PitchBook, Fall 2011. The PitchBook Decade Report, Volume II: Investments, 2001-2010. (PDF)
Kleiner Perkins Caufield & Byers, 10/18/11. Internet Trends, Web 2.0 Summit, San Francisco. (PDF)
The Deal, 09/19/11. Dealmakers, Financial Sponsors Who's Who, Wall Street's Private Equity Connection. (PDF)
The Markit Magazine, Spring 2011. Flotsam or Mainstay? The collateralised loan obligation market is currently a shadow of its former self, but, as Peter Gleysteen of CIFC writes, the argument for making these instruments the mainstay of investing is strengthening. (PDF)
Bain & Company, Inc. Global Private Equity Report 2011. (PDF)
Evercore Private Funds Group, August 2011. State of the Market (Mezzanine/Credit) - Left Behind: Historic Investment Opportunities in Middle Market Corporate Debt. (PDF)
Wells Fargo Securities (Economics Group), 05/13/11. An Update on the U.S. Hispanic Market. (PDF)
J.P. Morgan Advice Lab - In Your Interest, May 2011. A Window of Opportunity for Business Owners. Factors are aligning to create a potentially favorable market for those interested in exploring a sale. But it's important to prepare now, as conditions may not last. (PDF)
The Deal, May 2011. Hot Brazil. As the South American giant races ahead, its improved fundamentals have attracted big global private equity funds. (PDF)
Fortune, 04/11/11. Chris Whittle's Plan to Make a World-Class Private School. His Edison Project got mixed marks. His new For-Profit venture aims to revolutionize K-12 education. (PDF)
The Deal, April 2011. Reinventing KKR. The big private equity firm has put its days as a one-trick pony behind it by rapidly diversifying into new businesses. (PDF)
McKinsey & Co., April 2011. Strategy Practice. Is Your Emerging-Market Strategy Local Enough? The diversity and dynamism of China, India, and Brazil defy any one-size-fits-all approach. But by targeting city clusters within them, companies can seize growth opportunities. (PDF)
Global Finance, April 2011. Corporate Finance Focus. Bond Buyers Becoming More Selective As Inflation Worries Come to the Fore. (PDF)
Capital Aberto, April 2011. Cultivating Business. Three stories of private equity investments in Brazilian Companies with high potential for growth. (PDF)
Latin American Special Report, April 2011. The Brain Gain: Education in Latin America. (PDF).
LatinFinance, March/April 2011. Apax Partners Profile - Europe PE Hits Brazil. Apax Partners las year announced its first deal in Brazil and is actively building a pipeline in LatAm. More European private equity firms are following its lead. (PDF)
The Wall Street Journal, 03/10/11. The Top 50 Venture-Backed Companies. Venture capitalists are betting that the next Google Inc. or
Facebook Inc. will have a name like Xactly, Chegg or Zoosk. In what may be a sign of a re-inflating Web
bubble, The Wall Street Journal's second annual ranking of 50
venture-capital-backed companies shows investors are chasing after Internet
firms, many with a consumer focus.
(LINK)
MergerMarket,
March 2011. A MergerMarket Report on
Global M&A Activity. This year is
kicking off with hopeful signs as increasing numbers of corporate buyers put
ambitious transformational M&A deals back on the corporate agenda. (PDF)
CFO, March 2011. M&A - On the Inside, Looking Out. As CFOs gear up for growth, they are seeking targets that can help their companies innovate. (PDF)
McKinsey & Co.,
January 2011. A Return to Deal Making in 2010. M&A volumes rose
last year for the first time since the crisis. Capital markets think
deals created more value too. (PDF)
The Journal of Private Equity, Winter 2010. Joint Acquisitions by Financial and Strategic Buyers: An Overview of Key Business and Legal Issues. Joint acquisitions by financial and strategic buyers can offer several benefitst to the acquiring parties that might not be available in teh typical acquisition. (PDF)
The Journal of Private Equity, Winter 2010. Where Are the Deals ? Private Equity and Venture Capital Funds' Best Practices in Sourcing New Investments. Later-stage venture capitalists and growth equity investors who have origination programs of substantial scale and are focused outside of the most competitive markets are almost all top-quartile performers across stage, vintage and sector. (PDF)
The Deal, 10/31/10. The Great Private Equity Shakeout. With most sponsors underperforming the stock market, a thinning of the industry's ranks is inevitable. Who's not likely to make it? We name names. (PDF)
PitchBook, Fall 2010. The PitchBook Benchmarking Report.
This
report contains detailed information on U.S. and global PE and VC fund IRRs,
returns multiples, fund quartiles, fundraising and capital overhang to provide
a complete picture of each industry's performance over the last decade. (PDF)
McKinsey & Co., September 2010. Making the Leap Into Emerging Markets: An Interview with Clorox's Beth Springer. The executive driving the U.S. household products company's international growth discusses its strategy to expand beyond North America. (PDF)
Global Finance, September 2010. High-Yield Debt Has Record Half. The volume of global corporate high-yield debt issues in the first half of 2010 set an all-time record for any six-month period, according to Thomson Reuters. (PDF)
The Economist, 09/11/10. A Special Report on Latin America; Societies on the Move. Expanding the middle class requires better schools and reforms in public spending. (PDF)
McKinsey & Co., August 2010. Economic Conditions Snapshot, August 2010: McKinsey Global Survey. Most executives think reform of the US financial-services industry
was a necessary step toward stability. Meanwhile, their views on the
economy as a whole haven't changed much since June, though optimism has
slipped in the United States and risen in Europe. (PDF)
PR Newswire, 08/03/10. Hispania Capital Partners Completes Investment in Language Stars, LLC. Hispania Makes First Investment in Education by Capitalizing on Growth in Early Language Learning. (PDF)
The Deal, 08/01/10. The Inimitable Middle Market. For Companies with less than $50 million of EBITDA, M&A and financing continue to chug along, providing an antidote for the doom and gloom that has taken hold in other markets. But can the optimism outlast 2010? (PDF)
CFO, July/August 2010. Brazil is Booming (And Maddening). U.S. companies are keen to expand into Latin America's biggest market, but CFOs report that Brazil poses unique challenges. (PDF)
Global Finance, Summer 2010. Trends in Mergers and Acquisitions - a Special Report on the State of the M&A Market. (PDF)
McKinsey on Finance, Summer 2010. The Five Types of Successful Acquisitions. Companies advance myriad strategies for creating value with acquisitions - but only a handful are likely to do so. (PDF)
Latin Finance, July/August 2010. Mexico Venture Capital - VC Generation. Mexico is finally seeing signs on life in venture capital. A new generation of entreprenerus supported by government and academia are fueling fundraising. (PDF)
The Deal, 07/18/10. Private Equity Deals of the Year. Midmarket Buyout Shop Huron Capital Transformed Ross Education, a Sleepy Post-Secondary School, Into a Dynamic Institution. (PDF)
The Deal, July 2010. Trillion Dollar Baby. India, China and Brazil need roads, ports, airports and wastewater plants, Private equity needs investment opportunities. Getting the two together could be a big boon for both, though hardly risk-free. (PDF)
Emerging Markets Private Equity Association - Insight Brazil, May 2010. Brazil's economic performance over the last two years has inspired tremendous optimism among investors circling Latin America's largest economy for opportunities. For the second year in a row, Brazil ranked as the second most attractive emerging market for private equity investment in the 2010 EMPEA Emerging Markets Private Equity Survey. (PDF)
Thomson Reuters, May 2010. Mid-Market Insight. Provides trends and analysis of the M&A markets and sectors in the Americas, EMEA, Asia Pacific and Japan for deals valued below US$500 million. (PDF)
Business Chile, April 2010. Venture Capital: Innovating on Angel's Wings. Thanks to state support and eager private investors, a new venture capital industry has taken root in Chile, supporting dozens of new start-up businesses. But to grow the industry will have to become more international in its quest for finance, ideas and deals. (PDF)
McKinsey, March 2010. McKinsey Global Survey Results - Five Forces Reshaping the Global Economy. The core drivers of globalization are alive and well, but executives are still grappling with how to seize the opportunities of an interlinked world economy. (PDF)
FTI Journal, Spring 2010. Show Me the Money. Non-Investment grade companies needing to refinance maturing debt or seeking new money loans are still facing a tough lending environment despite the overall improvement in credit market conditions. This is especially true for middle market companies. FTI Consulting shares some practical insights on how best to find favor with lenders in these challenging times. (PDF)
The Deal, June 2010. Middle-market companies are poised for more acquisitions this
year -- a sure sign that firms are starting to glimpse a bottom to the recession.
Merrill DataSite partnered with The Deal to survey 150 middle-market companies
to determine how these firms source M&A deals. (PDF)
LatinFinance, May/June 2010. Brazil Private Equity - One Step Forward. After taking a few steps back during the financial crisis, Brazilian private equity is reanimating. However botched IPOs present challenges and there are fundraising blocks. (PDF)
Financial Times, 05/10/10. Apax takes lead stake in Brazil's Tivit. Apax Partners has highlighted private equity's growing appetite for
emerging markets by acquiring a majority stake in Tivit, a Brazilian IT
services and business process outsourcing provider, in a deal valuing
the company at R$1.7bn ($950m). The buy-out of Tivit would be
Brazil's biggest private equity deal, according to Dealogic, as the
country's strong economic growth and wealth of natural resources
continues to attract the world's biggest buy-out groups. (LINK)
The Deal, 05/02/10. Brazil Power - Energy Investment Opportunities in South America's Largest Country. Brazilians no longer say that Brazil is the country of a tomorrow that never materializes. Today Brazil is proud to be the world's eighth largest economy -- an economy that, according to a median estimate of 100 economists, will attract $38 billion in foreign direct investments in 2010. (LINK/PDF)
Forbes, 05/10/10. Control Freak - Retailer Abilio Diniz is the Most Disciplined Business in Brazil. One of the Richest, Too. (LINK)
The Deal, April 2010. Boxing the Risk - New Hurdles for Take-Privates, A new crop of LBOs gives sponsors a way to walk when targets fail to perform. Singed by collapsing buyouts during the crisis, private equity now turns to escape clauses based on cash flow. What what do sellers get? (PDF)
The Deal, April 2010. Gana la Verde. With a rapidly growing population and below-average targeting by advertisers, Hispanic media in the U.S. looks forward to robust growth. Which explains why dealmaking looks certain to heat up. (PDF)
The Wall Street Journal, 03/29/10. For Brazil, It's Finally Tomorrow - How the country of the future as had at last made it, and what remains to be done. (LINK)
Forbes, 02/15/10. Cloud Computing Heads South of the Border. In North America cloud computing is viewed as a way of cleaning up the data center, cutting costs and adding flexibility. South of the border in Latin America it's a whole different story. (LINK)
Mergermarket, February 2010. 2009 M&A Year in Review. The M&A deal marketplace, although battered, has not been completely swept
away by volatile market conditions. M&A deal activity is still taking place
and is likely to continue, especially in the mid-market, which attracts growing
interest from a broad group of domestic and international buyers. Read more
about M&A deals in the EMEA Report (PDF) and North American Report (PDF).
Reuters, 01/07/10. Carlyle Buys Majority Stake in Brazil's CVC. U.S.-based buyout
firm Carlyle
Group bought 63.6 percent of CVC Turismo, Brazil's
largest tourism agency, for an undisclosed amount, as the
private equity firm casts about for deals in fast-growing
emerging market economies. (LINK)
McKinsey on Finance, January 2010. A Strong Foundation for M&A in 2010. (PDF)
McKinsey on Finance, January 2010. M&A Teams: When Small is Beautiful. (PDF)
Alternative Latin Investor, December 2009. Latin American Private Equity: Challenges for Successful
Private Equity Investments in Brazil. (PDF)
The Deal, 11/29/09. Be True to Your School. As the economy swoons, for-profit education sizzles. Expect consolidation to continue. (PDF)
The Economist, 11/14/09. Getting It Together at Last. A special report on business and finance in Brazil. (PDF)
Kroll & Greenberg Traurig, 10/20/09. Due Diligence Best Practices - The case for enhanced due diligence in Latin America's fire sale transaction environment. (PDF)
Kroll Tendencias, October 2009. M&A - What's Lurking in the Closet? With private equity firms and strategic investors scouring Latin America in search of once-in-a-decade fire sale opportunities, the importance of conducting reputational due diligence to reveal hidden -- and costly -- liabilities has never been greater. (PDF)
The Deal, 08/07/09. Diligence squared - In a buyer's market, scrutiny of both risks and business basics is at an all-time high. (LINK/PDF)
Valor, 08/04/09. Empresas y Tecnologia - Fundos de Private Equity Voltam a Investir No Mercado Brasileiro [Private Equity Funds Return to Invest in the Brazilian Market]. (PDF)
Doing Business in Latin America - PricewaterhouseCoopers, August 2009. The third edition of PWC's Doing Business in Latin America covers evolving changes in Latin America affecting mergers, acquisitions, and other strategic business decisions. (PDF)
LatinFinance, July/August 2009. Boutique Investment Banking - Who Are the New Players? With the investment banking model under seige, entrepreneurs see an opportunity to fill a void in sellside service. (LINK)
Grant Thornton/ACG, July 2009. Timely Topics in Private Equity (Issue 1) - Navigating Your Portfolio Through Turbulent Waters. Private equity firms and their portfolio companies are experiencing some of the toughest conditions since the industry?s inception. How is it possible to navigate in these treacherous times? This white paper explores the current state of private equity firms? portfolio companies, examines some of the most prevalent practices for helping them in this difficult economy, and offers best-practices prescriptions for success. (PDF)
BusinessWeek, 06/26/09. (Technology) Brazil: The Next Hotbed of Venture Capital and Private Equity? (LINK)
Reuters, 06/25/09. Advent Buys Stake in Brazil Education Firm Kroton - Private equity firm Advent International bought a minority stake in Brazilian education group Kroton Educacional, betting on increased consolidation among schools in Latin America's largest economy. (LINK)
WorldTrade Executive, 05/31/09. Latin American Law & Business Report, Latin America M&A 2009 Mid-Year Report. By Carlos J. Deupi, Esq., Hogan & Hartson LLP. (PDF)
BusinessWeek, 05/13/09. M&A Survey: Dealmaking Isn't Dead - Finance professionals expect mergers and acquisitions to increase, with healthcare, banking and construction the hottest buyout sectors. (LINK)
Reuters, 02/26/09. Latin American Private Equity Remains Relatively Strong Despite Global Economic Crisis. (LINK)
McKinsey Quarterly, January 2009. What's Different About M&A in This Downturn? M&A may be more resilient in this downturn than in previous ones, but it will be a different kind of M&A. (PDF)
The Global Economic Impact of Private Equity Report 2008. Messer Grieshiem. Privately held family businesses are usually characterized by
concentrated ownership and the involvement of the family in both the
management and control of the company. Theories of family control offer
arguments both for governance benefits and costs due to the family
involvement. It is therefore not yet fully understood whether buyouts of
family firms offer the potential for private equity firms to create
value through governance engineering. In addition, conflicts may arise
in family-firm buyouts due to the shorter investment horizon of private
equity firms compared to families that are interested in keeping
long-term control over the company. By Ann-Kristin Achleitner, Eva Nathusius, Kerry Herman, Josh Lerner. (PDF)
Estudios de Economia, December 2008. Formal and Informal Equity Funding in Chile. This paper explores the state of formal and informal equity sources currently available for financing entrepreneurial activity in Chile. (PDF)
Kroll Global Fraud Report, December 2008. Due Diligence: How Much is Appropriate? In general, "due diligence" refers to the care a reasonable person should take before entering into a transaction, agreement, or business relationship with another party. The appropriate level of care varies depending on several factors including, but not limited to, the size, nature, and complexity of the transaction; its geographic diversity; and the track record of the management team. (PDF)
Latin American Venture Capital Association, 09/01/08. Chile: Busy but Not Noisy. Economic and political stability, solid legal framework, thriving financial markets and a well established business culture: Chile is Latin America's safe bet economy. But does Chilean venture capital and private equity industry lack the buzz of its neighbours? (LINK)
The Deal, 09/01/08. Coming to America - Mired in a mortgage crisis and a bear market, with corporate valuations further diminished by a plunging dollar, the U.S. economy presents a gloomy picture for American companies, but a host of attractive acquisition opportunities for cash-rich foreign investors. (PDF)
PWC/NVCA/Thomson Reuters, September 2008. The Exit Slowdown and the New Venture Capital Landscape - Based on findings from the MoneyTree Report, a quarterly survey produced by PWC and the NVCA, based on data provided by Thomson Reuters. (PDF)
McKinsey Quarterly, March 2008. Running a Winning M&A Shop. (PDF)
Grant Thornton, 2008. Top Trends in Middle-Market Private Equity - This white paper explores seven trends that have recently altered the way the private equity community conducts business. Some of the issues explored in the white paper are important because of the cyclicality of the private equity business, while others are emerging trends that may become mainstream in the coming years. (PDF)
Mayer Brown LLP, November 2007. Private Equity Investments in Latin America. There has been an exponential growth in private equity investments in the United States over the last decade, and private equity investors - both private equity funds and hedge funds - attracted by the prospect of high returns, have started to increase their investment activity in Latin America, especially in Brazil and Mexico, the two largest and most mature markets in the region. (PDF)
McKinsey Quarterly, March 2007. Shaping a New Agenda for Latin America - How Chile Can Win from Offshoring. The country has already attracted the attention of multinational companies; now it must address its shortcomings to reach its offshoring potential. (PDF)
