Inside Private Equity: Thrills, Spills and Lessons from the Author of Nothing Ventured, Nothing Gained

Inside Private Equity: Thrills, Spills and Lessons from the Author of Nothing Ventured, Nothing Gained

Inside Private Equity: Thrills, Spills and Lessons from the Author of Nothing Ventured, Nothing Gained

Inside Private Equity: Thrills, Spills and Lessons from the Author of Nothing Ventured, Nothing Gained

Synopsis

Following on from his best selling Nothing Ventured Nothing Gained, an eye-opening account of some of the successful deals and spectacular failures in the career of one of Australia's best known private equity investors. Bill Ferris has led the field in Australian venture capital and private equity for over forty years. He has seen his share of successful floats, fly-by-night wonders and companies gone wrong. In his bestselling Nothing Ventured, Nothing Gained he took readers behind closed doors to explain how the industry works and shared the lessons he learned along the way. This book takes the story on into the world of private equity, with a wealth of stories on the successes and failures, deals that went right and deals that went wrong. There are priceless lessons for would-be investors and entrepreneurs in the insights the author can offer - how to raise funds, picking the right people, start-ups versus buyouts, IPOs and trade sales, all lessons drawn from personal experience. Along with numerous cases studies of successful, and not so successful, ventures, Bill Ferris gives a detailed analysis of what makes a successful PE team, looks into the future of private equity and summarises the history of the industry from the 1970s.

Excerpt

Since founding Australia’s first venture capital company in 1970, I have been intrigued by the sector, with what it stands for and what it has and will achieve. Since those early days, the venture capital sector has grown in fits and starts, in recent years maturing into a better organised but still under-resourced segment of the capital markets with approximately $1 billion presently under management.

Unlike its private equity buy-out cousin, the subject of Part Two, the VC segment is still struggling to demonstrate credible financial returns for its investors. As a result, VC has not yet reached the scale or momentum that will be needed if Australia is to meaningfully capitalise on the inventiveness of its people.

During the 1990s, the venture capital activities of my firm Austra lian Mezzanine Investments Pty Limited (AMIL) assisted in the creation of more than 50 millionaires throughout the country. In doing so we played a role in the creation of many thousands of jobs and the generation of hundreds of millions of dollars in exports and taxes. We enjoyed many wins and some losses. Always interesting and often exhilarating for those of us involved, the venture capital business is quite different from any other capital-investing activity. Yet this venture capital . . .

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