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Published byDwain Ross Modified over 9 years ago
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September 2010 P r i v a t e E q u I t y S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A LS T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L Contact: Ryan J. Shih ( 施君徽 ) Partner One Equity Partners 20F Chater House 8 Connaught Road Central Hong Kong
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O E PO E P Private Equity Deals What is a private equity deal? Anatomy of a deal Sourcing Relationship building Due diligence Negotiations Closing Now the real fun begins…managing portfolio companies Exit 1 Sourcing Phone Call or 12-months DD, Negotiations, Closing 3 to 6-months Portfolio Management/Exit 12-months to X-years
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O E PO E P Private Equity Deals Sourcing and Relationship building Active Ideas and cold calls o Macro trends, micro execution o Takes longer, balance urgency to deploy capital and management fees o Good ideas, bad ideas, stolen ideas Reactive Sit in your office and wait Intermediaries and the roles of sellside, deal brokers, and others, plus what they charge… Benefits: quicker and pre-packaged (scrubbed, presentable), and expanded network Shopped around and paying full value in auctions Relationship building Not all about money… 1 Sourcing Phone Call or 12-months
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O E PO E P Private Equity Deals Doing the deal DD Negotiations Closing DD – business, financial, legal Use of advisors and fees Negotiations Value add and leverage War of attrition Closing Documentation, approvals, fund flows 1 DD, Negotiations, Closing 3 to 6-months
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O E PO E P Private Equity Deals Now the real fun begins…managing portfolio companies Exits Strategy setting Actually the fun part… Monitoring and board meetings, plus what relationship building means Fire-fighting Personnel changes, business changes, reacting to special situations Internal portfolio management Reports, reports, and more reports Exits Strategic trade sale (best of both – valuation and timeliness) Sponsors (also good, but less value) Public markets (IPO or secondary) – (can take time to fully exit) When all else fails…recap (leakages and more) 1 Portfolio Management/Exit 12-months to X-years
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