外文翻译-----私募股权投资-其他专业.docVIP

本科毕业论文外文原文 外文题目： Private Equity 出 处：Investment Banking,2010:19-43,DOI:10.1007/978-3-540-937 65-4-2 作 者： Professor Giuliano Iannotta 原 文： 1. Introduction One may wonder why a book about investment banking includes a chapter on private equity. I can provide two different answers. First, private equity funds are increasingly important clients of investment banks. Fruhan (2006) reports that private equity firms account for about 25% of total revenues for major investment banks. In 2005 about 20% of total US MAs volume was related to private equity. In Germany the percentage was even higher (about 35%). In the 2001–2006 period out of the 701 US IPOs about 70% were private equity backed. Second, investment banks are increasingly important players of the private equity industry. Virtually all major investment banks manage some private equity funds. For example, Morrison and Wilhelm (2007) reports that Goldman Sachs has more capital invested in private equity than any other private equity player. These two reasons also explain the increasing mobility of human resources from investment banks to the private equity industry. This chapter aims at analyzing the main technical aspects of the private equity business. The chapter proceeds as follows. Section 2.2 provides a classification of the private equity activity. Section 2.3 analyzes the agreement between the investors, who put the money, and the professionals who manage that money. Section 2.4 describes how to measure the performance of private equity funds. Section 2.5 summarizes the main features of the term sheet that regulate private equity investments. Sections 2.6 and 2.7 illustrate the valuation methods used by private equity professionals to decide about their investments. Section 2.8 concludes. Definitions Within the private equity industry it is possible to classify two main areas: (a)venture capital (VC) and (b) buy-out.