡ª óŸ¨8The Basic Value Creation Formula Debt can increase Value¡98 ó Ÿ vThe Basic Value Creation Formula An Example  Carlyle Group¡<<Ÿ¨Leveraged Buyout¡ó Ÿª Ÿª ó Ÿª Ÿª óŸª Ÿª óŸª ó Ÿª Ÿª óó Ÿª Ÿ FPE as a new Model of General Management (Jensen)  Governance Driven Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Hedge funds in the PE business  not a transaction business.¡@EzeEzeóŸª Ÿ p$160B in dry powder èð $750B èð $590B in debt appetite. ¡<7#€€ª$+ êî�ï €0 ðø ðWˆð�ð( ð ðˆðX² ðWˆ ƒ ð0A�ƒ¿Àÿ?ðÀ€p¥ðH ðˆ ƒ ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ8Š0º___PPT10‹ë.�‹ÇP‡»�îÆï €0 ÝðÕ@ð�ðmð( ð ð�ðx ð� c ð$€°Ú%¿ÿˆð `ðà ‹  ð žðµ¢ ð� ƒ ð0€¨—‹ ¿�ƒ¿ÀÿðÀÀ - ðUŸ¨#Private Equity Issues Going Forward¡$ 2$ ðH ð� ƒ ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ‘Љº___PPT10‹ië.W‹Ç k"+Dñ='ñ &ÿÿÿÿ=ñ @Bñ +ûFxœí[ pÇ™þgö¡Õj…FÚÕƒ‡¤aF€+­$~°âep !œÁ Z�‚¤•WW^“rblcðÛçÄØÆŽ_8\W\Ê&²s•8©øŽ‹+—¢’rd;©KŸ-çpå|å ûÿ¿{fš¡�ó%a¦zºç›îÿûûïw÷î¹Í~ú›SÞ�´ë°Á¥Ñlp&a :ÕxÑ»4::J� ÝèõëOêú=ºKŸµׯÏìZQ¼@‡åЋ~ ö¥w—½Š°H–7ž4—Æo¼×Õò_ëëO™ÿZ–?�Ó]b„ŸW$Ç=•ÿ_»ÿ�ï+4¦„l»Ùc° ¶±»®V}(U!FcìOº©µ"¬ÀRäí�>Xƒ:|nBüH”ÁxÒä ë’a´Á ò÷@˜m¿ K¡“mBÈÆ‹"’ùªD~²§ÆŸÿ,tçdØÐ›Òc9ŠC~6ún©³].ºIèò€§�Ï6ð¢ó¡+ªÅèJÐMF7ÝTtÓЕ¢+CWŽNG7]ò\¿>›Ë˰†mç:áàêêc#Γå�§þQ{½IaÛ]72OôrO€Ÿ¨}¦.‚¿s�~ð=þ«düt] Ç•®‰ð—ÑÞ©ÿ¤>¶Äú2§Ä©Ÿ4Ú?½{àz°Úýs¼Œ²W»å±Õ¸é-êI°­³§Ë*ò©§þ³ÜÛ­ëÀµ¤±«±õ´Ü×y³Ù´Çã‡¹Š¨O´Ç)çñ�\•ò»ó<1ðq}Â8ÊXF^kþäÍŸ9ImÆ£ˆ:Iß[AŒCAŒ7 Æ©ý Ʀû@ŒK‡@ŒI�‚¿ž1–ÑHÌ¿´‹1‰ôY wtD·ïÒWtõ†{·w…»ÅÜ¢½<‡eƒä°òË4aG;ÛvF"5‰`m"äàÒ�ᢙ¦Lʹ=ÛÕO±ú™Ö&?™),;O´ÿåì7|ð©ß~²f§öÒ#h¿Y§Ï“ýŽKaô=‚{%ˆ9Ù‘Æò�Ò>qi¯CÒŽ�¥Ù‹Ò,í ï ÷X¿S¬îÚ‹öG;ôå{·Gº™^jñvã<�Ã}Õ<'”ÓAæ%j¿ S}œ.eÏ”˜šV°ÙÜ2^Úܳ4…Mgg×öˆPCg[rG·¤«³³‘«4©æ/Õ�pqá·îJ³)å§Ý6uŘ˜º4$Å«Rh~�YTÄ·‘ÑÔþù°’7áøÓ…#l÷˜’ïå…Š‹xk1…/¹ã:À^ ½Ò~ÉMŽÂU—~ ö2¾¤¾ç…}Ù.ÔÖé€pù›Y?@Ã9± – …OÙÃ\«†PÇ›¶cQ¶�õ6–ǧ»Š`8<7cþ·Â h.mõ6²& lTkpÖ÷†GÜìPyüc~­†—�ê U`sž²¿õðè®C ú{Ð_dzþ0ÎeH¥È†Ìlv,ßâ-¿ÎÈðµJSü껂.:Ú>Š);8íq˜hÚêä´ã´ÁF½ç*tÕÚâ®ËXȆµþÕúëñDiYJ¾o’V׸]Iò•¬1QÞÌÖ(³OÃv†#™†¿¢ª¢"°eö�í•ÆKûì2ût첦¥|¿s]¤csj$?vð¥‰HÕ�T9øN±faqúÓc¥I“QÀÀåòÂçè³|m¯”ÄàŸç篡-˜´fã�I“Ó¥&JK±ª`Q*™Ð-•�UK¢\¼8!¢梥¤Fú1‰Ç¤,„Ô{û7Eúý7ÊgKÔ_fŸÏÑÒÖ¿>6ALz+ÂÝýüêƒçi"â_Ó‹ xtv"¾¾†¹QîÄþáïõyhÃÍÐŽí®Á ¼ØNiµ±Mt#܉í1‚­—âT•Ҵcš2» ^ ùfˆ”x‘”0Ë[ärX®t>Õ“ÆŠ!�pÅÀ/ŽW¯‡¿@\á]�T\ÁúÈñÿ;Ÿ�¯Ê€Ï±Äint‘fiúdeÀë¬ä8°Õ°þÓ2äKKÇeü�t\Í€›ñÉHºEüÜÉñ+hB�S¬�vŸ‡ðì zº Ü“Šç j…‹|UŒÉ—Çȯ+Ï5äìWxŸ ìÙk¼ˆñI¬�ŸðÂB(ÔÇâÝ × ãîž›�“Æ›Ž�‰ßZqwªž~±@J‰o7x)vž?;Cü1òqi–ÌkÆo�»xNÆò²¶ZÈ:¾šq ~Tµƒ·�’Ÿw²_·³ï�g±ï‹g³_w±� !ö‹âŽÑƒ¨ÃßÑjAuÊ%!E´üÄú*V}„Ô’ŽSY“„±M8©Ø)d/ÆÌŠÉš¯á|û5|ñŸUàÜA½úÈ:Öß9B{ª¤’˜˜€L#ÂAÈ¡µÈwP– îÅ™¸†h•å AÙGTÉqµâBc¸P]×ï°Þ [TRt>Љ/¬ßíé�ö&Ö¾ý³ô mzk¬kwx—Nw v ìÓ[#±Îh¬cDôU½‘½zeëòÖU³1«zwGúz"½úÊh¬ën”•{`g,:¸c§X8?˜_4àR~Å`o‡¾~__sU£oŠ¡^=z¯%sÐÖîîÖ— î‹ôc]Yé0Þðks8¶#b¼{èëŽpRä¦DR'íj´-kZ‹J´é7è­z} €)6E±ùk±l#D[·vV žÔ@¿�Ô�~Púô½‹¨e°g[$¦G;uÊQ?šXð äÕ‘»ï÷võFôÊ«gW‰<ÇÂ]ý]½;ômûôæ%kæ'âpr­S;Oš¨%2 ¯�êÍ­n¡�¾ÍÞ�ͦ>kùäg?ëùÙÀÏüläçB¶kM@x5«^Pxu«^ƒð¯QxBJ-JÁ¶µ"Óû"±®hiEj‹ô TëÁ@å¡a§0.p{D+<…�o¡_Ž%5ëí3èŸ@ÿ迃¾›V‘*¶ÅÒTOYšG ¸ÂßÇϧ©kÙîU¸ñت°¢¹/6üÎh�—¯[57èÓìù#@²Œ·7XjâM�¢”oÅæÛqüVŠÆÍO3Ç ØØÙ¡¸‚ÿA�¶XDÓîÐ\f­ÕìÜHé{–föG8”­7Ê1v(] buφñløî“S2J»Vór[¯ÁÎíF‘€Úz®F{7s”¼S¯CÎ$c¼Wß!Oö:ð­và[~ëá¶ÃAœIV¡_Ësʹ6¤ax=¦Õ¡;r¢¤­€˜Â”*ZŠ( Všœ…÷ZÌ´Mîk81lìx�ò[Øl”µåfh† {"*ÌÔt*’ŸC›œLÚ1ù&šeø&!i�F³Î±»^7 ”bÖÁØ"#’m»&²‹ÆÈ^¡ÑØÓ¤Q¿Û€øLÚÃJ\—�*­¿?„Ø…=Åì‡J9EúE)tÍм·ÉXF/OׇP¦•QeV,`a¬Æƒt-aýˆglDâ)׿X °¼Ê•ËqV '6g¶D¢rÓÙ¡¨ÈõèD°™ �ËxÅi €…‹Óù4ß.Cûb�6フί¹Í/yœŽ\riÿ‹Ü‡³£jŸÃ‚½—J{žuiã� õ JÛ­Ú$ÞoõáYÈû¤É埫юòJe)®Þ{`·¸lcl9MÐ�7�¬uñ¹™ØyÙ€­®�[^+ÇÞ-¿Q½ €}ø¶Š[löb¸2­5GRZóBÔŒZñ|³ φYh¡¢a P'ñ»1çˆp{³«y2ߨÑÔÀ&¤!H1 ZR (hB6ª3!»Õ›�ÀLÈi@ L(Ë€MÈe@ %”Ïÿ´e�ªLÐ�kL0'Öš 'M07Ö™à¤Xo‚y °Áµ¸Àó`£ $ÀD޼X+sáVd“åððëW¶?Ü"Dˉ¾›Ý?­¸™Q*oþ/Ï"FD¡œ¼õ�»}Ô3"ʤ“¯jFI’ýŒ8ršg2’•�sr#®û³•Œd'IžÃˆ(‹•”èÖ*FDAé:-Q /¬=SvP ¢¾Kê¼>�‘ûvVQ ÂøÄÝ÷ªH%,�B.¬mˆ0û�ã5Y ÂæïÕ…¹Œx“lXŠðÈp‹ê¯ÓÀS-eê‘Ë« >; �Ãùl�öÂ_üèÇ«·µ.ÞÂøÆçòóóŒÄK˜IÓwp)÷â—×ìVšÕP€|íxSU©Åþ‚j\#ú^À»?+±¡ñ9Œý õ·Éq»�OÅèÂ……ãçP§.ý0î ±ä7ý<ب*¼GO“‹fN7À2þðKIò�ÕÉèèØSée«Z6Ð OFjøëï}|9™Æi_²üë×_ÞEÓ|œTË™‘Šõw£¶Ó|GXÛÚßÈ^æ=O �îôN©¾¯Ñè#Þ ¨$ñnÃ~ñë9yb6 ûß ~RæR5v‰J¨ä1¦X`ªfc¬=³3æ30�0‡EZ§–e�¹,°l Ìm�åX` ýr-âM²ˆ—gO³Àò-° Ìk�ù,°B ¬ˆ±e)ú§ê¬Vb‘v²6Å›j�M³ÀJ-°2 ¬< ;+çn%hÙÄíÄIÄl ýrÚçºÒZü,© #ÓíF¡E\�S…–£8»ZÀKËrHÞ~°«^Þ<¦´I"²;-òYy20Vcj{Y8¦‰ ŒWù7T.Û”ãO‡‚0”ý^H„Ý÷Vùˆ?xwê,V+éÊØ ej…26¡Ì??�Êè?—”ùõK¬Ì"n²Å0‘�.â·[òÛ þ à· þ;N ü$ó·gþîJ!e×LÍåÃùR0öÏP4›ê 9 cwM �ð>›¢:1ìD%IE‡¡b�PÑ!TôsyÅYÅû�°ŠEÜ[M†ô}ºWaЪd (/<ÂçÖCÔŽ|ü,!äÔ³!Ìò:M^§Á[/x�´2eèMÛ»!\©Åõ!â§“!u?�X³«ö âh´ÚÝú=‡Ñ3άÇ•¬²Ô“Õ³¾°.¬nÁ:´³¹ó´Ê’Y°Ú¿Â¬y<8Ms¿–s˜ ˆ ï§g€©_àÌ>" s$a.†ˆPncލL¨š·—='Ûõ“S!yc˜Hi1 õz(„Ï~†â!êæËB¤“Ôc’ÊžÎ#²Yòe$ 51éÛχÜÜ¿çZö–¹ˆBd•+„t“�¸—„ÀP�2‰…LÃ;UÈ$Sˆìf& !+IÈð¯†I“�J!y4É3…ÈŽ O–5ÈÐ2ç9)DË D3…ÈV­ !#¤Éñ/±�­‡¥�ü BòM!²‘æ !œ�v!ä RM(Ê-„˜Bd‹+B<\:óYÈc¥š�èB¼¦Ù~¼BÈÅ¿¥ì(,¤îˆBƒx^Š.BˆÏ"›ƒO9GBà…_��3H!…l“ò$1BH¡!¤VÖðB!äSof!ß~žkx=OŠüp•gg±ÍÑ”¡<Íœt‹~‰æU3!íÅ®–àn€±ç$vUÇo*Ì‚Ì'&4O)ƾb,%å’¦m3V>š‹ÃÁ†Px>†)UIÆT4±Ãé}óS¡yØzþ*T ç‹V4‰T“3¦š"¸Z™kk¹Þ;Ó¨ˆTS2¦š*¸Ö3W¨¹Žî½M©¦fL5Mpmd®qý¬y@¦šf™Š†qš`V‚qnõ*VéR´<òÂmÈ;¤ ‡„„ÒŒh::Œ/’PÆ?a€øJÒaíW¥mË2J(7t¨5$”KV §ÿégRB¹¥„ŸÂ2Ø…}a·º6cøAˆÃ³°v£ÛƒÏ Âò1÷íÐ æ½ošFëSëéËÚr€r¡v¹Ð¥šÐ»zä ÔI,oŽaqŽ7ãÍÇxKC¸ðãnέ‡9¦sUÌ£›†\É÷ûð:¡#ßÞN¡IoŸØ©·°�<ý†}¤’0ÈIœ;%.ÜœŽÚ¿CƧ¿3ñœdÑð}rFèÈ÷°+vÅ8*nÁeÁe5>¿£ÐBmˆÃ£ }]¬ m´±�æ€×”"xstÚ6 Ž!ÂÇiXVS°Ç)àÙhþVBf”~`êwU§yP —ùv–"$$–ùy�zšwœçÕÉ'vZÊI_~ÊÙ^AJL/ý…‹ì3æL¯²³Oуï^?Ó»vgzÿ†69=�s7ï8Îô&*»à²gzôî¥XÎsq^Õ�v¦Gˆø*í ã¨öÅÿ“3½¼ëgz²´‡` ÿí~ÏÎô~€q�(í|óL/»híÏðLOœ ‰“ ²âŠÿaòïÌ}t»p·àRçe^9‡’Ê¢”�")¶ˆÆ7õC^Ö/€ä_f|VÇ#b„p)Æï=€û,®æÑ/7‚ÁÇ#ûé4§ý;�ïzB†÷9ݳÏ×­>Þóò¯¼°žø%ìþ_ÒºÉ }ˆ•|pEsÒeØÇ- sSeüvOÇnaìf|÷Üô†»ù/¼ðÄ�ý‡›qz}öÎwÞï?ÚC鲤A|EÓ©‹�tÆÿŽ(ÞztèÞWÄo?þÝZEšsëošÈ½/1ÊGsšE�ÿß‘ãø8Kʦý{…+“¸�ÿQø¿dG{ŸM8óE8ÿ½ÒÿŠþT3ðNr)70¢\v¾C> :ÿI"Þãbð$ˆuû/àA«‘ ” Ýÿn"'bð$Ãp¨¹¶îNãra³AFÿ! c"ð$g.“ûVO™×SÑù’b0ÿv *eð$ÿbð$WežZL™(åÑ Oh†_òÿ¿UYjbð$]• ÒÑ­NIVUCïœWÿŠN o"ð$Ñ�TU™ÄmA?׈{Y ÿ° ©^bð$yz¢Ñe·¼ùŽÚG+пãÿxJ1ƒ ð0�ƒ†A¿ÀÅAÿ@ñ÷ðó€Ðͺ“°öÊš;­”ÇÊš;úgþý4CdCdts ì–—T0 ÿÿÿ þÿÿpûppû@ <ý4dddd—œ!0L©¼{ ÿ ˆÒŠ0º___PPT10‹ ÀÀŠ’º___PPT9‹t®l¯¬T€ÿÿ€ÿÿ€ÿÿ€ÿÿ?Ù Ú %OÙ Ú =ðóŸ¨Private Equity An OverviewŸ PClark L. Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado Springs¡©P©ªSQóŸ @Private Equity  Broadly Defined¡!!(Ÿ¨žTechnically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡ÔZZZ$ZZ(Z Z Z$    ó Ÿ¨The Private Equity MarketŸª óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨3The Basic Value Creation Formula Fundamental Ideas ¡42 Ÿ @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley ¡œ¶’" C’" “" &’"  C&  ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¨Dupont Equation ¡ª óŸ¨8The Basic Value Creation Formula Debt can increase Value¡98 ó Ÿ vThe Basic Value Creation Formula An Example  Carlyle Group¡<<Ÿ¨Leveraged Buyout¡ó Ÿª Ÿª ó Ÿª Ÿª óŸª Ÿª óŸª ó Ÿª Ÿª óó Ÿª Ÿ  PE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Hedge funds in the PE business  not a transaction business.¡@2ze2zeóŸª Ÿ "$160B in dry powder èð $750B èð $590B in debt appetite. Banking capacity is finite and already extended. Rising rates Regulatory limits Pricing ¡f6Y"€Y€€€êîÀï €0 ×ðÏPðTðgð( ð ðTðr ðT S ð€€7ë ¿ÿðÐ `ãðà ë  ð žðµ¢ ðT ƒ ð0€ÀÀë ¿�ƒ¿ÀÿðÀÀ - ðUŸ¨#Private Equity Issues Going Forward¡$ 2$ ðH ðT ƒ ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ‘Љº___PPT10‹ië.W‹Ç k"+Dñ='ñ &ÿÿÿÿ=ñ @Bñ +îÆï €0 ÝðÕ@ð�ðmð( ð ð�ðx ð� c ð$€°Ú%¿ÿˆð `ðà ‹  ð žðµ¢ ð� ƒ ð0€¨—‹ ¿�ƒ¿ÀÿðÀÀ - ðUŸ¨#Private Equity Issues Going Forward¡$ 2$ ðH ð� ƒ ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ‘Љº___PPT10‹ië.W‹Ç k"+Dñ='ñ &ÿÿÿÿ=ñ @Bñ +ûFxœí[ pÇ™þgö¡Õj…FÚÕƒ‡¤aF€+­$~°âep !œÁ Z�‚¤•WW^“rblcðÛçÄØÆŽ_8\W\Ê&²s•8©øŽ‹+—¢’rd;©KŸ-çpå|å ûÿ¿{fš¡�ó%a¦zºç›îÿûûïw÷î¹Í~ú›SÞ�´ë°Á¥Ñlp&a :ÕxÑ»4::J� ÝèõëOêú=ºKŸµׯÏìZQ¼@‡åЋ~ ö¥w—½Š°H–7ž4—Æo¼×Õò_ëëO™ÿZ–?�Ó]b„ŸW$Ç=•ÿ_»ÿ�ï+4¦„l»Ùc° ¶±»®V}(U!FcìOº©µ"¬ÀRäí�>Xƒ:|nBüH”ÁxÒä ë’a´Á ò÷@˜m¿ K¡“mBÈÆ‹"’ùªD~²§ÆŸÿ,tçdØÐ›Òc9ŠC~6ún©³].ºIèò€§�Ï6ð¢ó¡+ªÅèJÐMF7ÝTtÓЕ¢+CWŽNG7]ò\¿>›Ë˰†mç:áàêêc#Γå�§þQ{½IaÛ]72OôrO€Ÿ¨}¦.‚¿s�~ð=þ«düt] Ç•®‰ð—ÑÞ©ÿ¤>¶Äú2§Ä©Ÿ4Ú?½{àz°Úýs¼Œ²W»å±Õ¸é-êI°­³§Ë*ò©§þ³ÜÛ­ëÀµ¤±«±õ´Ü×y³Ù´Çã‡¹Š¨O´Ç)çñ�\•ò»ó<1ðq}Â8ÊXF^kþäÍŸ9ImÆ£ˆ:Iß[AŒCAŒ7 Æ©ý Ʀû@ŒK‡@ŒI�‚¿ž1–ÑHÌ¿´‹1‰ôY wtD·ïÒWtõ†{·w…»ÅÜ¢½<‡eƒä°òË4aG;ÛvF"5‰`m"äàÒ�ᢙ¦Lʹ=ÛÕO±ú™Ö&?™),;O´ÿåì7|ð©ß~²f§öÒ#h¿Y§Ï“ýŽKaô=‚{%ˆ9Ù‘Æò�Ò>qi¯CÒŽ�¥Ù‹Ò,í ï ÷X¿S¬îÚ‹öG;ôå{·Gº™^jñvã<�Ã}Õ<'”ÓAæ%j¿ S}œ.eÏ”˜šV°ÙÜ2^Úܳ4…Mgg×öˆPCg[rG·¤«³³‘«4©æ/Õ�pqá·îJ³)å§Ý6uŘ˜º4$Å«Rh~�YTÄ·‘ÑÔþù°’7áøÓ…#l÷˜’ïå…Š‹xk1…/¹ã:À^ ½Ò~ÉMŽÂU—~ ö2¾¤¾ç…}Ù.ÔÖé€pù›Y?@Ã9± – …OÙÃ\«†PÇ›¶cQ¶�õ6–ǧ»Š`8<7cþ·Â h.mõ6²& lTkpÖ÷†GÜìPyüc~­†—�ê U`sž²¿õðè®C ú{Ð_dzþ0ÎeH¥È†Ìlv,ßâ-¿ÎÈðµJSü껂.:Ú>Š);8íq˜hÚêä´ã´ÁF½ç*tÕÚâ®ËXȆµþÕúëñDiYJ¾o’V׸]Iò•¬1QÞÌÖ(³OÃv†#™†¿¢ª¢"°eö�í•ÆKûì2ût첦¥|¿s]¤csj$?vð¥‰HÕ�T9øN±faqúÓc¥I“QÀÀåòÂçè³|m¯”ÄàŸç篡-˜´fã�I“Ó¥&JK±ª`Q*™Ð-•�UK¢\¼8!¢梥¤Fú1‰Ç¤,„Ô{û7Eúý7ÊgKÔ_fŸÏÑÒÖ¿>6ALz+ÂÝýüêƒçi"â_Ó‹ xtv"¾¾†¹QîÄþáïõyhÃÍÐŽí®Á ¼ØNiµ±Mt#܉í1‚­—âT•Ҵcš2» ^ ùfˆ”x‘”0Ë[ärX®t>Õ“ÆŠ!�pÅÀ/ŽW¯‡¿@\á]�T\ÁúÈñÿ;Ÿ�¯Ê€Ï±Äint‘fiúdeÀë¬ä8°Õ°þÓ2äKKÇeü�t\Í€›ñÉHºEüÜÉñ+hB�S¬�vŸ‡ðì zº Ü“Šç j…‹|UŒÉ—Çȯ+Ï5äìWxŸ ìÙk¼ˆñI¬�ŸðÂB(ÔÇâÝ × ãîž›�“Æ›Ž�‰ßZqwªž~±@J‰o7x)vž?;Cü1òqi–ÌkÆo�»xNÆò²¶ZÈ:¾šq ~Tµƒ·�’Ÿw²_·³ï�g±ï‹g³_w±� !ö‹âŽÑƒ¨ÃßÑjAuÊ%!E´üÄú*V}„Ô’ŽSY“„±M8©Ø)d/ÆÌŠÉš¯á|û5|ñŸUàÜA½úÈ:Öß9B{ª¤’˜˜€L#ÂAÈ¡µÈwP– îÅ™¸†h•å AÙGTÉqµâBc¸P]×ï°Þ [TRt>Љ/¬ßíé�ö&Ö¾ý³ô mzk¬kwx—Nw v ìÓ[#±Îh¬cDôU½‘½zeëòÖU³1«zwGúz"½úÊh¬ën”•{`g,:¸c§X8?˜_4àR~Å`o‡¾~__sU£oŠ¡^=z¯%sÐÖîîÖ— î‹ôc]Yé0Þðks8¶#b¼{èëŽpRä¦DR'íj´-kZ‹J´é7è­z} €)6E±ùk±l#D[·vV žÔ@¿�Ô�~Púô½‹¨e°g[$¦G;uÊQ?šXð äÕ‘»ï÷võFôÊ«gW‰<ÇÂ]ý]½;ômûôæ%kæ'âpr­S;Oš¨%2 ¯�êÍ­n¡�¾ÍÞ�ͦ>kùäg?ëùÙÀÏüläçB¶kM@x5«^Pxu«^ƒð¯QxBJ-JÁ¶µ"Óû"±®hiEj‹ô TëÁ@å¡a§0.p{D+<…�o¡_Ž%5ëí3èŸ@ÿ迃¾›V‘*¶ÅÒTOYšG ¸ÂßÇϧ©kÙîU¸ñت°¢¹/6üÎh�—¯[57èÓìù#@²Œ·7XjâM�¢”oÅæÛqüVŠÆÍO3Ç ØØÙ¡¸‚ÿA�¶XDÓîÐ\f­ÕìÜHé{–föG8”­7Ê1v(] buφñløî“S2J»Vór[¯ÁÎíF‘€Úz®F{7s”¼S¯CÎ$c¼Wß!Oö:ð­và[~ëá¶ÃAœIV¡_Ësʹ6¤ax=¦Õ¡;r¢¤­€˜Â”*ZŠ( Všœ…÷ZÌ´Mîk81lìx�ò[Øl”µåfh† {"*ÌÔt*’ŸC›œLÚ1ù&šeø&!i�F³Î±»^7 ”bÖÁØ"#’m»&²‹ÆÈ^¡ÑØÓ¤Q¿Û€øLÚÃJ\—�*­¿?„Ø…=Åì‡J9EúE)tÍм·ÉXF/OׇP¦•QeV,`a¬Æƒt-aýˆglDâ)׿X °¼Ê•ËqV '6g¶D¢rÓÙ¡¨ÈõèD°™ �ËxÅi €…‹Óù4ß.Cûb�6フί¹Í/yœŽ\riÿ‹Ü‡³£jŸÃ‚½—J{žuiã� õ JÛ­Ú$ÞoõáYÈû¤É埫юòJe)®Þ{`·¸lcl9MÐ�7�¬uñ¹™ØyÙ€­®�[^+ÇÞ-¿Q½ €}ø¶Š[löb¸2­5GRZóBÔŒZñ|³ φYh¡¢a P'ñ»1çˆp{³«y2ߨÑÔÀ&¤!H1 ZR (hB6ª3!»Õ›�ÀLÈi@ L(Ë€MÈe@ %”Ïÿ´e�ªLÐ�kL0'Öš 'M07Ö™à¤Xo‚y °Áµ¸Àó`£ $ÀD޼X+sáVd“åððëW¶?Ü"Dˉ¾›Ý?­¸™Q*oþ/Ï"FD¡œ¼õ�»}Ô3"ʤ“¯jFI’ýŒ8ršg2’•�sr#®û³•Œd'IžÃˆ(‹•”èÖ*FDAé:-Q /¬=SvP ¢¾Kê¼>�‘ûvVQ ÂøÄÝ÷ªH%,�B.¬mˆ0û�ã5Y ÂæïÕ…¹Œx“lXŠðÈp‹ê¯ÓÀS-eê‘Ë« >; 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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado Springs¡©P©ªSQóŸ @Private Equity  Broadly Defined¡!!(Ÿ¨žTechnically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡ÔZZZ$ZZ(Z Z Z$    ó Ÿ¨The Private Equity MarketŸª óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨3The Basic Value Creation Formula Fundamental Ideas ¡42 Ÿ @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley ¡œ¶’" C’" “" &’"  C&  ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¨Dupont Equation ¡ª óŸ¨8The Basic Value Creation Formula Debt can increase Value¡98 ó Ÿ vThe Basic Value Creation Formula An Example  Carlyle Group¡<<Ÿ¨Leveraged Buyout¡ó Ÿª Ÿª ó Ÿª Ÿª óŸª Ÿª óŸª ó Ÿª Ÿª óó Ÿª Ÿ  PE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Hedge funds in the PE business  not a transaction business.¡@2ze2zeóŸª Ÿ "$160B in dry powder èð $750B èð $590B in debt appetite. Banking capacity is finite and already extended. 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Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡ÔZZZ$ZZ(Z Z Z$    ó Ÿ¨The Private Equity MarketŸª óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨3The Basic Value Creation Formula Fundamental Ideas ¡42 Ÿ @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley ¡œ¶’" C’" “" &’"  C&  ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¨Dupont Equation ¡ª óŸ¨8The Basic Value Creation Formula Debt can increase Value¡98 ó Ÿ vThe Basic Value Creation Formula An Example  Carlyle Group¡<<Ÿ¨Leveraged Buyout¡ó Ÿª Ÿª ó Ÿª Ÿª óŸª Ÿª óŸª ó Ÿª Ÿª óó Ÿª Ÿ bPE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Fee Structures not tied to exit Hedge funds in the PE business  not a transaction business.¡@2z†2z†óŸª Ÿ "$160B in dry powder èð $750B èð $590B in debt appetite. Banking capacity is finite and already extended. 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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado Springs¡©P©ªSQóŸ @Private Equity  Broadly Defined¡!!(Ÿ¨žTechnically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡ÔZZZ$ZZ(Z Z Z$    ó Ÿ¨The Private Equity MarketŸª óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨3The Basic Value Creation Formula Fundamental Ideas ¡42 Ÿ @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley ¡œ¶’" C’" “" &’"  C&  ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¨Dupont Equation ¡ª óŸ¨8The Basic Value Creation Formula Debt can increase Value¡98 ó Ÿ vThe Basic Value Creation Formula An Example  Carlyle Group¡<<Ÿ¨Leveraged Buyout¡ó Ÿª Ÿª ó Ÿª Ÿª óŸª Ÿª óŸª ó Ÿª Ÿª óó Ÿª Ÿ bPE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Fee Structures not tied to exit Hedge funds in the PE business  not a transaction business.¡@2z†2z†óŸª Ÿ ,2007 estimate of$160B in dry powder èð $750B èð $590B in debt appetite. Banking capacity is finite and already extended. Potential regulatory limits ¡€FM$"€M€€€€óŸª Ÿ¨‰PE Boom has been fueled by Historically low rates Regulatory arbitrage Both could reverse quickly and change the metrics dramatically ¡v-?€-€?€ € €êîÆï €0 ÝðÕ@ð�ðmð( ð ð�ðx ð� c ð$€°Ú%¿ÿˆð `ðà ‹  ð žðµ¢ ð� ƒ ð0€¨—‹ ¿�ƒ¿ÀÿðÀÀ - ðUŸ¨#Private Equity Issues Going Forward¡$ 2$ ðH ð� ƒ ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ‘Љº___PPT10‹ië.W‹Ç k"+Dñ='ñ &ÿÿÿÿ=ñ @Bñ +îÆï €0 ÝðÕ`ð˜ðmð( ð ð˜ðx ð˜ c ð$€ÄÆ¡¿ÿˆð `ðà ¡ ð žðµ¢ 𘠃 ð0€X…¡¿�ƒ¿ÀÿðÀÀ - ðUŸ¨#Private Equity Issues Going Forward¡$ 2$ ðH 𘠃 ð0�ƒ“ŽŸ‹”Þ½h¿ÿ ?ð ÿÿÿ€€€»àã33™™™™Ìˆ‘Љº___PPT10‹ië.W‹Ç k"+Dñ='ñ &ÿÿÿÿ=ñ @Bñ +ûFxœí[ pÇ™þgö¡Õj…FÚÕƒ‡¤aF€+­$~°âep !œÁ Z�‚¤•WW^“rblcðÛçÄØÆŽ_8\W\Ê&²s•8©øŽ‹+—¢’rd;©KŸ-çpå|å ûÿ¿{fš¡�ó%a¦zºç›îÿûûïw÷î¹Í~ú›SÞ�´ë°Á¥Ñlp&a :ÕxÑ»4::J� ÝèõëOêú=ºKŸµׯÏìZQ¼@‡åЋ~ ö¥w—½Š°H–7ž4—Æo¼×Õò_ëëO™ÿZ–?�Ó]b„ŸW$Ç=•ÿ_»ÿ�ï+4¦„l»Ùc° ¶±»®V}(U!FcìOº©µ"¬ÀRäí�>Xƒ:|nBüH”ÁxÒä ë’a´Á ò÷@˜m¿ K¡“mBÈÆ‹"’ùªD~²§ÆŸÿ,tçdØÐ›Òc9ŠC~6ún©³].ºIèò€§�Ï6ð¢ó¡+ªÅèJÐMF7ÝTtÓЕ¢+CWŽNG7]ò\¿>›Ë˰†mç:áàêêc#Γå�§þQ{½IaÛ]72OôrO€Ÿ¨}¦.‚¿s�~ð=þ«düt] Ç•®‰ð—ÑÞ©ÿ¤>¶Äú2§Ä©Ÿ4Ú?½{àz°Úýs¼Œ²W»å±Õ¸é-êI°­³§Ë*ò©§þ³ÜÛ­ëÀµ¤±«±õ´Ü×y³Ù´Çã‡¹Š¨O´Ç)çñ�\•ò»ó<1ðq}Â8ÊXF^kþäÍŸ9ImÆ£ˆ:Iß[AŒCAŒ7 Æ©ý Ʀû@ŒK‡@ŒI�‚¿ž1–ÑHÌ¿´‹1‰ôY wtD·ïÒWtõ†{·w…»ÅÜ¢½<‡eƒä°òË4aG;ÛvF"5‰`m"äàÒ�ᢙ¦Lʹ=ÛÕO±ú™Ö&?™),;O´ÿåì7|ð©ß~²f§öÒ#h¿Y§Ï“ýŽKaô=‚{%ˆ9Ù‘Æò�Ò>qi¯CÒŽ�¥Ù‹Ò,í ï ÷X¿S¬îÚ‹öG;ôå{·Gº™^jñvã<�Ã}Õ<'”ÓAæ%j¿ S}œ.eÏ”˜šV°ÙÜ2^Úܳ4…Mgg×öˆPCg[rG·¤«³³‘«4©æ/Õ�pqá·îJ³)å§Ý6uŘ˜º4$Å«Rh~�YTÄ·‘ÑÔþù°’7áøÓ…#l÷˜’ïå…Š‹xk1…/¹ã:À^ ½Ò~ÉMŽÂU—~ ö2¾¤¾ç…}Ù.ÔÖé€pù›Y?@Ã9± – …OÙÃ\«†PÇ›¶cQ¶�õ6–ǧ»Š`8<7cþ·Â h.mõ6²& lTkpÖ÷†GÜìPyüc~­†—�ê U`sž²¿õðè®C ú{Ð_dzþ0ÎeH¥È†Ìlv,ßâ-¿ÎÈðµJSü껂.:Ú>Š);8íq˜hÚêä´ã´ÁF½ç*tÕÚâ®ËXȆµþÕúëñDiYJ¾o’V׸]Iò•¬1QÞÌÖ(³OÃv†#™†¿¢ª¢"°eö�í•ÆKûì2ût첦¥|¿s]¤csj$?vð¥‰HÕ�T9øN±faqúÓc¥I“QÀÀåòÂçè³|m¯”ÄàŸç篡-˜´fã�I“Ó¥&JK±ª`Q*™Ð-•�UK¢\¼8!¢梥¤Fú1‰Ç¤,„Ô{û7Eúý7ÊgKÔ_fŸÏÑÒÖ¿>6ALz+ÂÝýüêƒçi"â_Ó‹ xtv"¾¾†¹QîÄþáïõyhÃÍÐŽí®Á ¼ØNiµ±Mt#܉í1‚­—âT•Ҵcš2» ^ ùfˆ”x‘”0Ë[ärX®t>Õ“ÆŠ!�pÅÀ/ŽW¯‡¿@\á]�T\ÁúÈñÿ;Ÿ�¯Ê€Ï±Äint‘fiúdeÀë¬ä8°Õ°þÓ2äKKÇeü�t\Í€›ñÉHºEüÜÉñ+hB�S¬�vŸ‡ðì zº Ü“Šç j…‹|UŒÉ—Çȯ+Ï5äìWxŸ ìÙk¼ˆñI¬�ŸðÂB(ÔÇâÝ × ãîž›�“Æ›Ž�‰ßZqwªž~±@J‰o7x)vž?;Cü1òqi–ÌkÆo�»xNÆò²¶ZÈ:¾šq ~Tµƒ·�’Ÿw²_·³ï�g±ï‹g³_w±� !ö‹âŽÑƒ¨ÃßÑjAuÊ%!E´üÄú*V}„Ô’ŽSY“„±M8©Ø)d/ÆÌŠÉš¯á|û5|ñŸUàÜA½úÈ:Öß9B{ª¤’˜˜€L#ÂAÈ¡µÈwP– îÅ™¸†h•å AÙGTÉqµâBc¸P]×ï°Þ [TRt>Љ/¬ßíé�ö&Ö¾ý³ô mzk¬kwx—Nw v ìÓ[#±Îh¬cDôU½‘½zeëòÖU³1«zwGúz"½úÊh¬ën”•{`g,:¸c§X8?˜_4àR~Å`o‡¾~__sU£oŠ¡^=z¯%sÐÖîîÖ— î‹ôc]Yé0Þðks8¶#b¼{èëŽpRä¦DR'íj´-kZ‹J´é7è­z} €)6E±ùk±l#D[·vV žÔ@¿�Ô�~Púô½‹¨e°g[$¦G;uÊQ?šXð äÕ‘»ï÷võFôÊ«gW‰<ÇÂ]ý]½;ômûôæ%kæ'âpr­S;Oš¨%2 ¯�êÍ­n¡�¾ÍÞ�ͦ>kùäg?ëùÙÀÏüläçB¶kM@x5«^Pxu«^ƒð¯QxBJ-JÁ¶µ"Óû"±®hiEj‹ô TëÁ@å¡a§0.p{D+<…�o¡_Ž%5ëí3èŸ@ÿ迃¾›V‘*¶ÅÒTOYšG ¸ÂßÇϧ©kÙîU¸ñت°¢¹/6üÎh�—¯[57èÓìù#@²Œ·7XjâM�¢”oÅæÛqüVŠÆÍO3Ç ØØÙ¡¸‚ÿA�¶XDÓîÐ\f­ÕìÜHé{–föG8”­7Ê1v(] buφñløî“S2J»Vór[¯ÁÎíF‘€Úz®F{7s”¼S¯CÎ$c¼Wß!Oö:ð­và[~ëá¶ÃAœIV¡_Ësʹ6¤ax=¦Õ¡;r¢¤­€˜Â”*ZŠ( Všœ…÷ZÌ´Mîk81lìx�ò[Øl”µåfh† {"*ÌÔt*’ŸC›œLÚ1ù&šeø&!i�F³Î±»^7 ”bÖÁØ"#’m»&²‹ÆÈ^¡ÑØÓ¤Q¿Û€øLÚÃJ\—�*­¿?„Ø…=Åì‡J9EúE)tÍм·ÉXF/OׇP¦•QeV,`a¬Æƒt-aýˆglDâ)׿X °¼Ê•ËqV '6g¶D¢rÓÙ¡¨ÈõèD°™ �ËxÅi €…‹Óù4ß.Cûb�6フί¹Í/yœŽ\riÿ‹Ü‡³£jŸÃ‚½—J{žuiã� õ JÛ­Ú$ÞoõáYÈû¤É埫юòJe)®Þ{`·¸lcl9MÐ�7�¬uñ¹™ØyÙ€­®�[^+ÇÞ-¿Q½ €}ø¶Š[löb¸2­5GRZóBÔŒZñ|³ φYh¡¢a P'ñ»1çˆp{³«y2ߨÑÔÀ&¤!H1 ZR (hB6ª3!»Õ›�ÀLÈi@ L(Ë€MÈe@ %”Ïÿ´e�ªLÐ�kL0'Öš 'M07Ö™à¤Xo‚y °Áµ¸Àó`£ $ÀD޼X+sáVd“åððëW¶?Ü"Dˉ¾›Ý?­¸™Q*oþ/Ï"FD¡œ¼õ�»}Ô3"ʤ“¯jFI’ýŒ8ršg2’•�sr#®û³•Œd'IžÃˆ(‹•”èÖ*FDAé:-Q /¬=SvP ¢¾Kê¼>�‘ûvVQ ÂøÄÝ÷ªH%,�B.¬mˆ0û�ã5Y ÂæïÕ…¹Œx“lXŠðÈp‹ê¯ÓÀS-eê‘Ë« >; 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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado Springs¡©P©ªSQóŸ @Private Equity  Broadly Defined¡!!(Ÿ¨žTechnically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature¡&  óŸ NPrivate Equity  Categories and Players¡(($Ÿ¨°Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages¡Ô     þÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿZZZ$ZZ(Z Z Z$    ó Ÿ¨The Private Equity MarketŸª óŸª Ÿª óŸ ZTraditional Private Equity  Primary Activity¡..$Ÿ pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout¡6ŠŠó Ÿ¨3The Basic Value Creation Formula Fundamental Ideas ¡42 Ÿ @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley ¡œ¶’" C’" “" &’"  C&  ó Ÿ¨8The Basic Value Creation Formula Debt can increase Value¡98 Ÿ¨Dupont Equation ¡ª óŸ¨8The Basic Value Creation Formula Debt can increase Value¡98 ó Ÿ vThe Basic Value Creation Formula An Example  Carlyle Group¡<<Ÿ¨Leveraged Buyout¡ó Ÿª Ÿª ó Ÿª Ÿª óŸª Ÿª óŸª ó Ÿª Ÿª óó Ÿª Ÿ bPE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Fee Structures not tied to exit Hedge funds in the PE business  not a transaction business.¡@2z†2z†óŸª Ÿ ,2007 estimate of$160B in dry powder èð $750B èð $590B in debt appetite. Banking capacity is finite and already extended. 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