Private Equity as an Asset Class (The Wiley Finance Series)
Guy Fraser-Sampson
This book was well organized, easy to follow and written by a knowledgeable author. It lays out the basics of what private equity is (venture & buyout considered separately), how returns are generated (at a very high level of detail), historical return analysis of PE, and a very brief overview of how to set up an investment program as an LP.
As someone who works in finance, I find it very hard to believe that someone who is a professional money manager (e.g. LP) would need a book like this - yet that is the supposed target audience to which the book is addressed. If there truly are LPs out there who have never invested in PE before (nor have their employers or co-workers for that matter), this book would still be of no use because there isn't enough information in the book to spell out exactly how to construct an investment strategy step by step. Yet if you do have any prior exposure to PE the book is interesting, logical, but disappointingly basic. I am surprised how little info was packed into 250 pages.
This book is probably a great intro for people who don't already work in finance, or a quick (disappointing?) read for those who do.
