Introduction to Private Equity

Introduction

Why another book about private equity, and especially an introductory one?

The answer lies in my experience of reading the different kinds of literature available and my recurring lack of satisfaction regarding their ability to combine so as to formulate an articulate theory. Each piece of the private equity puzzle is interesting, but they somehow do not represent an harmonious and clear picture. I am obviously not the only one to be dissatisfied: the success of the abridged French version of this book (Demaria, 2006 & 2007), of which the first edition as well as the updated reprint were sold out each within less than a year, tends to confirm it.

Cartoon I.1 The potentially disruptive impact of a French input ...

© 2009 Wiley Miller and Universal Uclick. Reprinted by permission.

There have been honourable attempts to paint a portrait of this emerging asset class, by famous and reputable institutions, such as The Institute of Chartered Accountants of England and Wales (ICAEW). Many academics from different disciplines as well as finance practitioners have also tried to contribute to public enlightenment. One of the criticisms made of these written works is that they remain prisoners of ill-adapted theoretical frameworks. Designed as toolboxes for analysing quantitative data, these frameworks soon reveal their limitations as they were not designed specifically to analyse ...