298:(ENXTAM: KPE). KKR raised more than three times what it had expected at the outset as many of the investors in KPE were hedge funds seeking exposure to private equity but could not make long-term commitments to private equity funds. Because private equity had been booming in the preceding years, the proposition of investing in a KKR fund appeared attractive to certain investors. However, KPE's first-day performance was lackluster, trading down 1.7% and trading volume was limited. Initially, a handful of other private equity firms and hedge funds had planned to follow KKR's lead but shelved those plans when KPE's performance continued to falter after its IPO. KPE's stock declined from an IPO price of €25 per share to €18.16 (a 27% decline) at the end of 2007 and a low of €11.45 (a 54.2% decline) per share in Q1 2008. KPE disclosed in May 2008 that it had completed approximately $ 300 million of
1333:
1323:
1303:
1283:
1273:
1965:
1955:
1313:
1293:
260:
376:
completed a private placement of shares in its management company in July 2007. By pursuing a private placement rather than a public offering, Apollo would be able to avoid much of the public scrutiny applied to
Blackstone and KKR. In April 2008, Apollo filed with the SEC to permit some holders of
277:
filed with the SEC to raise $ 4 billion in an initial public offering. On June 21, Blackstone swapped a 12.3% stake in its ownership for $ 4.13 billion in the largest U.S. IPO since 2002. Traded on the New York Stock
Exchange under the ticker symbol BX, Blackstone priced at $ 31 per share on June 22,
250:
attracted significantly greater attention when several of the largest private equity firms pursued various options through the public markets. Taking private equity firms and private equity funds public appeared an unusual move since private equity funds often buy public companies listed on exchange
309:
IPO, in 2007 Kohlberg Kravis
Roberts filed with the SEC in July 2007 to raise $ 1.25 billion by selling an ownership interest in its management company. KKR had previously listed its KKR Private Equity Investors (KPE) private equity fund vehicle in 2006. The onset of the credit crunch and the
326:. Schwarzman received a severe backlash from both critics of the private equity industry and fellow investors in private equity. An ill-timed birthday event around the time of the IPO led various commentators to draw comparisons to the excesses of notorious executives including
350:, remarked, "We have all wanted to be private – at least until now. When Steve Schwarzman's biography with all the dollar signs is posted on the web site none of us will like the furor that results – and that's even if you like Rod Stewart."
251:
and then take them private. Private equity firms are rarely subject to the quarterly reporting requirements of the public markets and tout this independence to prospective sellers as a key advantage of going private.
322:
completed by
Blackstone intensified the level of attention directed toward the private equity industry overall as media commentators focused on the large payout received by the firm's CEO
1369:
1203:
781:
107:
Historically, in the United States, there had been a group of publicly traded private equity firms that were registered as business development companies (BDCs) under the
57:
There are fundamentally two separate opportunities that private equity firms pursued in the public markets. These options involved a public listing of either:
1362:
1276:
310:
shutdown of the IPO market would dampen the prospects of obtaining a valuation that would be attractive to KKR and the flotation was repeatedly postponed.
302:
of selected limited partnership interests in and undrawn commitments to certain KKR-managed funds in order to generate liquidity and repay borrowings.
1355:
774:
75:
earned by the investment professionals and managers of the private equity firm. The most notable example of this public listing was completed by
238:, 1995 they have proved to be much less risky than originally anticipated. The last created VCTs to encourage investment into new UK businesses.
290:
raised $ 5 billion in an initial public offering for a new permanent investment vehicle (KKR Private Equity
Investors or KPE) listing it on the
850:
420:
353:
Meanwhile, other private equity investors would also seek to realize a portion of the value locked into their firms. In
September 2007, the
16:
This article is about investments in private equity through publicly traded vehicles. For
Private Investments in Public Equity or PIPEs, see
246:
Although there had previously been certain instances of publicly traded private equity vehicles, the convergence of private equity and the
1336:
767:
1248:
223:
designed to provide capital finance for small expanding companies and capital gains for investors. VCTs are companies listed on the
585:
401:, as well as by making direct equity investments in companies. The company also invests in the securities of public companies.
88:
or similar investment vehicle, which allows investors that would otherwise be unable to invest in a traditional private equity
635:
Buyout Mogul: How
Blackstone's Chief Became $ 7 Billion Man – Schwarzman Says He's Worth Every Penny; $ 400 for Stone Crabs
451:
1070:
1065:
17:
973:
601:
484:
744:
1836:
858:
835:
415:
299:
1749:
1306:
444:
358:
108:
1895:
1316:
1286:
714:
361:(ADIA) for $ 1.35 billion, which valued Carlyle at approximately $ 20 billion. Similarly, in January 2008,
1689:
1296:
1053:
647:
425:
382:
220:
115:
102:
1413:
1806:
883:
878:
873:
868:
863:
531:
1999:
1769:
930:
449:
Investment
Company Act of 1940: Section 54 -- Election to Be Regulated as Business Development Company
357:
sold a 7.5% interest in its management company to
Mubadala Development Company, which is owned by the
1940:
1925:
1915:
1754:
1569:
1140:
1090:
1028:
988:
935:
1994:
1958:
1935:
1873:
1699:
1624:
1584:
1564:
1326:
1243:
1238:
373:
138:
123:
1989:
1669:
1659:
1629:
1599:
1539:
1223:
1218:
1173:
634:
378:
319:
287:
231:
514:
497:
2004:
1910:
1811:
1674:
1512:
1482:
1233:
1198:
1095:
925:
443:
Companies must elect to be treated as a "business development company" under the terms of the
1826:
1150:
1058:
565:
548:
263:
224:
210:
204:
181:
67:(the management company), which provides shareholders an opportunity to gain exposure to the
727:
1848:
1843:
1347:
1178:
963:
840:
681:
468:
362:
119:
698:
664:
8:
1798:
1253:
1115:
1105:
1023:
1018:
1014:
968:
614:
89:
84:
63:
39:
35:
1968:
1880:
1863:
1821:
1744:
1736:
1522:
1507:
1382:
1228:
1188:
1125:
1120:
958:
472:
339:
154:
1905:
1900:
1885:
1816:
1759:
1704:
1679:
1649:
1639:
1549:
1532:
1453:
1448:
1408:
1403:
1390:
1378:
1193:
920:
915:
910:
825:
759:
390:
190:
175:
163:
148:
582:
1858:
1853:
1764:
1719:
1619:
1517:
1438:
1423:
1398:
1033:
902:
813:
665:
California Pension Fund Expected to Take Big Stake in Silver Lake, at $ 275 Million
335:
323:
306:
274:
266:
76:
72:
1920:
1831:
1784:
1774:
1709:
1634:
1604:
1554:
1502:
1474:
1418:
1213:
1135:
983:
945:
820:
794:
589:
455:
343:
217:
448:
1868:
1779:
1038:
953:
830:
790:
748:
731:
702:
685:
668:
651:
618:
569:
552:
535:
518:
501:
410:
394:
214:
68:
51:
47:
43:
1983:
1487:
1145:
1130:
1110:
998:
583:
KKR Private Equity Investors Reports Results for Quarter Ended March 31, 2008
549:
Private Equity Goes Public for $ 5 Billion. Its Investors Ask, ‘What’s Next?’
354:
327:
1726:
1574:
1559:
1433:
1258:
1183:
1155:
1100:
993:
398:
247:
137:
As of the end of 2008, among the largest BDCs (by market value, excluding
1684:
1654:
1497:
1428:
1043:
347:
235:
1930:
1890:
1694:
1644:
1614:
1492:
1208:
978:
1664:
1527:
295:
532:
Opening Private Equity's Door, at Least a Crack, to Public Investors
269:
completed the first major IPO of a private equity firm in June 2007.
259:
1714:
1609:
1594:
331:
291:
227:, which invest in other companies which are not themselves listed.
131:
498:
News Analysis Behind the Veil at Blackstone? Probably Another Veil
1544:
366:
393:, to invest primarily in middle-market companies in the form of
808:
386:
186:
171:
159:
144:
127:
92:
to gain exposure to a portfolio of private equity investments.
1443:
1377:
728:
Apollo Struggles to Keep Debt From Sinking Linens ’n Things
381:. In April 2004, Apollo raised $ 930 million for a listed
42:, which makes investments conforming to one of the various
168:, BlackRock Kelso Capital Corp, Gladstone Investment Corp
141:, discussed elsewhere) are: American Capital Strategies
118:(REITs) in that the BDC structure reduces or eliminates
699:
Equity Firm Is Seen Ready to Sell a Stake to Investors
377:
its privately traded stock to sell their shares on the
789:
745:
Private Firms Use Closed-End Funds To Tap the Market
487:, SECURITIES AND EXCHANGE COMMISSION, March 22, 2007
717:, SECURITIES AND EXCHANGE COMMISSION, April 8, 2008
680:
SORKIN, ANDREW ROSS and de la MERCED, MICHAEL J. "
515:
Blackstone Founders Prepare to Count Their Billions
496:
SORKIN, ANDREW ROSS and DE LA MERCED, MICHAEL J. "
682:Buyout Firm Said to Seek a Private Market Offering
604:, SECURITIES AND EXCHANGE COMMISSION, July 3, 2007
313:
566:Where Private Equity Goes, Hedge Funds May Follow
96:
1981:
365:sold a 9.9% stake in its management company to
1363:
775:
648:Carlyle to Sell Stake to a Mideast Government
613:JENNY ANDERSON and MICHAEL J. de la MERCED. "
421:History of private equity and venture capital
1277:Private equity and venture capital investors
637:." The Wall Street Journal, June 13, 2007.
1964:
1954:
1370:
1356:
1312:
1292:
1249:Taxation of private equity and hedge funds
1066:Private investment in public equity (PIPE)
782:
768:
346:, a co-founder of the private equity firm
114:Typically, BDCs are structured similar to
198:
258:
715:APOLLO GLOBAL MANAGEMENT, LLC, FORM S-1
629:
627:
254:
1982:
1351:
763:
633:Sender, Henny and Langley, Monica. "
281:
624:
485:The Blackstone Group L.P., FORM S-1
122:. In return, REITs are required to
18:Private investment in public equity
13:
615:Kohlberg Kravis Plans to Go Public
461:
14:
2016:
213:or VCT is a highly tax efficient
1963:
1953:
1332:
1331:
1322:
1321:
1311:
1302:
1301:
1291:
1282:
1281:
1272:
1271:
385:, Apollo Investment Corporation
737:
720:
708:
691:
674:
657:
640:
607:
595:
416:Private equity secondary market
314:Response to private equity IPOs
1750:Debtor-in-possession financing
1049:Publicly traded private equity
575:
558:
541:
524:
507:
490:
478:
445:Investment Company Act of 1940
437:
359:Abu Dhabi Investment Authority
305:Less than two weeks after the
130:, which may be taxable to its
109:Investment Company Act of 1940
97:Business Development Companies
32:publicly listed private equity
28:publicly quoted private equity
24:Publicly traded private equity
1:
1317:List of venture capital firms
431:
116:real estate investment trusts
1690:Staggered board of directors
1297:List of private equity firms
1054:Business Development Company
602:KKR & CO. L.P., FORM S-1
426:Business Development Company
383:business development company
221:collective investment scheme
103:Business Development Company
7:
1807:Accretion/dilution analysis
404:
10:
2021:
1770:Leveraged recapitalization
1141:High-net-worth individuals
931:Leveraged recapitalization
726:de la MERCED, MICHAEL J. "
241:
202:
100:
15:
1949:
1941:Valuation using multiples
1926:Sum-of-the-parts analysis
1896:Modigliani–Miller theorem
1797:
1755:Dividend recapitalization
1735:
1583:
1570:Secondary market offering
1473:
1462:
1389:
1267:
1164:
1083:
1029:Limited liability company
1007:
989:Venture capital financing
944:
936:Dividend recapitalization
901:
892:
849:
801:
1959:List of investment banks
1874:Free cash flow to equity
1700:Super-majority amendment
1625:Management due diligence
1565:Seasoned equity offering
230:First introduced by the
1670:Shareholder rights plan
1660:Post-merger integration
1630:Managerial entrenchment
1600:Contingent value rights
1540:Initial public offering
1096:Institutional investors
743:FABRIKANT, GERALDINE. "
697:SORKIN, ANDREW ROSS. "
588:March 20, 2009, at the
379:New York Stock Exchange
320:initial public offering
288:Kohlberg Kravis Roberts
273:On March 22, 2007, the
1812:Adjusted present value
1675:Special-purpose entity
1513:Direct public offering
1483:At-the-market offering
1234:Liquidation preference
1199:Distribution waterfall
1151:Sovereign wealth funds
663:Sorkin, Andrew Ross. "
646:Sorkin, Andrew Ross. "
270:
199:Venture capital trusts
139:Apollo Investment Corp
1827:Conglomerate discount
1307:Venture capital firms
1059:Venture capital trust
654:, September 21, 2007.
262:
248:public equity markets
225:London Stock Exchange
211:venture capital trust
205:Venture capital trust
182:Kohlberg Capital Corp
52:public stock exchange
26:(also referred to as
1849:Economic value added
1844:Discounted cash flow
1287:Private equity firms
1015:Private equity firms
964:Post-money valuation
841:Equity co-investment
555:, November 10, 2006.
469:World Economic Forum
467:Photographed at the
399:senior secured loans
363:Silver Lake Partners
255:Blackstone Group IPO
120:corporate income tax
77:The Blackstone Group
1434:Senior secured debt
1337:Portfolio companies
1254:Undercapitalization
1106:Insurance companies
1024:Limited partnership
969:Pre-money valuation
547:Timmons, Heather. "
530:Timmons, Heather. "
369:for $ 275 million.
90:limited partnership
85:private equity fund
64:private equity firm
46:strategies, and is
1969:Outline of finance
1881:Market value added
1864:Financial modeling
1822:Business valuation
1745:Debt restructuring
1523:Follow-on offering
1508:Corporate spin-off
1466:(terms/conditions)
1383:investment banking
1189:Capital commitment
959:Business incubator
926:Buy–sell agreement
564:Anderson, Jenny. "
513:Anderson, Jenny. "
473:Davos, Switzerland
454:2008-05-27 at the
340:Tyco International
282:KKR Private Equity
271:
234:government in the
155:Ares Capital Corp.
40:investment vehicle
2000:Equity securities
1977:
1976:
1901:Net present value
1886:Minority interest
1817:Associate company
1793:
1792:
1760:Financial sponsor
1680:Special situation
1650:Pre-emption right
1640:Minority discount
1550:Private placement
1449:Subordinated debt
1404:Exchangeable debt
1391:Capital structure
1379:Corporate finance
1345:
1344:
1194:Capital structure
1079:
1078:
921:Divisional buyout
916:Management buyout
911:Financial sponsor
751:, April 17, 2004.
734:, April 14, 2008.
671:, January 9, 2008
504:, March 19, 2007.
374:Apollo Management
194:
179:
167:
152:
2012:
1967:
1966:
1957:
1956:
1859:Fairness opinion
1854:Enterprise value
1837:Weighted average
1765:Leveraged buyout
1620:Drag-along right
1518:Equity carve-out
1475:Equity offerings
1471:
1470:
1467:
1439:Shareholder loan
1424:Second lien debt
1419:Preferred equity
1399:Convertible debt
1372:
1365:
1358:
1349:
1348:
1335:
1334:
1325:
1324:
1315:
1314:
1305:
1304:
1295:
1294:
1285:
1284:
1275:
1274:
1136:Commercial banks
1126:Investment banks
1034:Carried interest
899:
898:
802:Investment types
784:
777:
770:
761:
760:
752:
741:
735:
724:
718:
712:
706:
705:, April 5, 2007.
695:
689:
688:, July 18, 2007.
678:
672:
661:
655:
644:
638:
631:
622:
611:
605:
599:
593:
579:
573:
572:, June 23, 2006.
562:
556:
545:
539:
528:
522:
521:, June 12, 2007.
511:
505:
494:
488:
482:
476:
475:in January 2008.
465:
459:
441:
336:Dennis Kozlowski
324:Steve Schwarzman
307:Blackstone Group
275:Blackstone Group
267:Blackstone Group
184:
169:
157:
142:
73:carried interest
2020:
2019:
2015:
2014:
2013:
2011:
2010:
2009:
1995:Venture capital
1980:
1979:
1978:
1973:
1945:
1921:Stock valuation
1916:Residual income
1832:Cost of capital
1789:
1785:Project finance
1775:High-yield debt
1731:
1710:Tag-along right
1635:Mandatory offer
1605:Control premium
1586:
1579:
1555:Public offering
1503:Bought out deal
1465:
1464:
1458:
1385:
1376:
1346:
1341:
1327:Angel investors
1263:
1214:High-yield debt
1167:financial terms
1166:
1160:
1075:
1003:
984:Startup company
940:
894:
888:
845:
797:
795:venture capital
788:
757:
755:
742:
738:
725:
721:
713:
709:
696:
692:
679:
675:
662:
658:
645:
641:
632:
625:
621:, July 4, 2007.
612:
608:
600:
596:
590:Wayback Machine
581:Press Release:
580:
576:
563:
559:
546:
542:
529:
525:
512:
508:
495:
491:
483:
479:
466:
462:
456:Wayback Machine
442:
438:
434:
407:
344:David Bonderman
316:
300:secondary sales
284:
257:
244:
207:
201:
105:
99:
69:management fees
36:investment firm
34:) refers to an
21:
12:
11:
5:
2018:
2008:
2007:
2002:
1997:
1992:
1990:Private equity
1975:
1974:
1972:
1971:
1961:
1950:
1947:
1946:
1944:
1943:
1938:
1936:Terminal value
1933:
1928:
1923:
1918:
1913:
1908:
1903:
1898:
1893:
1888:
1883:
1878:
1877:
1876:
1869:Free cash flow
1866:
1861:
1856:
1851:
1846:
1841:
1840:
1839:
1829:
1824:
1819:
1814:
1809:
1803:
1801:
1795:
1794:
1791:
1790:
1788:
1787:
1782:
1780:Private equity
1777:
1772:
1767:
1762:
1757:
1752:
1747:
1741:
1739:
1733:
1732:
1730:
1729:
1724:
1723:
1722:
1712:
1707:
1702:
1697:
1692:
1687:
1682:
1677:
1672:
1667:
1662:
1657:
1652:
1647:
1642:
1637:
1632:
1627:
1622:
1617:
1612:
1607:
1602:
1597:
1591:
1589:
1581:
1580:
1578:
1577:
1572:
1567:
1562:
1557:
1552:
1547:
1542:
1537:
1536:
1535:
1525:
1520:
1515:
1510:
1505:
1500:
1495:
1490:
1485:
1479:
1477:
1468:
1460:
1459:
1457:
1456:
1451:
1446:
1441:
1436:
1431:
1426:
1421:
1416:
1411:
1409:Mezzanine debt
1406:
1401:
1395:
1393:
1387:
1386:
1375:
1374:
1367:
1360:
1352:
1343:
1342:
1340:
1339:
1329:
1319:
1309:
1299:
1289:
1279:
1268:
1265:
1264:
1262:
1261:
1256:
1251:
1246:
1241:
1236:
1231:
1226:
1221:
1216:
1211:
1206:
1201:
1196:
1191:
1186:
1181:
1176:
1170:
1168:
1162:
1161:
1159:
1158:
1153:
1148:
1146:Family offices
1143:
1138:
1133:
1131:Merchant banks
1128:
1123:
1118:
1113:
1108:
1103:
1098:
1093:
1087:
1085:
1081:
1080:
1077:
1076:
1074:
1073:
1068:
1063:
1062:
1061:
1056:
1046:
1041:
1039:Management fee
1036:
1031:
1026:
1021:
1011:
1009:
1005:
1004:
1002:
1001:
996:
991:
986:
981:
976:
971:
966:
961:
956:
954:Angel investor
950:
948:
942:
941:
939:
938:
933:
928:
923:
918:
913:
907:
905:
896:
890:
889:
887:
886:
881:
876:
871:
866:
861:
855:
853:
847:
846:
844:
843:
838:
833:
828:
823:
818:
817:
816:
805:
803:
799:
798:
791:Private equity
787:
786:
779:
772:
764:
754:
753:
749:New York Times
736:
732:New York Times
719:
707:
703:New York Times
690:
686:New York Times
673:
669:New York Times
656:
652:New York Times
639:
623:
619:New York Times
606:
594:
574:
570:New York Times
557:
553:New York Times
540:
538:, May 4, 2006.
536:New York Times
523:
519:New York Times
506:
502:New York Times
489:
477:
460:
435:
433:
430:
429:
428:
423:
418:
413:
411:Private equity
406:
403:
395:mezzanine debt
372:Additionally,
315:
312:
283:
280:
256:
253:
243:
240:
203:Main article:
200:
197:
101:Main article:
98:
95:
94:
93:
80:
44:private equity
9:
6:
4:
3:
2:
2017:
2006:
2005:Public sphere
2003:
2001:
1998:
1996:
1993:
1991:
1988:
1987:
1985:
1970:
1962:
1960:
1952:
1951:
1948:
1942:
1939:
1937:
1934:
1932:
1929:
1927:
1924:
1922:
1919:
1917:
1914:
1912:
1909:
1907:
1904:
1902:
1899:
1897:
1894:
1892:
1889:
1887:
1884:
1882:
1879:
1875:
1872:
1871:
1870:
1867:
1865:
1862:
1860:
1857:
1855:
1852:
1850:
1847:
1845:
1842:
1838:
1835:
1834:
1833:
1830:
1828:
1825:
1823:
1820:
1818:
1815:
1813:
1810:
1808:
1805:
1804:
1802:
1800:
1796:
1786:
1783:
1781:
1778:
1776:
1773:
1771:
1768:
1766:
1763:
1761:
1758:
1756:
1753:
1751:
1748:
1746:
1743:
1742:
1740:
1738:
1734:
1728:
1725:
1721:
1718:
1717:
1716:
1713:
1711:
1708:
1706:
1703:
1701:
1698:
1696:
1693:
1691:
1688:
1686:
1683:
1681:
1678:
1676:
1673:
1671:
1668:
1666:
1663:
1661:
1658:
1656:
1653:
1651:
1648:
1646:
1643:
1641:
1638:
1636:
1633:
1631:
1628:
1626:
1623:
1621:
1618:
1616:
1613:
1611:
1608:
1606:
1603:
1601:
1598:
1596:
1593:
1592:
1590:
1588:
1582:
1576:
1573:
1571:
1568:
1566:
1563:
1561:
1558:
1556:
1553:
1551:
1548:
1546:
1543:
1541:
1538:
1534:
1531:
1530:
1529:
1526:
1524:
1521:
1519:
1516:
1514:
1511:
1509:
1506:
1504:
1501:
1499:
1496:
1494:
1491:
1489:
1488:Book building
1486:
1484:
1481:
1480:
1478:
1476:
1472:
1469:
1461:
1455:
1452:
1450:
1447:
1445:
1442:
1440:
1437:
1435:
1432:
1430:
1427:
1425:
1422:
1420:
1417:
1415:
1412:
1410:
1407:
1405:
1402:
1400:
1397:
1396:
1394:
1392:
1388:
1384:
1380:
1373:
1368:
1366:
1361:
1359:
1354:
1353:
1350:
1338:
1330:
1328:
1320:
1318:
1310:
1308:
1300:
1298:
1290:
1288:
1280:
1278:
1270:
1269:
1266:
1260:
1257:
1255:
1252:
1250:
1247:
1245:
1242:
1240:
1237:
1235:
1232:
1230:
1227:
1225:
1222:
1220:
1217:
1215:
1212:
1210:
1207:
1205:
1202:
1200:
1197:
1195:
1192:
1190:
1187:
1185:
1182:
1180:
1177:
1175:
1172:
1171:
1169:
1163:
1157:
1154:
1152:
1149:
1147:
1144:
1142:
1139:
1137:
1134:
1132:
1129:
1127:
1124:
1122:
1119:
1117:
1114:
1112:
1111:Fund of funds
1109:
1107:
1104:
1102:
1101:Pension funds
1099:
1097:
1094:
1092:
1089:
1088:
1086:
1082:
1072:
1069:
1067:
1064:
1060:
1057:
1055:
1052:
1051:
1050:
1047:
1045:
1042:
1040:
1037:
1035:
1032:
1030:
1027:
1025:
1022:
1020:
1016:
1013:
1012:
1010:
1006:
1000:
999:Venture round
997:
995:
992:
990:
987:
985:
982:
980:
977:
975:
972:
970:
967:
965:
962:
960:
957:
955:
952:
951:
949:
947:
943:
937:
934:
932:
929:
927:
924:
922:
919:
917:
914:
912:
909:
908:
906:
904:
900:
897:
891:
885:
882:
880:
877:
875:
872:
870:
867:
865:
862:
860:
859:Early history
857:
856:
854:
852:
848:
842:
839:
837:
834:
832:
829:
827:
824:
822:
819:
815:
812:
811:
810:
807:
806:
804:
800:
796:
792:
785:
780:
778:
773:
771:
766:
765:
762:
758:
750:
746:
740:
733:
729:
723:
716:
711:
704:
700:
694:
687:
683:
677:
670:
666:
660:
653:
649:
643:
636:
630:
628:
620:
616:
610:
603:
598:
592:, May 7, 2008
591:
587:
584:
578:
571:
567:
561:
554:
550:
544:
537:
533:
527:
520:
516:
510:
503:
499:
493:
486:
481:
474:
470:
464:
457:
453:
450:
446:
440:
436:
427:
424:
422:
419:
417:
414:
412:
409:
408:
402:
400:
396:
392:
388:
384:
380:
375:
370:
368:
364:
360:
356:
355:Carlyle Group
351:
349:
345:
341:
337:
333:
329:
328:Bernie Ebbers
325:
321:
311:
308:
303:
301:
297:
293:
289:
286:In May 2006,
279:
276:
268:
265:
261:
252:
249:
239:
237:
233:
228:
226:
222:
219:
216:
212:
206:
196:
192:
188:
183:
177:
173:
165:
161:
156:
150:
146:
140:
135:
133:
129:
126:95% of their
125:
121:
117:
112:
110:
104:
91:
87:
86:
81:
78:
74:
70:
66:
65:
60:
59:
58:
55:
53:
49:
45:
41:
37:
33:
29:
25:
19:
1911:Real options
1727:Tender offer
1587:acquisitions
1575:Underwriting
1560:Rights issue
1463:Transactions
1259:Vintage year
1184:Capital call
1156:Crowdfunding
1091:Corporations
1048:
994:Venture debt
756:
739:
722:
710:
693:
676:
659:
642:
609:
597:
577:
560:
543:
526:
509:
492:
480:
463:
439:
371:
352:
317:
304:
294:exchange in
285:
272:
264:Schwarzman's
245:
232:Conservative
229:
208:
136:
113:
106:
83:
62:
56:
31:
27:
23:
22:
1685:Squeeze-out
1655:Proxy fight
1585:Mergers and
1498:Bought deal
1429:Senior debt
1121:Foundations
1044:Pledge fund
836:Secondaries
348:TPG Capital
236:Finance Act
1984:Categories
1931:Tax shield
1891:Mismarking
1695:Stock swap
1645:Pitch book
1615:Divestment
1493:Bookrunner
1414:Pari passu
1209:Envy ratio
1116:Endowments
979:Seed money
893:Terms and
432:References
218:closed-end
124:distribute
1906:Pure play
1799:Valuation
1665:Sell side
1528:Greenshoe
1179:Cap table
1084:Investors
1008:Structure
826:Mezzanine
814:Leveraged
296:Amsterdam
132:investors
1737:Leverage
1715:Takeover
1610:Demerger
1595:Buy side
1229:Leverage
1165:Related
895:concepts
586:Archived
452:Archived
405:See also
332:WorldCom
292:Euronext
1720:Reverse
1705:Synergy
1545:Pre-IPO
1533:Reverse
1454:Warrant
1239:M&A
946:Venture
851:History
821:Venture
389::
367:CalPERS
242:History
189::
174::
162::
147::
79:in 2007
1204:EBITDA
903:Buyout
831:Growth
809:Buyout
387:Nasdaq
334:) and
278:2007.
187:Nasdaq
172:Nasdaq
160:Nasdaq
145:Nasdaq
128:income
48:listed
1444:Stock
1019:funds
884:2020s
879:2010s
874:2000s
869:1990s
864:1980s
50:on a
1381:and
1071:SPAC
1017:and
974:SAFE
793:and
397:and
391:AINV
342:).
318:The
191:KCAP
180:and
176:GAIN
164:ARCC
149:ACAS
71:and
1244:PME
1224:IRR
1219:IPO
1174:AUM
747:."
730:."
701:."
684:."
667:."
650:."
617:."
568:."
551:."
534:."
517:."
500:."
471:in
38:or
30:or
1986::
626:^
215:UK
209:A
195:.
153:,
134:.
111:.
82:A
61:A
54:.
1371:e
1364:t
1357:v
783:e
776:t
769:v
458:)
447:(
338:(
330:(
193:)
185:(
178:)
170:(
166:)
158:(
151:)
143:(
20:.
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