ESSENTIALS OF PRIVATE EQUITY

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PUBLIC VS. PRIVATE EQUITY

Public vs. Private Equity

ESSENTIALS OF PRIVATE EQUITY

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PUBLIC VS. PRIVATE EQUITY

Public vs. Private Equity

Variety of Private Equity Strategies

Variety of Private Equity Strategies

Investors can leverage a variety of strategies when investing in private equity.

Investors can leverage a variety of strategies when investing in private equity.

Private Equity Investment Universe

Venture Capital

Investments in startups with unproven business plans not yet generating revenue or profits. Funds mitigate risk by investing in a broad spectrum of businesses, counting on a few notable winners.

Growth Equity

Investments in businesses that fall between startups and established buyout targets. These companies require capital to expand, commercialize, or professionalize their operations.

Buyout

Investments in established companies, carrying out value creation initiatives in the areas of governance, strategy, and operations to generate returns for fund investors.

Strategic Investments

Investments in mature companies, providing financing that may comprise both debt and equity capital.

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The Private Equity Investment Spectrume

EXHIBIT 3

Deep Dive: The Different Types of Buyouts

Deep Dive: The Different Types of Buyouts

Deep Dive: The Different Types of Buyouts

Buy-and-Build

Buy-and-Build

Acquiring a platform company and then growing that platform by making further acquisitions in the same industry or sector (e.g. Refinitiv).

Acquiring a platform company and then growing that platform by making further acquisitions in the same industry or sector (e.g. Refinitiv).

Acquiring a platform company and then growing that platform by making further acquisitions in the same industry or sector (e.g. Refinitiv).

Transformative M&A

Transformative M&A

Acquisitions that fundamentally change the structure, operations, or strategic direction of the companies involved (e.g. Amazon and Whole Foods).

Acquisitions that fundamentally change the structure, operations, or strategic direction of the companies involved (e.g. Amazon and Whole Foods).

Acquisitions that fundamentally change the structure, operations, or strategic direction of the companies involved (e.g. Amazon and Whole Foods).

Take-Private

Take-Private

Taking a public company private and delisting its shares (e.g. Twitter).

Taking a public company private and delisting its shares (e.g. Twitter).

Carve-outs & Divestitures

Carve-outs & Divestitures

Carve-outs & Divestitures

Buying or selling single business units to operate them independently (e.g. eBay and PayPal separation).

Buying or selling single business units to operate them independently (e.g. eBay and PayPal separation).