Index
Abu Dhabi Investment Authority (ADIA)
academic institutions, investor base statistics
accelerated contributions
accounting requirements
acquisitions
ad hoc adjustments, mean/variance approaches
adaptive market hypothesis (AMH)
adjusted current ratio (ACR)
Adveq fund performance assessments
adverse selection
advisory boards, limited partnerships
AFPs
agendas, risk management
aggregated returns
AIG
Almeida
alphas
AlpInvest Partners
alternative assets
see also hedge funds; illiquid…; private equity funds; real assets
Alternative Investment Fund Manager Directive (AIFMD)
annualizing terminal returns backwards
Apple, dividends
‘appropriate consideration’ requirements of ERISA
arbitrage
ARD VC firm
Argentina
Arrow, Kenneth
Asia
asset allocations
asset classes
asset managers
asset protection needs, historical background
asset-backed securities (ABSs)
asset–liability management (ALM)
assets under management (AuM)
Astrea
asymmetric information
ATP
auctions, secondary markets
auditors
Australia, statistics
autocorrelations
available resources (AR)
‘back loading’ decelerated contributions
back-testing
balance of payments crises
bankruptcies
banks
Basel Committee on Banking Supervision
Basel II
Basel III
Bayesian approach
benchmarking processes
beta risk
biases
bid spreads
bid–ask spreads
Black, Fisher
Black–Litterman approach
Blackstone Group
blending of cash flow models
‘blind pool’ investments
BNP
boards of directors
bonds
bottom-up models
‘bow factors’
Brazil
built-in tensions, risk management
Burgiss
business ‘angels’
business models
business plans
buy-and-build strategies
buyers, secondary markets
buyouts
see also leveraged…
California Public Employees’ Retirement System (CalPERS)
California State Teachers’ Retirement System (CalSTRS)
call options
Cambridge Associates
Campbell Lutyens
Canada
Canadian Pension Plan Investment Board
capita market line
capital adequacy requirements
Capital Asset Pricing Model (CAPM)
capital calls
Capital IQ
capital risk
‘CAPM in reverse’ approach
Carlyle Group
carried interest holders
‘cash drag’
cash flow adjustments (CFAs)
cash flow libraries
cash flow modelling
definition
cash management/forecasting
cash-flow-at-risk (CFaR)
catch-up provisions
Center of Private Equity Research (CEPRES)
central banks
chained modified Dietz formula
Chile
China
China Investment Corporation (CIC)
classification schemes
clawback clauses
closed-end funds
cluster analysis
co-investments
Cogent Partners
Colbert’s Ordinance on Commerce of 1673
collateral
collateralized debt obligations (CDOs)
collateralized fund obligations (CFOs)
Coller Capital
commitment risk
commitments
committed capital (CC)
commodities
see also farmland…; forestry…; natural resources…; oil and gas…
company-level data, alpha/beta estimates
comparable fund similarities, fund ratings/gradings
compliance officers
compound interest, hurdle rates
confidence intervals, VaR
confidentiality needs, IT systems
conflicts of interest
consistency requirements
continuous-time cash flow models
contributions see capital calls
control issues, limited partnerships
convertible bonds
convexity
copyrights real assets
corporate bonds
corporate governance
correlations
costs of capital
counterparty risk
coupons, bonds
Court of Chancery
creative accounting
credit cards
credit defaults, definition
credit lines
credit rating agencies
credit ratings
credit risk
crisis-related responses
currency overlay strategies
currency swaps
current ratio (CR)
cycles, illiquid assets
cyclical illiquidity concepts
data-driven projections (bootstrapping)
databases
de Finetti, Bruno
‘de-smoothing’ returns
deal-by-deal basis
deal-level data, alpha/beta estimates
debt markets
debt-to-equity ratios
decelerated contributions, cash flow modelling
default risk
defaulting options, limited partners (LPs)
defined benefit pension plans (DBs)
defined contribution pension plans (DCs)
Delaware Limited Partnerships
‘democratic’ approaches to risk management
Denmark
denominator effect
derivatives
see also exchange-traded funds; forwards; futures; options; swaps
Derman, Emanuel
design considerations, risk management policy
Deutsche Bank
development considerations, risk management policy
Dietz formula
direct investments
discounted cash flows (DCFs)
discounts
distressed investment funds
distribution provisions
distribution waterfalls
distributions
diversification
divestments
dividends
documentation
Dodd–Frank Act
downside risks, upside risks
Draper, Gaither and Anderson (later Draper Fisher Jurvetson) VC firm
due diligence
duration
dynamic risk
EBITDA
economic infrastructure, definition
efficient frontiers
efficient market hypothesis
efficient portfolios
emerging economies
Employee Retirement Income Security Act (ERISA) 1979
endowment effect (status quo bias), definition
endowments
energy real assets
environmental, social and governance issues (ESGs)
equities
equity risk, private equity funds
ERISA see Employee Retirement Income Security Act
ESMA see European Securities and Markets Authority
estimated probabilities
EURIBOR
Europe
European Capital Adequacy Directive IV
European Insurance and Occupational Pensions Authority (EIOPA)
European Securities and Markets Authority (ESMA)
European Venture Capital and Private Equity Association (EVCA)
evergreen funds
evolutionary forces
Ewan Marion Kauffman Foundation
ex-ante lock-in investment periods, definition
ex-post periods
excess returns
exchange-traded funds (ETFs)
exit strategies
expected lifetime projections
expected performance grades
expertise
external agencies, fund ratings/gradings
external consistency requirements, cash flow modelling
extreme events
extreme value theory (EVT)
failures
fair values
Fama–French CAPM extension model
Fama–French small cap index
family offices
farmland real assets
fees
Feri’s investment ratings
FHP-Rating
fiduciaries, prudent investing
fiduciary ratings of firms
financial innovations
financial intermediaries
financial measures, excess returns
Financial Services Authority (FSA)
First Alabama Bank of Montgomery v. Martin
Fitch
fitness rankings
floating rate notes (FRNs)
‘floor’ waterfall arrangements
forecasts, definition
foreign exchange reserves
foreign exchange risk exposures
forestry real assets
forwards
foundations
Franzoni et al (2012) CAPM extension model
Freedom of Information Act (FOIA)
‘front loading’ accelerated contributions
fund managers
definition
fund ranking concepts
fund ratings/gradings
fund scoring concepts
fund-level data, alpha/beta estimates
funding risk
funding tests
fundraising
funds-of-funds
futures
game theory
general partners (GPs)
German sovereign debt
Ghilarducci, Teresa
global aspects of alternative investing
global financial crisis from 2007
‘go naked’ strategies
‘goal keeper’ roles, risk management
Goldman Sachs
governance
government agencies
government bonds
Government of Singapore Investment Corporation (GIC)
granular asset class buckets
Greece
growth capital funds
gut feelings
Harbourvest Partners
hard hurdles
Harvard Management Company (HMC)
HEC-Dow Jones Private Equity Fitness Ranking
HEC-Dow Jones Private Equity Performance Ranking
hedge funds
hedging
herding behaviours
‘hierarchic’ approaches to risk management
high-yield (junk) bonds
Hoek’s model
‘home runs’
hunches
hurdle rates
idiosyncratic risk
illiquid assets
see also alternative…; private equity funds; real assets
as an asset class
definition
types
illiquidity factors, limited partnerships
ILPA Private Equity Principles
implied correlations
‘imprudent’ investments
industrial companies, CFaR
inflation
information asymmetries
information provisions, unquoted portfolio companies
informed judgments
infrastructure real assets
institutional investors
see also endowments; foundations; insurance companies; pension funds
insurance companies
interest payments, limited partnerships
interest rate risk
interest rates
interim IRRs (IIRRs)
internal age
internal assessment approaches, fund ratings/gradings
internal consistency requirements, cash flow modelling
internal fund grading systems
internal risk management systems
International Monetary Fund (IMF)
International Swaps and Derivatives Association (ISDA)
Internet platforms
intuition
invested capital-at-risk (iCaR)
investment consultants, prudent investing
investment methods
investment strategies
investment trusts
investor base
see also banks; family offices; institutional investors; limited partners; sovereign wealth funds
IPOs
Ireland
IRRs
ISO/IEC 15504 (SPICE)
IT systems, risk management
Italy, statistics
J-curves
Japan
JP Morgan Government Bond Index
judgment
junior notes, securitizations
‘just-in-time’ commitments
Keynes, John Maynard
KKR GP
Knight, F.H.
Kocis et al
Kohlberg Kravis Roberts
Kuwait Investment Authority (KIA)
Latin America
legal issues, limited partnerships
legal operational risk
Lehman Brothers
‘lemons problem’, secondary markets
leverage issues
leveraged buyouts (LBOs)
Lexington Partners GP
liability-driven investing (LDI)
LIBOR
libraries
life insurance
lifespans, limited partnerships
lifetime projections
limited partners (LPs)
Limited Partnership Act 1907
limited partnership agreements (LPAs)
limited partnerships
critique
definition
relationships between parties
self-liquidating aspects
statistics
structures
Lipper ratings
liquidation benefits
liquidity concepts
liquidity ratios, funding tests
liquidity risk
liquidity-motivated sellers, secondary markets
listed private equity
listed vehicles
loan treatments, undrawn commitments
look-through requirements by auditors/regulators
loss analysis, secondary markets
loss aversion, definition
loss given default (LGD)
LPX 50 index
Luxembourg
McKinsey Global Institute
Malthus, Thomas
management fees
management styles
margin calls
mark-to-market valuations
market liquidity risk
market risk
market size
maximum likelihood projections
mean/variance approaches
meetings
MENA, statistics
Merton’s intertemporal CAPM
Mexico
mezzanine funds
MidOcean Partners
model risk
model-driven projections
models
definitions
modern portfolio theory (MPT)
modified Dietz formula
monetary policies, Europe
money markets
‘money-chasing-deals’ phenomenon
monitoring controls
Monte Carlo simulations
Morningstar ratings
mortgages
MSCI EM index
multiple-based carried interest calculations
mutual funds
Myners Report (2001)
Napoleonic Code of 1807
NASDAQ
natural resources real assets
negative yields, US Treasury bonds
net asset values (NAVs)
net paid-in capital
net present values (NPVs)
New Zealand
non-financial risks
non-probabilistic cash flow models
Norges Bank Investment Management
Norway
objectivity concepts
OECD Guidelines on Pension Fund Asset Management
off-balance sheet items, undrawn commitments
oil and gas real assets
OMERS PE
Ontario Municipal Employees Retirement System
Ontario Teachers’ Pension Plan
operational measures
operational risk
operational status grades, fund ratings/gradings
opportunity costs
optimal portfolio allocations
options
organizational structures
out-of-the-money options
outstanding commitment level (OCL)
overcommitment ratios (OCRs)
overcommitment reserve (OR)
overcommitments
overcommitted capital (OCC)
overdistributions to GPs, deal-by-deal problems
paid-in capital (PIC), non-probabilistic cash flow models
parameters, cash flow modelling
Partners Group GP
Pastor–Stambaugh CAPM extension model
Paul Capital Partners
payment waterfalls, securitizations
Pearl
peer groups, fund ratings/gradings
pension funds
perceptions of risk
performance issues
performance risk, fund ratings/gradings
permissible markets, risk management policy
Pevera
Pine Street
‘placebo effect’, risk management
‘plausibility story’ rewards, banks
portfolio risk
portfolio theory
portfolios
‘Pragma-Report’
predictions, definition
preferred returns
Preqin
PREVI pension fund, Brazil
prices
primary infrastructure investments, definition
primary markets, secondary markets
Prime Edge
Princess
principal/agent problems
principles-based approaches to risk management
‘principles-cum-rules’ systems
private equity funds
see also leveraged buyouts; venture capital
definitions
statistics
types
private equity secondary funds, statistics
private individuals, investor base
private pension funds, statistics
probabilistic cash flow models
probabilities
profits and losses
projections
prudent investing
definition
Prudent Investor Act (PIA), US
prudent investor rule
prudent man rule
pseudo risk metrics
psychological factors, qualitative assessments
public market equivalent (PME)
public pension funds
purchased primaries, definition
pure private equity strategy
qualitative assessments
definition
quantitative analysis
quantitative easing
quantitative investment rules
ranges of values, model uses
rate of contribution (RC)
rate of distribution (RD)
rating downgrades
ratio analysis, funding tests
RCP & Partners
real assets
see also commodities; energy…; forestry…; infrastructure…; natural resources; real estate…
definition
real estate investment trusts (REITs)
real estate real assets
real options, definition
realizations, limited partnerships
Rebonato, R.
recessions
‘red-flag’ criteria
references
regulatory requirements
see also accounting…; Basel…; Dodd–Frank Act; legal issues; Solvency II
relationships between parties
remunerations, risk managers
reporting systems
reputational risk, operational risk
responsibilities, risk management policy
rest of world (RoW), statistics
return indexes
returns
risk
definition
perceptions
types
uncertainty contrast
risk appetites
risk attitudes
risk aversion
risk exposure
risk factor allocation approach
risk limits, risk management policy
risk management
best practices
definitions
due diligence
guidelines
organizational structures
principles-based approaches
rules-based approaches
stakeholders
risk management policy
risk managers
risk measurement
risk models
risk premiums
risk profiles
risk quantifiability
risk tolerance
risk-free rates
risk-neutral asset pools
Robinson and Sensoy’s (2011) sensitivity analysis
rolling forecasts
Rubin, Bob
rules-based approaches to risk management
runs on sovereign debt
Russia
S&P
S&P ratings
safe assets
Savage, Leonard J.
scaling operations, cash flow modelling
scenario analysis
school construction
screening issues, fund managers
secondary buyouts, definition
secondary infrastructure investments, definition
secondary markets
concepts
critique
definition
securitizations
critique
definition
statistics
self-liquidating aspects of limited partnerships
self-regulations
‘sell’ signals
sellers, secondary markets
semi-probabilistic models
senior notes, securitizations
sensitivity analysis
‘shallow pockets’ funds
Sharpe ratio
‘the silver bullet’ model desires
Silver Leaf
simple interest, hurdle rates
simulations
‘skin into the game’, GPs
Slyngstad, Yngve
social choice theory
social infrastructure
soft hurdles
Solvency II standard approach
South Sea ‘Bubble’
Southern Cross GP
sovereign debt market
sovereign wealth funds (SWFs)
special purpose vehicles (SPVs)
speculation
stakeholders, risk management
stale pricing, optimal allocations
Standard & Poor’s
standard deviations
‘standard’ funds
stapled transactions
start-up companies, definition
State of Connecticut Retirement Plans and Trust
statistical probabilities
stochastic processes
stock market crash of 1987
stock markets
straight carries
strategic group centre points
strategic measures, excess returns
strategic sellers, secondary markets
stress factors, VaR
stress testing
structural risk, fund ratings/gradings
structurally illiquid investments, definition
structured finance
structured secondaries, definition
sub-prime mortgages
see also global financial crisis from
subjectivity concepts
successes
super profits
Supreme Court of Alabama
Supreme Judicial Court of Massachusetts
SVG Diamond structures
swaps
Swensen, David
Swiss sovereign debt
syndication aspects of co-investments
system environment, risk management
systematic (non-diversifiable) risk
tail risk
tallying approaches, fund ratings/gradings
Taneo
target returns, secondary markets
tax
technology-driven sectors, VC
Tenzing
term risk, real assets
terminal wealth dispersions
terms and conditions, limited partnerships
Thomson Economics
Thomson Reuters
Thomson Reuters VentureXpert
Thomson Venture Economics (TVE)
time horizons
time series, returns
Tolkamp’s model
top-down models
total value to paid-in (TVPI)
tranches, securitizations
transaction volumes, secondary markets
transformation of risks, securitizations
transparency issues
Treasury bills
trends, illiquid assets
Treynor ratio
trust issues, risk management
trustees, prudent investing
turnarounds
UBS
UC see undrawn commitments
uncertainty
undrawn commitments
Uniform Prudent Investor Act (UPIA), US
United Kingdom (UK)
United States (US)
unquoted portfolio companies, information provisions
unrealized capital gains and losses (UCGLs)
unrecognized/unrealized gains
upside risks, downside risks
US Department of Labor, prudent investment
US Treasury bonds
‘use test’ regulatory requirements
validation and verification of models
valuations
value chains
value-at-risk (VaR)
variance
variance-covariance
venture capital (VC)
definition
verification and validation of models
vintage year diversification
‘virtual fund’ valuation basis (VF), undrawn commitments
volatilities
Volcker Rule
Washington State Plan Investment Board
WEF (2011)
Wilson’s CreditPortfolioView
World Economic Forum (WEF)
Yale
yields
Index compiled by Terry Halliday