By Spulber D.F.
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14. Id. 15. Id. 16. See note 7. CHAPTER 2 Characteristics of the Private Equity Arena Dr. David J. Brophy Adam A. Wadecki A BRIEF HISTORY OF PRIVATE EQUITY In the early part of 2007, the buyout industry was enjoying a renaissance never before seen by investors: Investments—and fund sizes—were at all-time highs, returns and distributions were high, and the quest for access to top funds had never been fiercer. While venture capital (VC) continued its recovery following the dot-com era, the industry was largely overshadowed by its buyout counterpart, as venture returns have been mediocre in the recent past.
However, in some cases where prospective fund deals may already be scouted, a fund life of 6 years is not uncommon. It is the GPs’ goal to realize all investments prior to the fund’s liquidation at the end of this time period. These liquidity events take place as companies are harvested by the GPs, usually beginning around the fourth year of the fund. Portfolio companies are harvested through many types of exit strategies: an outright sale (to a strategic or financial buyer), an initial public offering (IPO), and merger are three of the most common exit strategies.
Without the necessary funds, investments cannot be made. There are two principal parties that are at the heart of all PE fund-raising processes: the GPs and the LPs. As discussed in a previous section, the LPs pledge capital commitments to the GPs, who are then responsible for investing these funds in portfolio companies. In some instances, third-party investment advisors (aka ‘‘gatekeepers’’) may also be involved in the fund-raising process. These advisors, such as Cambridge Associates, Abbott Capital Management, Credit Suisse First Boston (CSFB), and Venture Economics, assist the limited partners in making PE investments.