King of Capital

King of Capital Author David Carey
ISBN-10 9780307453013
Year 2010-10-05
Pages 400
Language en
Publisher Crown Business
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Strippers and Flippers . . . or a New Positive Force Helping to Drive the Economy . . . The untold story of Steve Schwarzman and Blackstone, the financier and his financial powerhouse that avoided the self-destructive tendencies of Wall Street. David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and ‘barbarians at the gate’ into disciplined, risk-conscious investors. The financial establishment—banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley—were the cowboys, recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster. Blackstone is now ready to break out once again since it is sitting on billions of dollars that can be invested at a time when the market is starved for capital. The story of a financial revolution—the greatest untold success story on Wall Street: Not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance. Great human interest story: How Blackstone went from two guys and a secretary to being one of Wall Street’s most powerful institutions, far outgrowing its much older rival KKR; and how Steve Schwarzman, with a pay packet one year of $398 million and $684 million from the Blackstone IPO, came to epitomize the spectacular new financial fortunes amassed in the 2000s. Controversial: Analyzes the controversies surrounding Blackstone and whether it and other private equity firms suck the lifeblood out of companies to enrich themselves—or whether they are a force that helps make the companies they own stronger and thereby better competitors. The story by two insiders with access: Insightful and hard-hitting, filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Schwarzman and Peter Peterson. Forward-looking: How Blackstone and private equity will drive the economy and provide a model for how financing will work.

The New Tycoons

The New Tycoons Author Jason Kelly
ISBN-10 9781118240816
Year 2012-08-02
Pages 256
Language en
Publisher John Wiley & Sons
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Inside the Trillion Dollar Industry That Owns Everything What do Dunkin' Donuts, J. Crew, Toys "R" Us, and Burger King have in common? They are all currently or just recently were owned, operated, and controlled by private equity firms. The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything takes the reader behind the scenes of these firms: their famous billionaire founders, the overlapping stories of their creation and evolution, and the outsized ambitions that led a group of clever bankers from small shops operating in a corner of Wall Street into powerhouse titans of capital. This is the story of the money and the men who handle it. Go inside the private worlds of founders Henry Kravis, Steve Schwarzman, David Bonderman, and more in The New Tycoons, and discover how these men have transformed the industry and built the some of the most powerful and most secretive houses of money in the world. With numerous private equity firms going public for the first time, learn how these firms operate, where their money comes from and where it goes, and how every day millions of customers, employees, and retirees play a role in that complex tangle of money Author Jason Kelly tells the story of how thirty some years ago a group of colleagues with $120,000 of their own savings founded what would become one of the largest private equity shops in the world, completing the biggest buyout the world has ever seen, and making them all billionaires in the process Presents a never-before-seen look inside a secretive and powerful world on the verge of complete transformation as the industry and its leaders gain public profiles, scrutiny, and political positions Analyzing the founders and the firms at a crucial moment, when they've elevated themselves beyond their already lofty ambitions into the world of public opinion and valuation, New Tycoons looks at one of the most important, yet least examined, trillion-dollar corners of the global economy and what it portends for these new tycoons.

Lessons from Private Equity Any Company Can Use

Lessons from Private Equity Any Company Can Use Author Orit Gadiesh
ISBN-10 9781422156322
Year 2008-02-07
Pages 126
Language en
Publisher Harvard Business Press
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Private equity firms are snapping up brand-name companies and assembling portfolios that make them immense global conglomerates. They're often able to maximize investor value far more successfully than traditional public companies. How do PE firms become such powerhouses? Learn how, in Lessons from Private Equity Any Company Can Use. Bain chairman Orit Gadiesh and partner Hugh MacArthur use the concise, actionable format of a memo to lay out the five disciplines that PE firms use to attain their edge: · Invest with a thesis using a specific, appropriate 3-5-year goal · Create a blueprint for change--a road map for initiatives that will generate the most value for your company within that time frame · Measure only what matters--such as cash, key market intelligence, and critical operating data · Hire, motivate, and retain hungry managers--people who think like owners · Make equity sweat--by making cash scarce, and forcing managers to redeploy underperforming capital in productive directions This is the PE formulate for unleashing a company's true potential.

The Masters of Private Equity and Venture Capital

The Masters of Private Equity and Venture Capital Author Robert Finkel
ISBN-10 9780071624602
Year 2009-11-23
Pages 384
Language en
Publisher McGraw Hill Professional
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Ten Leading private investors share their secrets to maximum profitability In The Masters of Private Equity and Venture Capital, the pioneers of the industry share the investing and management wisdom they have gained by investing in and transforming their portfolio companies. Based on original interviews conducted by the authors, this book is filled with colorful stories on the subjects that most matter to the high-level investor, such as selecting and working with management, pioneering new markets, adding value through operational improvements, applying private equity principles to non-profits, and much more.

Merchants of Debt

Merchants of Debt Author George Anders
ISBN-10 1587981254
Year 2002
Pages 364
Language en
Publisher Beard Books
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First published in 1992 (by Basic Books), this reprint is timely now in the wake of Enron and WorldCom. Anders tells the story of how Kohlberg Kravis Roberts (KKR) took advantage of Wall Street's tolerance of debt to finagle massive corporate takeovers of companies that included Safeway, Drexel, and

King Icahn

King Icahn Author Mark Stevens
ISBN-10 1494348926
Year 2014-05-14
Pages 266
Language en
Publisher CreateSpace
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King Icahn is an unparalleled human drama. It is the story of a man who rose from humble beginnings to emerge as the most powerful, eccentric, galling, pugnacious and successful force in the business world. The Icahn drama is rife with contradictions, juxtapositions, paradoxes and epic power plays. All have led to a reshuffling of the business\financial landscape, to the electric fear on the part of CEOs when they hear the terrorizing words "Carl Icahn is on the phone" and to one of the world's greatest fortunes. King Icahn is the only book written about Icahn, completely independent but with full access to the man himself. It reveals the back story of the greatest financier/pit bull of his generation, his multi-billion dollar epiphany, his real motive for taking on the CEO elite as well as his loves, feuds, idiosyncrasies and intellectual brilliance. Reading this book is the equivalent of earning an MBA squared!

Private Equity at Work

Private Equity at Work Author Eileen Appelbaum
ISBN-10 9781610448185
Year 2014-03-31
Pages 395
Language en
Publisher Russell Sage Foundation
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Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street companies. Are these firms financial innovators that save failing businesses or financial predators that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of this topic, Private Equity at Work provides a detailed yet accessible guide to this controversial business model. Economist Eileen Appelbaum and Professor Rosemary Batt carefully evaluate the evidence—including original case studies and interviews, legal documents, bankruptcy proceedings, media coverage, and existing academic scholarship—to demonstrate the effects of private equity on American businesses and workers. They document that while private equity firms have had positive effects on the operations and growth of small and mid-sized companies and in turning around failing companies, the interventions of private equity more often than not lead to significant negative consequences for many businesses and workers. Prior research on private equity has focused almost exclusively on the financial performance of private equity funds and the returns to their investors. Private Equity at Work provides a new roadmap to the largely hidden internal operations of these firms, showing how their business strategies disproportionately benefit the partners in private equity firms at the expense of other stakeholders and taxpayers. In the 1980s, leveraged buyouts by private equity firms saw high returns and were widely considered the solution to corporate wastefulness and mismanagement. And since 2000, nearly 11,500 companies—representing almost 8 million employees—have been purchased by private equity firms. As their role in the economy has increased, they have come under fire from labor unions and community advocates who argue that the proliferation of leveraged buyouts destroys jobs, causes wages to stagnate, saddles otherwise healthy companies with debt, and leads to subsidies from taxpayers. Appelbaum and Batt show that private equity firms’ financial strategies are designed to extract maximum value from the companies they buy and sell, often to the detriment of those companies and their employees and suppliers. Their risky decisions include buying companies and extracting dividends by loading them with high levels of debt and selling assets. These actions often lead to financial distress and a disproportionate focus on cost-cutting, outsourcing, and wage and benefit losses for workers, especially if they are unionized. Because the law views private equity firms as investors rather than employers, private equity owners are not held accountable for their actions in ways that public corporations are. And their actions are not transparent because private equity owned companies are not regulated by the Securities and Exchange Commission. Thus, any debts or costs of bankruptcy incurred fall on businesses owned by private equity and their workers, not the private equity firms that govern them. For employees this often means loss of jobs, health and pension benefits, and retirement income. Appelbaum and Batt conclude with a set of policy recommendations intended to curb the negative effects of private equity while preserving its constructive role in the economy. These include policies to improve transparency and accountability, as well as changes that would reduce the excessive use of financial engineering strategies by firms. A groundbreaking analysis of a hotly contested business model, Private Equity at Work provides an unprecedented analysis of the little-understood inner workings of private equity and of the effects of leveraged buyouts on American companies and workers. This important new work will be a valuable resource for scholars, policymakers, and the informed public alike.

Inside Private Equity

Inside Private Equity Author James M. Kocis
ISBN-10 0470471158
Year 2009-03-23
Pages 282
Language en
Publisher John Wiley & Sons
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Inside Private Equity explores the complexities of this asset class and introduces new methodologies that connect investment returns with wealth creation. By providing straightforward examples, it demystifies traditional measures like the IRR and challenges many of the common assumptions about this asset class. Readers take away a set of practical measures that empower them to better manage their portfolios.

Billions to Bust and Back

Billions to Bust and Back Author Thor Bjorgolfsson
ISBN-10 9781782831167
Year 2014-11-27
Pages
Language en
Publisher Profile Books
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Thor Bjorgolfsson is a self-styled adventure capitalist with an addiction to debt and an insatiable appetite for business deals who became Iceland's first billionaire. After 10 years establishing his financial empire with alco-pops and beer in the lawless 'Wild East' of newly-capitalist Russia in the 1990s, he moved on to merging, floating, spinning off and privatising businesses from Finland to Sweden, Poland, Bulgaria, Serbia, Greece and the Czech Republic. On his 40th birthday, and worth $3.5 billion, he was sitting on top of the world; only 250 people in it were richer than him. His most spectacular triumph was the takeover of Iceland's second-largest bank, Landsbanki - he had expected his investment's value to double or treble in four years, and instead it rose ten-fold. But when financial meltdown hit Iceland in October 2008, Landsbanki crashed and burned, taking Bjorgolfsson with it. Within 12 months he had lost 3.3 billion euros - 98.5% of his wealth - and was treated as a scapegoat in his native country for supposedly bringing about the disaster. Faced with appalling debts, Bjorgolfsson has made good on his promises to repay his creditors, and at the age of 47 is now a billionaire once again.

Other People s Money

Other People s Money Author Charles V. Bagli
ISBN-10 9781101609620
Year 2013-04-04
Pages 432
Language en
Publisher Penguin
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In just over three years, real estate giant Tishman Speyer and its partner, BlackRock, lost billions of investors’ dollars on a single deal. The New York Times reporter who first broke the story of the sale of Stuyvesant Town-Peter Cooper Village takes readers inside the most spectacular failure in real estate history, using this single deal as a lens to see how and why the real estate crisis happened. How did the smartest people in real estate lose billions in one single deal? How did the Church of England, the California public employees’ pension fund, and the Singapore government lose more than one billion dollars combined investing in a middle-class housing complex in New York City? How did MetLife make three billion dollars on the deal without any repercussions from a historically racist policy of housing segregation? And how did nine residents of a sleepy enclave in New York City win one of the most unlikely lawsuits in the history of real estate law? Not only does Other People’s Money answer those questions, it also explains the current recession in stark, clear detail while providing riveting first-person accounts of the titanic failure of the real estate industry to see that a recession was coming. It’s the definitive book on real estate during the bubble years—and what happened when that enormous bubble exploded.

Active Private Equity Real Estate Strategy

Active Private Equity Real Estate Strategy Author David J. Lynn
ISBN-10 0470522070
Year 2009-07-30
Pages 304
Language en
Publisher John Wiley and Sons
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Proven private equity real estate investing strategies The subprime fallout and credit crisis have triggered a major transition in U.S. real estate. With tightening lending and underwriting standards, speculative investments and construction projects are likely to limited, resulting in constrained supply and healthier fundamentals over the long term. Looking forward, market participants anticipate that the coming years will be fraught with challenges as well as opportunities. Active Private Equity Real Estate Strategy is a collection of abridged market analyses, forecasts, and strategy papers from the ING Clarion Partners' Research & Investment Strategy (RIS) group. Divided into two comprehensive parts, this practical guide provides you with an informative overview of real estate markets, forecasts, and recent trends in part one, and presents specific active strategies in private equity real estate investing in part two. Includes a simulation of the economy in recession and the expected effects on the commercial real estate industry Offers examples of portfolio analysis and recommendations using ING Clarion's forecasts and Modern Portfolio Theory Focuses on multifamily, hotel, land, and industrial investments Demonstrates the use of the various tools available to the private equity real estate investor Written with both the individual and institutional real estate investor in mind, this book offers specific private equity strategies for investing in real estate during volatile times.

The Liar s Ball

The Liar s Ball Author Vicky Ward
ISBN-10 9781118421512
Year 2014-10-06
Pages 256
Language en
Publisher John Wiley & Sons
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Inside the world of the real Great Gatsby of New York real estate Harry Macklowe is one of the most notorious wheelers and dealers of the real estate world, and Liar's Ball is the story of the gamblers and thieves who populate his world. Watch as Harry makes the gutsy bid for midtown Manhattan's famous GM building and put almost no money down, landing the billion-dollar transaction that made him the poster child for New York's real estate royalty. Listen in on the secret conversations, back-door deals, and blackmail that put Macklowe and his cronies on top—and set them up for an enormous fall. Vanity Fair contributing editor Vicky Ward skillfully paints the often scandalous picture of the giants who owned the New York skyline until their empires came crumbling down in the 2008 financial crisis. Based on more than 200 interviews with real estate moguls like Donald Trump, William Zeckendorf, Mort Zuckerman, and David Simon, Liar's Ball is the never-before-told story of the egomaniacal elites of New York City. Read about: The epic rise and fall of one of the richest American real estate barons Outlandish greed and cravings for power, attention, and love Relationships built and destroyed by vanity and gossip The bursting of the real estate bubble and its aftermath This is no fiction—this is a real life tale of extravagance, ambition, and power. Harry Macklowe ruthlessly clawed his way to the top with the help of his loyal followers, each grubbing for a piece of the real estate pie. Liar's Ball reveals their secrets and tells the tale of business as usual for this group—lying, backstabbing, and moving in for the kill when things look patchy. From the bestselling author of The Devil's Casino comes an expos??? on the real estate elite that you'll hardly believe.

Introduction to Private Equity

Introduction to Private Equity Author Cyril Demaria
ISBN-10 9781118571910
Year 2013-06-12
Pages 408
Language en
Publisher John Wiley & Sons
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This second edition of Introduction to Private Equity is more than an update, it reflects the dramatic changes which have affected an industry which is evolving rapidly, internationalizing and maturing fast. What is recognized as a critical yet grounded guide to the private equity industry blends academic rigour with practical experience. It provides a clear, synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry; including insurance, funds of funds, funds and portfolio companies. The book approaches the private equity sector top-down, to provide a sense of its evolution and how the current situation has been built. It then details the interrelations between investors, funds, fund managers and entrepreneurs. At this point, the perspective shifts to bottom-up, how a private business is valued, how transactions are processed and the due diligence issues to consider before moving ahead. Introduction to Private Equity, Second Edition covers the private equity industry as a whole, putting its recent developments (such as secondary markets, crowdfunding, venture capital in emerging markets) into perspective. The book covers its organization, governance and function, then details the various segments within the industry, including Leveraged Buy-Outs, Venture Capital, Mezzanine Financing, Growth Capital, Distressed Debt, Turn-Around Capital, Funds of Funds and beyond. Finally, it offers a framework to anticipate and understand its future developments. This book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector, following a major crisis.

Money and Power

Money and Power Author William D. Cohan
ISBN-10 9780385534970
Year 2011-04-12
Pages 400
Language en
Publisher Anchor
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The bestselling author of the acclaimed House of Cards and The Last Tycoons turns his spotlight on to Goldman Sachs and the controversy behind its success. From the outside, Goldman Sachs is a perfect company. The Goldman PR machine loudly declares it to be smarter, more ethical, and more profitable than all of its competitors. Behind closed doors, however, the firm constantly straddles the line between conflict of interest and legitimate deal making, wields significant influence over all levels of government, and upholds a culture of power struggles and toxic paranoia. And its clever bet against the mortgage market in 2007—unknown to its clients—may have made the financial ruin of the Great Recession worse. Money and Power reveals the internal schemes that have guided the bank from its founding through its remarkable windfall during the 2008 financial crisis. Through extensive research and interviews with the inside players, including current CEO Lloyd Blankfein, William Cohan constructs a nuanced, timely portrait of Goldman Sachs, the company that was too big—and too ruthless—to fail.

Barbarians at the Gate

Barbarians at the Gate Author Bryan Burrough
ISBN-10 9780061804038
Year 2009-10-13
Pages 624
Language en
Publisher Harper Collins
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“One of the finest, most compelling accounts of what happened to corporate America and Wall Street in the 1980’s.” —New York Times Book Review A #1 New York Times bestseller and arguably the best business narrative ever written, Barbarians at the Gate is the classic account of the fall of RJR Nabisco. An enduring masterpiece of investigative journalism by Bryan Burrough and John Helyar, it includes a new afterword by the authors that brings this remarkable story of greed and double-dealings up to date twenty years after the famed deal. The Los Angeles Times calls Barbarians at the Gate, “Superlative.” The Chicago Tribune raves, “It’s hard to imagine a better story...and it’s hard to imagine a better account.” And in an era of spectacular business crashes and federal bailouts, it still stands as a valuable cautionary tale that must be heeded.