Value Creation in Private Equity - Novemeber 2009

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1、and«Yourbridgetotheworldofprivateequity.»ValueCreationinPrivateEquityProf.Dr.Dr.Ann-KristinAchleitner(CEFS)Dr.KatharinaLichtner(CapitalDynamics)Dr.ChristianDiller(CapitalDynamics)Incooperationwith:Dr.ReinerBraun,NicoEngel,ChristianFigge,FlorianTappeiner(allCEFS)November200

2、9ConfidentialPrivateequity:operationalimprovements–notonlyfinancialengineeringTwothirdsofvaluecreationisdrivenby(i)operationalimprovementintheportfoliocompaniesand(ii)valuationmultiplearbitrageTheoperationalperformanceofprivateequitybackedcompaniesissuperiortothatofpubli

3、clytradedpeersOnlyonethirdofvaluecreationisdrivenbyleverage,i.e.increasingthereturnonequitybytakingonmoredebtThedetailedanalysisofvaluedriversinprivateequityisbasedonvaluecreationandcashflowdatafrom241privateequitytransactions.Thismakesitoneofthemostcomprehensivestudieso

4、fvaluecreationinprivateequityfromtheperspectiveofthegeneralpartner(GP).Nevertheless,theresultsarenotdirectlyapplicabletotheentireprivateequityuniverseThisvaluecreationstudywillbecontinuouslyupdatedandextended.ThiswillalsoallowanimprovedassessmentofGPperformanceandcanservea

5、sabenchmark.ValueCreationinPrivateEquity

6、Overallsummary

7、November2009Confidential2ContentIntroductionSampleValuecreationinprivateequitytransactionsBenchmarkingprivateequitySummaryandoutlookAppendixValueCreationinPrivateEquity

8、Introduction

9、November2009Confidential3Objective:

10、adetailedanalysisofvaluedriversinprivateequitytransactionsThepurposeofthisstudyistheidentificationofvaluedriversinprivateequitytransactions.Forthispurpose,thecommonmethodforanalyzingvaluecreationwasfurtherrefinedbasedonacademicinsightsThefocusisonseparatingthevaluecontri

11、butionsof:theuseofleverageoperationalimprovementmultiplearbitrageTheimpactofdebtonthereturnonequitycanbeshownbyquantifyingtheleverageeffectwhichallowsquantificationoftheimportanceoffinancialengineeringinprivateequityValuecreationisexaminedfromaGP’sperspective.Atthesam

12、etime,theoperationaldevelopmentoftheportfoliocompaniesisanalyzedThevalidityoftheresultsi