Buyout and Distressed Private Equity: Performance and Value Creation

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1 TECHNISCHE UNIVERSITAT MUNCHEN Lehrstuhl fur Betriebswirtschaftslehre - Finanzmanagement und Kapitalmarkte (Univ.-Prof. Dr. Christoph Kaserer) Buyout and Distressed Private Equity: Performance and Value Creation Christian H. H. Graf Vollstandiger Abdruck der von der Fakultat fur Wirtschaftswissenschaften der Technischen Universitat Munchen zur Eriangung des akademischen Grades eines Doktors der Wirtschaftswissenschaften (Dr. rer. pol.) genehmigten Dissertation. Vorsitzender: Prufer der Dissertation: Univ.-Prof. Dr. Dr. Holger Patzelt 1. Univ.-Prof. Dr. Christoph Kaserer 2. Univ.-Prof. Dr. Dr. Ann-Kristin Achleitner Die Dissertation wurde am bei der Technischen Universitat Munchen eingereicht und durch die Fakultat fur Wirtschaftswissenschaften am angenommen.

2 Contents Abstract List of Figures List of Tables List of Abbreviations List of Symbols vi viii ix xi xiv 1. Introduction Motivation and relevance of topic Research question and contribution Structure of analyses 6 2. Background and existing literature Background on private equity Definition of private equity and buyouts Functionality of buyouts Performance of private equity Returns based on absolute performance measures Internal rate of return Transaction multiples Returns based on relative performance measures Excess internal rate of return Public market equivalent Existing performance findings Sources of performance Value creation framework 24

3 2.3.2 Existing value creation findings Consideration of risk-return aspects Interlink between performance and risk Existing findings and risk adjustment frameworks Delimitation of distressed private equity Definition and causes of distressed investing Overview of distressed market and bankruptcy process Predominant distressed private equity strategies Passive non-control trading Active non-control investing Active control investing Special situations investing Distressed private equity investors Existing findings on performance of distressed investing Synopsis Performance and value creation Motivation Data and implementation Characteristics Implementation of financial institutions Model setup Performance measurement Value creation model Influence of market-timing Leverage and operational improvement analyses Results Absolute performance of private equity Relative performance of private equity Value creation decomposition 80 in

4 3.5 Robustness Robustness: Geographic regions Robustness: Market abnormalities Synopsis Risk adjusted performance Motivation Add-on data and implementation Model setup Unlevering beta factors of benchmarks Relevering to buyout level Calculating mimicked benchmarks Fee structure framework Results: risk adjusted performance of buyouts Robustness Robustness: Debt-to-equity ratio Robustness: Debt beta factor Robustness: Geographic regions Robustness: Market abnormalities Synopsis Performance of distressed private equity Motivation Data and implementation Characteristics Cash-flow based correction procedure Model setup Performance measurement Scenario analyses J-Curve analyses 127 IV

5 5.4 Results Absolute performance of distressed private equity Relative performance of distressed private equity Performance comparison to buyouts Cross comparison of absolute performance Cross comparison of relative performance Investment pattern and comparison to buyouts Distribution pattern and comparison to buyouts Synopsis Conclusion Summary and implications Outlook 158 Bibliography 160

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