This book provides a full description of all types of private equity activity, how returns should be viewed, and how each sub-asset class should be modeled and evaluated. Existing and forthcoming books look at (1) how to model private equity returns within an existing traditional risk model; (2) specific case studies, or (3) the 'how' of (a) negotiating with private equity managers (GPs), placement agents, etc, and (b) cash flow liquidity modeling. Private Equity as an Asset Class assumes no prior knowledge whatever of the asset class. It is aimed at someone who understands investment but is approaching private equity for the first time. It focuses on the 'what', describing each section of private equity in detail. Where the 'how' is addressed, it will be specific practical advice such as how to model and evaluate a venture fund. The author has agreement from Thomson Financial to make their industry returns available once again. Thus the book will contain a full analysis not just of how private equity returns work, but also of how to look at detailed specifics, eg, paid in/paid out/committed, and so on. There is also a chapter on due diligence

GUY FRASER-SAMPSON has twenty years’ experience of the private equity industry, most notably having set up and run for several years the European operations of Horsley Bridge. As a partner in the firm, and Managing Director of Horsley Bridge International, he had a perhaps unique opportunity to interact simultaneously with private equity managers in both Europe and the US, including famous “golden circle” venture firms based predominantly in California. He previously lived and worked in the Middle East as Investment Controller with the Abu Dhabi Investment Authority (“ADIA”).

He has extensive experience of the evaluation of private equity managers, including having personally designed and developed a computer model for the evaluation of buyout performance, but is equally recognised as an authority on venture capital. In addition to his work with fund managers (“GPs”), he has also been involved in direct, secondary and mezzanine transactions over the years, as well as planning and monitoring private equity programmes from the investor (“LP”) perspective.

Guy is a well-known figure on the conference circuit both as a speaker and, increasingly, as a provider of keynote addresses. He has written for private equity publications for many years, and is perhaps best known for his regular monthly column in Real Deals. In addition to various professional qualifications, he has an LLB with honours from King’s College London and an MBA majoring in finance from Warwick Business School.

In recent years, Guy has also become acknowledged as an expert on pension fund investment and asset allocation generally, and he has written for all of Europe’s English language pension publications. His first book, Multi Asset Class Investment Strategy, published as part of the Wiley Finance series last year to what Global Pensions described as “rave reviews from the UK pension industry” has been hailed as a major contribution to modern portfolio theory. It went into the Amazon “Hot 100” six weeks after its launch, and has been featured in newspapers and financial periodicals around the world.