The financing of private firms is fascinating and a bit mysterious. It remains misunderstood and regularly gives birth to hype and excesses. I started my career working for a venture capital fund at the top of the Internet financial bubble, in 2000. This experience has imprinted my career and derailed my ambitions. It also fueled my thirst for knowledge. I started from essentially a virgin theoretical and academic land. I developed a body of practical and academic knowledge. Writing and publishing my books seemed to be the next logical step. I enjoy reading books on the sector and recommending them.
I wrote
Introduction to Private Equity, Debt and Real Assets: From Venture Capital to LBO, Senior to Distressed Debt, Immaterial to Fixed Assets
It might seem odd, but there is no real better book than this one to illustrate the challenges of private equity. I use it as an example in my training sessions regularly.
The Merchant of Venice is not only one of the best plays on finance and ethics, but also the perfect illustration of the challenges of start-up investing before it became a profession. This play illustrates how venture financing differs in practice from bank financing. It also conveys the uncertainties associated with entrepreneurship, and how some capital providers are not able to take such a risk.
Shakespeare masters the art of contrasting the perspectives of an entrepreneur and a banker in a short and powerful format. It is a masterpiece and a must-read for anyone who wants to understand the philosophy of start-up investing.
In The Merchant of Venice, the path to marriage is hazardous. To win Portia, Bassanio must pass a test prescribed by her father’s will, choosing correctly among three caskets or chests. If he fails, he may never marry at all.
Bassanio and Portia also face a magnificent villain, the moneylender Shylock. In creating Shylock, Shakespeare seems to have shared in a widespread prejudice against Jews. Shylock would have been regarded as a villain because he was a Jew. Yet he gives such powerful expression to his alienation due to the hatred around him that, in many productions, he emerges as…
There is only one Silicon Valley – and there can only be one.
Harvard Professor Josh Lerner debunks enduring myths about replicating the success of this unique cluster dedicated to information technologies. He describes the different unsuccessful attempts of doing so by various public authorities and governments, and draws the lessons of such attempts.
He also identifies what are the conditions of successful local attempts to develop industrial clusters. In this context, this book provides a solid background to readers eager to understand the background of the emergence and development of private companies thanks to a complex web of interactions between public and private initiatives.
Silicon Valley, Singapore, and Tel Aviv - the global hubs of entrepreneurial activity all bear the marks of government investment. Yet, for every public intervention that spurs entrepreneurial activity, there are many failed efforts that waste untold billions in taxpayer dollars. When has governmental sponsorship succeeded in boosting growth, and when has it fallen terribly short? Should the government be involved in such undertakings at all? "Boulevard of Broken Dreams" is the first extensive look at the ways governments have supported entrepreneurs and venture capitalists across decades and continents. Josh Lerner, one of the foremost experts in the field, provides…
Venture investing has become one of the recurring sources of multiple success stories, such as Apple, Microsoft, Google, and Facebook. However, the professionalisation of start-up investing is still a work in progress. Knowledge and experience are rare and difficult to acquire.
Venture capital investing is an art as much as a form of science. This book illustrates how the financing of the start-up Theranos became a story of excesses, lies, and neglect. Start-up investing goes far beyond providing capital.
The rise and fall of Theranos is a clear illustration in this masterful book: the start-up did not have good governance, was shrouded in secrecy, aggressively used litigation and was organised to avoid the disclosure of the lies it was based upon. Human lives were at stake. Investors and entrepreneurs failed the patients with dire consequences.
The shocking true story behind The Dropout, starring the Emmy award-winning Amanda Seyfried, Naveen Andrews and Stephen Fry.
'I couldn't put down this thriller . . . a book so compelling that I couldn't turn away' - Bill Gates
Winner of the Financial Times/McKinsey Business Book of the Year Award 2018
The full inside story of the breathtaking rise and shocking collapse of Theranos, the multibillion-dollar biotech startup founded by Elizabeth Holmes, by the prize-winning journalist who first broke the story and pursued it to the end, despite pressure from its charismatic CEO and threats by her lawyers.
Private market fund managers are, along with hedge fund managers, the magnates of the 21st century.
Although many come from a privileged background, quite a few are self-made men such as the founder of what was once the largest private equity fund management firm in the Middle East: Abraaj Capital. The rags-to-riches story of Arif Naqvi, his drive from his childhood in Pakistan to high international society is simultaneously mesmerizing and frightening.
A headlong rush starts as his ambition outpaces his already high success. The fall is crushing, not only for him, but also for his partners, his employees, and everyone who trusted him. The book is a perfect combination of factual analyses and storytelling.
AS FEATURED IN BBC TWO'S BILLION DOLLAR DOWNFALL: THE DEALMAKER DOCUMENTARY
Two Wall Street reporters investigate the man entrusted with millions to make profits and end poverty but now stands accused of masterminding one of the biggest, most brazen frauds in history.
'Gripping' Guardian
***
Arif Naqvi was a man with an immeasurable dream: to end world suffering, poverty and disease. His vision? Capitalism used for good, progress and profit.
He persuaded politicians he could help stabilize the Middle East after 9/11 by providing jobs. He got Bill Gates to help him start a billion-dollar fund to improve health care…
This book describes the delisting of RJR Nabisco by KKR through what was the largest leveraged buyout in history for two decades and became an instant classic in 1989.
A movie was adapted from it and its title became forever attached to the practice of transferring the ownership of a company notably thanks to debt financing. The book meticulously describes the actors of this operation, the conflicts of interest that plague the operation, and the underlying hubris and greed lurking in the background.
Although now dated, as LBO has morphed and evolved at high speed, and is now a far cry from this type of operation, this book remains a must-read for anyone willing to understand the rise of some of the most powerful financial firms and wealthiest individuals in less than a generation.
“One of the finest, most compelling accounts of what happened to corporate America and Wall Street in the 1980’s.” —New York Times Book Review
A #1 New York Times bestseller and arguably the best business narrative ever written, Barbarians at the Gate is the classic account of the fall of RJR Nabisco. An enduring masterpiece of investigative journalism by Bryan Burrough and John Helyar, it includes a new afterword by the authors that brings this remarkable story of greed and double-dealings up to date twenty years after the famed deal. The Los Angeles Times calls Barbarians at the Gate, “Superlative.”…
This covers everything you want to know about the financing of private companies (not listed on the stock exchange). The book explores the various forms of equity and debt financing strategies, and the role of funds and fund managers, as well as capital providers. It details the process of investing in a private company, notably through thorough due diligence.
The book also dives into the progressive professionalisation of private market financing, and notably the value created by professional investors. Theoretical and practical at the same time, the book includes templates of relevant documents and a business case. A whole chapter is also dedicated to excesses, frauds, and scandals that have emerged as this financial market developed and attracted its share of bad actors.
I’m an OB/GYN, passionate about adventuring beyond what’s expected. This has led me to pivot multiple times in my career, now focusing on writing. I’ve written a play, The Post-Roe Monologues, to elevate women’s stories. I cherish the curiosity that drives outer and inner exploration, and I love memoirs that skillfully weave the two. The books on this list feature extraordinary women who took risks, left comfort and safety, and battled vulnerability to step into the unknown. These authors moved beyond the stories they’d believed about themselves–or that others told about them. They invite you to think about living fuller and bigger lives.
Tap Dancing on Everest, part coming-of-age memoir, part true-survival adventure story, is about a young medical student, the daughter of a Holocaust survivor raised in N.Y.C., who battles self-doubt to serve as the doctor—and only woman—on a remote Everest climb in Tibet.
The team attempts a new route up the East Face without the use of supplemental oxygen, Sherpa support, or chance for rescue. When three climbers disappear during their summit attempt, Zieman reaches the knife edge of her limits and digs deeply to fight for the climbers’ lives and to find her voice.
The plan was outrageous: A small team of four climbers would attempt a new route on the East Face of Mt. Everest, considered the most remote and dangerous side of the mountain, which had only been successfully climbed once before. Unlike the first large team, Mimi Zieman and her team would climb without using supplemental oxygen or porter support. While the unpredictable weather and high altitude of 29,035 feet make climbing Everest perilous in any condition, attempting a new route, with no idea of what obstacles lay ahead, was especially audacious. Team members were expected to push themselves to their…
