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470:. Facilitating the flow of capital through the economy up to the pioneering small concerns in order to stimulate the U.S. economy was and still is the main goal of the SBIC program today. The 1958 Act provided venture capital firms structured either as SBICs or Minority Enterprise Small Business Investment Companies (MESBICs) access to federal funds which could be leveraged at a ratio of up to 4:1 against privately raised investment funds. The success of the Small Business Administration's efforts are viewed primarily in terms of the pool of professional private equity investors that the program developed as the rigid regulatory limitations imposed by the program minimized the role of SBICs. In 2005, the SBA significantly reduced its SBIC program, though SBICs continue to make private equity investments.
466:(SBA) to license private "Small Business Investment Companies" (SBICs) to help the financing and management of the small entrepreneurial businesses in the United States. Passage of the Act addressed concerns raised in a Federal Reserve Board report to Congress that concluded that a major gap existed in the capital markets for long-term funding for growth-oriented small businesses. Additionally, it was thought that fostering entrepreneurial companies would spur technological advances to compete against the
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389:), to encourage private sector investments in businesses run by soldiers who were returning from World War II. ARDC's significance was primarily that it was the first institutional private equity investment firm that raised capital from sources other than wealthy families although it had several notable investment successes as well. ARDC is credited with the first major venture capital success story when its 1957 investment of $ 70,000 in
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876:). These investment vehicles would utilize a number of the same tactics and target the same type of companies as more traditional leveraged buyouts and in many ways could be considered a forerunner of the later private equity firms. In fact, it is Posner who is often credited with coining the term "leveraged buyout" or "LBO"
1207:, which would reign as the largest leveraged buyout transaction for nearly 17 years. The private equity industry would raise approximately $ 2.4 billion of annual investor commitments In 1980, and by the end of the decade that figure stood at $ 21.9 billion, marking the tremendous growth experienced.
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put forth a revision to the corporate tax system that would have, among other results, reduced the disparity in treatment of interest paid to bondholders and dividends paid to stockholders. Carter's proposals did not achieve support from the business community or
Congress and was not enacted. Because
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The origins of the modern private equity industry trace back to 1946 with the formation of the first venture capital firms. The thirty-five-year period from 1946 through the end of the 1970s was characterized by relatively small volumes of private equity investment, rudimentary firm organizations and
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The "prudent man rule" is a fiduciary responsibility of investment managers under ERISA. Under the original application, each investment was expected to adhere to risk standards on its own merits, limiting the ability of investment managers to make any investments deemed potentially risky. Under the
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for the venture capital industry. Venture capital firms suffered a temporary downturn in 1974, when the stock market crashed and investors were naturally wary of this new kind of investment fund. It was not until 1978 that venture capital experienced its first major fundraising year, as the industry
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On
January 21, 1955, McLean Industries, Inc. purchased the capital stock of Pan Atlantic Steamship Corporation and Gulf Florida Terminal Company, Inc. from Waterman Steamship Corporation. In May, McLean Industries, Inc. completed the acquisition of the common stock of Waterman Steamship Corporation
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During the 1960s and 1970s, venture capital firms focused their investment activity primarily on starting and expanding companies. More often than not, these companies were exploiting breakthroughs in electronic, medical or data-processing technology. As a result, venture capital came to be almost
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firms using their devices and programming and service companies. Throughout the 1970s, a group of private equity firms, focused primarily on venture capital investments, would be founded that would become the model for later leveraged buyout and venture capital investment firms. In 1973, with the
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potentially attractive. In the following years, the three Bear
Stearns bankers would complete a series of buyouts including Stern Metals (1965), Incom (a division of Rockwood International, 1971), Cobblers Industries (1971) and Boren Clay (1973) as well as Thompson Wire, Eagle Motors and Barrows
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companies. In 1975, fundraising for private equity investments cratered, according to the
Venture Capital Institute, totaling only $ 10 million during the course of the year. In 1978, the US Labor Department relaxed certain of the ERISA restrictions, under the "prudent man rule", thus allowing
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The decade of the 1980s is perhaps more closely associated with the leveraged buyout than any decade before or since. For the first time, the public became aware of the ability of private equity to affect mainstream companies, and "corporate raiders" and "hostile takeovers" entered the public
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in 1969, one of the earliest such takeovers in the United States. Posner's investments were typically motivated by attractive valuations, balance sheets and cash flow characteristics. Because of its high debt load, Posner's DWG would generate attractive but highly volatile returns and would
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founded a new investment firm to focus on acquiring companies through leveraged buyout transactions, one of the earliest independent private equity firms to focus on leveraged buyouts of more mature companies rather than venture capital investments in growth companies. Lee's firm,
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had rejected repeated proposals to form a dedicated investment fund within Bear
Stearns and Lewis took exception to the amount of time spent on outside activities. Early investors included the Hillman family. By 1978, with the revision of the ERISA regulations, the nascent
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With few exceptions, private equity in the first half of the 20th century was the domain of wealthy individuals and families. The
Vanderbilts, Whitneys, Rockefellers and Warburgs were notable investors in private companies in the first half of the century. In 1938,
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Before World War II, venture capital investments (originally known as "development capital") were primarily the domain of wealthy individuals and families. One of the first steps toward a professionally managed venture capital industry was the passage of the
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and by the 1960s and 1970s were facing succession issues. Many of these companies lacked a viable or attractive exit for their founders as they were too small to be taken public and the founders were reluctant to sell out to competitors, making a sale to a
918:, Buffett assumed control of Berkshire Hathaway. At the time of Buffett's investment, Berkshire Hathaway was a textile company, however, Buffett used Berkshire Hathaway as an investment vehicle to make acquisitions and minority investments in dozens of the
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The second half of the 1970s and the first years of the 1980s saw the emergence of several private equity firms that would survive through the various cycles both in leveraged buyouts and venture capital. Among the firms founded during these years were:
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Investors have been acquiring businesses and making minority investments in privately held companies since the dawn of the industrial revolution. Merchant bankers in London and Paris financed industrial concerns in the 1850s; most notably
1131:. A group of managers at Harley-Davidson, the motorcycle manufacturer, bought the company from AMF in a leveraged buyout in 1981, but racked up big losses the following year and had to ask for protection from Japanese competitors.
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approach and focus on earnings and cash flows are characteristic of later private equity investors. Buffett would distinguish himself relative to more traditional leveraged buyout practitioners through his reluctance to use
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raised approximately $ 750 million. During this period, the number of venture firms also increased. Among the firms founded in this period, in addition to
Kleiner Perkins and Sequoia, that continue to invest actively are:
731:, a distributor of computer and video games found in May 1982 by Trip Hawkins with a personal investment of an estimated $ 200,000. Seven months later in December 1982, Hawkins secured $ 2 million of venture capital from
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revised 1978 interpretation, the concept of portfolio diversification of risk, measuring risk at the aggregate portfolio level rather than the investment level to satisfy fiduciary standards would also be accepted.
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signed the Kemp-Roth bill, officially known as the
Economic Recovery Tax Act of 1981, into law, lowering of the top capital gains tax rate from 28 percent to 20 percent, and making high risk investments even more
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reported in 1978 that fund raising had increased from $ 39 million in 1977 to $ 570 million just one year later. Additionally, many of these same corporate pension investors would become active buyers of the
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speech by Brian G. Cartwright, General
Counsel U.S. Securities and Exchange Commission. University of Pennsylvania Law School Institute for Law and Economics Philadelphia, Pennsylvania. October 24, 2007.
435:. By far, Whitney's most famous investment was in Florida Foods Corporation. The company, having developed an innovative method for delivering nutrition to American soldiers, later came to be known as
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of the different tax treatment, the use of leverage to reduce taxes was popular among private equity investors and would become increasingly popular with the reduction of the capital gains tax rate.
723:, founded in 1978. In December 1980, Apple went public. Its offering of 4.6 million shares at $ 22 each sold out within minutes. A second offering of 2.6 million shares quickly sold out in May 1981.
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Venture capital played an instrumental role in developing many of the major technology companies of the 1980s. Some of the most notable venture capital investments were made in firms that include:
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1560:"Genentech was founded by venture capitalist Robert A. Swanson and biochemist Dr. Herbert W. Boyer. After a meeting in 1976, the two decided to start the first biotechnology company, Genentech."
791:. A second round of financing for an additional $ 16 million was completed in March 1982. The firm went public on May 13, 1983, netting $ 153 million, the largest technology IPO to that point.
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In the years that would follow these events, private equity would experience its first major boom, acquiring some of the famed brands and major industrial powers of
American business.
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in 1964 is among the first significant leveraged buyout transactions. However, the industry that is today described as private equity was conceived by several financiers, including
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Fenn, George W., Nellie Liang, and Stephen Prowse. December 1995. The Economics of the Private Equity Market. Staff Study 168, Board of Governors of the Federal Reserve System.
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575:, Kleiner Perkins, Sequoia and later venture capital firms would have access to the burgeoning technology industries in the area. By the early 1970s, there were many
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through their investment in Stern Metals. Although they had a number of highly successful investments, the $ 27 million investment in Cobblers ended in bankruptcy.
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holding companies as investment vehicles to acquire portfolios of investments in corporate assets would become a new trend in the 1960s popularized by the likes of
393:(DEC) would be valued at over $ 355 million after the company's initial public offering in 1968 (representing a return of over 500 times on its investment and an
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number of new venture capital firms increasing, leading venture capitalists formed the National Venture Capital Association (NVCA). The NVCA was to serve as the
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began a series of what they described as "bootstrap" investments. They targeted family-owned businesses, many of which had been founded in the years following
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provided $ 2.5 million to fund the startup of Compaq, which would ultimately grow into one of the largest personal computer manufacturers before merging with
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corporate pension funds to invest in private equity resulting in a major source of capital available to invest in venture capital and other private equity.
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that what is considered today to be true private equity investments began to emerge marked by the founding of the first two venture capital firms in 1946:
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401:(founded in 1965 by Charlie Waite and Bill Elfers) and Morgan, Holland Ventures, the predecessor of Flagship Ventures (founded in 1982 by James Morgan).
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investor rather than a private equity investor, employed many of the same techniques in the creation of his Berkshire Hathaway conglomerate as Posner's
537:, put up the capital. The compensation structure, still in use today, also emerged with limited partners paying an annual management fee of 1-2% and a
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helped finance the creation of both Eastern Air Lines and Douglas Aircraft and the Rockefeller family had vast holdings in a variety of companies.
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would finance railroads and other industrial companies throughout the United States. In certain respects, J. Pierpont Morgan's 1901 acquisition of
1160:- With the passage of ERISA in 1974, corporate pension funds were prohibited from holding certain risky investments including many investments in
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also came into existence in the late 1970s and early 1980s. One of the most notable early management buyout transactions was the acquisition of
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Although not strictly private equity, and certainly not labeled so at the time, the first leveraged buyout may have been the purchase by
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in May 1955. Under the terms of the transactions, McLean borrowed $ 42 million and raised an additional $ 7 million through an issue of
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framework in the United States to support merchant banks. US investment banks were confined primarily to advisory businesses, handling
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1953:
1735:"The Philanthropist Discusses Tsunami Relief, Public Versus Private Giving, and Why Parents Should Limit Their Children's Inheritance"
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825:. When the deal closed, $ 20 million of Waterman cash and assets were used to retire $ 20 million of the loan debt. The newly elected
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By 1976, tensions had built up between Bear Stearns and Kohlberg, Kravis and Roberts leading to their departure and the formation of
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Burrill, G. Steven, and Craig T. Norback. The Arthur Young Guide to Raising Venture Capital. Billings, MT: Liberty House, 1988.
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consciousness. The decade would see one of the largest booms in private equity culminating in the 1989 leveraged buyout of
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also acquired, merged, and organized railroads and telegraph companies in the second half of the 19th century, including
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The advent of the boom in leveraged buyouts in the 1980s was supported by three major legal and regulatory events:
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506:(which produced the first commercially practicable integrated circuit), funded in 1959 by what would later become
326:. Investment banks would later enter the space, however long after independent firms had become well established.
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1998:. GE Capital Speaker Discusses New Trends in Asset Class. Speech to GSB February 13, 2002. Accessed May 22, 2008.
1686:, pp. 44-47 (Princeton Univ. Press 2006). The details of this transaction are set out in ICC Case No. MC-F-5976,
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was successful in raising its first institutional fund with approximately $ 30 million of investor commitments.
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The growth of the venture capital industry was fueled by the emergence of the independent investment firms on
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six children as a way to allow other Rockefeller children to develop exposure to venture capital investments.
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and in later years by more traditional private equity investors. In 1965, with the support of the company's
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Posner, who had made a fortune in real estate investments in the 1930s and 1940s acquired a major stake in
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1981:. Dissertation of the University of St. Gallen. Lichtenstein: Guttenberg AG, 2005. Accessed May 22, 2008.
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An early West Coast venture capital company was Draper and Johnson Investment Company, formed in 1962 by
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database for Commitments. Searching "All Private Equity Funds" (Venture Capital, Buyout and Mezzanine).
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in 1966. Having gained control of the company, he used it as an investment vehicle that could execute
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continues to make investments in leveraged buyout transactions and raised $ 750 million for its sixth
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of 101%). Former employees of ARDC went on to found several prominent venture capital firms including
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Gladstone, David J. Venture Capital Handbook. Rev. ed. Englewood Cliffs, NJ: Prentice Hall, 1988.
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McLean Trucking Company and Pan-Atlantic American Steamship Corporation--Investigation of Control
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Organizing venture capital: the rise and demise of American Research and Development Corporation
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continued investing until 1971 with the retirement of Doriot. In 1972, Doriot merged ARDC with
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In 1976, Kravis was forced to serve as interim CEO of a failing direct mail company Advo.
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one of the largest private equity firms through the end of the 1990s, founded in 1978 by
1905:. European Private Equity and Venture Capital Association (EVCA). Accessed May 22, 2008.
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The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger
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for $ 480 million represents the first true major buyout as they are thought of today.
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In 1971, a series of articles entitled "Silicon Valley USA" were published in the
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ultimately land the company in financial difficulty. In 1987, Sharon Steel sought
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1176:(or junk bonds) that were necessary to complete leveraged buyout transactions.
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was funded in 1981 with $ 6 million from noted venture capitalists including
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founded by Pat Welsh, Russ Carson, Bruce Anderson and Richard Stowe in 1979;
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of other companies. Posner and DWG are perhaps best known for the hostile
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industry in the United States, a situation that was quite exceptional in
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and Franklin P. Johnson Jr. In 1964 Bill Draper and Paul Wythes founded
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Similar to the approach employed in the McLean transaction, the use of
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limited awareness of and familiarity with the private equity industry.
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WGBH Public Broadcasting Service, "Who made America?"-Georges Doriot"
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typically representing up to 20% of the profits of the partnership.
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to hold investments in which the investment professionals served as
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Early venture capital and the growth of Silicon Valley (1959 - 1981)
1984:
National Venture Capital Association, 2005, The 2005 NVCA Yearbook.
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Due to structural restrictions imposed on American banks under the
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The New Kings of Capitalism, Survey on the Private Equity industry
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The New Ventures, Inside the High Stakes World of Venture Capital.
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1896:
Creative Capital: Georges Doriot and the Birth of Venture Capital
1480:, the largest trade association for the venture capital industry.
1463:, a weekly trade publication, giving rise to the use of the term
1379:
Kirsner, Scott (April 6, 2008). "Venture capital's grandfather".
1094:, one of the earliest European buyout firms, founded in 1980; and
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founded by Chuck Newhall, Frank Bonsal and Dick Kramlich in 1978;
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683:, an early manufacturer of computer systems, founded in 1975 by
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experienced growth along parallel although interrelated tracks.
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2019:". Centre for Business Research, University of Cambridge, 2007.
502:
It is commonly noted that the first venture-backed startup was
525:, still in use today, emerged. Private equity firms organized
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751:, 1982, Computer manufacturer. In 1982, venture capital firm
346:, with investments in leveraged buyouts and venture capital.
767:, Venture capitalists invested $ 80 million to help founder
626:, the firm's earliest predecessor, the venture capital firm
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at the time, Kohlberg and Kravis along with Kravis' cousin
1396:"Small Business Administration Investment Division (SBIC)"
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and other regulations in the 1930s, there was no private
1989:
Private Equity Funds: Business Structure and Operations.
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423:. Whitney had been investing since the 1930s, founding
1963:
Littman, Jonathan. "The New Face of Venture Capital".
1960:, 1946–1973. Working paper 163. Accessed May 22, 2008
614:, founded by early Silicon Valley venture capitalist
494:, where many Bay Area venture capital firms are based
373:, the "father of venture capitalism" (former dean of
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1717:"Opinion | the Case for Giving Money Away Now"
1012:in that year. Most notably, Bear Stearns executive
703:company, founded in 1976 with venture capital from
1827:How The Government Subsidizes Leveraged Takeovers
1791:Refers to Henry Hillman and the Hillman Company.
630:was founded in 1969 and subsequently merged with
521:It was also in the 1960s that the common form of
322:transactions and placements of equity and debt
1362:Joseph W. Bartlett, "What Is Venture Capital?"
801:McLean Industries and public holding companies
796:Early history of leveraged buyouts (1955-1981)
3293:History of private equity and venture capital
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1898:. Boston: Harvard Business School Press, 2008
1217:History of private equity and venture capital
409:after having invested in over 150 companies.
360:American Research and Development Corporation
179:history of private equity and venture capital
154:
20:History of private equity and venture capital
8:
3273:Private equity and venture capital investors
2540:Private equity and venture capital investors
1504:"Special Report: The birth of biotechnology"
1251:Private equity and venture capital investors
1198:The first private equity boom (1982 to 1993)
670:founded by L.J. Sevin and Ben Rosen in 1980.
646:, co-founded by H.DuBose Montgomery in 1976;
1939:Gibson, Paul. "The Art of Getting Funded".
829:of Waterman then voted to pay an immediate
462:. The 1958 Act officially allowed the U.S.
177:relates to one of the major periods in the
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2512:Taxation of private equity and hedge funds
2329:Private investment in public equity (PIPE)
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2005:. December 4, 2006. Accessed May 22, 2008.
1287:Taxation of Private Equity and Hedge Funds
1135:Regulatory and tax changes impact the boom
1112:, who built the private equity program at
1078:founded as Clayton & Dubilier in 1978;
1050:, a European buyout firm, founded in 1977;
161:
147:
25:
1996:Private Equity: past, present, and future
1926:. New York : Harper & Row, 1990.
1705:. December 4, 2006. Accessed May 22, 2008
1671:from its founders and other stockholders.
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1848:Taylor, Alexander L. (August 10, 1981).
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427:in 1933 and acquiring a 15% interest in
1903:Why and how to invest in private equity
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1156:Employee Retirement Income Security Act
185:industry, two distinct sub-industries,
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1144:Failure of the Carter tax plan of 1977
833:of $ 25 million to McLean Industries.
689:Kleiner, Perkins, Caufield & Byers
565:Kleiner, Perkins, Caufield & Byers
1914:. New York: Simon and Schuster, 1988.
1816:. Reueters Buyouts, January 24, 2000.
460:Small Business Investment Act of 1958
7:
1814:"Private Equity Pioneer Golder Dies"
1478:National Venture Capital Association
533:and the investors, who were passive
499:synonymous with technology finance.
1972:Value Creation in Leveraged Buyouts
1421:The Future of Securities Regulation
1282:Private investment in public equity
1083:Welsh, Carson, Anderson & Stowe
1991:New York: Law Journal Press, 1999.
1931:Merchant Banking: Past and Present
1804:Barbarians at the Gate, p. 136-140
1773:Barbarians at the Gate, p. 133-136
1232:Private equity in the 21st century
1037:globally by the end of the 1990s.
930:) and varied companies including:
906:, who is typically described as a
14:
1502:Eugene Russo (January 23, 2003).
1181:Economic Recovery Tax Act of 1981
510:. Venrock was founded in 1969 by
3226:
3216:
2595:
2594:
2585:
2584:
2574:
2565:
2564:
2554:
2545:
2544:
2535:
2534:
2003:The History Of Leveraged Buyouts
1715:Madoff, Ray D. (June 16, 2019).
1702:The History Of Leveraged Buyouts
606:brokerage firm, founded in 1968;
350:Origins of modern private equity
221:
209:
38:
1949:Hsu, D., and Kinney, M (2004).
1272:Private equity secondary market
1146:- In his first year in office,
975:Lewis Cullman's acquisition of
314:, decried the inability of the
175:early history of private equity
90:and the venture capital bubble)
3013:Debtor-in-possession financing
2312:Publicly traded private equity
1850:"Boom Time in Venture Capital"
1055:Forstmann Little & Company
971:The pioneers of private equity
819:Waterman Steamship Corporation
815:Pan-Atlantic Steamship Company
634:(founded 1972) and later with
632:Multinational Management Group
1:
2580:List of venture capital firms
2010:The Eclipse of Private Equity
464:Small Business Administration
439:orange juice and was sold to
391:Digital Equipment Corporation
3288:Late modern economic history
2953:Staggered board of directors
2560:List of private equity firms
2317:Business Development Company
1933:. FDIC Banking Review. 2000.
1829:. Forbes, November 28, 1988.
1628:Smith, Fred (October 2002).
1616:Compaq Computer Corporation
1075:Clayton, Dubilier & Rice
1035:largest private equity firms
433:Cornelius Vanderbilt Whitney
342:in 1938, which would become
3070:Accretion/dilution analysis
2015:September 11, 2008, at the
1977:September 11, 2008, at the
1956:September 11, 2008, at the
1630:"How I Delivered the Goods"
1434:"Draper Investment Company"
1227:Private equity in the 1990s
1222:Private equity in the 1980s
977:Orkin Exterminating Company
552:, and Pitch Johnson formed
244:financed the United States
3309:
3033:Leveraged recapitalization
2404:High-net-worth individuals
2194:Leveraged recapitalization
1367:February 28, 2008, at the
1332:December 11, 2007, at the
636:Saunders Karp & Megrue
445:J.H. Whitney & Company
413:J.H. Whitney & Company
364:J.H. Whitney & Company
17:
3212:
3204:Valuation using multiples
3189:Sum-of-the-parts analysis
3159:Modigliani–Miller theorem
3018:Dividend recapitalization
2833:Secondary market offering
2530:
2292:Limited liability company
2252:Venture capital financing
2199:Dividend recapitalization
868:(Reliance Insurance) and
651:New Enterprise Associates
395:annualized rate of return
266:Missouri Pacific Railroad
246:Transcontinental Railroad
30:History of private equity
3222:List of investment banks
3137:Free cash flow to equity
2963:Super-majority amendment
2888:Management due diligence
2828:Seasoned equity offering
1476:Official website of the
1297:Mergers and acquisitions
893:Sharon Steel Corporation
554:Asset Management Company
546:William Henry Draper III
320:mergers and acquisitions
306:. As late as the 1980s,
2933:Shareholder rights plan
2923:Post-merger integration
2893:Managerial entrenchment
2863:Contingent value rights
2803:Initial public offering
2359:Institutional investors
1010:Kohlberg Kravis Roberts
983:and later his protégé,
948:Nebraska Furniture Mart
900:bankruptcy protection.
856:) and later adopted by
811:McLean Industries, Inc.
719:and in later years the
659:Oak Investment Partners
579:companies based in the
512:Laurance S. Rockefeller
504:Fairchild Semiconductor
429:Technicolor Corporation
375:Harvard Business School
354:It was not until after
332:Laurance S. Rockefeller
3075:Adjusted present value
2938:Special-purpose entity
2776:Direct public offering
2746:At-the-market offering
2497:Liquidation preference
2462:Distribution waterfall
2414:Sovereign wealth funds
1994:Sharabura, S. (2002).
1923:Barbarians at the Gate
1755:"Lewis B. Cullman '41"
1648:on September 28, 2007.
1185:- On August 15, 1981,
1031:Thomas H. Lee Partners
495:
492:Menlo Park, California
340:E.M. Warburg & Co.
281:Carnegie Steel Company
3268:Venture capital firms
3090:Conglomerate discount
2570:Venture capital firms
2322:Venture capital trust
1878:May 21, 2007, at the
1795:(Answers.com profile)
1245:Venture capital firms
940:the Coca-Cola Company
571:in 1972. Located, in
516:John D. Rockefeller's
481:
441:the Coca-Cola Company
385:(former president of
277:J.P. Morgan & Co.
181:. Within the broader
3263:Private equity firms
3112:Economic value added
3107:Discounted cash flow
2550:Private equity firms
2278:Private equity firms
2227:Post-money valuation
2104:Equity co-investment
1929:Craig. Valentine V.
1760:Yale Alumni Magazine
1604:Electronic Arts Inc.
1592:Apple Computer, Inc.
1567:"Corporate Overview"
1402:on December 18, 2010
1239:Private equity firms
1024:Meanwhile, in 1974,
967:in his investments.
817:in January 1955 and
662:founded in 1978; and
590:industry trade group
550:Sutter Hill Ventures
527:limited partnerships
369:ARDC was founded by
316:financial regulation
2697:Senior secured debt
2600:Portfolio companies
2517:Undercapitalization
2369:Insurance companies
2287:Limited partnership
2232:Pre-money valuation
2001:Trehan, R. (2006).
1965:Electronic Business
1941:Electronic Business
1911:The Predators' Ball
1793:The Hillman Company
1743:. January 11, 2005.
1721:Wall Street Journal
1699:Trehan, R. (2006).
1661:FundingUniverse.com
1618:FundingUniverse.com
1606:FundingUniverse.com
1594:FundingUniverse.com
1531:10.1038/nj6921-456a
1522:2003Natur.421..456R
1492:FundingUniverse.com
1352:, November 25, 2004
1267:Private equity fund
1262:Private equity firm
1114:First Chicago Corp.
981:Jerome Kohlberg Jr.
771:purchase his first
523:private equity fund
452:private equity fund
54:(origins of modern
32:and venture capital
3283:History of banking
3232:Outline of finance
3144:Market value added
3127:Financial modeling
3085:Business valuation
3008:Debt restructuring
2786:Follow-on offering
2771:Corporate spin-off
2729:(terms/conditions)
2646:investment banking
2452:Capital commitment
2222:Business incubator
2189:Buy–sell agreement
2008:Cheffins, Brian. "
1901:Bance, A. (2004).
1440:on October 2, 2011
1292:Investment banking
1125:Management buyouts
965:hostile techniques
916:board of directors
846:Berkshire Hathaway
773:Dassault Falcon 20
769:Frederick W. Smith
717:Macintosh computer
687:with funding from
628:Patricof & Co.
581:Santa Clara Valley
508:Venrock Associates
496:
296:Glass–Steagall Act
273:J. Pierpont Morgan
136:COVID-19 recession
3278:Corporate raiders
3240:
3239:
3164:Net present value
3149:Minority interest
3080:Associate company
3056:
3055:
3023:Financial sponsor
2943:Special situation
2913:Pre-emption right
2903:Minority discount
2813:Private placement
2712:Subordinated debt
2667:Exchangeable debt
2654:Capital structure
2642:Corporate finance
2608:
2607:
2457:Capital structure
2342:
2341:
2184:Divisional buyout
2179:Management buyout
2174:Financial sponsor
1987:Schell, James M.
1920:Burrough, Bryan.
1869:Thomson Financial
1825:Saunders, Laura.
1659:FedEx Corporation
1573:on April 18, 2012
1516:(6921): 456–457.
1277:Mezzanine capital
1257:Financial sponsor
944:Fruit of the Loom
753:Sevin Rosen Funds
741:Sevin Rosen Funds
705:Robert A. Swanson
667:Sevin Rosen Funds
583:as well as early
563:, beginning with
399:Greylock Partners
304:developed nations
187:leveraged buyouts
171:
170:
3300:
3230:
3229:
3220:
3219:
3122:Fairness opinion
3117:Enterprise value
3100:Weighted average
3028:Leveraged buyout
2883:Drag-along right
2781:Equity carve-out
2738:Equity offerings
2734:
2730:
2702:Shareholder loan
2687:Second lien debt
2682:Preferred equity
2662:Convertible debt
2635:
2628:
2621:
2612:
2598:
2597:
2588:
2587:
2578:
2577:
2568:
2567:
2558:
2557:
2548:
2547:
2538:
2537:
2399:Commercial banks
2389:Investment banks
2297:Carried interest
2162:
2065:Investment types
2047:
2040:
2033:
2024:
1970:Loos, Nicolaus.
1883:
1865:
1859:
1846:
1840:
1836:
1830:
1823:
1817:
1811:
1805:
1802:
1796:
1789:
1783:
1780:
1774:
1771:
1765:
1764:
1751:
1745:
1744:
1731:
1725:
1724:
1712:
1706:
1697:
1691:
1678:
1672:
1668:
1662:
1656:
1650:
1649:
1647:
1641:. Archived from
1634:
1625:
1619:
1613:
1607:
1601:
1595:
1589:
1583:
1582:
1580:
1578:
1569:. Archived from
1558:
1552:
1551:
1533:
1499:
1493:
1490:Tandem Computers
1487:
1481:
1474:
1468:
1457:
1451:
1450:Web site history
1449:
1447:
1445:
1436:. Archived from
1430:
1424:
1418:
1412:
1411:
1409:
1407:
1398:. Archived from
1392:
1386:
1382:The Boston Globe
1377:
1371:
1359:
1353:
1342:
1336:
1324:
1318:
1312:
1174:high yield bonds
936:The Buffalo News
932:American Express
874:Onex Corporation
737:Kleiner, Perkins
680:Tandem Computers
539:carried interest
535:limited partners
514:, the fourth of
431:with his cousin
425:Pioneer Pictures
419:and his partner
417:John Hay Whitney
300:merchant banking
225:
213:
163:
156:
149:
88:leveraged buyout
72:leveraged buyout
42:
26:
3308:
3307:
3303:
3302:
3301:
3299:
3298:
3297:
3258:Venture capital
3243:
3242:
3241:
3236:
3208:
3184:Stock valuation
3179:Residual income
3095:Cost of capital
3052:
3048:Project finance
3038:High-yield debt
2994:
2973:Tag-along right
2898:Mandatory offer
2868:Control premium
2849:
2842:
2818:Public offering
2766:Bought out deal
2728:
2727:
2721:
2648:
2639:
2609:
2604:
2590:Angel investors
2526:
2477:High-yield debt
2430:financial terms
2429:
2423:
2338:
2266:
2247:Startup company
2203:
2157:
2151:
2108:
2060:
2058:venture capital
2051:
2017:Wayback Machine
1979:Wayback Machine
1958:Wayback Machine
1908:Bruck, Connie.
1894:Ante, Spencer.
1891:
1886:
1880:Wayback Machine
1866:
1862:
1847:
1843:
1837:
1833:
1824:
1820:
1812:
1808:
1803:
1799:
1790:
1786:
1781:
1777:
1772:
1768:
1753:
1752:
1748:
1733:
1732:
1728:
1714:
1713:
1709:
1698:
1694:
1690:, July 8, 1957.
1680:Marc Levinson,
1679:
1675:
1669:
1665:
1657:
1653:
1645:
1632:
1627:
1626:
1622:
1614:
1610:
1602:
1598:
1590:
1586:
1576:
1574:
1561:
1559:
1555:
1501:
1500:
1496:
1488:
1484:
1475:
1471:
1461:Electronic News
1458:
1454:
1443:
1441:
1432:
1431:
1427:
1419:
1415:
1405:
1403:
1394:
1393:
1389:
1378:
1374:
1369:Wayback Machine
1360:
1356:
1343:
1339:
1334:Wayback Machine
1325:
1321:
1313:
1309:
1305:
1213:
1200:
1158:of 1974 (ERISA)
1137:
1129:Harley-Davidson
1118:Federal Express
1002:financial buyer
973:
956:value investing
912:DWG Corporation
881:DWG Corporation
854:DWG Corporation
838:publicly traded
823:preferred stock
803:
798:
785:Sequoia Capital
780:LSI Corporation
764:Federal Express
757:Hewlett Packard
733:Sequoia Capital
728:Electronic Arts
638:(founded 1989);
569:Sequoia Capital
531:general partner
476:
415:was founded by
352:
336:Eric M. Warburg
285:Andrew Carnegie
238:Crédit Mobilier
233:
232:
231:
230:
229:
228:Andrew Carnegie
226:
218:
217:
214:
203:
191:venture capital
167:
31:
22:
12:
11:
5:
3306:
3304:
3296:
3295:
3290:
3285:
3280:
3275:
3270:
3265:
3260:
3255:
3253:Private equity
3245:
3244:
3238:
3237:
3235:
3234:
3224:
3213:
3210:
3209:
3207:
3206:
3201:
3199:Terminal value
3196:
3191:
3186:
3181:
3176:
3171:
3166:
3161:
3156:
3151:
3146:
3141:
3140:
3139:
3132:Free cash flow
3129:
3124:
3119:
3114:
3109:
3104:
3103:
3102:
3092:
3087:
3082:
3077:
3072:
3066:
3064:
3058:
3057:
3054:
3053:
3051:
3050:
3045:
3043:Private equity
3040:
3035:
3030:
3025:
3020:
3015:
3010:
3004:
3002:
2996:
2995:
2993:
2992:
2987:
2986:
2985:
2975:
2970:
2965:
2960:
2955:
2950:
2945:
2940:
2935:
2930:
2925:
2920:
2915:
2910:
2905:
2900:
2895:
2890:
2885:
2880:
2875:
2870:
2865:
2860:
2854:
2852:
2844:
2843:
2841:
2840:
2835:
2830:
2825:
2820:
2815:
2810:
2805:
2800:
2799:
2798:
2788:
2783:
2778:
2773:
2768:
2763:
2758:
2753:
2748:
2742:
2740:
2731:
2723:
2722:
2720:
2719:
2714:
2709:
2704:
2699:
2694:
2689:
2684:
2679:
2674:
2672:Mezzanine debt
2669:
2664:
2658:
2656:
2650:
2649:
2640:
2638:
2637:
2630:
2623:
2615:
2606:
2605:
2603:
2602:
2592:
2582:
2572:
2562:
2552:
2542:
2531:
2528:
2527:
2525:
2524:
2519:
2514:
2509:
2504:
2499:
2494:
2489:
2484:
2479:
2474:
2469:
2464:
2459:
2454:
2449:
2444:
2439:
2433:
2431:
2425:
2424:
2422:
2421:
2416:
2411:
2409:Family offices
2406:
2401:
2396:
2394:Merchant banks
2391:
2386:
2381:
2376:
2371:
2366:
2361:
2356:
2350:
2348:
2344:
2343:
2340:
2339:
2337:
2336:
2331:
2326:
2325:
2324:
2319:
2309:
2304:
2302:Management fee
2299:
2294:
2289:
2284:
2274:
2272:
2268:
2267:
2265:
2264:
2259:
2254:
2249:
2244:
2239:
2234:
2229:
2224:
2219:
2217:Angel investor
2213:
2211:
2205:
2204:
2202:
2201:
2196:
2191:
2186:
2181:
2176:
2170:
2168:
2159:
2153:
2152:
2150:
2149:
2144:
2139:
2134:
2129:
2124:
2118:
2116:
2110:
2109:
2107:
2106:
2101:
2096:
2091:
2086:
2081:
2080:
2079:
2068:
2066:
2062:
2061:
2054:Private equity
2052:
2050:
2049:
2042:
2035:
2027:
2021:
2020:
2006:
1999:
1992:
1985:
1982:
1968:
1961:
1947:
1944:
1937:
1934:
1927:
1918:
1915:
1906:
1899:
1890:
1887:
1885:
1884:
1860:
1841:
1831:
1818:
1806:
1797:
1784:
1775:
1766:
1757:. Obituaries.
1746:
1726:
1707:
1692:
1673:
1663:
1651:
1620:
1608:
1596:
1584:
1553:
1494:
1482:
1469:
1465:Silicon Valley
1452:
1425:
1413:
1387:
1372:
1354:
1337:
1319:
1314:Wilson, John.
1306:
1304:
1301:
1300:
1299:
1294:
1289:
1284:
1279:
1274:
1269:
1264:
1259:
1254:
1248:
1242:
1236:
1235:
1234:
1229:
1224:
1212:
1209:
1199:
1196:
1192:
1191:
1177:
1162:privately held
1152:
1136:
1133:
1122:
1121:
1110:Stanley Golder
1095:
1087:
1079:
1071:
1064:Nick Forstmann
1051:
993:George Roberts
987:. Working for
972:
969:
904:Warren Buffett
870:Gerry Schwartz
866:Saul Steinberg
842:Warren Buffett
807:Malcolm McLean
802:
799:
797:
794:
793:
792:
789:Menlo Ventures
776:
760:
744:
724:
708:
692:
672:
671:
663:
655:
647:
643:Menlo Ventures
639:
619:
607:
604:Tucker Anthony
573:Menlo Park, CA
561:Sand Hill Road
488:Sand Hill Road
475:
472:
379:Ralph Flanders
371:Georges Doriot
351:
348:
344:Warburg Pincus
227:
220:
219:
215:
208:
207:
206:
205:
204:
202:
199:
183:private equity
169:
168:
166:
165:
158:
151:
143:
140:
139:
131:
130:
124:
123:
119:
118:
112:
111:
104:dot-com bubble
99:
98:
92:
91:
83:
82:
76:
75:
67:
66:
60:
59:
56:private equity
51:
50:
44:
43:
35:
34:
13:
10:
9:
6:
4:
3:
2:
3305:
3294:
3291:
3289:
3286:
3284:
3281:
3279:
3276:
3274:
3271:
3269:
3266:
3264:
3261:
3259:
3256:
3254:
3251:
3250:
3248:
3233:
3225:
3223:
3215:
3214:
3211:
3205:
3202:
3200:
3197:
3195:
3192:
3190:
3187:
3185:
3182:
3180:
3177:
3175:
3172:
3170:
3167:
3165:
3162:
3160:
3157:
3155:
3152:
3150:
3147:
3145:
3142:
3138:
3135:
3134:
3133:
3130:
3128:
3125:
3123:
3120:
3118:
3115:
3113:
3110:
3108:
3105:
3101:
3098:
3097:
3096:
3093:
3091:
3088:
3086:
3083:
3081:
3078:
3076:
3073:
3071:
3068:
3067:
3065:
3063:
3059:
3049:
3046:
3044:
3041:
3039:
3036:
3034:
3031:
3029:
3026:
3024:
3021:
3019:
3016:
3014:
3011:
3009:
3006:
3005:
3003:
3001:
2997:
2991:
2988:
2984:
2981:
2980:
2979:
2976:
2974:
2971:
2969:
2966:
2964:
2961:
2959:
2956:
2954:
2951:
2949:
2946:
2944:
2941:
2939:
2936:
2934:
2931:
2929:
2926:
2924:
2921:
2919:
2916:
2914:
2911:
2909:
2906:
2904:
2901:
2899:
2896:
2894:
2891:
2889:
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2122:Early history
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2018:
2014:
2011:
2007:
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1967:, March 1998.
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1943:, March 1999.
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1026:Thomas H. Lee
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952:See's Candies
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623:Apax Partners
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611:Mayfield Fund
608:
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577:semiconductor
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449:institutional
446:
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421:Benno Schmidt
418:
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410:
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396:
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388:
384:
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372:
367:
365:
362:. (ARDC) and
361:
357:
349:
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341:
337:
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327:
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321:
317:
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309:
308:Lester Thurow
305:
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286:
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274:
269:
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262:Union Pacific
259:
258:Erie Railroad
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254:Western Union
251:
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145:
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137:
133:
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117:
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109:
108:credit crunch
105:
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84:
81:
77:
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69:
68:
65:
61:
57:
53:
52:
49:
48:Early history
45:
41:
37:
36:
33:
27:
24:
21:
16:
3174:Real options
2990:Tender offer
2850:acquisitions
2838:Underwriting
2823:Rights issue
2726:Transactions
2522:Vintage year
2447:Capital call
2419:Crowdfunding
2354:Corporations
2257:Venture debt
2121:
1988:
1964:
1940:
1921:
1909:
1895:
1873:VentureXpert
1863:
1853:
1844:
1834:
1821:
1809:
1800:
1787:
1778:
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1749:
1738:
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1720:
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1695:
1687:
1681:
1676:
1666:
1654:
1643:the original
1636:
1623:
1611:
1599:
1587:
1575:. Retrieved
1571:the original
1556:
1513:
1507:
1497:
1485:
1472:
1455:
1442:. Retrieved
1438:the original
1428:
1416:
1404:. Retrieved
1400:the original
1390:
1380:
1375:
1357:
1347:
1340:
1322:
1315:
1310:
1201:
1193:
1179:
1166:
1154:
1148:Jimmy Carter
1143:
1138:
1123:
1116:that backed
1103:
1097:
1089:
1081:
1073:
1068:Brian Little
1053:
1045:
1039:
1023:
1007:
997:World War II
989:Bear Stearns
985:Henry Kravis
974:
954:. Buffett's
926:industries (
908:stock market
902:
878:
858:Nelson Peltz
835:
804:
778:
762:
746:
726:
710:
694:
678:
673:
665:
657:
649:
641:
621:
609:
597:
558:
543:
520:
501:
497:
468:Soviet Union
456:
411:
383:Karl Compton
368:
356:World War II
353:
328:
293:
289:Henry Phipps
270:
234:
195:
174:
172:
47:
23:
15:
2948:Squeeze-out
2918:Proxy fight
2848:Mergers and
2761:Bought deal
2692:Senior debt
2384:Foundations
2307:Pledge fund
2099:Secondaries
1205:RJR Nabisco
1190:attractive.
924:reinsurance
616:Tommy Davis
486:leading to
437:Minute Maid
216:J.P. Morgan
201:Pre-history
122:(expansion)
3247:Categories
3194:Tax shield
3154:Mismarking
2958:Stock swap
2908:Pitch book
2878:Divestment
2756:Bookrunner
2677:Pari passu
2472:Envy ratio
2379:Endowments
2242:Seed money
2156:Terms and
1889:References
1253:(category)
1247:(category)
1241:(category)
898:Chapter 11
775:airplanes.
712:Apple Inc.
482:A freeway
324:securities
310:, a noted
18:See also:
3169:Pure play
3062:Valuation
2928:Sell side
2791:Greenshoe
2442:Cap table
2347:Investors
2271:Structure
2089:Mezzanine
2077:Leveraged
1563:Genentech
920:insurance
885:takeovers
696:Genentech
454:in 2005.
443:in 1960.
312:economist
250:Jay Gould
242:Jay Cooke
128:The 2020s
116:The 2010s
96:The 2000s
80:The 1990s
64:The 1980s
3000:Leverage
2978:Takeover
2873:Demerger
2858:Buy side
2492:Leverage
2428:Related
2158:concepts
2013:Archived
1975:Archived
1954:Archived
1876:Archived
1867:Source:
1740:Newsweek
1577:July 30,
1540:12540923
1406:July 30,
1365:Archived
1330:Archived
1211:See also
1091:Candover
1014:Cy Lewis
961:leverage
889:takeover
831:dividend
759:in 2002.
618:in 1969;
585:computer
484:off-ramp
377:), with
338:founded
264:and the
2983:Reverse
2968:Synergy
2808:Pre-IPO
2796:Reverse
2717:Warrant
2502:M&A
2209:Venture
2114:History
2084:Venture
1638:Fortune
1548:4357773
1518:Bibcode
407:Textron
271:Later,
106:to the
2467:EBITDA
2166:Buyout
2094:Growth
2072:Buyout
1546:
1538:
1509:Nature
1183:(ERTA)
1047:Cinven
862:Triarc
848:) and
748:Compaq
256:, the
2707:Stock
2282:funds
2147:2020s
2142:2010s
2137:2000s
2132:1990s
2127:1980s
1646:(PDF)
1633:(PDF)
1544:S2CID
1303:Notes
928:GEICO
827:board
283:from
74:boom)
2644:and
2334:SPAC
2280:and
2237:SAFE
2056:and
1855:Time
1579:2008
1536:PMID
1446:2009
1408:2008
1168:Time
1102:and
1099:GTCR
1066:and
963:and
950:and
922:and
787:and
739:and
721:iPod
567:and
403:ARDC
381:and
287:and
189:and
173:The
2507:PME
2487:IRR
2482:IPO
2437:AUM
1871:'s
1526:doi
1514:421
1019:KKR
891:of
864:),
813:of
809:'s
490:in
387:MIT
275:'s
248:.
3249::
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1737:.
1719:.
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699:a
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260:,
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1858:.
1763:.
1723:.
1581:.
1550:.
1528::
1520::
1467:.
1448:.
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707:.
691:.
162:e
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
