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An Analysis of Value Creation in Private Equity Portfolios.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	An Analysis of Value Creation in Private Equity Portfolios./
Author:	Chipendo, Ray Wako.
Description:	1 online resource (139 pages)
Notes:	Source: Masters Abstracts International, Volume: 85-06.
Contained By:	Masters Abstracts International85-06.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798380897358

An Analysis of Value Creation in Private Equity Portfolios.
Chipendo, Ray Wako.

An Analysis of Value Creation in Private Equity Portfolios. - 1 online resource (139 pages)

Source: Masters Abstracts International, Volume: 85-06.

Thesis (M.B.A.)--University of Pretoria (South Africa), 2012.

Includes bibliographical references

Academic literature on the analysis of value creation in private equity industry is still in its infancy. The approach to value attribution is still a contended subject by both academic and professional writers. The purpose of this research was to determine how South African Private Equity industry generates value in portfolio companies. This was achieved by gathering 24 transactions from institutional investors and private equity firms and disaggregating their returns into value drivers. Identified value drivers were financial leverage, revenue growth, EBITDA multiples and EBITDA margin.Contrary to the common belief that the private equity model is more dependent on cutting costs and less on growing businesses, the findings of the study revealed that revenue growth was the biggest relative driver of value while operational efficiency, the least. Results regarding the importance of financial leverage in value creation in the last 10 years could not confirm the popular argument which states that as the private equity model matures the industry is moving towards other value levers.While descriptive statistics confirmed that the level of gearing and size of companies influence the relative importance of EBITDA margin and revenue growth, results from statistical tests were in several cases inconclusive.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798380897358Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

An Analysis of Value Creation in Private Equity Portfolios.
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245 1 3 $a An Analysis of Value Creation in Private Equity Portfolios.
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500 $a Source: Masters Abstracts International, Volume: 85-06.
500 $a Advisor: Ward, Mike.
502 $a Thesis (M.B.A.)--University of Pretoria (South Africa), 2012.
504 $a Includes bibliographical references
520 $a Academic literature on the analysis of value creation in private equity industry is still in its infancy. The approach to value attribution is still a contended subject by both academic and professional writers. The purpose of this research was to determine how South African Private Equity industry generates value in portfolio companies. This was achieved by gathering 24 transactions from institutional investors and private equity firms and disaggregating their returns into value drivers. Identified value drivers were financial leverage, revenue growth, EBITDA multiples and EBITDA margin.Contrary to the common belief that the private equity model is more dependent on cutting costs and less on growing businesses, the findings of the study revealed that revenue growth was the biggest relative driver of value while operational efficiency, the least. Results regarding the importance of financial leverage in value creation in the last 10 years could not confirm the popular argument which states that as the private equity model matures the industry is moving towards other value levers.While descriptive statistics confirmed that the level of gearing and size of companies influence the relative importance of EBITDA margin and revenue growth, results from statistical tests were in several cases inconclusive.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0310
690 $a 0508
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710 2 $a University of Pretoria (South Africa). $b Gordon Institute of Business Science (GIBS). $3 1437799
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