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Venture Capital and Private Equity: A Casebook, Volume Two
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Sales rank 1,341,070
Customers rating (based on 15 reviews)
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Cases and notes included are designed to provide an understanding of the history of the private equity industry's development, and the workings of the industry today. * Examines both the short-run and long-run effects for private equity investments. * Author is a leader and one of the most respected authorities in this field.
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| Publisher | Wiley | | Release date | /2002 | | Availability | | | Edition | Hardcover |
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 1st Class Overview of the Principles and Process of PE
Ideal for anyone involved in or looking at getting into private equity. The case studies have real substance and result in depth understanding (as opposed to just knowing) of the key challenges, issues and activities in the industry.
It covers everything from staffing and careers in PE, to raising funds, developing deal flow and managing portfolio companies, with real indepth cases of the successes and failures of individuals and organisations.
I've been involved with PE (from a management view point) for over 2 years, this book put many things in perspective and gave me insight into how others have handled issues similar to the ones I face. www.smartinvestorafrica.com
Excellent introduction to an exciting asset class
First let me start with what this book is not! It is not a textbook and it will not teach you the practical methodology of deal structuring, LBO modeling or valuation. However if you are looking for a well-written, non-technical book that illustrates the rationale and dynamics behind PE/VC investing, look no further.
After diligently reading these case studies, I have become comfortable with the unique terminologies and thought processes involved in each stage of the investment life-cycle. A slightly greater emphasis on the technical aspects would have made this book perfect, but overall I have no complaints.
 Good with Potential for Greatness
This book is good, primarily because it has no real competition as so little is written on the subject.
It provides a brief introduction to private equity in the first few pages and goes into case studies thereafter, with a few 'notes' re: private equity in between the case studies.
Case studies are useful for getting a 'feel' for how the private equity process works if you are (i) an investment banking analyst or other professional planning to make the jump into a private equity analyst/associate position or (ii) an MBA student who wants to understand or jump into a private equity associate position. So for doing that, I'd give it a 3-star 'good' rating.
I rate it a 3 because, while it largely succeeds in its own stated goal of being a 'case book', it fails to do what the only real text book on private equity should be doing: analyzing the profession in terms of: (i) its evolution, (ii) strategy re: the private equity group, (iii) strategy re: the private equity group's portfolio companies, (iii) its effects on the economy, employees, government/taxes, society (iv) comparison of the private equity ownership structure vs. other ownership structures (e.g. public corporations, owner-operated companies, conglomerates, wealthy family holding companies), (v) analysis of private equity critcisms, (vi) alternative forms (e.g. SWFs, IFC), (vii) developing markets, and (viii) future. Academics seem to find themselves oddly content not to discuss this industry in any real depth. I believe part of this has to do with their involvement in somewhat unobjective, case study oriented MBA programs that take a 'cookie cutter' approach to educating their students, but I digress.
3 stars. 5 stars, if Lerner does what he should do and makes a private equity book that is analytical and forward-thinking.
Reads like a novel
I couldn't put this book down; I felt like I was reading a captivating novel. It does a great job of introducing the reader to the unique terminology of the VC/PE industry.
However, I wish there was more follow through or structured questions presented for the cases; without sitting in Prof. Lerner's class, I would like to see exactly what broad lessons he is attempting to present and drive home.
 A case book, not a textbook
This book was a disappointment. A real textbook would actually have instruction. This book is merely a collection of cases, with a few scattered chapters on VC/PE. Only buy the book if required to for a class.
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