Mastering Private Equity

**Mastering Private Equity - Second Edition: Navigating New Horizons in Private Markets** Mastering Private Equity, the definitive guide to private equity (PE) since 2017, has been fully updated to reflect the current state of the industry, the latest market data, and the innovation reshaping the private capital industry. Written for a professional audience, the Second Edition of Mastering Private Equity is a valuable and unique reference for investors, finance professionals, students, and business owners looking to engage with PE firms or invest in PE funds. Join the authors and two dozen senior industry contributors for a masterclass on the essentials of private equity and the trends driving the industry's sustained growth. **What's New** While preserving its core focus on education, the Second Edition highlights the latest industry developments, including: A more measured and resilient Venture Capital space, following steep repricing of risk in 2021 and 3x increase in downrounds in 22-23 the rapid expansion of Private Debt, catalysed by a high-interest rate environment and the strategy's edge in a traditional fixed income portfolio Buy-and-Build Strategies, and PE investor's ability to create category leading businesses and grow platforms via acquisition PE Secondaries are de jour, as the market delivered liquidity in an inflationary and low exit environment the step-change in responsible and impact investing, from "interesting" in 2017 to "essential" in 2025 the Democratization of Private Capital, introducing high-net-worth individuals to the asset class **Refreshed and Updated Insights** With rapidly rising valuations and a gaggle of Unicorns leading to a bubble of sorts in 2021, first-time Venture Capitalists and entrepreneurs had a rude awakening when "down rounds" increased by 300% in 2022/23, leading to a renewed interest in a more measured and resilient investment approach and a newfound appreciation of the perils of FOMO among investors. Secondaries are de jour, as PE firms want or need (lack of exits) to hold on to successful portfolio companies longer. Innovative solutions that benefit both LPs and GPs are multiplying. A renewed focus on responsible and Impact Investing emphasizes sustainability and ethical considerations in investment decisions. Elevated from "interesting" in 2017 to "essential" in 2025.