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The results of the Tuck Center for Private Equity and Entrepreneurship's research are presented in prestigious publications and industry conferences. The center is a regular contributor to the Venture Capital Journal, a leading industry publication.



PRIVATE EQUITY AND THE CAPITAL MARKETS
"Another View: The Future of Public Private Equity"
(Thursday, March 26, 2009)
Professor Colin Blaydon published a piece in The New York Times Dealbook on March 26, 2009 titled "Another View: The Future of Public Private Equity." In it, Professor Blaydon offers his view on what is ahead for the private equity industry, and whether or not more private equity firms might eventually go public.
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MASTERING TRANSACTIONS/LEVERAGED BUYOUTS
"The Balance Between Debt and Added Value" (Friday, September 29, 2006)
The leveraged buyout (LBO) model has evolved into a powerful mechanism for corporate transformation. Multibillion-dollar buyout funds are busy purchasing private companies and taking public companies private. Nine of the top ten largest buyouts in history have been completed in the past 18 months by private equity houses, and with these record amounts of capital available, both in terms of debt and equity, megadeals are almost commonplace. This article surveys the basics of buyout transactions, discusses how value is created and describes current industry issues. Recent developments include club deals, technology buyouts, the high levels of credit currently available and the institutionalisation of the industry.
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PARTICIPATING PREFERRED
"It's Time To Do Away With Participating Preferred" (July 2006)
Professors Colin Blaydon and Fred Wainwright published a piece on participating preferred in the July 2006 issue of the Venture Capital Journal titled "It's Time To Do Away With Participating Preferred." Participating preferred should go the way of the other risk-shifting terms that, now that the smoke has cleared, are seen as little needed. In today's world, particiption can be a negative signal to the marketplace about the investor's confidence in the company. It can also encourage future investors in later rounds of the same company to include it in their term sheets, thereby changing the risk/return equation for the early investors.
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LIMITED PARTNERSHIP AGREEMENTS
"Survey: GPs and LPs Support Idea for Model LP Agreement" (July 2004)
Professors Colin Blaydon and Fred Wainwright published the results of a limited partnership agreements (LPAs) survey conducted by the center in the July 2004 issue of Venture Capital Journal titled "Survey: GPs and LPs Support Idea for Model LP Agreement." There has been discussion in the private equity community both in the United States and abroad about the need for more common or standard language and structure in LPAs. As with any discussion, lots of questions have been raised.
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View the figures »

ANGEL INVESTING
"Riding on Angels' Wings" (Friday, August 15, 2003)
Professor Fred Wainwright published a piece on entrepreneurs and angel investing in the August 15, 2003 edition of The Financial Times titled "Riding on Angels' Wings." Business angels are investors in great ideas. They fill a capital gap between "friends and family" and VCs.
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CORPORATE GOVERNANCE
"You Can No Longer Ignore Corporate Governance Issues" (July 2002)
Professors Colin Blaydon and Michael Horvath published a piece on corporate governance issues in the July 2002 issue of the Venture Capital Journal titled "You Can No Longer Ignore Corporate Governance Issues." For the last two years, venture capitalists have been managing crises on both sides of their business. Flailing portfolio companies desperately need their time, advice and money. Limited partners are urgently demanding answers, or their money back.
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LIQUIDATION PREFERENCES
"Liquidation Preferences: What You May Not Know" (March 2002)
Professors Colin Blaydon and Michael Horvath published a piece on liquidation preferences, a private equity financing tool, in the March 2002 issue of the Venture Capital Journal titled "Liquidation Preferences: What You May Not Know." Shortly after a recent exit sale, a CEO called his lead venture capital backer to complain that while he had thought his management team owned 34% of the company, they had received only 5% of the sale proceeds. 'How did we get such a bum deal?' he asked. The VC patiently explained: liquidation preferences.
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RATCHETS
"Bury The Ratchets" (January 2002)
Professors Colin Blaydon and Michael Horvath published a piece on ratchets, a private equity financing tool, in the January 2002 issue of the Venture Capital Journal titled "Bury The Ratchets." With private equity markets grim, venture capitalists are resuscitating a financing tool from downturns past: the full ratchet.
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VALUATION
"Fair Value: The Train Has Left the Station" (June 2007)
Professors Fred Wainwright and Colin Blaydon published a piece on portfolio valuations in the June 2007 issue of the Venture Capital Journal titled "Fair Value: The Train Has Left the Station." Despite continued skepticism by a core group of GPs about the usefulness of interim valuations, the reality of FASB pronouncements and auditor pressure is making most GPs either adopt formally or inch toward mark-to-market portfolio valuations.
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"The Challenge of Valuation Guidelines" (Summer 2005)
Professors Colin Blaydon and Fred Wainwright published the results of a valuation survey conducted by the center in the Summer 2005 issue of the Debevoise & Plimpton Private Equity Report titled "The Challenge of Valuation Guidelines." Industry participants are adopting the valuation guidelines developed by the Private Equity Industry Guidelines Group (PEIGG) more broadly in the U.S. than previously thought, according to an online survey of general partners recently conducted by The Center for Private Equity and Entrepreneurship at the Tuck School of Business at Dartmouth.
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"Surprise! Valuation Guidelines Are Being Adopted" (June 2005)
Professors Colin Blaydon and Fred Wainwright published the results of a valuation survey conducted by the center in the June 2005 issue of Venture Capital Journal titled "Surprise! Valuation Guidelines Are Being Adopted." The venture industry has been under the impression that the valuation guidelines published about 18 months ago by the Private Equity Industry Guidelines Group (PEIGG) are not being adopted. However, it appears that a quiet sea change is taking place.
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"The Stage is Set" (May 2004)
Professors Colin Blaydon and Fred Wainwright published a piece on valuation guidelines in the May 2004 issue of Private Equity International titled "The Stage is Set." As private equity investments by both venture capital and buyout funds grow increasingly complex and spread across borders, the necessary uniformity in valuation practices is becoming more of a reality.
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"LPs Need To Trust General Partners in Setting Valuations" (March 2003)
Professors Colin Blaydon and Michael Horvath published a piece on setting valuations in the March 2003 issue of the Venture Capital Journal titled "LPs Need To Trust General Partners in Setting Valuations." The call for public scrutiny of the highly private world of venture capital saw a crescendo recently with calls for disclosure of some funds' interim IRR performance statistics.
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"GPs Say Valuation Standard Is Important' But Can't Agree on One" (October 2002)
Professors Colin Blaydon and Michael Horvath published a piece on valuation standards in the October 2002 issue of the Venture Capital Journal titled "GPs Say Valuation Standard Is Important' But Can't Agree on One" Reporting portfolio investment performance to limited partners has always been a sensitive issue for U.S. venture capital funds, even in good times. But challenging market conditions have made it an even more contentious issue.
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"What's a Company Worth? It Depends on Which GP You Ask" (May 2002)
Professors Colin Blaydon and Michael Horvath published a piece on valuation discrepancies in the May 2002 issue of the Venture Capital Journal titled "What's a Company Worth? It Depends on Which GP You Ask." It's a scenario that by now, most limited partners are familiar with: You receive three different valuations of the same portfolio company from three different venture funds. Who's right?
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"The Year of Valuation Guidelines" (2002)
Professors Colin Blaydon, Michael Horvath, and Fred Wainwright published a piece titled "The Year of Valuation Guidelines" in The Private Equity Annual Review 2002, jointly published by PrivateEquityOnline and Private Equity International magazine. Two-thousand-and-two was the year when the issue of private equity valuation reporting became unavoidable for both venture capital and buyout funds in the U.S. and 2003 is the year that the industry will finally have to take action to resolve the issue, say Colin Blaydon, Michael Horvath, and Fred Wainwright of the Center for Private Equity and Entrepreneurship at the Tuck School of Business at Dartmouth College.
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