Private Equity and Venture Capital in Europe. Markets, by Stefano Caselli

By Stefano Caselli

The specific nature of the ecu pe/vc atmosphere is on reveal in Stefano Caselli’s presentation of its whole conceptual framework, from the risky (its monetary aspect) to the good (its criminal organization). A Bocconi college professor, Caselli deals a eu viewpoint on marketplace basics, the v.c. cycle, and valuation matters, helping his observations with contemporary examples and case reviews. Written for traders, his booklet achieves many "firsts," equivalent to clarifying many points of ecu and united kingdom monetary associations. entire with discovering aids, key terms, workouts, and an intensive word list, inner most fairness and enterprise Capital in Europe is written not only for Europeans, yet for everyone who must find out about this turning out to be industry.

  • Only publication that gives a entire therapy of PE/VC in UK/Europe, excellent for ecu company colleges educating execs or pre-professionals who will paintings in Europe
  • Provides an entire research of the european as opposed to US in all parts of PE/VC
  • Contains situations and conception, offering either in a single package
  • Filled with pedagogical help features

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2 Calculation formulas for caps. Box: An example of investment firms: the Italian case There are three types of investment firms in the Italian Banking Act: Ex art. 113 class Ex art. 106 class Ex art. 107 class Investment firms organized as ex art. 113 are not responsible for the management of the investment firm. Investments and management are concerned only with the manager’s personal wealth. The advantages of setting up this kind of firm are no constraints after receiving permission from the banking authority and no regulatory capital required.

The mission must be venture capital financing and/or high-tech venture financing. Junior AMCs are set up by municipalities and regions encouraging investments in seed and start-up financing phases. In Europe no university owns a junior AMC. Nevertheless, the disadvantage of a junior capital AMC is the elevated risk to investments. These investments require more invested equity to benefit from diversification. Therefore, considering their “short” capital determined by law, they are unable to diversify, so the risk borne by investors is quite high.

Some countries have fixed rules due to the specific relationship between banks and non-financial firms. According to EU rules, if a bank invests in equity, it must cap the investment because equity investments, as well as other banking assets, impact regulatory capital. The caps applied are similar throughout Europe, with the exception of Germany where there are no caps. This comes from the tradition of the German “Hausbank” relationship between firms and banks. 1 Constraints applied to banks when investing in private equity.

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