Private Equity Unchained

Thomas Meyer
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Thomas Meyer: LDS Partners

Chapter Chapter 25 in Private Equity Unchained, 2014, pp 267-272 from Palgrave Macmillan

Abstract: Abstract Private equity has come this far without much said on the subject of strategy, so why start now? Newcomers may find it surprising that until fairly recently strategy did not even play a significant role in the management of illiquid investments at all, and what many investors call ‘strategy’ has been more akin to ‘tactics’ or ‘learned reflexes’. Even large institutions still appear to manage private equity on such a case-by-case basis. But the environment has changed, the industry has matured, more players seek to deploy ever larger amounts in a market where opportunities necessarily become difficult to identify and access. The few principles that institutional investors have relied on up till now have been anchored in a less competitive past. Nick Cavalla from Cambridge’s endowment is not alone in his assessment: ‘But we think, structurally, private equity […] is a much, much harder business than it was 2002 to 2007.’1

Keywords: Institutional Investor; Real Option; Private Equity; Fund Manager; Asset Class (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-28682-6_25

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DOI: 10.1057/9781137286826_25

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