Is KKR a PE firm or an investment bank? This study analyzes a puzzling phenomenon in the PE sector and initiates strategy research on the corporate level of the PE firm. An empirical investigation of two thirds of the PE universe discovers strategic groups with diametric strategic patterns, ranging from a traditional monolithic PE model to a multi-business PE centered model. The evidence suggests that one strategic group is actually traversing the confines of the strategic space of traditional PE. Recognizing that this group is leading the industry in terms of PE assets under management, capital supply, deal flow, and investment size, this study suggests that the phenomenon should receive more research attention.
{"title":"Competitive Strategy of Private Equity","authors":"Daniel Kukla","doi":"10.2139/ssrn.1649670","DOIUrl":"https://doi.org/10.2139/ssrn.1649670","url":null,"abstract":"Is KKR a PE firm or an investment bank? This study analyzes a puzzling phenomenon in the PE sector and initiates strategy research on the corporate level of the PE firm. An empirical investigation of two thirds of the PE universe discovers strategic groups with diametric strategic patterns, ranging from a traditional monolithic PE model to a multi-business PE centered model. The evidence suggests that one strategic group is actually traversing the confines of the strategic space of traditional PE. Recognizing that this group is leading the industry in terms of PE assets under management, capital supply, deal flow, and investment size, this study suggests that the phenomenon should receive more research attention.","PeriodicalId":197588,"journal":{"name":"CGN: Private Equity Firms (Including VC & Buyout Firms) (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2010-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127184661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2010-07-08DOI: 10.4337/9781849806084.00012
Ludovic Phalippou
As an asset class, private equity has generally enjoyed very favorable coverage in the financial media. Academic studies indicate, however, that private equity’s performance is not as robust as the media suggest. In addition, investing in private equity carries unique risks.
{"title":"Private Equity Funds’ Performance, Risk and Selection","authors":"Ludovic Phalippou","doi":"10.4337/9781849806084.00012","DOIUrl":"https://doi.org/10.4337/9781849806084.00012","url":null,"abstract":"As an asset class, private equity has generally enjoyed very favorable coverage in the financial media. Academic studies indicate, however, that private equity’s performance is not as robust as the media suggest. In addition, investing in private equity carries unique risks.","PeriodicalId":197588,"journal":{"name":"CGN: Private Equity Firms (Including VC & Buyout Firms) (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2010-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125964700","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper uses data on 221 Corporate Venture Capital (CVC) funds created by 186 U.S. public firms during the period 1996–2006 to examine the presence of complementarity/substitution between corporate diversification and CVC fund diversification as different forms of exploration. Our results suggest that corporations undertake CVC investments to substitute corporate diversification if the focus is to explore new markets, and complement corporate diversification in the search of new technological domains. We also find that these relationships are sensitive to industry-specific factors: in high-tech sectors the substitution effect for the market side vanishes and the technological complementary effect is amplified.
{"title":"The Search of Complementarity in Explorative Strategies: The Relationship between Corporate Venture Capital Investments and Corporate Diversification","authors":"F. Munari, L. Toschi","doi":"10.2139/ssrn.1503987","DOIUrl":"https://doi.org/10.2139/ssrn.1503987","url":null,"abstract":"This paper uses data on 221 Corporate Venture Capital (CVC) funds created by 186 U.S. public firms during the period 1996–2006 to examine the presence of complementarity/substitution between corporate diversification and CVC fund diversification as different forms of exploration. Our results suggest that corporations undertake CVC investments to substitute corporate diversification if the focus is to explore new markets, and complement corporate diversification in the search of new technological domains. We also find that these relationships are sensitive to industry-specific factors: in high-tech sectors the substitution effect for the market side vanishes and the technological complementary effect is amplified.","PeriodicalId":197588,"journal":{"name":"CGN: Private Equity Firms (Including VC & Buyout Firms) (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128048334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
World markets have seen a dramatic growth in Private Equity (PE) in the last decade. Substantial portion of the new investments in PE has come from commercial banks. This study estimates the regulatory capital requirement of standard PE portfolios and evaluates various methods proposed in the Basel II regulatory guideline, in the light of the growing concern for adequate capitalisation of bank portfolios. Value-at-risk assessments are based on an ARMA-GARCH forecast model. Whereas the Basel II simple risk weight prescription for PE stands at 400% the study finds that less than 900% risk weights could be undercapitalising the portfolios.
{"title":"Bank Participation in Private Equity Funds: Risk Implication and Capital Adequacy","authors":"Debarshi Kumar Sanyal","doi":"10.2139/ssrn.1460577","DOIUrl":"https://doi.org/10.2139/ssrn.1460577","url":null,"abstract":"World markets have seen a dramatic growth in Private Equity (PE) in the last decade. Substantial portion of the new investments in PE has come from commercial banks. This study estimates the regulatory capital requirement of standard PE portfolios and evaluates various methods proposed in the Basel II regulatory guideline, in the light of the growing concern for adequate capitalisation of bank portfolios. Value-at-risk assessments are based on an ARMA-GARCH forecast model. Whereas the Basel II simple risk weight prescription for PE stands at 400% the study finds that less than 900% risk weights could be undercapitalising the portfolios.","PeriodicalId":197588,"journal":{"name":"CGN: Private Equity Firms (Including VC & Buyout Firms) (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132102835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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