Private Investment In Public Equity (PIPE)

Laying foundation for PPP project
implementation through policy and
regulatory reform to adopt international best
practices;
•Setting up PPP institutions, PPP network and
PPP campaigns;
•Identification of potential PPP projects and
implementation of PPP model projects

Buildings are the largest consumer of energy and a major source of greenhouse gas (GHG) emission. This incurs a large sum of money to society. It is evident that incorporating green features in buildings can substantially save energy and water consumption, and reduces GHG emissions; however, it is perceived to be costly both by public and private sectors. Often, the investment decisions are made considering the initial cost of the project. Therefore, the purpose of this research is to identify the costs and potential benefits of green buildings over the life cycle of the project using Cost Benefit Analysis (CBA), which performs an economic assessment in project appraisal that helps investors and policymakers in better decision making. The study involves a case study of a public office building from Nepal, which is located at Dumre-Bhansar New Town. The existing building is retrofitted with green components such as solar panels and rainwater harvesting for energy efficiency and water efficiency. The results show that investing in green buildings reduce the life cycle cost of the project, and therefore generates value for money in public investment in the long run. A policy recommendation on subsidy helps in scaling the project to private sectors especially residential buildings. The most important contribution of this study lies in identifying the costs and benefits of green building and introducing the concept of life cycle cost using CBA, which increases awareness and removes barriers in implementing green technologies. This paper also acts as an introductory guideline for project appraisal and formulating policies for the Government of Nepal

Whilst some challenges persist in the region such as an infrastructure and energy deficit, and a relatively under-developed legal framework in the context of PE, recently implemented reforms and initiatives have gone a long way to diversify economies and increase regional harmonisation.
Performing an exit is the process by which private equity firms achieve such goal, which is therefore a natural part of the life-cycle of every private equity transaction. Also, the number of successful exits achieved by a certain private equity house has a strong influence on its ability to attract investors and raise funds. Accordingly, the potential exit opportunities from an investment play a highly important role in an investor’s decision about whether or not to invest in a company. This is the reason why exits receive such special attention from the earliest stages of the deal.
This article thus concisely outlines the different forms that exit from an investment could take to protect the investor’s interests and the advantages and disadvantages that can be gotten from each method.

Thesis Title: PERFORMANCES OF PRIVATE INVESTMENT IN ETHIOPIA
By Mesay Moges Abebe
June 2016
E-mail:mesaymoges51@gmail.com
ABSTRACT
In Ethiopia, various economic and political reforms which are expected to motivate the role of private sector in the economy have been made over the last couple of decades. Though some improvements have been registered as a result of such reforms, the performance of private sector has remained very low. This study conducted in order see the performances of private investment in regional distribution, sector composition, ownership structure, and employment opportunity creation. The result show that Most of private investment project concentrated around Addis abeba, with manufacturing and service sector and scores higher implementation rate. In addition to this most of foreign private projects are capital incentive while Domestic private projects have higher share in employment opportunity creation. Most of the developing regions exhibited small number of private projects as compare to other regions. The study set out to analyses the major factorsthat effectsof private investment in Ethiopia (1986-2015).Variables identified for the study include private investment, inflation rate, broad money supply, GDP per capita, interest rate, exchange rate, economic openness, public investment, and external debt. To enhance the analysis,Econometrics model withOLSusing multiple regressionswas applied after the data sets were transformed to log form except investment lag. And, to account for inherent problems of time series data, different tests such as correlation and autocorrelation tests, stationary test, integration and co-integration tests applied. The regression results show that GDP per-capital, and external debt have significant positive long run effect on private investment, while broad money supply, public investment, interest rate and exchange rate have significant negative long run effect. Finally expansion of public investment in most developing regions, increasing income generation mechanism for citizens and creating fertile investment climate are some of the recommendation forwarded.
Keywords: Private investment, performance and Ethiopia

A wide range of definitions exists of what constitutes value creation and -generation in private equity buyouts. At the core of the problem is that our understanding of the diverse set of levers, drivers and mechanisms by which financial value is generated has been inconsistent and incomplete. This paper attempts to address extant deficiencies in the literature by proposing a novel and cohesive conceptual model of value generation that connects various strands of research in the field.

Tyler Tysdal is an expert when it comes to matters of investment and he has spent his entire career working in a number of roles within this industry. From fund manager to investor, Tyler knows his way around his world very well and that is why we are very lucky that he has made the time to speak with us to answer the investment queries which you have been sending us. Today we are going to focus on venture capital and private equity, two very similar investment vehicles but two strategies which also differ greatly from one another, and here is how.

Key Differences
Whilst both of these investment strategies involve a pooled fund which invests in a business, the details around each of them do differ a lot. The key difference between the two methods is that venture capital will look to invest in a young business such as a start up, and private equity is about investing in a business which is well established.

Investment Stage
As you can imagine the stage of investment between these two strategies is the key difference and in the case of venture capital this investment will be made very early on in the life of a business. The idea behind venture capital is that an investment group will look to significantly invest in this company and use their experience of business to impact opportunities for the young company. In the case of private equity this investment will usually come when a business is seeking additional funds or if it is struggling. In such a situation a private equity group will invest heavily and seek to place a member on the board, selling back the investment once the company is on a better footing.

Industries
Another key difference between these two investment vehicles is the type of industry which they will look to invest in. For venture capital funds they will seek out young businesses which are operating in rapidly growing industries such as tech, pharma or energy. For private equity funds they will invest in any industry as long as the investment makes sense financially.

Level of Ownership
When venture capital funds put their money into young businesses they will aim to try and get a large stake in return, often up to 49% which allows the owners to stay on as majority shareholders. In the case of private equity they will look for a far more sizable stake as well as expect a board position. This will usually have clauses within the contract which indicate a temporary arrangement.

The risk levels of these two strategies also differs greatly, in the case of venture capital there is of course a much higher risk to the investment given that the young business has not yet managed to prove itself.

As you can see there are clear similarities between these two investment vehicles, but the details separate them and this is where the differences lie.

https://www.linkedin.com/in/tyler-tysdal

Public Private Partnership as a practice is making its impact on the Nigerian landscape. The growth of Public private partnerships is linked to the insufficient funds available to government for financing numerous development projects (including Housing) as well as governments poor risk management capacity. The noted challenges to government financing and its impact on the nation's development, has increased the prospects of Public Private Partnerships as an alternative to delivery of infrastructure and housing. The study investigated the Effect of Public Private Partnerships on Delivery of Affordable Housing in Nigeria. Also, other objectives include; examining the impact of management contracts on the delivery of affordable housing in Nigeria, to identify the effect of Joint venture on the delivery of affordable housing in Nigeria. The researcher adopted the survey research design and structured questionnaire was used as instrument for data collection. Data analysis was committed to descriptive statistics of mean and percentages as well as correlation and regression analysis. The results showed that there is significant impact of management contracts on the delivery of affordable housing in Nigeria, there is positive effect of joint venture on the delivery of affordable housing in Nigeria. The study concludes that for public private partnerships to prosper and achieve these objectives, any partnership must establish metrics for success, be able to quantify and track their accomplishments, and spot and address emerging problems. It was recommended that the government must assume the responsibility to ensure that appropriate and affordable infrastructure services are provided to all citizens. It was also recommended that the Government adopts and establishes a Viability Gap funding framework and programme to attract private sector participation and alternative and impact sources of funding to facilitate affordability and enable the identification, development and successful execution of Public Private Partnership Infrastructure and Affordable Housing Projects.

The objective of this paper was to explain the greater or lesser growth rate of total factor productivity, TFP, in the main East Asian and Latin American economies between 1960 and 2015. We found econometric evidence favorable to this hypothesis: the increase in public consumption expenditures, given the evolution of other factors, reduces the TFP. Other results of the econometric exercise, those that are related to hypothetical positive effects of public investment and imports on TFP were not as robust or as reliable as we would have expected.

How does investor behaviour in impact investing differ from investor behaviour in mainstream investing? In impact investing, financial investors actively seek out not only financial returns in their investment projects, but also a measurable level of positive social and/or environmental impact.

This paper seeks to explain what is new about impact investing and specifically focuses on assessing which factors affect impact investor behaviour in regards to three key focus areas: social benefit, rates of return, and their prospective target market. Survey data from the GIIN and academic studies on investor attitudes and behaviour serve as the base collection of data for assessment.

The first part of the methodology involves building a structural model of impact investing and comparing this with the investment process in mainstream investing. The second part is a qualitative assessment of survey data on investor behaviour in impact investing and explains their behaviour in the context of differences identified between structural models. Due to the investment process in impact investing being structurally different, I argue that impact investing as a new asset class, ac- tually brings about a new “type” of investor behaviour. This is due to the inherent political nature of impact investing. The introduction of new standards for success, targets governance attitudes in investors, which other types of investing could previously not engage.

Buildings are the largest consumer of energy and a major source of greenhouse gas (GHG) emission. This incurs a large sum of money to society. It is evident that incorporating green features in buildings can substantially save energy and water consumption, and reduces GHG emissions; however, it is perceived to be costly both by public and private sectors. Often, the investment decisions are made considering the initial cost of the project. Therefore, the purpose of this research is to identify the costs and potential benefits of green buildings over the life cycle of the project using Cost Benefit Analysis (CBA), which performs an economic assessment in project appraisal that helps investors and policymakers in better decision making. The study involves a case study of a public office building from Nepal, which is located at DumreBhansar New Town. The existing building is retrofitted with green components such as solar panels and rainwater harvesting for energy efficiency and water ...

This article examines how private equity returns in Asia are related to levels of legal protection and corruption. We utilize a unique data set comprising over 750 returns to private equity transactions across 20 developing and developed countries in Asia. The data indicate that legal protections are an important determinant of private equity returns in Asia, but also that private equity managers are able to mitigate the potential for corruption. The quality of legal system (including legal protections) is positively related to returns. Inefficient legal protections negatively impact transaction structures and economic certainty when exiting investments. We also find that private equity managers, irrespective of the quality of legal system they are operating within, can mitigate the potential impact of corruption. Private equity returns are higher in countries with higher levels of corruption, controlling for legal systems. This finding is consistent with the view that private equity managers bring about organizational change to alleviate the costs of corruption. Our findings are robust to inclusion of controls for Hofstede cultural variables, economic conditions, and transaction specific characteristics, as well as consideration of econometric sample selection methods for unexited investments.

Scope of the Conference: We are delighted to invite you to the 2nd Annual Boca Corporate Finance and Governance Conference, which will be Hybrid, both held in Florida Atlantic University in Boca Raton, Florida, and Virtually during 11th–12th December 2021.  We invite the submission of original papers on all aspects of corporate finance and corporate governance.

The conference offers an interdisciplinary forum to gain feedback on timely working papers.  We welcome all topics in corporate finance and corporate governance from scholars in finance, entrepreneurship, innovation, international business, law, management, and accounting disciplines.  We particularly welcome timely research in ESG, sustainability, and climate finance.  Also, we particularly welcome timely topics in the finance and management of innovation, including but not limited to fintech and cleantech.

The present work aims to describe a conceptual and theoretical framework, that will facilitate the processing and analysis of variables of a common resource management. These variables would allow us to analyze and to explain relationships between contextual factors and successful collective management of a resource. In other words, the user group will achieve communally governance only through institutional arrangements, that include, norms, rules,
monitoring and sanctioning, depending on how the variables relate to encode. Therefore we analyze the program design
and the organization that runs the program, in order to learn if given constant authority si viven to the users for such
common resource management. It is also necessary to compare international databases, so for this reason variables will be collected through the survey instrument from the program of the International Forestry Resources and Institutions. This will help us to analyze both cases with the same institutional framework.

Global Recession to Global Recovery:
MACRO AND MICRO DYNAMICS OF TRADE, FINANCE AND INVESTMENT

ISBN 978-93-81361-72-6 ,  Pages – 462 + xxi,  Rs.1800,  US$ 80

About the book

The book contains the selected papers presented at the Nirma International Conference on Management (NICOM 2012) organized during January 05 – 01, 2012 at the Institute of Management, Nirma University, Ahmedabad on the theme Global Recession to Global Recovery: Opportunity, Challenges and Strategies for Sustainable Growth.

Thirty four selected papers primarily dealing with issues of trade, finance and investment suggest strategies and prescribe policy implications during the transition period of recession to recovery to achieve sustainable growth. The topics like  Analytical Study on Indian Health Insurance Sector and its Sustainability; The Intra Day Volatility Discovery Process using Extreme-Value Estimators and Financial Models;  Efficient Market Hypothesis and Impact of Public Information on Stock Market: A Review of Literature; Examining Investors Rationality & the Psychological Dilemma: A Behavioral Perspective; Popularity of Plastic Money: A study of Surat City; A Study on Performance of Self Help Groups in Visakhapatnam; Merger and Acquisition Announcement Effects on Shareholder Wealth: A Case Study of Dabur India Ltd and Fem Care Pharma Ltd.;  Performance Evaluation of Nationalized Banks using Input Oriented Data Envelopment Analysis; Impact of Mergers & Acquisition on Shareholder’s Wealth & Stock Risk; Stock Market Reactions to Corporate Capital Expenditure Announcements: An Evidence from BSE Listed Companies; Filter Rule and Expected Returns during Recession Followed by Recovery: Empirical Evidence for Nifty 50 from Indian Market; Financial Market Failure or Triumphs of the Speculative Market?; Merger Announcements and Abnormal Returns: A Study of Recent Mergers in India; Financial Inclusion in India: An Initiative for Growth; Behavioral Issues Effecting Individual Investment Decisions; A Comparative Investigation of Impact of Dividend Announcement in Recessions and Recovery on Stock Prices using Event Study Approach; Financial Performance of Textile and Apparel Segment of the Indian Retail Sector: An Application of ‘Z’-Score Analysis; Risk Return in Indian Stocks: A Comparative Study of Key Perceptions; Empirical Analysis of Tracking Error of Gold Exchange Traded Funds in India; Fiscal Stimulus Packages: Recovery from the Global Crisis; Study on Gold’s Inflation Battle in Indian Economy; Impact of Global Economic Crisis on the Indian Economic System; The European Long-Term Crisis–Transforming the Economy and Marketing: The Hungarian Case;  Impact of Global Financial Crisis on Asian Market Endogeneity; Growth Performance of World Economy during Recent Global Recession: What do the ECONOMIST Data Tell us?; Subsidies in India: Evolution & Relationship with Macroeconomic Indicators; An Empirical Study of Macroeconomic FDI Determinants of India and China-Opportunities and Strategies for India;  Preliminary Estimation of Welfare Loss from Cross Subsidy in Electricity Sector in India; Migrant Workers and Mode 4; Trade in Services under GATS: A Case of India’s Higher Education; Indian Outbound Tourists’ Perceptions of Select ASEAN Destinations; Indian Agriculture and WTO: Developing Strategies for Sustainable Growth and Global Competitiveness; Evaluation of Corporate Green Initiatives towards Sustainability: An Empirical Study of Selected Industries in India;  Corporate Governance and Risk & Return Analysis with Reference to Banking Industry in India, etc. have been grouped in three sub-themes of the conference and included in the three sections of the book viz. Section I: Finance and Banking, Section II: Economics and Section III: Global Trade, WTO and Corporate Governance.

In the backdrop of global recession to recovery, the contributions made by national and international scholars highlight the various issues and the nexus between them that are emerging in the global economic environment and have addressed the role of management in implementing them for sustainable growth and development. The readers will find that the scholars have also logically underscored the factors behind these issues and put forward notable policy implications, which are extremely relevant for the current debate on recession to recovery and sustainability with respect to trade, finance and investment. The economists, researchers, teachers, policy-makers, executive of various enterprises, management consultants and the representatives of trade and industry will find the collection of these papers as thought provoking for further research in their respective areas of interest.
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Edited by – Prof.(Dr.) Pawan K. Chugan and Prof. Sameer S Pingle                                 

First Edition – 2012
EXCEL INDIA PUBLISHERS 61/28 Dalpat Singh Building, Pratik Market, Munirka, New Delhi -110067

Buildings are the largest consumer of energy and a major source of greenhouse gas (GHG) emission. This incurs a large sum of money to society. It is evident that incorporating green features in buildings can substantially save energy and water consumption, and reduces GHG emissions; however, it is perceived to be costly both by public and private sectors. Often, the investment decisions are made considering the initial cost of the project. Therefore, the purpose of this research is to identify the costs and potential benefits of green buildings over the life cycle of the project using Cost Benefit Analysis (CBA), which performs an economic assessment in project appraisal that helps investors and policymakers in better decision making. The study involves a case study of a public office building from Nepal, which is located at DumreBhansar New Town. The existing building is retrofitted with green components such as solar panels and rainwater harvesting for energy efficiency and water ...

Keywords: public investments, economic development, public infrastructure, Gross capital formation in the General Government Sector , Gross domestic product per capita. Public investments are an essential precondition for ensuring the appropriate structural environment in which the economy of a region works. Public investments are made in order to address horizontal issues in the areas of education, training, healthcare, infrastructure and in other areas. The main purpose of this report is to find the link between public investments and economic development in the EU countries. We use the indicator " Gross capital formation in the General Government Sector " in order to measure the level of public investments. Investments made at the local level, at the central level, by the state, and by the social security funds, are within the scope of the indicator. By establishing distinct cluster groups, a cluster analysis is made as a basis for tracking the relationship between share of public investments in the GDP and in the GDP/per capita. Summarizing the results of conducted analyses we reach the conclusion that countries of Central and Eastern Europe stand out with a higher share of public investments in the GDP compared to the other EU countries. We observe higher value of GDP per capita and lower value of public investments as a share of the GDP in the countries of Western Europe.

A conservatively optimistic saga of Indian markets We estimate Nifty to reach 26,000 and Sensex 86,000 by FY19 in our best scenario which is based on a rather conservative forecast of improvement in fundamentals. Our best case projections for Nifty and Sensex imply compounded per annum returns of 28% and 27% respectively from current index levels. Scaling of the benchmark indices to new highs will be driven primarily by improvement in fundamentals and to a very limited extent by valuation re-rating. We forecast a 20% FY15-19 CAGR sales growth resulting in a 24% CAGR profits growth in our base case scenario and a more stellar 23% and 30% respectively for our best case. The two major pillars of improving fundamentals are recovering EBIT margins and Asset turnover which we believe should normalize to their historic levels. On the valuations front, we expect a re-rating of 9-26% of the various valuation metrics (10-12% in earnings based and nearly 20% in other multiples) in our best cas...

Public investments are an essential precondition for ensuring the appropriate structural environment in which the economy of a region works. Public investments are made in order to address horizontal issues in the areas of education, training, healthcare, infrastructure and in other areas. The main purpose of this report is to find the link between public investments and economic development in the EU countries. We use the indicator ”Gross capital formation in the General Government Sector” in order to measure the level of public investments. Investments made at the local level, at the central level, by the state, and by the social security funds, are within the scope of the indicator. By establishing distinct cluster groups, a cluster analysis is made as a basis for tracking the relationship between share of public investments in the GDP and in the GDP/per capita. Summarizing the results of conducted analyses we reach the conclusion that countries of Central and Eastern Europe stan...

ABSTRACT We examine investment banks' networking function in capital markets, using a sample of Private Investments in Public Equity (PIPEs). We argue that investment banks develop relationships with investors through repeat dealings, and that investment banks' networks of relationship investors form the basis of their networking function. We find that investment banks, especially those with larger investor networks, help issuers attract investors. Correspondingly, an issuer that desires more investors is more likely to hire an investment bank than place the shares directly. We also find that issuers pay higher fees to hire investment banks with larger investor networks. Our empirical findings suggest that the networking function of investment banks is important in securities offerings.

In December 2004 the New South Wales (NSW) state Housing Minister announced the redevelopment of the 81-hectare Bonnyrigg public housing estate in Sydney Australia. The Bonnyrigg Living Communities Project (BLCP) is the first NSW public housing estate redevelopment by public–private partnership. The project involves a 30-year contract between the NSW Government and a private-sector consortium company. The BLCP is a pathfinder project that is exploring new urban and social planning models, social mix policies, a new asset management program and dwelling maintenance practices contracted out to the private-sector by the NSW Government. On the eve of the 10-year anniversary of the BLCP this article explores some of the challenges of using public-private partnerships to manage large-scale social, urban and economic change.

Nature-based tourism (NBT) is known as a tool for sustainable development. Bangladesh is bestowed with various natural resources and attractions of NBT. However, there is a lack of research on investment and development in NBT, particularly in the context of Bangladesh. Therefore, the research aims to study the overall investment and development status of NBT in Bangladesh. The study followed content analysis based on reviewing various secondary information. In recent years, the NBT destinations of Bangladesh are getting more popular with domestic visitors. There are significant contributions of NBT in the tourism industry of Bangladesh by contributing GDP and generating new job opportunities. Considering the present status of NBT, this sub-industry has more potentials to develop; hence it can facilitate the sustainable development of Bangladesh. It warrants to solve various challenges in NBT to harvest more from this sub-industry. It requires more political commitments, integrated and coordinated efforts from various ministries of the government, more active and responsible participation of private actors, promotion of environmental education and awareness, efficient marketing strategies to attract more international tourists, management of these destinations, and above all practicing tourism governance to improve NBT development and its investment.

EXECUTIVE SUMMARY The recent growth of private equity markets–and their visibility in the public eye–has been accompanied by rising public concerns about transparency, investor protection and governance. The pressure for regulation of private equity funds is increasing. The issues for policy makers are whether strengthened private equity regulation is warranted and, if so, in what ways.

EXECUTIVE SUMMARY The recent growth of private equity markets–and their visibility in the public eye–has been accompanied by rising public concerns about transparency, investor protection and governance. The pressure for regulation of private equity funds is increasing. The issues for policy makers are whether strengthened private equity regulation is warranted and, if so, in what ways.

In this chapter, we present worldwide VC investment, exit and initial public offering (IPO) data up to 2010. Also, we focus on investment activity at the local level with reference to data from Canada and the U.S. We provide statistics which highlight how differences in investment and IPO exit patterns are important for regional prosperity, with particular reference to Canada and Ontario. We consider the VC market in Ontario, Canada, and abroad, drawing on extensive data from the Thompson Financial SDC VentureXpert database. We consider the amount and structure of VC investment in Ontario and the sources of capital, as well as exits from investments. Comparisons are made in reference to economic conditions in the different jurisdictions. We identify empirical proxies for value-added provided by VCs in different regions that have been well-established in the literature as leading to business innovation and commercialization. These proxies include, for example, staging frequency, syndication, and portfolio sizes.