Private Equity and Venture Capital in Europe_3 pdf

... Fundamentals of Private Equity and Venture Capital 3 1 .1 Defi nition of Private Equity and Venture Capital 3 1 .2 Main Differences Between Corporate Finance and Entrepreneurial Finance 5 ... Theoretical Foundation of Private Equity and Venture Capital 27 Introduction 27 3 .1 Theories about Corporation Financing 27 3 .2 A Review of the Venture...

Ngày tải lên: 20/06/2014, 20:20

... factors Strongly negative Strongly negative Starting Early growth Limited to the inventory financing Negative but reducing Negative but reducing Positive and increasing Rapid growth Limited to the inventory financing Positive and increasing Positive ... strong and effective interdependence between the fi rm’s investment and fi nancing must exist and must continue during the entire le...

Ngày tải lên: 20/06/2014, 20:20

... of private equity and venture capital Gompers and Lerner wrote about the “ venture capital cycle ” and further expanded the idea: from a fi nancial standpoint, private equity fi nancing or venture ... subdivide the venture capital (and private equity) cycle into standard phases: fundraising, investing, and exit. This is the right way to analyze private...

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... implement private equity and venture capital deals and the interrelation of taxation on vehicles, investors, and companies in the EU. 6.1 FUNDAMENTAL ROLE OF TAXATION IN PRIVATE EQUITY AND VENTURE ... the private equity and venture capital industry ■ Necessity of permanent establishment ■ Presence of any fi scal incentive meant to encourage investme...

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... oper- ating in the private equity and venture capital industry apart from their fi scal profi les. Vehicles that will be available in Germany include: ■ Venture capital companies ■ Equity investment ... of 20% and capital gains are de-taxed if money is invested in the same investments within 3 years. For private individuals the system is less intricate, b...

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... Elsevier, Inc. All rights reserved.2010 131 Investing 9 Investing is the core of private equity business and the way to develop a business idea for the investor. When investing the venture capitalist: ... banks Non-financial corporations Other investors Independent private venture capital companies Captive private venture capital companies Public and endowment/acad...

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... to the cost of equity capital as explained in Section 13.3.4.) Using the cost of equity capital means that the capital structure effects are included in the cash fl ow and not in the discount ... evaluation in private and venture capital 12 12.1 COMPANY VALUATION As explained in Part Two, the private equity process can be divided into differ- ent phase...

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... stage financing Vulture and distressed financing Expansion financing FIGURE 14.1 Life cycle of a company. 221 Private Equity and Venture Capital in Europe: Markets, Techniques, and Deals Copyright ... structures are used in venture capital operations dur- ing the seed or start-up initiative: Business Angels and corporate venture capital- ists. A Business A...

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... for buildings and equipment including maintenance of electrical and lighting services, refrigeration equipment, and catering and canteen services. A15.3.2 Investment structure The investment ... growth potential and leading position in the entertain- ment and technology industries as well as the appeal of the domestic publishing market and the opportunity to increase the...

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... modifying the existing capital structure; for example, raising additional funds, renegotiat- ing the debt, or raising new equity capital from existing shareholders or outside investors (venture capitalists). ... allows: The placement of minority shares of the risk capital, obtaining a capital gain and continuing to hold the control of the company CHAPTER 250 CHAPTER 16 Fina...

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... 4523-05. Levin , J. S. ( 1994 ) . Structuring venture capital, private equity and entrepre- neurial transaction . Chicago, IL : CCH Inc . 339 Index Netherlands private equity fi nance ... Guide to private equity & venture capital in the UK & Europe . London : Pitman Publishing . Venture Economics. (1988). Exiting venture capital investments . We...

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... government decided that private individuals investing in private equity are exempt from paying tax on capital gains when they are reinvested in private equity. ■ Employee Retirement Income Security ... banks involved in direct investments in equity, instead they invest through LPs. The banking system is involved in the equity market through dealing and brokerag...

Ngày tải lên: 21/06/2014, 12:20

... types of investments: investment in a private equity fund, in a private equity fund of funds, or the direct investment in equity or the construction of a private equity fund and the involvement ... phases of equity investment are fundraising, investing, managing and monitoring, and exit. 7.2.1 Fundraising Fundraising is the promotion of a new equity investm...

Ngày tải lên: 21/06/2014, 12:20

... banks Non-financial corporations Other investors Independent private venture capital companies Captive private venture capital companies Public and endowment /academic sponsored private venture capital ... Equity and Venture Capital in Europe: Markets, Techniques, and Deals Copyright © 20xx by Elsevier, Inc. All rights reserved.2010 131 Investing 9 Inves...

Ngày tải lên: 21/06/2014, 12:20

... risk capital and convertible bonds by a private equity operator. After three years, an increase in the risk capital was realized with the involvement of two new private equity fi rms, and in 2005 ... business ideas. 6. Having fun and leading challenging projects to economic success. When studying how private equity investors operate in early stage fi rms, it is...

Ngày tải lên: 21/06/2014, 12:20