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The Complete Direct Investing Handbook

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The practical guide to direct investing strategies and best practices The Complete Direct Investing Handbook provides comprehensiv... Weiterlesen
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The practical guide to direct investing strategies and best practices

The Complete Direct Investing Handbook provides comprehensive guidelines, principles and practical perspectives on this increasingly attractive private equity investment strategy, Interviews with leading family office investors, qualified private equity buyers, and top direct investing advisors provide essential insights, and attention to the nuanced processes of direct investing, The books is a hands-on resource for family offices and those investors interested in generating returns through private company ownership to be more effective in creating returns in a complex market, Direct investing best practices are explored in-depth, with guidance on strategy and the evaluation and assessment of various investment opportunities, The process begins with a codified and specific investment goal, and a robust strategy tailored to the investor's individual needs, Useful insight on 'narrowing the field' helps investors select the appropriate opportunities to meet their investment goals, and practical tools help streamline the process of capital deployment and in turn providing more opportunities to achieve desired returns,

Despite the growing interest in direct investing, there is little public information available to investors and there is a lack of transparency into practical standards, This book bridges the gap between strategy and execution, with comprehensive guidance and real-world insights,

  • Define and craft a focused investment thesis and appropriate timeline specific to your needs
  • Identify the right type, size, duration, and risk profile aligned to your investment objectives
  • Gain perspective on real-world direct investing and a deeper understanding of the risks and rewards
  • Better understand best practices and institutional investment rigor to develop bespoke processes and policies that create better outcomes for independent investors

Historically, extraordinary wealth has been created through equity in privately-held enterprise, Today, family offices and direct investors are looking more and more toward large capital deployment in early-stage and growth-oriented private equity investments, but are constrained by a lack of informed, established practices, The Complete Direct Investing Handbook provides the much-needed guidance and tools that can improve direct investment outcomes,

KIRBY ROSPLOCK, PHD, is founder and CEO of Tamarind Partners, a consulting firm that advises family offices, ultra-high-net-worth investors, and the wealth management industry, She is a researcher, scholar, educator, and well-respected speaker around the globe on family wealth, family office, and family business, She is also the author of The Complete Family Office Handbook, For more on Dr, Rosplock and Tamarind Partners, visit www,TamarindPartners,com,



"In The Complete Direct Investing Handbook Dr. Rosplock and her contributing authors impart a wealth of global family office and investment expertise designed to educate affluent families and their professional advisors regarding the nuances of direct investing. This well-researched new resource will prove to be an invaluable tool in navigating the rapidly growing field of direct investments."
THOMAS J. HANDLER, ESQ., Chairman, Advanced Planning & Family Office Practice, Handler Thayer, LLP

"The family office space has long needed a comprehensive introduction to direct investing for non-specialistswhich it now has thanks to Rosplock and her co-authors. A great place to start."
GRANT KETTERING, 5th Generation Member of Kettering Family

"Kirby Rosplock has written an extraordinarily comprehensive 'owner's manual' for family offices already, or seriously contemplating, investing directly in illiquid private markets. The book cogently sets forth not only why these families desire to get closer to the source of private market returns, but more importantly how to go about identifying, diligencing, and structuring direct investments. Given the fast-growing proportion of family office capital in direct private deals, this book's insights are exceptionally timely."
TOM MAHONEY, Senior Managing Director, Tangent Capital Partners

"The Complete Direct Investing Handbook is a wonderful read and the education needed in the family office world. We seek out direct investing to diversify risk while enhancing overall returns. However, with direct investing comes the challenges with sourcing, screening, and doing proper due diligence, structuring, and then monitoring these investments. Kirby Rosplock's book touches upon all these areas, providing excellent education for families to easily understand and use in their offices. The book also touches upon other noteworthy areas such as the Millennial's perspective and international direct investing, which I found extremely helpful. The book is very comprehensive, informative, and a useful source for our family office."
JULIO GONZALEZ, CEO, Julio Gonzalez Single Family Office

"There are many good books and articles about private investing in general but few that tackle the topic from the unique lens of the family office. Family offices have advantages and constraints relative to other institutional investors. They need to be understood. Kirby Rosplock's book should be read by both family members and professional managers to better understand how to craft and advance a direct investment program."
SAM ALTMAN, President, Joddes Limited, Montreal, Canada


Foreword xv

Preface xvii

Acknowledgments xxi


CHAPTER 1 Introduction to Direct Investing 3

2008: A Wakeup Call for Investors 5

Role of the Family Office and Private Investors 6

The Opportunity 9

Best Practices 10

Key Considerations 12

Conclusion 15

Notes 16

CHAPTER 2 The Emerging Presence of Private Capital in Direct Investing 18

Contributing Authors: Nathan Hamilton and Sara Hamilton

The Family Office Marketplace 19

The Unique Benefits of Private Capital 21

Increased Interest in Private Equity 24

Conclusion 30

CHAPTER 3 Co-Investment Strategies in Direct Investing 32

Defining Co-Investing and Providing Context 32

Insights on the Popularity of Co-Investing 33

Interest in Co-Investment Strategies 33

Roles of the Co-Investor 35

Going Solo: Why Co-Investing May Not Be Your Choice 40

The Perils and Pearls of Co-Investing 41

Vetting Co-Investors 44

Club Deals 46

Mini Case Study 51

Conclusion 51

Notes 52

CHAPTER 4 Private Equity Strategies: Characteristics and Implications 54

Contributing Author: David McCombie

What Is Private Equity? 55

Real Estate 58

Venture Capital 62

Growth Capital 72

Buyouts 75

Mezzanine Financing 78

Distressed Assets 81

Conclusion: Putting It All Together 85

Notes 86


CHAPTER 5 Family Office Considerations to the Direct Investment Process 91

Source of Wealth: Lens of the Family Office 92

SWOT Analysis for Direct Investing 93

Three Phases to the Direct Investing Process 94

AThree-Phase Direct Investing Process 97

Case Study 111

Conclusion 113

Notes 114

CHAPTER 6 Designing a Direct Investment Thesis 115

Defining the Direct Investment Thesis 115

Asset Mix and the Direct Investment Thesis 117

Family Pathways and the Direct Investment Thesis 119

The Barbell Approach and the Direct Investment Thesis 122

Entrepreneurial Orientation and the Direct Investment Thesis 124

Family Investment Style and the Direct InvestmentThesis 128

Case Study 132

Conclusion 137

Notes 138

CHAPTER 7 Sourcing, Deal Flow, Screening, and Deploying Direct Investments 141

Contributing Author: Euclid Walker

Industry Professionals and Thought Leaders 142

Investment Bankers/Business Brokers 143

Professional Service Providers 144

Commercial Banks 144

Private Equity Funds/Family Offices 145

Screening Process 146

Due Diligence 151

Investment Memorandum 154

Investment Decision Process 155

Conclusion 156

Notes 156

CHAPTER 8 Direct Investments: Deal Structures, Terms, and Portfolio Construction 157

Contributing Author: Jolyne Caruso

How to Get Started 158

Portfolio Construction 159

The Capital Stack 160

Equity Transactions 162

Types of Debt Instruments 165

Mezzanine Debt 166

Case Study: Early-Stage Solar Energy Finance Company 168

A Primer on Important Term Sheet Items 170

Conclusion 175

CHAPTER 9 Investment Monitoring, Exit Strategies, and Harvesting Returns 177

Contributing Author: Adam Goodfriend

Introduction 177

Alignment of Objectives 178

Monitoring Direct Investments as a Minority Stake Owner 178

Why Timing of an Investment Exit and Not Just the Investment Return Is Cri...


Titel: The Complete Direct Investing Handbook
Untertitel: A Guide for Family Offices, Qualified Purchasers, and Accredited Investors
EAN: 9781119094739
Digitaler Kopierschutz: Adobe-DRM
Format: E-Book (pdf)
Hersteller: Bloomberg Press
Genre: Betriebswirtschaft
Anzahl Seiten: 368
Veröffentlichung: 28.04.2017
Dateigrösse: 3.7 MB