Figures
1.1 Entry and exit values for PE-backed buyouts in Europe
1.2 Vendor sources of PE-backed buyouts in Europe
1.3 From MBOs to MBIs in Europe
1.4 European PE-backed buyout markets
1.5 Exit routes of European PE-backed buyouts
1.6 Deal financing structures: UK deals above £10 million transaction value
3.1 United Kingdom buyouts and buyins by number and value (£m)
3.2 Trends in PE-backed smaller buyouts and buyins (numbers)
4.2 Buyout structure: steps, effects, and implications
4.3 LBO market trend and related regulatory changes (1995–2006)
4.4 LBO scheme, interpreted as an indirect share buyback
4.5 LBO scheme, interpreted as a breach of the financial assistance ban
4.6 LBOs structured as multi-layered deals
4.7 The three sub-periods of LBO regulation: Dark, Hope and Sun
7.1 The theoretical framework on the public-to-private literature
7.2 US public-to-private activity
7.3 UK public-to-private activity
7.4 Continental European public-to-private activity
8.1 Identified categories of literature review
8.2 Buyout market for family firms
9.2 Influences on MBO/I process outcomes
9.3 Funneling effect of MBO/I on professionalization
9.4 Waves of professionalization: drivers and moderators
10.1 Buyouts of failure firms in the UK
10.2 Source of buyouts from failed firms versus GDP in the UK
10.3 Buyouts versus buyins of failed firms in the UK
10.4 Buyouts from failed firms in the UK
10.5 Creditor exits by source, non-PE-backed
xiii10.6 Creditor exits by source, PE-backed
11.1 Multidimensional performance of PE in health services
11.2 Overview of the steps taken in the systematic reviews that form the data for this chapter
11.3 Propositions on PE in health services
13.1 Strategic focus of PE firms: financial structure emphasis and portfolio firm emphasis
xiv14.1 PE Kaplan and Schaor PME benchmark by vintage
14.2 CalPERS PE (net) vs. benchmark, 2012–2016 (percent)
16.1 PE Country Attractiveness Index: construction scheme
16.2 Current ranks and rank changes between index version 2012 and 2016
16.3 The six key drivers for the BRICS, Turkey, Mexico, the Philippines, Indonesia, and Nigeria
16.4 Level-2 constructs for the BRICS
16.5 Level-2 constructs for Turkey, Mexico, the Philippines, Indonesia, and Nigeria
17.2 Funding by year, 1990–2014
18.1 Google Scholar hits to hedge funds and private equity
Tables
2.1 Selected UK PE firms and their predecessors
4.1 Buyout market over the 1988–2015 period
7.1 Summary of definitions of public-to-private terms
7.2 The bondholder wealth effects in public-to-private transactions
7.3 Overview of hypotheses on wealth gains from public-to-private transactions
7.4 Summary of previous empirical results for the first strand of literature: Intent
7.5 Cumulative average abnormal returns in event studies of public-to-private transactions
7.6 Premiums paid above market price to take a firm private
7.7 Summary of the second strand of the literature: Impact
7.8 Post-buyout employment effects
7.9 Summary of the third strand of literature: Process
7.10 Summary of previous empirical results for the fourth strand of literature: Duration
8.1 Literature review: overview of selected works
10.1 Sector distribution of buyouts from failed firms in the UK
10.2 Average deal structures for all UK buyouts, compared to PE-backed buyouts from failing firms
10.3 Actions on or post-buyout
10.4 Failures of buyouts from different sources (in the UK)
11.1 Summary of the ideal type market frame and public value frame for health services
11.2 Overview of the results from the reviews
14.1 PE fund performance compared to public market equivalent (PME)
14.2 Buyout funds, S&P 500 public market equivalent (PME)
14.3 Buyout funds, S&P 500 public market equivalent (PME)
14.4 Buyout funds, S&P 500 public market equivalent (percent)
14.5 Persistence of PE fund GP performance, post-2000 (percent)
14.6 Persistence of PE fund GP performance (funds launched 1974–2012) (percent)
14.7 Global PE IRR quartiles by vintage year
14.8A CalPERS’ average annual returns for 10-year periods, 2012–2016 (percent)
14.8B CalPERS (2017), Agenda item 6b, Attachment 1, p. 3
15.1 Collaboration between PE firms and limited partners
15.2 Collaboration between PE firms and targets
15.3 Collaboration between PE firms and other PE firms (syndication)
15.4 Collaboration between banks, PE firms, and targets
15.5 Collaboration in international buyouts (covers both non-US and cross-border deals)
15.6 Implications of collaboration on ex post performance
16.1 Countries covered by the Country Attractiveness Index
16.2 The PE Country Attractiveness Index ranking
16.3 Primary characteristics of the sample of transactions
16.5 PE transactions’ IRR determinants from a USD investor’s point of view
17.1 Year distribution of PE investment in growth companies, 1990–2014
17.2 Characteristics of PE investments in growth companies
17.3 Regression analysis: round size and valuation
17.4 Regression analysis: exit performance
18.1 Overview of studies on hedge fund and PE fund regulation
19.1 Key features of agency and strategic entrepreneurship theories
19.2 What we know and what we would like to know about LBOs and innovation
22.1 Overview of the resources management findings in four types of buyout
26.1 Summary of employment studies reviewed in chronological order
26.2 Summary of wage studies reviewed in chronological order