Asset Allocation and Private Markets: A Guide to Investing with Private Equity, Private Debt, and Private Real Assets PDF
Preview Asset Allocation and Private Markets: A Guide to Investing with Private Equity, Private Debt, and Private Real Assets
(cid:2) TrimSize:6.625inx9.625in Demaria381006 ffirs01.tex V1-01/15/2021 10:43pm Pagei Asset Allocation and Private Markets (cid:2) (cid:2) (cid:2) (cid:2) TrimSize:6.625inx9.625in Demaria381006 ffirs01.tex V1-01/15/2021 10:43pm Pageii Foundedin1807,JohnWiley&Sonsistheoldestindependentpublishingcompanyin the United States. With offices in North America, Europe, Australia and Asia, Wiley isgloballycommittedtodevelopingandmarketingprintandelectronicproductsand servicesforourcustomers’professionalandpersonalknowledgeandunderstanding. The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financialadvisors.Booktopicsrangefromportfoliomanagementtoe-commerce,risk management, financial engineering, valuation and financial instrument analysis, as wellasmuchmore. Foralistofavailabletitles,visitourWebsiteatwww.WileyFinance.com. (cid:2) (cid:2) (cid:2) (cid:2) TrimSize:6.625inx9.625in Demaria381006 ffirs01.tex V1-01/15/2021 10:43pm Pageiii Asset Allocation and Private Markets A Guide to Investing with Private Equity, Private Debt, and Private Real Assets (cid:2) (cid:2) CYRIL DEMARIA MAURICE PEDERGNANA RÉMY HE ROGER RISSI SARAH DEBRAND (cid:2) (cid:2) TrimSize:6.625inx9.625in Demaria381006 ffirs01.tex V1-01/15/2021 10:43pm Pageiv Thiseditionfirstpublished2021 ©2021CyrilDemaria,MauricePedergnana,RémyHeandRogerRissi Registeredoffice JohnWiley&SonsLtd,TheAtrium,SouthernGate,Chichester,WestSussex,PO198SQ, UnitedKingdom Fordetailsofourglobaleditorialoffices,forcustomerservicesandforinformationabouthowtoapplyfor permissiontoreusethecopyrightmaterialinthisbookpleaseseeourwebsiteatwww.wiley.com. Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,or transmitted,inanyformorbyanymeans,electronic,mechanical,photocopying,recordingorotherwise, exceptaspermittedbytheUKCopyright,DesignsandPatentsAct1988,withoutthepriorpermissionofthe publisher. Wileypublishesinavarietyofprintandelectronicformatsandbyprint-on-demand.Somematerial includedwithstandardprintversionsofthisbookmaynotbeincludedine-booksorinprint-on-demand.If thisbookreferstomediasuchasaCDorDVDthatisnotincludedintheversionyoupurchased,youmay downloadthismaterialathttp://booksupport.wiley.com.FormoreinformationaboutWileyproducts,visit www.wiley.com. Designationsusedbycompaniestodistinguishtheirproductsareoftenclaimedastrademarks.Allbrand namesandproductnamesusedinthisbookaretradenames,servicemarks,trademarksorregistered trademarksoftheirrespectiveowners.Thepublisherisnotassociatedwithanyproductorvendor mentionedinthisbook. LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbesteffortsin (cid:2) (cid:2) preparingthisbook,theymakenorepresentationsorwarrantieswithrespecttotheaccuracyor completenessofthecontentsofthisbookandspecificallydisclaimanyimpliedwarrantiesof merchantabilityorfitnessforaparticularpurpose.Itissoldontheunderstandingthatthepublisherisnot engagedinrenderingprofessionalservicesandneitherthepublishernortheauthorshallbeliablefor damagesarisingherefrom.Ifprofessionaladviceorotherexpertassistanceisrequired,theservicesofa competentprofessionalshouldbesought. LibraryofCongressCataloging-in-PublicationData: Names:Demaria,Cyril,author.|Pedergnana,Maurice,author.| He,Rémy,author. Title:Assetallocationandprivatemarkets:aguidetoinvestingwith privateequity,privatedebtandprivaterealassets/CyrilDemaria, MauricePedergnana,RémyHe,RogerRissi,SarahDebrand. Description:FirstEdition.|Hoboken:Wiley,2021.|Includesindex. Identifiers:LCCN2020056314(print)|LCCN2020056315(ebook)|ISBN 9781119381006(cloth)|ISBN9781119381013(adobepdf)|ISBN 9781119380993(epub) Subjects:LCSH:Assetallocation.|Privateequity.|Portfoliomanagement. Classification:LCCHG4529.5.D452021(print)|LCCHG4529.5(ebook)| DDC332.63/2—dc23 LCrecordavailableathttps://lccn.loc.gov/2020056314 LCebookrecordavailableathttps://lccn.loc.gov/2020056315 CoverDesign:Wiley CoverImage:©Sielan/iStockphoto,©VintageTone/Shutterstock Setin10/12ptSTIXTwoTextbySPiGlobal,Chennai,India 10 9 8 7 6 5 4 3 2 1 (cid:2) (cid:2) TrimSize:6.625inx9.625in Demaria381006 ffirs01.tex V1-01/15/2021 10:43pm Pagev Tomyfamilyandfriends,withawarmthankyouforyoursupport.Nothingwouldhave beenpossiblewithoutyou. —CyrilDemaria ToDr.CyrilDemariaforgivingmetheopportunitytoworkwithhimonthisinteresting project.TomyfamilyandmywifeYuchen,awarmthankyouforyourloveandsupport. —RémyHe TomyprofessorCyrilDemaria,amassivethankyouforhisconsideration,time,and trust.Ialsowouldliketowarmlythankmyparents,AnneandPhilippe,mythreeelder brothers,Mathieu,Thomas,andQuentin,andmyfiancéFlorentfortheirkindsupport. —SarahDebrand (cid:2) (cid:2) (cid:2) (cid:2) TrimSize:6.625inx9.625in Demaria381006 ffirs01.tex V1-01/15/2021 10:43pm Pagevi (cid:2) (cid:2) (cid:2) (cid:2) TrimSize:6.625inx9.625in Demaria381006 ftoc.tex V1-01/06/2021 4:12pm Pagevii Contents Foreword ix Acknowledgments xi AbouttheAuthors xiii DataSources xvii AbbreviationsandAcronyms xxiii CHAPTER1 SourcesofCapital:Nature,Constraints,andObjectives 1 CHAPTER2 (cid:2) (cid:2) AssetAllocation:Models,Limits,andAdaptations 34 CHAPTER3 PrivateMarketsInvesting 55 CHAPTER4 TheThreeDimensionsofInvestment 151 CHAPTER5 PortfolioConstructionandManagement 179 GeneralConclusion 223 Glossary 232 Bibliography 264 Index 273 vii (cid:2) (cid:2) TrimSize:6.625inx9.625in Demaria381006 ftoc.tex V1-01/06/2021 4:12pm Pageviii (cid:2) (cid:2) (cid:2)
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