Publications

Reference works by LDS Partners

Private Equity Unchained – Strategy Insights for the Institu...

Private Equity Unchained
By Thomas Meyer

palgrave macmillan, August 2014

Private Equity Unchained – Strategy Insights for the Institutional Investor

For many years institutional investors have viewed returns from illiquid investments such as private equity as virtually assured. As with most investments after the financial crisis, the landscape has changed and making money in these markets has become more challenging. However, there are still significant returns to be made from private equity, infrastructure, real estate and other illiquid investments, but investing without a strategy is like travelling without a map, and developing a competitive strategy is essential for investment success and for meeting objectives.

Private Equity Unchained is a succinct strategic guide to investing in illiquid alternative investments. There are a number of issues and considerations specific to illiquid assets that investors need to take into account before allocating their capital, and too often have investors ventured ‘blind’ into these investments, with unfortunate consequences. This book takes readers through all the considerations of planning and implementing an investment strategy in illiquid investments. The book begins with an overview of all the major illiquid investments and their characteristics. The author then looks at the objectives of different investors (such as liability driven investors vs. more traditional investors), and how to map the strategy to these objectives and identify which portfolio model will suit the strategy. The book then addresses the various stages of the lifecycle of the investment, what investors need to consider and implement at each stage, and finally, how to evaluate the success of your strategy. This will be an invaluable guide to investment strategy for illiquid assets and will be essential reading for portfolio managers in all institutional investment houses.


Mastering Illiquidity

Mastering Illiquidity

by Peter Cornelius, Christian Diller, Didier Guennoc 
and Thomas Meyer

John Wiley & Sons, 
Chichester, May 2013

 

Mastering Illiquidity

Mastering Illiquidity  - Risk Management for Portfolios of Limited Partnership Funds - has been published by John Wiley & Sons in May 2013 and is co-authored by Didier Guennoc and Thomas Meyer. It builds on the work done on behalf of the EVCA Private Equity Risk Measurement Guidelines.

This book focuses primarily on the illiquidity risk premium that structurally illiquid asset classes may offer. In contrast to asset classes that may become illiquid thanks to financial turmoil and heightened risk aversion, investors in structurally illiquid asset classes, such as private equity and real assets, are aware ex-ante of the risk they take. It is precisely this risk, and more specifically the associated risk premium, that attracts investors to these asset classes. Not all investors are able to harvest this risk premium, however. As a matter of principle, only long term investors can, whose liability profile allows them to lock capital in for a prolonged period of time, usually ten years or even more. Harvesting the illiquidity risk premium requires specific risk management techniques, however, which are the subject of this book.


Beyond the J-Curve - Now also available in Chinese and Japan...

Beyond the J-Curve - Now also available in Chinese and Japan...

Beyond the J-Curve - Now also available in Chinese and Japan...

Beyond the J-Curve

by Thomas Meyer
and Pierre-Yves Mathonet

John Wiley & Sons,
Chichester, 2005

Beyond the J-Curve - Now also available in Chinese and Japanese

Beyond the J Curve describes an innovative toolset for such limited partners to design and manage portfolios tailored to the dynamics of this market place, going far beyond the typical and often-simplistic recipe to ‘go for top quartile funds’.

Beyond the J Curve provides the answers to key questions, including:

  • Why ‘top-quartile’ promises should be taken with a huge pinch of salt and what it takes to select superior fund managers?
  • What do limited partners need to consider when designing and managing portfolios?
  • How one can determine the funds’ economic value to help addressing the questions of ‘fair value’ under IAS 39 and ‘risk’ under Basel II or Solvency II?
  • Why is monitoring important, and how does a limited partner manage his portfolio?
  • How the portfolio’s returns can be improved through proper liquidity management and what to consider when over-committing?
  • And, why uncertainty rather than risk is an issue and how a limited partner can address and benefit from the fast changing private equity environment?

Beyond the J Curve offers private equity and venture capital professionals a comprehensive guide making high return targets more realistic and sustainable.

 


Further Reading

Private Equity: Opportunities and Risks

Private Equity: Opportunities and Risks

Private equity offers benefits for institutional and private wealth management clients including diversification and enhancements of risk-adjusted returns. However, the lack of transparency, regulatory restrictions, and liquidity concerns that exist for some private equity options limit their attractiveness for some investors.

Read more...

J-Curve Exposure

J-Curve Exposure

Building on the success of the previous book, this work covers new and additional material and offers advanced guidance on the practical questions faced by institutions when setting up and managing a successful private equity investment programme.

Read more...

CAIA Level II: Advanced Core Topics in Alternative Investmen...

CAIA Level II: Advanced Core Topics in Alternative Investments

Sponsored by the CAIA Association®, the Chartered Alternative Investment Analyst (CAIA) program consists of a two-tier exam process (Level I and Level II) through which to earn the CAIA charter.

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CAIA Level II: Integrated Topics And Applications

CAIA Level II: Integrated Topics And Applications

The “CAIA Level II: Integrated Topics and Applications” book contains journal articles and readings used in the Level II curriculum to deepen the potential Level II candidates’ understanding of alternative investments.  D. Guennoc, P.Y. Mathonet, and T. Meyer contributed the section on the “Distribution Waterfall”.

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The Definitive Guide to Risk Management in Private Equity

The Definitive Guide to Risk Management in Private Equity

Risk has become a hotly debated concept, borne out of the global financial crisis – managing risk is a core competence that is likely to remain high on the professional agenda.

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International Private Equity: A Case Study Textbook

International Private Equity: A Case Study Textbook

“International Private Equity” provides an overview of the private equity industry and uses case studies to exemplify all stages of the deal process, and to illustrate such key topics as investing in emerging markets.

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Inside the Limited Partner - A compendium of investor attitu...

Inside the Limited Partner - A compendium of investor attitudes to private equity

Inside the Limited Partner is a comprehensive compendium highlighting the views and actions of LPs in the current economic climate.

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