Introduction to Private Equity, Debt and Real Assets: From Venture Capital to LBO, Senior to Distressed Debt, Immaterial to Fixed Assets

by Cyril Demaria

Fully revised and updated to reflect changes in the private equity sector Building on and refining the content of previous editions, Introduction to Private Equity, Debt and Real Assets, Third Edition adopts the same logical, systematic, factual and long-term perspective on private markets (private equity, private debt and private real assets) combining academic rigour with extensive practical experience. The content has been fully revised to reflect developments and innovations in private markets, exploring new strategies, changes in structuring and the drive of new regulations. New sections have been added, covering fund raising and fund analysis, portfolio construction and risk measurement, as well as liquidity and start-up analysis. In addition, private debt and private real assets are given greater focus, with two new chapters analysing the current state of these evolving sectors. • Reflects the dramatic changes that have affected the private market industry, which is evolving rapidly, internationalizing and maturing fast • Provides a clear, synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry • Approaches the private markets sector top-down, to provide a sense of its evolution and how the current situation has been built • Details the interrelations between investors, funds, fund managers and entrepreneurs This book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector.

464 pages, Paperback

Published May 1, 2020

Reviews

[Lime Street Labrador · Rating 1 out of 5]

Useless consultant type of books, full of big talks and graphs with little substance

[Sergio Padilla · Rating 2 out of 5]

I think this book is proof that not every practitioner is necessarily the greatest writer when it comes to their craft.

Cyril Demaria’s “introduction” to private equity, debt, and real assets is hardly an introduction at all but rather a collection of reflections written by a member of the industry that drops the reader in the middle of several complex topics piled on each other without giving very much consideration to the fact that people are reading the book to be introduced to said topics.

That’s not to say all is bad, but I’m glad I came into the book having already known a decent bit about PE, Private debt, VC and real assets.

The books feels as if it’s written entirely out of order because the first section spends an ungodly amount of time talking about innovation and stating the authors belief that Europe is more innovative than people give it credit for.

Perhaps so, but what is this doing in an INTRODUCTION to these asset classes?

Demaria seemingly can’t decide throughout the book whether that is his intention or not. Demaria starts “introducing” you to asset classes after he has already written scores of reflections on concepts he hasn’t even introduced yet.

Some bits are good though, and your understanding of private markets will be deepened but an intermediate student of the subject will feel lost at many parts.

The books feels like it could have also been written 150 pages shorter and in a smaller format given all of the lengthy citations, graphs and unnecessarily long parentheses. It sometimes feels like Demaria writes entire books within his parenthesis.

Would I recommend the book to other newbies? No. Perhaps a more seasoned practitioner of private markets but certainly not someone hoping to gain a foundation of knowledge.