Private Equity Buyout Fund and its Economic Impacts
Date Issued
2006
Date
2006
Author(s)
Pan, Maggie
DOI
zh-TW
Abstract
It has been 60 years since the start of private equity funds. In 2006, the total investment has reached to USD 738 Billion. The top three multi-system operators of Taiwan are all owned by private equity funds. Thus, private equity fund is more and more influential in Taiwan and Worldwide.
In this thesis, we will define what private equity fund is, describe the history, compare it with the private placement of Taiwan and then focus on the analysis of buyout fund.
After defining and analyzing several different types of buyout fund, we further analyze the life cycle of it, covering the stages of fundraising, investing and exiting. We then describe the detailed steps of investment stage and highlight different models in buyout fund by referencing the book of ”Takeovers, Restructuring, and Corporate Governance” written by J.Fred Weston, Mark L. Mitchell, J. Harold Mulherin.
In view of the importance of deal origination, we further analyze the selection criteria of the targets for buyout fund. By combining the findings from case studies and personal practical experiences, we summarize the selection criteria of these targets. By applying the criteria onto the listed industrial companies in Taiwan, we have come up with a list of the potential buyout targets.
Lastly, we try to study the potential economic impacts of buyout fund from the perspectives of capital market, financial market and industries. We also try to study the recent development of the buyout fund in some major Asian countries to find out how each government may cope with it. Hopefully this will provide some thoughts to help Taiwan public and the government to understand in depth how buyout funds generally operate so the overall economy can grow rapidly by leveraging the buyout funds instead of shutting the door on them.
Subjects
私募基金
私募併購基金
企業重組
private equity fund
buyout
Type
thesis
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