Hardcover: 291 pages
Publisher: Bloomberg Press; Revised edition (November 1, 2005)
Language: English
ISBN-10: 1576601943
ISBN-13: 978-1576601945
Product Dimensions: 6.5 x 1 x 9.6 inches
Shipping Weight: 1.4 pounds (View shipping rates and policies)
Average Customer Review: 4.3 out of 5 stars See all reviews (9 customer reviews)
Best Sellers Rank: #931,007 in Books (See Top 100 in Books) #69 in Books > Business & Money > Finance > Corporate Finance > Private Equity #6535 in Books > Business & Money > Investing #17369 in Books > Business & Money > Economics
Seldom have I read as informative and as easy to understand a book as this one on a little understood area of private finance. PIPEs (Private Investments in Public Equity) mainly appear in the business press when something goes spectacularly wrong, so they have had a spotty reputation. With a weak stock market since 1999, it?s been harder to make money on PIPEs as an investor. But PIPEs have been even more important to those smaller companies which need equity financing before they can do a public offering. So PIPEs are here to stay, and this book is a superb way to begin your introduction.The book uses essays from top professionals in the field to define the different types of PIPEs; measure the history of PIPEs; describe the perspectives of issuers, lawyers, bankers, accountants and investors; outline the legal issues involved; show examples through term sheets, case histories and due diligence examples; and describe probable future develops in the field. If the book has a weakness, it is that the essays have some repetition in them . . . but that's essential to be sure that the terms being used are understood clearly by the reader.This book will be essential reading for CFOs, treasurers, hedge fund managers, venture capitalists, bankers, lawyers, accountants, consultants, scholars and finance students.I thought that the material in Part Three was the strongest in the book. You will probably understand the subject better if you skip to Part Three after reading the overview by Richard E. Gormley and David W Stadinksi from SG Cowen. Then go back to the second essay by E. Kurt Kim of PrivateRaise and follow through to the end of Part Two. If you don't need to understand the legal background, you can skip Part Two.
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