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Author: Cyril Demaria Publisher: John Wiley & Sons ISBN: 1119381002 Category : Business & Economics Languages : en Pages : 325
Book Description
The comprehensive guide to private market asset allocation Asset Allocation and Private Markets provides institutional investors, such as pension funds, insurance groups and family offices, with a single-volume authoritative resource on including private markets in strategic asset allocation. Written by four academic and practitioner specialists, this book provides the background knowledge investors need, coupled with practical advice from experts in the field. The discussion focuses on private equity, private debt and private real assets, and their correlation with other asset classes to establish optimized investment portfolios. Armed with the grounded and critical perspectives provided in this book, investors can tailor their portfolio and effectively allocate assets to traditional and private markets in their best interest. In-depth discussion of return, risks, liquidity and other factors of asset allocation takes a more practical turn with guidance on allocation construction and capital deployment, the “endowment model,” and hedging — or lack thereof. Unique in the depth and breadth of information on this increasingly attractive asset class, this book is an invaluable resource for investors seeking new strategies. Discover alternative solutions to traditional asset allocation strategies Consider attractive returns of private markets Delve into private equity, private debt and private real assets Gain expert perspectives on correlation, risk, liquidity, and portfolio construction Private markets represent a substantial proportion of global wealth. Amidst disappointing returns from stocks and bonds, investors are increasingly looking to revitalise traditional asset allocation strategies by weighting private market structures more heavily in their portfolios. Pension fund and other long-term asset managers need deeper information than is typically provided in tangential reference in broader asset allocation literature; Asset Allocation and Private Markets fills the gap, with comprehensive information and practical guidance.
Author: Cyril Demaria Publisher: John Wiley & Sons ISBN: 1119381002 Category : Business & Economics Languages : en Pages : 325
Book Description
The comprehensive guide to private market asset allocation Asset Allocation and Private Markets provides institutional investors, such as pension funds, insurance groups and family offices, with a single-volume authoritative resource on including private markets in strategic asset allocation. Written by four academic and practitioner specialists, this book provides the background knowledge investors need, coupled with practical advice from experts in the field. The discussion focuses on private equity, private debt and private real assets, and their correlation with other asset classes to establish optimized investment portfolios. Armed with the grounded and critical perspectives provided in this book, investors can tailor their portfolio and effectively allocate assets to traditional and private markets in their best interest. In-depth discussion of return, risks, liquidity and other factors of asset allocation takes a more practical turn with guidance on allocation construction and capital deployment, the “endowment model,” and hedging — or lack thereof. Unique in the depth and breadth of information on this increasingly attractive asset class, this book is an invaluable resource for investors seeking new strategies. Discover alternative solutions to traditional asset allocation strategies Consider attractive returns of private markets Delve into private equity, private debt and private real assets Gain expert perspectives on correlation, risk, liquidity, and portfolio construction Private markets represent a substantial proportion of global wealth. Amidst disappointing returns from stocks and bonds, investors are increasingly looking to revitalise traditional asset allocation strategies by weighting private market structures more heavily in their portfolios. Pension fund and other long-term asset managers need deeper information than is typically provided in tangential reference in broader asset allocation literature; Asset Allocation and Private Markets fills the gap, with comprehensive information and practical guidance.
Author: ARTHUR KORTEWEG; MARK M. WESTERFIELD. Publisher: ISBN: 9781680839692 Category : BUSINESS & ECONOMICS Languages : en Pages : 0
Book Description
Asset Allocation with Private Equity addresses the central question "What is the optimal portfolio allocation to private equity?" The authors have two goals. The first is to survey the literature on the private equity partnership arrangement from an investor's perspective. The second is to articulate a list of open questions in the literature.The monograph is organized to lead from a description of theoretical and empirical work toward open questions. To that end, a substantial number of recent and unpublished working papers are included in the monograph. It proceeds as follows: Section 2 contains institutional details regarding PE firms, funds, and investors. For some readers this will be a review, but it is included because the institutional details are required to understand the decision rights that the LP grants the GP and how those decisions are usually executed. There is a discussion of the GP's incentives, which pervades the discussion of selected data and pricing power later in the monograph. To understand why the institutional details of PE matter for LPs, one has to understand the uses and limitations of the benchmark portfolio choice model. To this end, Section 3 reviews a standard portfolio choice model and shows how the characteristics of PE violate the model's core assumptions. Section 4 describes the methods and problems with measuring performance in PE. Section 5 shifts the focus from PE investments to PE investors and examines the returns and pricing power of LPs. Section 6 focuses on LPs' diversification problem and their liquidity management problem, including the role of the secondary market. The authors close with a summary of some recent work in optimal portfolio allocation to PE.
Author: Arthur Korteweg Publisher: ISBN: 9781680839685 Category : Languages : en Pages : 0
Book Description
Asset Allocation with Private Equity addresses the central question "What is the optimal portfolio allocation to private equity?" The authors have two goals. The first is to survey the literature on the private equity partnership arrangement from an investor's perspective. The second is to articulate a list of open questions in the literature. The monograph is organized to lead from a description of theoretical and empirical work toward open questions. To that end, a substantial number of recent and unpublished working papers are included in the monograph. It proceeds as follows: Section 2 contains institutional details regarding PE firms, funds, and investors. For some readers this will be a review, but it is included because the institutional details are required to understand the decision rights that the LP grants the GP and how those decisions are usually executed. There is a discussion of the GP's incentives, which pervades the discussion of selected data and pricing power later in the monograph. To understand why the institutional details of PE matter for LPs, one has to understand the uses and limitations of the benchmark portfolio choice model. To this end, Section 3 reviews a standard portfolio choice model and shows how the characteristics of PE violate the model's core assumptions. Section 4 describes the methods and problems with measuring performance in PE. Section 5 shifts the focus from PE investments to PE investors and examines the returns and pricing power of LPs. Section 6 focuses on LPs' diversification problem and their liquidity management problem, including the role of the secondary market. The authors close with a summary of some recent work in optimal portfolio allocation to PE.
Author: Peter Klaus Cornelius Publisher: Academic Press ISBN: 9780123785824 Category : Business & Economics Languages : en Pages : 328
Book Description
How can private equity investors exploit investment opportunities in foreign markets? Peter Cornelius uses a proprietary database to investigate and describe private equity markets worldwide, revealing their levels of integration, their risks, and the ways that investors can mitigate those risks. In three major sections that concentrate on the risk and return profile of private equity, the growth dynamics of discrete markets and geographies, and opportunities for private equity investments, he offers hard-to-find analyses that fill knowledge gaps about foreign markets. Observing that despite the progressive dismantling of barriers investors are still home-biased, he demonstrates that a methodical approach to understanding foreign private equity markets can take advantage of the macroeconomic and structural factors that drive supply and demand dynamics in individual markets. Foreword by Josh Lerner Teaches readers how to investigate and analyze foreign private equity markets Forecasts private equity investment opportunities via macroeconomic and structural factors in individual markets Draws on data from a proprietary database covering 250 buyout and VC funds and 7,000 portfolio companies.
Author: Thomas Schneeweis Publisher: John Wiley & Sons ISBN: 0470608390 Category : Business & Economics Languages : en Pages : 422
Book Description
A feasible asset allocation framework for the post 2008 financial world Asset allocation has long been a cornerstone of prudent investment management; however, traditional allocation plans failed investors miserably in 2008. Asset allocation still remains an essential part of the investment arena, and through a new approach, you'll discover how to make it work. In The New Science of Asset Allocation, authors Thomas Schneeweis, Garry Crowder, and Hossein Kazemi first explore the myths that plague this field then quickly move on to examine how the practice of asset allocation has failed in recent years. They then propose new allocation models that employ liquidity, transparency, and real risk controls across multiple asset classes. Outlines a new approach to asset allocation in a post-2008 world, where risk seems hidden The "great manager" problem is examined with solutions on how to capture manager alpha while limiting downside risk A complete case study is presented that allocates for beta and alpha Written by an experienced team of industry leaders and academic experts, The New Science of Asset Allocation explains how you can effectively apply this approach to a financial world that continues to change.
Author: Donald R. Chambers Publisher: CFA Institute Research Foundation ISBN: 1944960384 Category : Business & Economics Languages : en Pages :
Book Description
Alternative Investments: A Primer for Investment Professionals provides an overview of alternative investments for institutional asset allocators and other overseers of portfolios containing both traditional and alternative assets. It is designed for those with substantial experience regarding traditional investments in stocks and bonds but limited familiarity regarding alternative assets, alternative strategies, and alternative portfolio management. The primer categorizes alternative assets into four groups: hedge funds, real assets, private equity, and structured products/derivatives. Real assets include vacant land, farmland, timber, infrastructure, intellectual property, commodities, and private real estate. For each group, the primer provides essential information about the characteristics, challenges, and purposes of these institutional-quality alternative assets in the context of a well-diversified institutional portfolio. Other topics addressed by this primer include tail risk, due diligence of the investment process and operations, measurement and management of risks and returns, setting return expectations, and portfolio construction. The primer concludes with a chapter on the case for investing in alternatives.
Author: Stefan Hepp Publisher: John Wiley & Sons ISBN: 1394217692 Category : Business & Economics Languages : en Pages : 727
Book Description
In A History of Private Markets, renowned private markets investor and expert Dr. Stefan W. Hepp delivers an insightful and comprehensive exploration of the history, nature, and influence of private market investing. The author offers a robust examination of the key practical and conceptual issues faced by investors as they move forward into the future. In the book, you'll find fulsome discussions of the rise of private market investment following the conclusion of World War II, as well as why the limited partnership became the dominant investment vehicle for private equity. You'll also discover the importance of the convergence of technology, government, academia, and venture capital that came to define what we now know as Silicon Valley. The book includes: Explanations of the emergence of buyout firms, as well as why and how buyouts differ from other forms of mergers and acquisitions Examinations of the explosive growth of private equity and other private asset classes since the turn of the millennium Discussions of the issues set to dominate the future of private markets, including ESG investing, value creation, unicorns, special purpose acquisition companies (SPACs), and more A must-read book for regulators, investors, asset managers, entrepreneurs, founders, and other businesspeople, A History of Private Markets will earn a place on the bookshelves of anyone with a stake or interest in private equity and other private asset classes.
Author: Guy Fraser-Sampson Publisher: John Wiley & Sons ISBN: 0470687851 Category : Business & Economics Languages : en Pages : 328
Book Description
Guy Fraser-Sampson draws upon twenty years' private equity experience to provide a practical guide to mastering the intricacies of this highly specialist asset class. Aimed equally at investors, professionals and business school students, it starts with such fundamental questions as "what is private equity?" and progresses to detailed analysis of venture and buyout returns. It also unveils a totally new concept which looks set to revolutionise thinking in the industry: Total Return investing. Often unfairly reviled, and frequently misunderstood, private equity differs from all other asset classes in various important respects, not least in the nature and timing of its returns, which require a whole new approach for those reared on more traditional investments such as bonds and shares. This book shows how a good grasp of the basic structure of private equity vehicles and returns (including the dreaded J-curve) can lead to full understanding of the techniques needed to measure and analyse performance. Key points include: A glossary of private equity terms Venture funds and transactions Buyout funds and transactions Understanding private equity returns Analysis of historic returns How to plan a fund investment programme How to conduct effective due diligence Total Return investing
Author: William Kinlaw Publisher: John Wiley & Sons ISBN: 1119817722 Category : Business & Economics Languages : en Pages : 371
Book Description
Discover a masterful exploration of the fallacies and challenges of asset allocation In Asset Allocation: From Theory to Practice and Beyond—the newly and substantially revised Second Edition of A Practitioner’s Guide to Asset Allocation—accomplished finance professionals William Kinlaw, Mark P. Kritzman, and David Turkington deliver a robust and insightful exploration of the core tenets of asset allocation. Drawing on their experience working with hundreds of the world’s largest and most sophisticated investors, the authors review foundational concepts, debunk fallacies, and address cutting-edge themes like factor investing and scenario analysis. The new edition also includes references to related topics at the end of each chapter and a summary of key takeaways to help readers rapidly locate material of interest. The book also incorporates discussions of: The characteristics that define an asset class, including stability, investability, and similarity The fundamentals of asset allocation, including definitions of expected return, portfolio risk, and diversification Advanced topics like factor investing, asymmetric diversification, fat tails, long-term investing, and enhanced scenario analysis as well as tools to address challenges such as liquidity, rebalancing, constraints, and within-horizon risk. Perfect for client-facing practitioners as well as scholars who seek to understand practical techniques, Asset Allocation: From Theory to Practice and Beyond is a must-read resource from an author team of distinguished finance experts and a forward by Nobel prize winner Harry Markowitz.
Author: Garry B. Crowder Publisher: John Wiley & Sons ISBN: 1118483855 Category : Business & Economics Languages : en Pages : 349
Book Description
Debunking outdated and inaccurate beliefs about investment management and reveals the new realities of the post-modern financial markets There have been a lot of big changes in the investment world over the past decade, and many long-cherished beliefs about the structures and performance of various investments no longer apply. Unfortunately the news seems not to have reached many thought leaders and investment professionals who persist in trying, and failing, to apply 20th-century thinking to 21st-century portfolio management. Nowhere is this more true than when it comes to the subject of alternative investments. Written by an all-star team of investment management experts, this book debunks common myths and misconceptions about most classes of alternative investments and offers valuable advice on how to develop investment management and asset allocation strategies consistent with the new realities of the ever-changing world of alternative investments. Covers most alternative asset classes, including private equity, real estate, managed futures, hedge funds, commodity indices, and more Debunks long-held assumptions about the structure and performance of various investment classes that continue to dominate the industry Explores the implications for investment managers of the proliferation of international marketable securities and global financial markets Provides an overview of both the micro and the macro aspects of each alternative investment class
Author: Cyril Demaria
Author: Cyril Demaria
Author: ARTHUR KORTEWEG; MARK M. WESTERFIELD.
Author: Arthur Korteweg
Author: Peter Klaus Cornelius
Author: Thomas Schneeweis
Author: Donald R. Chambers
Author: Stefan Hepp
Author: Guy Fraser-Sampson
Author: William Kinlaw
Author: Garry B. Crowder