Manages a 200m - 6.5b USD fund
What is Private Equity?
- banking
retail/commercial(corporate)/investment bank - funds
hedge funds(public)/mutual funds(public)/investment fund/private equity
banks: 16-27 m salary(empolyee)
PE: 102-811 m salary(entrepreneurs)
PE Circle
Fund raising - Deal sourcing - Due Diligence & Structuring - Portfolio management - Exit
PE is about buying and selling business.
Steve Schwarzmann of Black Stone.
Who's who in PE? The people
- Francis Leung
- George W. Bush
- John Browne
- Nobuyuki
- Lee Hsien Yang
- Ferd Hu (Goldman Sachs Greater China)
- Yao Ming
Who's who in PE? The companies
- Apollo
- Bain Capital
- KKR
- TPG
- CVC
- Inventis
26 billion USD - Hilton
LBO(leveraged buyout)
Equity Office
Why cannot the Equity Office sell themselves?
- Reputation/competitors/tax issues
Any bubbles?
salary = 2% management fees + carry + dividends + consultation fees
