A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in fulfilment of the requirements for the degree of Masters in Engineering, May 2016 / The South African Private Equity Industry collects billions of Rands from investors locally and abroad and utilises this cash to purchase controlling shares in companies operating within Africa. Within 5 to 10 years of purchase, these companies are purposefully altered, upgraded and moulded prior to resale. Each Private Equity firm has different growth targets, but the generally expected result should be a multiplication of the funds invested over that time. The mechanism by which these firms accomplish such a result was of strategic importance for business people whom wish to decode the route to success and apply the same actions in their organisations, or those they wish to evaluate for purchase. This research aims to bridge a particular aspect of this process by acknowledging that the choice of company to purchase was critical to the overall ability to grow and dispose of the company in the allotted timeframe. In the run up to purchasing a company, Private Equity will contract external firms to delve into a potential Target Firm. These Service Firms will report into the Private Equity client on particular aspects of operations, finance and legality that would affect future running and risk profiles. These reports would inform the buying decision, potential pricing structures and legalities of ownership transfer right up to the point of sale. The evaluation stages are graphically modelled as three distinct but sequential Phases at the end of an extensive literature review. This Conceptual Model is tested against the results of a series of semistructured interviews held with industry experts. The opinions of local Private Equity and Service Firm respondents are sorted, refined and presented as a more detailed Modified Model at the end of the report. It was found that through substantial refinement of disconnected data, the available literature largely agreed with expert opinion in practice. The research concludes that the proposed evaluation Models constitute a useful starting platform from which to conduct future research into specific aspects of Private Equity activity. / MT2016

Abstract With a focus on the three contracts¡Xranging from the common stock contract to the more sophisticated contracts of convertible debt and staged financing stock, this study aims at studying the moral hazard concerning a venture capitalist and an entrepreneur in their venture financing. The two objectives of the present study are: to compare the optimal levels for a venture capitalist and an entrepreneur when they are fully informed or when they are under moral hazard, given that the two parties are in the same type of contract; to compare the optimal levels for a venture capitalist and an entrepreneur of the three contracts. This study intends to construct a utility maximum model for a venture capitalist and an entrepreneur in the three contracts and to work out the optimal levels for a venture capitalist and an entrepreneur when they are fully informed or when they are under moral hazard. The conclusion is as follows: 1. Of the three contracts, the optimal effort levels for a venture capitalist and an entrepreneur under full information are all larger than those under moral hazard. 2. Of the three contracts, a venture capitalist and an entrepreneur¡¦s optimal effort levels are: The optimal effort levels for convertible debt are larger than those for common stock, and the optimal effort levels for common stock are larger than those for staged financing stock.

Thesis (Ph. D.)--University of Chicago, Dept. of Economics, June 2001. / Includes bibliographical references. Also available on the Internet.

No description available.

Thesis (M.B.A.)--University of Hong Kong, 1993. / Includes bibliographical references (leaves 76-77).

Dissertation (MBus) -- AUT University, 2008. / Includes bibliographical references. Also held in print (85 leaves : ill. ; 30 cm.) in City Campus Theses Collection (T 332.0415 FRI)

Zugl.: Dresden, Techn. University, Diss., 2005. / Description based on print version record.

European Business School, Diss.--Oestrich-Winkel, 2005.

In light of the emergence of corporate venture capital activity in developed markets, resulting in a large portion of start-ups being invested in by corporate venture capital investors, this research paper explored the activities, objectives, outcomes, limitations and enablers of corporate venture capital investments in South Africa. The research process consisted of a literature review that analysed international literature and where available, literature pertaining to the South Africa, focusing on objectives, outcomes, limitations and enablers of corporate venture capital investments in other markets. Twelve unstructured interviews were conducted with corporate venture capitalists, entrepreneurs and independent venture capitalists. Ethical compliance was observed during every interview, ensuring that the integrity of the data was maintained. The data was analysed with the assistance of computer-assisted qualitative data analysis software (CAQDAS). The research found that the corporate venture capital market in South Africa is underdeveloped in comparison to international markets. There are no distinct strategies employed by those individuals interviewed. However, the outcomes, objectives, limitations and enablers were similar to those in international markets. A framework has been suggested to assist corporate venture capital investors in South Africa, ensuring that they are aware of the objectives, outcomes, limitations and enablers that they could encounter when performing corporate venture capital investments. / Dissertation (MBA)--University of Pretoria, 2013. / mngibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

No description available.