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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado SpringsPSQ@Private Equity  Broadly Defined!!(Technically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature&  NPrivate Equity  Categories and Players(($Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All StagesZZZ$ZZ(Z Z Z$(     ZTraditional Private Equity  Primary Activity..$pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout6 3The Basic Value Creation Formula Fundamental Ideas 42 >Refocuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). 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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado SpringsPSQ@Private Equity  Broadly Defined!!(Technically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature&  NPrivate Equity  Categories and Players(($Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All StagesZZZ$ZZ(Z Z Z$     The Private Equity Market   ZTraditional Private Equity  Primary Activity..$pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout6 3The Basic Value Creation Formula Fundamental Ideas 42 @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley " C" " &" C&   8The Basic Value Creation Formula Debt can increase Value98 Dupont Equation  8The Basic Value Creation Formula Debt can increase Value98  vThe Basic Value Creation Formula An Example  Carlyle Group<<Leveraged Buyout           FPE as a new Model of General Management (Jensen)  Governance Driven Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. 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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado SpringsPSQ@Private Equity  Broadly Defined!!(Technically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature&  NPrivate Equity  Categories and Players(($Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All StagesZZZ$ZZ(Z Z Z$     The Private Equity Market   ZTraditional Private Equity  Primary Activity..$pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout6 3The Basic Value Creation Formula Fundamental Ideas 42 @Re-focuses acquired businesses resulting in lower costs and improved efficiency. 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Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado SpringsPSQ@Private Equity  Broadly Defined!!(Technically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature&  NPrivate Equity  Categories and Players(($Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All StagesZZZ$ZZ(Z Z Z$     The Private Equity Market   ZTraditional Private Equity  Primary Activity..$pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout6 3The Basic Value Creation Formula Fundamental Ideas 42 @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley " C" " &" C&   8The Basic Value Creation Formula Debt can increase Value98 Dupont Equation  8The Basic Value Creation Formula Debt can increase Value98  vThe Basic Value Creation Formula An Example  Carlyle Group<<Leveraged Buyout              FPE as a new Model of General Management (Jensen)  Governance Driven Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Hedge funds in the PE business  not a transaction business.@EzeEze p$160B in dry powder $750B $590B in debt appetite. <7#$+  0  W(  X W 0A?pH  0޽h ? 3380___PPT10.P 0 @m(  x  c $% `     0 - U#Private Equity Issues Going Forward$ 2$ H  0޽h ? 33___PPT10i.W k"+D=' &= @B +Fx[ pǙgjFՃaF+$~ep ! ZWW^rblcƎ_8\W\&s8+rd;K-p|{f%azw~Sށlp&a :x4::J O=KׯZQ@Ћ~ wH74o_OZ?]bW$=_+4lc V}(U!FcO"R>X:|nBHxa @m KmBƋ"D~Ɵ,tdЛc9C~6n].I6+JMF7TtЕ+CWNG7]\>˰m:c#卧Q{Ia]72OrO}.s~=dt] Ǖީ>2ĩ4?{zsWո-I*ۭyٴㇹO)\<1q}8XF^k͟9Imƣ:I[ACA7 Ʃ Ʀ@K@I1H̿1Y wtDWt{wܢqiCҎً, XSG;{G^jv<}<'A%j S}.eϔV2^ܳ4MggPCg[rG4/ՍpqJ)6uŘ4$ūRh~YTķ7Ӆ#l兊xk1/:^ ~MU~2}.pY?@9 O\PǛcQ6ǧ`8<7c h.m6& lTkpGPyc~ U`sC {_dz0eHȆlv,â-JS껂.:>);8qhF*tXȆDiYJoV׸]I1Q(Ov#"eK2t첦|s]csj$?vHՁT9NfaqcIQ|m篡-fIӥ&JK`Q*-UK\8!梥F1Ǥ,{7E7gK_fֿ>6ALz+i"_Ӌxtv"QyhЎ NiMt#܉1T•Ҵc2 ^fx0[rXt>ՓƊ!p/W@\]T\;ʀϱintfide8հ2KKet\̀HE+hBSv z ܓ j|Uɗȯ+5Wx kIB( ƛZqw~@Jo7x)v?;C1qikoxNZ:q ~Tw_gg_w !уjAu%!E*V}SYM8)d/̊ɚ|5|UA:9B{L#AwP řh AGTqBcP] [TRt>Љ/&־ mzkkwxNw v [#hcDUzeU1zwGz"hn{`g,:cX8?_4R~`o~__sUo^=z¯%s֗ c]Y0ks8#b{pRDR'j-kZJ7z} )6E±kl#D[vV@Ԑ~Peg[$G;uQ?XՑvFgW<]];m%k'prS;O%2ͭnށͦ>kg?lBkM@x5«^Pxu«^QxBJ-J""hiEj T@a0.p{D+vVQ H%,B.m05Y ՅxlXpS-e˫ >; l_ǫ.KIwp)VP|xSUj\#^?+9 qO…P.07<ب*GOfN72KISeZ6 OFj}|9i__E|T˙w|GX^=O N# $n~9yb6 ~RR5vJ1X`fc=3300EZe,l mX` r-MgO- k,B e)Vbv6jMJ-2 < ;+n%hIlrZ, #FE\S8ZKrH~^:1D%IEbP!TsyYE[M}WaЪd (/<CԎ|,!Գ!:M^[/x2eMۻ!\!!u?X h=3άԓճ.n:ʒYڿ¬y<8Mss g_>" s$a.PncL='S!ycHi1 z(~!Bcʞ#Ye$ 51χܿZBd+tP2L;U$Sf& !+IIJ!y43Ȏ O529)D D3V !#/ BM! !v! RM(-Bd+B<\:YcB~Bſ(,Bx^.B"O9GB_3H!l$1BH!VB!Sof!~kx=Opggє<͜t~U3!Ůn$vUo*̂'&4O)ƾb,%咦m3V>Px>)UIT4}Syz*T V4T3"Zkk;ӨTS2*3WMfL5Mpmdqy@fq`Vqn*VRBmã }] mה"xst6 !iXVS)hVBf~`wUyP v"$$yzw'vZI_~^AJL/3LOу^?ӻvgz69=s78&*gzXsq^ՐvG* 3gz` ~~q(|L/hLO a}tpRe^9ʢ")7C^/_f|V#bp)=,/7#4;zB9ݳ׭>򯼰%_Һ }|pEse- sSevOnaf|/āqz}w?C鲤A|Eөt(ztWo?ZEsoȽ/1GsEߑ8Kʦ{+QdG{M8E8T3Nr)70\vC> :I"b$u/A  n"'b$pNraAF! c"$g.VOSb0v *e$b$WeZL( Oh_UYjb$] ѭNIVUCWNo"$яTUmA?׈{Y ^b$yzeG+пxJ1 0AA@ʚ;ʚ;g4CdCdts T0 ppp@ <4dddd!0L{  0___PPT10 ___PPT9tlT?  %O  =Private Equity An OverviewPClark L. Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado SpringsPSQ@Private Equity  Broadly Defined!!(Technically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature&  NPrivate Equity  Categories and Players(($Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All StagesZZZ$ZZ(Z Z Z$     The Private Equity Market   ZTraditional Private Equity  Primary Activity..$pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout6 3The Basic Value Creation Formula Fundamental Ideas 42 @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley " C" " &" C&   8The Basic Value Creation Formula Debt can increase Value98 Dupont Equation  8The Basic Value Creation Formula Debt can increase Value98  vThe Basic Value Creation Formula An Example  Carlyle Group<<Leveraged Buyout               PE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Hedge funds in the PE business  not a transaction business.@2ze2ze "$160B in dry powder $750B $590B in debt appetite. Banking capacity is finite and already extended. Rising rates Regulatory limits Pricing f6Y"Y 0 PTg(  Tr T S 7  `    T 0 - U#Private Equity Issues Going Forward$ 2$ H T 0޽h ? 33___PPT10i.W k"+D=' &= @B + 0 @m(  x  c $% `     0 - U#Private Equity Issues Going Forward$ 2$ H  0޽h ? 33___PPT10i.W k"+D=' &= @B +Fx[ pǙgjFՃaF+$~ep ! ZWW^rblcƎ_8\W\&s8+rd;K-p|{f%azw~Sށlp&a :x4::J O=KׯZQ@Ћ~ wH74o_OZ?]bW$=_+4lc V}(U!FcO"R>X:|nBHxa @m KmBƋ"D~Ɵ,tdЛc9C~6n].I6+JMF7TtЕ+CWNG7]\>˰m:c#卧Q{Ia]72OrO}.s~=dt] Ǖީ>2ĩ4?{zsWո-I*ۭyٴㇹO)\<1q}8XF^k͟9Imƣ:I[ACA7 Ʃ Ʀ@K@I1H̿1Y wtDWt{wܢqiCҎً, XSG;{G^jv<}<'A%j S}.eϔV2^ܳ4MggPCg[rG4/ՍpqJ)6uŘ4$ūRh~YTķ7Ӆ#l兊xk1/:^ ~MU~2}.pY?@9 O\PǛcQ6ǧ`8<7c h.m6& lTkpGPyc~ U`sC {_dz0eHȆlv,â-JS껂.:>);8qhF*tXȆDiYJoV׸]I1Q(Ov#"eK2t첦|s]csj$?vHՁT9NfaqcIQ|m篡-fIӥ&JK`Q*-UK\8!梥F1Ǥ,{7E7gK_fֿ>6ALz+i"_Ӌxtv"QyhЎ NiMt#܉1T•Ҵc2 ^fx0[rXt>ՓƊ!p/W@\]T\;ʀϱintfide8հ2KKet\̀HE+hBSv z ܓ j|Uɗȯ+5Wx kIB( ƛZqw~@Jo7x)v?;C1qikoxNZ:q ~Tw_gg_w !уjAu%!E*V}SYM8)d/̊ɚ|5|UA:9B{L#AwP řh AGTqBcP] [TRt>Љ/&־ mzkkwxNw v [#hcDUzeU1zwGz"hn{`g,:cX8?_4R~`o~__sUo^=z¯%s֗ c]Y0ks8#b{pRDR'j-kZJ7z} )6E±kl#D[vV@Ԑ~Peg[$G;uQ?XՑvFgW<]];m%k'prS;O%2ͭnށͦ>kg?lBkM@x5«^Pxu«^QxBJ-J""hiEj T@a0.p{D+vVQ H%,B.m05Y ՅxlXpS-e˫ >; l_ǫ.KIwp)VP|xSUj\#^?+9 qO…P.07<ب*GOfN72KISeZ6 OFj}|9i__E|T˙w|GX^=O N# $n~9yb6 ~RR5vJ1X`fc=3300EZe,l mX` r-MgO- k,B e)Vbv6jMJ-2 < ;+n%hIlrZ, #FE\S8ZKrH~^:1D%IEbP!TsyYE[M}WaЪd (/<CԎ|,!Գ!:M^[/x2eMۻ!\!!u?X h=3άԓճ.n:ʒYڿ¬y<8Mss g_>" s$a.PncL='S!ycHi1 z(~!Bcʞ#Ye$ 51χܿZBd+tP2L;U$Sf& !+IIJ!y43Ȏ O529)D D3V !#/ BM! !v! RM(-Bd+B<\:YcB~Bſ(,Bx^.B"O9GB_3H!l$1BH!VB!Sof!~kx=Opggє<͜t~U3!Ůn$vUo*̂'&4O)ƾb,%咦m3V>Px>)UIT4}Syz*T V4T3"Zkk;ӨTS2*3WMfL5Mpmdqy@fq`Vqn*VRBmã }] mה"xst6 !iXVS)hVBf~`wUyP v"$$yzw'vZI_~^AJL/3LOу^?ӻvgz69=s78&*gzXsq^ՐvG* 3gz` ~~q(|L/hLO a}tpRe^9ʢ")7C^/_f|V#bp)=,/7#4;zB9ݳ׭>򯼰%_Һ }|pEse- sSevOnaf|/āqz}w?C鲤A|Eөt(ztWo?ZEsoȽ/1GsEߑ8Kʦ{+QdG{M8E8T3Nr pN Xp1!(    Equation Equation.30,Microsoft Equation 3.0 Equation Equation.30,Microsoft Equation 3.0Equation Equation.30,Microsoft Equation 3.0 Equation Equation.30,Microsoft Equation 3.0 Chart Excel.Chart.808Microsoft Office Excel Chart Chart Excel.Chart.808Microsoft Office Excel Chart/ 0DArialngsRomanLL{ ԖT0Ԗ"DTimes New RomanLL{ ԖT0Ԗ DWingdingsRomanLL{ ԖT0Ԗ@ .  @n?" dd@  @@`` |0%_     : "X$b$ge] }je'x[b$RtȖ$_y~tnx[2$`epL}J\2$ .`6xV8:K!2$R yM,4qi \12$׶Q! jb$񈑲 "t:(b$ˆOKqrb$ǁM[k>vC> :I"b$u/A  n"'b$pNraAF! c"$g.VOSb0v *e$b$WeZL( Oh_UYjb$] ѭNIVUCWNo"$яTUmA?׈{Y ^b$yzeG+пxJ1 0AA@ʚ;ʚ;g4CdCdts T0 ppp@ <4dddd!0L{  0___PPT10 ___PPT9tlT?  %O  =Private Equity An OverviewPClark L. Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado SpringsPSQ@Private Equity  Broadly Defined!!(Technically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature&  NPrivate Equity  Categories and Players(($Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All StagesZZZ$ZZ(Z Z Z$     The Private Equity Market   ZTraditional Private Equity  Primary Activity..$pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout6 3The Basic Value Creation Formula Fundamental Ideas 42 @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley " C" " &" C&   8The Basic Value Creation Formula Debt can increase Value98 Dupont Equation  8The Basic Value Creation Formula Debt can increase Value98  vThe Basic Value Creation Formula An Example  Carlyle Group<<Leveraged Buyout               PE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Hedge funds in the PE business  not a transaction business.@2ze2ze "$160B in dry powder $750B $590B in debt appetite. Banking capacity is finite and already extended. Rising rates Regulatory limits Pricing f6Y"YFx[ pǙgjFՃaF+$~ep ! ZWW^rblcƎ_8\W\&s8+rd;K-p|{f%azw~Sށlp&a :x4::J O=KׯZQ@Ћ~ wH74o_OZ?]bW$=_+4lc V}(U!FcO"R>X:|nBHxa @m KmBƋ"D~Ɵ,tdЛc9C~6n].I6+JMF7TtЕ+CWNG7]\>˰m:c#卧Q{Ia]72OrO}.s~=dt] Ǖީ>2ĩ4?{zsWո-I*ۭyٴㇹO)\<1q}8XF^k͟9Imƣ:I[ACA7 Ʃ Ʀ@K@I1H̿1Y wtDWt{wܢqiCҎً, XSG;{G^jv<}<'A%j S}.eϔV2^ܳ4MggPCg[rG4/ՍpqJ)6uŘ4$ūRh~YTķ7Ӆ#l兊xk1/:^ ~MU~2}.pY?@9 O\PǛcQ6ǧ`8<7c h.m6& lTkpGPyc~ U`sC {_dz0eHȆlv,â-JS껂.:>);8qhF*tXȆDiYJoV׸]I1Q(Ov#"eK2t첦|s]csj$?vHՁT9NfaqcIQ|m篡-fIӥ&JK`Q*-UK\8!梥F1Ǥ,{7E7gK_fֿ>6ALz+i"_Ӌxtv"QyhЎ NiMt#܉1T•Ҵc2 ^fx0[rXt>ՓƊ!p/W@\]T\;ʀϱintfide8հ2KKet\̀HE+hBSv z ܓ j|Uɗȯ+5Wx kIB( ƛZqw~@Jo7x)v?;C1qikoxNZ:q ~Tw_gg_w !уjAu%!E*V}SYM8)d/̊ɚ|5|UA:9B{L#AwP řh AGTqBcP] [TRt>Љ/&־ mzkkwxNw v [#hcDUzeU1zwGz"hn{`g,:cX8?_4R~`o~__sUo^=z¯%s֗ c]Y0ks8#b{pRDR'j-kZJ7z} )6E±kl#D[vV@Ԑ~Peg[$G;uQ?XՑvFgW<]];m%k'prS;O%2ͭnށͦ>kg?lBkM@x5«^Pxu«^QxBJ-J""hiEj T@a0.p{D+vVQ H%,B.m05Y ՅxlXpS-e˫ >; l_ǫ.KIwp)VP|xSUj\#^?+9 qO…P.07<ب*GOfN72KISeZ6 OFj}|9i__E|T˙w|GX^=O N# $n~9yb6 ~RR5vJ1X`fc=3300EZe,l mX` r-MgO- k,B e)Vbv6jMJ-2 < ;+n%hIlrZ, #FE\S8ZKrH~^:1D%IEbP!TsyYE[M}WaЪd (/<CԎ|,!Գ!:M^[/x2eMۻ!\!!u?X h=3άԓճ.n:ʒYڿ¬y<8Mss g_>" s$a.PncL='S!ycHi1 z(~!Bcʞ#Ye$ 51χܿZBd+tP2L;U$Sf& !+IIJ!y43Ȏ O529)D D3V !#/ BM! !v! RM(-Bd+B<\:YcB~Bſ(,Bx^.B"O9GB_3H!l$1BH!VB!Sof!~kx=Opggє<͜t~U3!Ůn$vUo*̂'&4O)ƾb,%咦m3V>Px>)UIT4}Syz*T V4T3"Zkk;ӨTS2*3WMfL5Mpmdqy@fq`Vqn*VRBmã }] mה"xst6 !iXVS)hVBf~`wUyP v"$$yzw'vZI_~^AJL/3LOу^?ӻvgz69=s78&*gzXsq^ՐvG* 3gz` ~~q(|L/hLO a}tpRe^9ʢ")7C^/_f|V#bp)=,/7#4;zB9ݳ׭>򯼰%_Һ }|pEse- sSevOnaf|/āqz}w?C鲤A|Eөt(ztWo?ZEsoȽ/1GsEߑ8Kʦ{+QdG{M8E8T3NrkXG 1!(    Equation Equation.30,Microsoft Equation 3.0 Equation Equation.30,Microsoft Equation 3.0Equation Equation.30,Microsoft Equation 3.0 Equation Equation.30,Microsoft Equation 3.0 Chart Excel.Chart.808Microsoft Office Excel Chart Chart Excel.Chart.808Microsoft Office Excel Chart/ 0DArialngsRomanLL{ ԖT0Ԗ"DTimes New RomanLL{ ԖT0Ԗ DWingdingsRomanLL{ ԖT0Ԗ@ .  @n?" dd@  @@`` |0%_     : "X$b$ge] }je'x[b$RtȖ$_y~tnx[2$`epL}J\2$ .`6xV8:K!2$R yM,4qi \12$׶Q! jb$񈑲 "t:(b$ˆOKqrb$ǁM[k>vC> :I"b$u/A  n"'b$pNraAF! c"$g.VOSb0v *e$b$WeZL( Oh_UYjb$] ѭNIVUCWNo"$яTUmA?׈{Y ^b$yzeG+пxJ1 0AA@ʚ;ʚ;g4CdCdts T0 ppp@ <4dddd!0L{  0___PPT10 ___PPT9tlT?  %O  =Private Equity An OverviewPClark L. Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado SpringsPSQ@Private Equity  Broadly Defined!!(Technically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature&  NPrivate Equity  Categories and Players(($Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All StagesZZZ$ZZ(Z Z Z$     The Private Equity Market   ZTraditional Private Equity  Primary Activity..$pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout6 3The Basic Value Creation Formula Fundamental Ideas 42 @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley " C" " &" C&   8The Basic Value Creation Formula Debt can increase Value98 Dupont Equation  8The Basic Value Creation Formula Debt can increase Value98  vThe Basic Value Creation Formula An Example  Carlyle Group<<Leveraged Buyout               PE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Hedge funds in the PE business  not a transaction business.@2ze2ze "$160B in dry powder $750B $590B in debt appetite. Banking capacity is finite and already extended. 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ZWW^rblcƎ_8\W\&s8+rd;K-p|{f%azw~Sށlp&a :x4::J O=KׯZQ@Ћ~ wH74o_OZ?]bW$=_+4lc V}(U!FcO"R>X:|nBHxa @m KmBƋ"D~Ɵ,tdЛc9C~6n].I6+JMF7TtЕ+CWNG7]\>˰m:c#卧Q{Ia]72OrO}.s~=dt] Ǖީ>2ĩ4?{zsWո-I*ۭyٴㇹO)\<1q}8XF^k͟9Imƣ:I[ACA7 Ʃ Ʀ@K@I1H̿1Y wtDWt{wܢqiCҎً, XSG;{G^jv<}<'A%j S}.eϔV2^ܳ4MggPCg[rG4/ՍpqJ)6uŘ4$ūRh~YTķ7Ӆ#l兊xk1/:^ ~MU~2}.pY?@9 O\PǛcQ6ǧ`8<7c h.m6& lTkpGPyc~ U`sC {_dz0eHȆlv,â-JS껂.:>);8qhF*tXȆDiYJoV׸]I1Q(Ov#"eK2t첦|s]csj$?vHՁT9NfaqcIQ|m篡-fIӥ&JK`Q*-UK\8!梥F1Ǥ,{7E7gK_fֿ>6ALz+i"_Ӌxtv"QyhЎ NiMt#܉1T•Ҵc2 ^fx0[rXt>ՓƊ!p/W@\]T\;ʀϱintfide8հ2KKet\̀HE+hBSv z ܓ j|Uɗȯ+5Wx kIB( ƛZqw~@Jo7x)v?;C1qikoxNZ:q ~Tw_gg_w !уjAu%!E*V}SYM8)d/̊ɚ|5|UA:9B{L#AwP řh AGTqBcP] [TRt>Љ/&־ mzkkwxNw v [#hcDUzeU1zwGz"hn{`g,:cX8?_4R~`o~__sUo^=z¯%s֗ c]Y0ks8#b{pRDR'j-kZJ7z} )6E±kl#D[vV@Ԑ~Peg[$G;uQ?XՑvFgW<]];m%k'prS;O%2ͭnށͦ>kg?lBkM@x5«^Pxu«^QxBJ-J""hiEj T@a0.p{D+vVQ H%,B.m05Y ՅxlXpS-e˫ >; l_ǫ.KIwp)VP|xSUj\#^?+9 qO…P.07<ب*GOfN72KISeZ6 OFj}|9i__E|T˙w|GX^=O N# $n~9yb6 ~RR5vJ1X`fc=3300EZe,l mX` r-MgO- k,B e)Vbv6jMJ-2 < ;+n%hIlrZ, #FE\S8ZKrH~^:1D%IEbP!TsyYE[M}WaЪd (/<CԎ|,!Գ!:M^[/x2eMۻ!\!!u?X h=3άԓճ.n:ʒYڿ¬y<8Mss g_>" s$a.PncL='S!ycHi1 z(~!Bcʞ#Ye$ 51χܿZBd+tP2L;U$Sf& !+IIJ!y43Ȏ O529)D D3V !#/ BM! !v! RM(-Bd+B<\:YcB~Bſ(,Bx^.B"O9GB_3H!l$1BH!VB!Sof!~kx=Opggє<͜t~U3!Ůn$vUo*̂'&4O)ƾb,%咦m3V>Px>)UIT4}Syz*T V4T3"Zkk;ӨTS2*3WMfL5Mpmdqy@fq`Vqn*VRBmã }] mה"xst6 !iXVS)hVBf~`wUyP v"$$yzw'vZI_~^AJL/3LOу^?ӻvgz69=s78&*gzXsq^ՐvG* 3gz` ~~q(|L/hLO a}tpRe^9ʢ")7C^/_f|V#bp)=,/7#4;zB9ݳ׭>򯼰%_Һ }|pEse- sSevOnaf|/āqz}w?C鲤A|Eөt(ztWo?ZEsoȽ/1GsEߑ8Kʦ{+QdG{M8E8T3NrG. X#B1!(    Equation Equation.30,Microsoft Equation 3.0 Equation Equation.30,Microsoft Equation 3.0Equation Equation.30,Microsoft Equation 3.0 Equation Equation.30,Microsoft Equation 3.0 Chart Excel.Chart.808Microsoft Office Excel Chart Chart Excel.Chart.808Microsoft Office Excel Chart/ 0DArialngsRomanLL{ ԖT0Ԗ"DTimes New RomanLL{ ԖT0Ԗ DWingdingsRomanLL{ ԖT0Ԗ@ .  @n?" dd@  @@`` |0%_     : "X$b$ge] }je'x[b$RtȖ$_y~tnx[2$`epL}J\2$ .`6xV8:K!2$R yM,4qi \12$׶Q! jb$񈑲 "t:(b$ˆOKqrb$ǁM[k>vC> :I"b$u/A  n"'b$pNraAF! c"$g.VOSb0v *e$b$WeZL( Oh_UYjb$] ѭNIVUCWNo"$яTUmA?׈{Y ^b$yzeG+пxJ1 0AA@ʚ;ʚ;g4CdCdts T0 ppp@ <4dddd!0L{  0___PPT10 ___PPT9tlT?  %O  =JPrivate Equity An OverviewPClark L. Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado SpringsPSQ@Private Equity  Broadly Defined!!(Technically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature&  NPrivate Equity  Categories and Players(($Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All StagesZZZ$ZZ(Z Z Z$     The Private Equity Market   ZTraditional Private Equity  Primary Activity..$pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout6 3The Basic Value Creation Formula Fundamental Ideas 42 @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley " C" " &" C&   8The Basic Value Creation Formula Debt can increase Value98 Dupont Equation  8The Basic Value Creation Formula Debt can increase Value98  vThe Basic Value Creation Formula An Example  Carlyle Group<<Leveraged Buyout              bPE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Fee Structures not tied to exit Hedge funds in the PE business  not a transaction business.@2z2z "$160B in dry powder $750B $590B in debt appetite. Banking capacity is finite and already extended. Rising rates Regulatory limits Pricing f6Y"Y 0 PTg(  Tr T S 7  `    T 0 - U#Private Equity Issues Going Forward$ 2$ H T 0޽h ? 33___PPT10i.W k"+D=' &= @B +Fx[ pǙgjFՃaF+$~ep ! ZWW^rblcƎ_8\W\&s8+rd;K-p|{f%azw~Sށlp&a :x4::J O=KׯZQ@Ћ~ wH74o_OZ?]bW$=_+4lc V}(U!FcO"R>X:|nBHxa @m KmBƋ"D~Ɵ,tdЛc9C~6n].I6+JMF7TtЕ+CWNG7]\>˰m:c#卧Q{Ia]72OrO}.s~=dt] Ǖީ>2ĩ4?{zsWո-I*ۭyٴㇹO)\<1q}8XF^k͟9Imƣ:I[ACA7 Ʃ Ʀ@K@I1H̿1Y wtDWt{wܢqiCҎً, XSG;{G^jv<}<'A%j S}.eϔV2^ܳ4MggPCg[rG4/ՍpqJ)6uŘ4$ūRh~YTķ7Ӆ#l兊xk1/:^ ~MU~2}.pY?@9 O\PǛcQ6ǧ`8<7c h.m6& lTkpGPyc~ U`sC {_dz0eHȆlv,â-JS껂.:>);8qhF*tXȆDiYJoV׸]I1Q(Ov#"eK2t첦|s]csj$?vHՁT9NfaqcIQ|m篡-fIӥ&JK`Q*-UK\8!梥F1Ǥ,{7E7gK_fֿ>6ALz+i"_Ӌxtv"QyhЎ NiMt#܉1T•Ҵc2 ^fx0[rXt>ՓƊ!p/W@\]T\;ʀϱintfide8հ2KKet\̀HE+hBSv z ܓ j|Uɗȯ+5Wx kIB( ƛZqw~@Jo7x)v?;C1qikoxNZ:q ~Tw_gg_w !уjAu%!E*V}SYM8)d/̊ɚ|5|UA:9B{L#AwP řh AGTqBcP] [TRt>Љ/&־ mzkkwxNw v [#hcDUzeU1zwGz"hn{`g,:cX8?_4R~`o~__sUo^=z¯%s֗ c]Y0ks8#b{pRDR'j-kZJ7z} )6E±kl#D[vV@Ԑ~Peg[$G;uQ?XՑvFgW<]];m%k'prS;O%2ͭnށͦ>kg?lBkM@x5«^Pxu«^QxBJ-J""hiEj T@a0.p{D+vVQ H%,B.m05Y ՅxlXpS-e˫ >; l_ǫ.KIwp)VP|xSUj\#^?+9 qO…P.07<ب*GOfN72KISeZ6 OFj}|9i__E|T˙w|GX^=O N# $n~9yb6 ~RR5vJ1X`fc=3300EZe,l mX` r-MgO- k,B e)Vbv6jMJ-2 < ;+n%hIlrZ, #FE\S8ZKrH~^:1D%IEbP!TsyYE[M}WaЪd (/<CԎ|,!Գ!:M^[/x2eMۻ!\!!u?X h=3άԓճ.n:ʒYڿ¬y<8Mss g_>" s$a.PncL='S!ycHi1 z(~!Bcʞ#Ye$ 51χܿZBd+tP2L;U$Sf& !+IIJ!y43Ȏ O529)D D3V !#/ BM! !v! RM(-Bd+B<\:YcB~Bſ(,Bx^.B"O9GB_3H!l$1BH!VB!Sof!~kx=Opggє<͜t~U3!Ůn$vUo*̂'&4O)ƾb,%咦m3V>Px>)UIT4}Syz*T V4T3"Zkk;ӨTS2*3WMfL5Mpmdqy@fq`Vqn*VRBmã }] mה"xst6 !iXVS)hVBf~`wUyP v"$$yzw'vZI_~^AJL/3LOу^?ӻvgz69=s78&*gzXsq^ՐvG* 3gz` ~~q(|L/hLO a}tpRe^9ʢ")7C^/_f|V#bp)=,/7#4;zB9ݳ׭>򯼰%_Һ }|pEse- sSevOnaf|/āqz}w?C鲤A|Eөt(ztWo?ZEsoȽ/1GsEߑ8Kʦ{+QdG{M8E8T3Nr^B=dg X:B{1`#(    Equation Equation.30,Microsoft Equation 3.0 Equation Equation.30,Microsoft Equation 3.0Equation Equation.30,Microsoft Equation 3.0 Equation Equation.30,Microsoft Equation 3.0 Chart Excel.Chart.808Microsoft Office Excel Chart Chart Excel.Chart.808Microsoft Office Excel Chart/ 0DArialngsRomanLL{ ԖT0Ԗ"DTimes New RomanLL{ ԖT0Ԗ DWingdingsRomanLL{ ԖT0Ԗ@ .  @n?" dd@  @@`` @'b     : "X$&b$ge] }je'x[b$RtȖ$_y~tnx[2$`epL}J\2$ .`6xV8:K!2$R yM,4qi \12$׶Q! jb$񈑲 "t:(b$ˆOKqrb$ǁM[k>vC> :I"b$u/A  n"'b$pNraAF! c"$g.VOSb0v *e$b$WeZL( Oh_UYjb$] ѭNIVUCWNo"$яTUmA?׈{Y ^b$yzeG+пxJ1 0AA@ʚ;ʚ;g4CdCdts T0 ppp@ <4dddd!0L{  0___PPT10 ___PPT9tlT?  %O  =Private Equity An OverviewPClark L. Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado SpringsPSQ@Private Equity  Broadly Defined!!(Technically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature&  NPrivate Equity  Categories and Players(($Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All StagesZZZ$ZZ(Z Z Z$     The Private Equity Market   ZTraditional Private Equity  Primary Activity..$pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout6 3The Basic Value Creation Formula Fundamental Ideas 42 @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley " C" " &" C&   8The Basic Value Creation Formula Debt can increase Value98 Dupont Equation  8The Basic Value Creation Formula Debt can increase Value98  vThe Basic Value Creation Formula An Example  Carlyle Group<<Leveraged Buyout              bPE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Fee Structures not tied to exit Hedge funds in the PE business  not a transaction business.@2z2z ,2007 estimate of$160B in dry powder $750B $590B in debt appetite. Banking capacity is finite and already extended. Potential regulatory limits FM$"M PE Boom has been fueled by Historically low rates Regulatory arbitrage Both could reverse quickly and change the metrics dramatically v-?-?  0 @m(  x  c $% `     0 - U#Private Equity Issues Going Forward$ 2$ H  0޽h ? 33___PPT10i.W k"+D=' &= @B + 0 `m(  x  c $ơ `    0X- U#Private Equity Issues Going Forward$ 2$ H  0޽h ? 33___PPT10i.W k"+D=' &= @B +Fx[ pǙgjFՃaF+$~ep ! ZWW^rblcƎ_8\W\&s8+rd;K-p|{f%azw~Sށlp&a :x4::J O=KׯZQ@Ћ~ wH74o_OZ?]bW$=_+4lc V}(U!FcO"R>X:|nBHxa @m KmBƋ"D~Ɵ,tdЛc9C~6n].I6+JMF7TtЕ+CWNG7]\>˰m:c#卧Q{Ia]72OrO}.s~=dt] Ǖީ>2ĩ4?{zsWո-I*ۭyٴㇹO)\<1q}8XF^k͟9Imƣ:I[ACA7 Ʃ Ʀ@K@I1H̿1Y wtDWt{wܢqiCҎً, XSG;{G^jv<}<'A%j S}.eϔV2^ܳ4MggPCg[rG4/ՍpqJ)6uŘ4$ūRh~YTķ7Ӆ#l兊xk1/:^ ~MU~2}.pY?@9 O\PǛcQ6ǧ`8<7c h.m6& lTkpGPyc~ U`sC {_dz0eHȆlv,â-JS껂.:>);8qhF*tXȆDiYJoV׸]I1Q(Ov#"eK2t첦|s]csj$?vHՁT9NfaqcIQ|m篡-fIӥ&JK`Q*-UK\8!梥F1Ǥ,{7E7gK_fֿ>6ALz+i"_Ӌxtv"QyhЎ NiMt#܉1T•Ҵc2 ^fx0[rXt>ՓƊ!p/W@\]T\;ʀϱintfide8հ2KKet\̀HE+hBSv z ܓ j|Uɗȯ+5Wx kIB( ƛZqw~@Jo7x)v?;C1qikoxNZ:q ~Tw_gg_w !уjAu%!E*V}SYM8)d/̊ɚ|5|UA:9B{L#AwP řh AGTqBcP] [TRt>Љ/&־ mzkkwxNw v [#hcDUzeU1zwGz"hn{`g,:cX8?_4R~`o~__sUo^=z¯%s֗ c]Y0ks8#b{pRDR'j-kZJ7z} )6E±kl#D[vV@Ԑ~Peg[$G;uQ?XՑvFgW<]];m%k'prS;O%2ͭnށͦ>kg?lBkM@x5«^Pxu«^QxBJ-J""hiEj T@a0.p{D+vVQ H%,B.m05Y ՅxlXpS-e˫ >; l_ǫ.KIwp)VP|xSUj\#^?+9 qO…P.07<ب*GOfN72KISeZ6 OFj}|9i__E|T˙w|GX^=O N# $n~9yb6 ~RR5vJ1X`fc=3300EZe,l mX` r-MgO- k,B e)Vbv6jMJ-2 < ;+n%hIlrZ, #FE\S8ZKrH~^:1D%IEbP!TsyYE[M}WaЪd (/<CԎ|,!Գ!:M^[/x2eMۻ!\!!u?X h=3άԓճ.n:ʒYڿ¬y<8Mss g_>" s$a.PncL='S!ycHi1 z(~!Bcʞ#Ye$ 51χܿZBd+tP2L;U$Sf& !+IIJ!y43Ȏ O529)D D3V !#/ BM! !v! RM(-Bd+B<\:YcB~Bſ(,Bx^.B"O9GB_3H!l$1BH!VB!Sof!~kx=Opggє<͜t~U3!Ůn$vUo*̂'&4O)ƾb,%咦m3V>Px>)UIT4}Syz*T V4T3"Zkk;ӨTS2*3WMfL5Mpmdqy@fq`Vqn*VRBmã }] mה"xst6 !iXVS)hVBf~`wUyP v"$$yzw'vZI_~^AJL/3LOу^?ӻvgz69=s78&*gzXsq^ՐvG* 3gz` ~~q(|L/hLO a}tpRe^9ʢ")7C^/_f|V#bp)=,/7#4;zB9ݳ׭>򯼰%_Һ }|pEse- sSevOnaf|/āqz}w?C鲤A|Eөt(ztWo?ZEsoȽ/1GsEߑ8Kʦ{+QdG{M8E8T3NrL{P X({S1`#(    Equation Equation.30,Microsoft Equation 3.0 Equation Equation.30,Microsoft Equation 3.0Equation Equation.30,Microsoft Equation 3.0 Equation Equation.30,Microsoft Equation 3.0 Chart Excel.Chart.808Microsoft Office Excel Chart Chart Excel.Chart.808Microsoft Office Excel Chart/ 0DArialngsRomanLL{ ԖT0Ԗ"DTimes New RomanLL{ ԖT0Ԗ DWingdingsRomanLL{ ԖT0Ԗ@ .  @n?" dd@  @@`` @'b     : "X$&b$ge] }je'x[b$RtȖ$_y~tnx[2$`epL}J\2$ .`6xV8:K!2$R yM,4qi \12$׶Q! jb$񈑲 "t:(b$ˆOKqrb$ǁM[k>vC> :I"b$u/A  n"'b$pNraAF! c"$g.VOSb0v *e$b$WeZL( Oh_UYjb$] ѭNIVUCWNo"$яTUmA?׈{Y ^b$yzeG+пxJ1 0AA@ʚ;ʚ;g4CdCdts T0 ppp@ <4dddd!0L{  0___PPT10 ___PPT9tlT?  %O  =Private Equity An OverviewPClark L. Maxam, Ph.D. Director of Research  Braddock Financial Corporation and El Pomar Professor of Entrepreneurial Finance  University of Colorado, Colorado SpringsPSQ@Private Equity  Broadly Defined!!(Technically refers to any type of equity investment in an asset in which the equity is not freely tradable on a public market. Less liquid Long Term in nature&  NPrivate Equity  Categories and Players(($Angel Early Stage: Seed, Start-up Professional Venture Capital Early Stage, Expansion, Later Stage Private Equity Later Stage, Buyout, Special Situations Hedge Funds All Stages     ZZZ$ZZ(Z Z Z$     The Private Equity Market   ZTraditional Private Equity  Primary Activity..$pProfessional pools of capital that buy all the publicly traded equity of target companies =  Go Private Usually done with borrowed money High degree of leverage Aka : Leveraged Buyout6 3The Basic Value Creation Formula Fundamental Ideas 42 @Re-focuses acquired businesses resulting in lower costs and improved efficiency. Value is created through basic finance that says debt can increase firm value if you can afford it! Exploits corporate aversion to debt (Henry McVey, Morgan Stanley). Regulatory Arbitrage  Sarbanes-Oxley " C" " &" C&   8The Basic Value Creation Formula Debt can increase Value98 Dupont Equation  8The Basic Value Creation Formula Debt can increase Value98  vThe Basic Value Creation Formula An Example  Carlyle Group<<Leveraged Buyout              bPE as a new Model of General Management (Jensen) Overcomes entrenched thinking, management and disjoint between manager incentives and capital markets. Problematic Trends Publicly held Private Equity  oxymoron Fee Structures not tied to exit Hedge funds in the PE business  not a transaction business.@2z2z ,2007 estimate of$160B in dry powder $750B $590B in debt appetite. Banking capacity is finite and already extended. Potential regulatory limits FM$"M PE Boom has been fueled by Historically low rates Regulatory arbitrage Both could reverse quickly and change the metrics dramatically v-?-? Fx[ pǙgjFՃaF+$~ep ! 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