Welcome to the Elephant's page of the BOOST private equity firm!
As you may observe, BOOST delivers returns that are much higher than the market comparables. We outperform the market and all top-tier high performers from our peers. This is why we often get asked how we do that and what tools we use to manage the value of portfolio companies, how to evaluate businesses, how to manage large-scale cross-border projects, why we don't use debt, how to run legally compliant private equity business that delivers profit, and how to deal with all this toxic stuff which we have on our balance. We attest that we use black color for our design, however not black magic. An we do sustainable legally compliant white transparent business.
Responding to this, to clear up your doubts, we created this handy list to share with you. These are all things that we use daily and love. And they are explaining how we make money and generate our high returns. This page is a work in progress. We’ll be adding and updating as our workflow changes, and we find new things that we love. You are welcome to follow us on social media to watch our trendy posts, our news, and more information that we will share.
Essential things to run your portfolio
In the private equity business, there is always much information that you need to have for assets management and deals making. It concerns deals valuation, fund management, business organization, statistics, and much other stuff. We are sharing the sources of information that we used to utilize for our daily operations, valuation, strategic development, etc. Also, we give you some links that may be useful for you. These are the sources of information that we use in 99% of the cases. We don't read secondary analytical reports and don't buy any marketing or IB reports. We always do our own data collection and analysis. Why? Below is the answer.
1. Conflict of expertise. Analytical reports are prepared by analysts, not by private equity managers. The mindset, background, experience, and logic of a portfolio manager at the PE firm are much different from an analyst. Data that are important for you are useless for analysts. Analysts can reshape the focus of the analysis that makes the data and the conclusion opposite to the real situation. And opposite to the right decision as well.
2. Conflict of interest. Often banks prepare the analytical reports considering those companies covered by these reports who are the clients of these reports-makers. The conclusion is simple - the recommendation buy, hold or sell (which is issued to the market and commented on public media) is made based on an engagement letter signed between the bank (or expecting to sign that), prepared the report, and the client. The same we can say about reports of consulting companies and rating agencies. We solve this problem simply. We don't read them.
3. Low data reliability. Internet is the largest source of data and information. Hence, Internet never was a trustful data provider. You never know the source of the data for the prepared analytical report which you buy or download. However, in the vast majority of the cases, these are the data from the internet open sources, and sometimes already collected by somebody else. These "reports" study internet, not market. You don't want to make your decision on well blended trash, don't you?
PE industrial statistics, peers, benchmarks
BOOST possesses information which we are going to publish and disclose after the transformation of our knowledge base into clear and concise communication to present you private equity problematic in simple beautiful, and well-designed form. However, we are not the whole market, and we are not the representative sample. We are sharing the following "must-have" sources of raw data that you may find useful for your decision-making process. They are necessary if you are working in PE or VC industries.
PitchBook is a financial data and software company with offices in London, New York, San Francisco, and Seattle. Serving clients in 19 languages and provides thousands of global business professionals with comprehensive data on the private and public markets to help them discover and execute opportunities with confidence. PitchBook covers the vast majority of PE funds that deserving have the name PE or VC fund. If your company is not on the list - you are not a PE firm. Or maybe you are a top secret fund. Subscribe and provide Pitchbook with your data.
EMPEA is the global industry association for private capital in emerging markets. An independent, non-profit organization, the association brings together 300+ firms—including institutional investors, fund managers, and industry advisors—who manage more than USD5 trillion in assets across 130 countries. EMPEA supports its members globally through authoritative research and intelligence, investor meetings, education, and advocacy. They publish free data and reports, however the advanced statistics is available only for members. Membership is rather expensive.
Investors rely on Crunchbase data to track portfolio companies and investment opportunities. Crunchbase is directly related to TechCrunch - internet media writing about startups and venture investments, especially in the IT and technology sector. If you have a tech startup, but TechCrunch didn't write about it - you don't have a tech startup. You can add into Crunchbase your company, yourself if you are a founder and fellow organizations that are interesting for you. There are free and premium versions.
TechCrunch - Reporting on the business of technology, startups, venture capital funding, and Silicon Valley.
Market data: public securities, indexes, commodities
This expensive professional solution is vital for fundamental analysis, deals valuation, business valuation, management decisions, and scenario analysis. Hence, there are some problems with data download for further market analysis. Bloomberg is the essential data source for an investment modeling process - beta calculation, multiples, comparative analysis.
Simple, fast access to the high-level market data. Enough for fast decision making process and covers 80% of daily PE management. We use them basically to understand the fair stock price and make an assumption about overpricing. There are all essential data - EPS, current stock price, multiples, valuation, high level financials, and rather detailed structure of shareholders. We use it for free, and even free data are enough for me.
Aswath Damodaran is a Professor of corporate finance and valuation at the Stern School of Business at New York University. On his website, you may find much useful information for your calculations and financial modeling, with breakdowns by emerging/developed countries and by geography. We use these data as a redline to test/match our assumptions. There is a lot of very detailed, well-structured information about multiples, margins, TSR, ROE, beta, capital structure, and others. Here you may find most of the initial assumptions that you need for your financial modeling at a basic level.
We use data of stock exchanges to get a rough overview of stock movement trajectory during a definite period but first and foremost for the news explaining the concrete stock movement. So if you do not have Bloomberg, use stock exchange data but keep in mind that it may take a little bit more time to download all information necessary for you. Below are the links to the stock exchanges covering the majority of business activity.
The Private Equity Institute was founded in 2009 to provide a forum to promote research, education, and networking, in private equity. Oxford Saïd ran its first Private Equity elective in 2000 and introduced the Private Equity Forum in 2006. At the moment, SBS is the only educational center combining sound theoretical knowledge with scientific R&D in a very opaque private equity industry.
Tim Jenkinson is one of the leading authorities on private equity, IPOs, and institutional asset management.
Tim is renowned for his ability to collect critical, previously inaccessible, data by building strong links with institutional investors, regulators and other players in the financial industry. His research is widely quoted and has been published in the top academic journals.
Tim is Director of the Oxford Private Equity Institute and one of the founders of the Private Equity Research Consortium.
Ludovic Phallipou is a professor of financial economics at the University of Oxford, Saïd business school. He is the author of the bestseller 'Private Equity Laid Bare', and professor of Financial Economics at Saïd Business School, University of Oxford. He specialises in private market investments with a focus on fee tracking, interest alignment, and return benchmarking.
Named as one of “The 40 Most Outstanding Business School Profs Under 40 in the World” in 2014, and as one of the 20 most influential individuals in private equity in Europe in 2016, Ludovic has strong links with senior practitioners in the industry, routinely speaks at practitioner conferences, and appears in the media internationally. Ludovic’s research papers have been widely cited in academia, in the press, and in regulatory circles. THis is the web site. However, Ludovic is a very practical person, and he has advised the Ministry of Finance of Norway to start the process of investments of pension funds money into the private equity funds. He is advising the largest well known funds e.g. BlackRock and many others. On his page you may find a lot of links to his articles and information about his books. I strongly recommend to read them.
PE industrial market makers
We don't read analytical reports. We are watching on the PE funds reporting and data. We watch these funds, but we do not copy/paste what they are doing, we taking into consideration their activities.
VC industrial market makers
Global asset management
These funds are not private equity funds in their pure form. Hence, they manage a variety of different funds - PE, REIT, fixed-income funds, etc. Also, they are investing abroad and can affect the public securities market.
Global economy and industrial statistics
The best sources of information about the industry and the global economy are governmental organizations that gather the statistics and process this. For local data visit governmental websites per country.
Follow this section and our blog to learn how PE organize themselves, types of PE/VC organizational structure, which competencies you need to maintain in-house, which competencies you can easily outsource, and many other aspects of fund organization.
Policies and procedures
Follow this section to get the templates of operational, legal documents, templates of financial models, scenario analysis, pitch decks, etc.
If you are running a PE/VC fund and looking for LPs, or maybe you just want to follow market trends, register your company on Crunchbase and Pitchbook platforms.
This is a list in progress. We are updating this, follow us to see what's new here. Where to buy: Amazon, Watersones.
The Alternative Oxford Private Equity Dictionary Paperback by Ludovic Phalippou
Private Equity Laid Bare by Ludovic Phalippou
Institutional Investors and Equity Markets: On mutual fund liquidity management, performance of private equity funds, and the value premium by Ludovic Phalippou
Barbarians At The Gate: The Fall of RJR Nabisco by Bryan Burrough, John Helyar
King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone by David Carey , John E. Morris
The Masters of Private Equity and Venture Capital: Management Lessons from the Pioneers of Private Investing - Robert Finkel, David Greising
By Andrew Ross Sorkin Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System -- And Themselves (1st Edition) by Andrew Ross Sorkin
Leveraged Buyouts: A Practical Guide to Investment Banking and Private Equity + Website (Wiley Finance) by Paul Pignataro
Valuation: Measuring and Managing the Value of Companies (Wiley Finance) by McKinsey & Company Inc. (Author), Tim Koller, Marc Goedhart, David Wessels
Investment Valuation: Tools and Techniques for Determining the Value of any Asset, University Edition (Wiley Finance) by Aswath Damodaran
Private Equity Funds: Formation and Operations Kindle Edition by Stephanie R. Breslow, Phyllis A. Schwartz
Private Equity: History, Governance and Operations (Wiley Finance) by Harry Cendrowski, James P. Martin, Louis W. Petro, Adam A. Wadecki
Private Equity: The Professional Investor's Handbook: 495 (Wiley Finance) by Kocis, Bachman IV, Long III
Inside Private Equity: Thrills, spills and lessons by the author of Nothing Ventured, Nothing Gained by Bill Ferris
Venture Capital 101 by Bill Snow (2015-05-29) by Bill Snow (Author)
Private Equity Secrets Revealed: From the Coalface by Peter Cartier (Author)
The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything: 163 (Bloomberg) by Jason Kelly
From Zero to Sixty on Hedge Funds and Private Equity 3.0 Paperback – 21 Aug. 2015
by Jonathan Stanford Yu (Author)
Private Equity Operational Due Diligence: Tools to Evaluate Liquidity, Valuation, and Documentation + Website: 731 (Wiley Finance) by Jason A. Scharfman
Private Equity: History, Governance, and Operations:738 (Wiley Finance) by Louis W. Petro (Author), James P. Martin, Harry Cendrowski, Adam A. Wadecki
Emerging Markets: A Practical Approach: 134 (Wiley Finance) by Pereiro.
Our blog is specially designated to cover narrow topics of PE daily activities and to express our opinion on market trends meaningful for the global economy and private equity industry. This is "work in progress", follow our updates on this website and social media.
This section is specially designed to share our "witching list" - videos and the other meaningful stuff that you must know if you work in Private Equity. We witched and gathered all these videos to share with you our vision about the investment world and the stuff that matters in the private equity context.
It's the diamond of our "Guy's Elephant Section" helping you to deliver returns as we do. Watch this list from the beginning till the end and your life will be changed forever. One rule: keep watching in the same sequence as they are placed, don't miss videos and watch them in full, otherwise magic doesn't work. Through these videos, we are witching you to learn investment magic tricks by transferring to you how to see the world through our eyes. Watch this to create investment miracles and make people happy! The channel is updating as we are developing, so if next time you don't see the video in the beginning which you've seen before, start to watch from the first new one.
Follow #boost #witchinglist #boostyoursuperiority #privateequity #investmentmagic #investmentmagiccrashcourse #witchme #holybitch #investmentwitch.
This section is a work in progress. We are working on this now. You can download from this section our reports, insights, documentation templates, and other information as soon as we place it here. Be patient, and come back to check it out to find out more.
Download them unconditionally free to boost your superiority. And we don't collect or save your personal data. These 2 phrases are our license agreement.