Acknowledgments

About the Author

Introduction

Part 1 The Beginning

1 Funding private enterprise

1.1 Funding maritime ventures

1.2 Private capital and the sugar boom

1.3 The joint-stock corporation

1.4 Organization of stock markets

1.5 Risk capital during the Second Industrial Revolution

2 Enterprise financing in the US from WWII to the 1960s

3 How Silicon Valley came to be

3.1 The government's critical role

3.2 Frederick Terman at Stanford

3.3 Disruptive technologies and spinouts

3.4 The Fairchildren

3.5 The Silicon Valley industrial cluster

4 US private equity during the 1960s and 1970s

4.1 The rise of modern venture capital

4.2 Buyouts during the 1970s

4.3 The establishment of early buyout firms and the LBO model

4.4 Limited Partnerships

Part 2 Booms and busts

5 Private equity during the 1980s

5.1 Venture capital

5.2 The LBO boom during the 1980s

5.3 Takeovers - did they work out?

5.4 Private real estate

6 The 1990s - dotcom boom and bust

6.1 Intermediaries in private markets

6.2 Funds of funds

6.3 Secondaries FoFs

6.4 Listed private equity (LPE)

6.5 The arrival of the internet and the dotcom boom

6.6 The telecom boom

6.7 Venture Capital during the 1990s

6.8 Buyouts - an industry learning new skills

6.9 UK LBOs become pan-European

6.10 Private Real Estate during the 1990s

Part 3 Becoming Indispensable

7 A private markets boom between two crises

7.1 Funds of Funds (FoFs) take off

7.2 Secondaries FoFs

7.3 Listed private equity: managers' IPOs

7.4 Venture capital in the in the post-dotcom era

7.5 The buyout boom

7.6 Private real estate

7.7 Infrastructure

7.8 Natural Resources

8 The GFC and the surge of private markets

8.1 The Great Financial Crisis and its impact

8.2 The great private markets boom

8.3 A 10 trillion-dollar asset class

8.4 Mega-firms dominate the industry

8.5 The rise of permanent capital

8.6 The technology boom and the rise of the entrepreneur

8.7 The Unicorn boom

8.8 SPACs

8.9 The investment landscape has changed

9 A decade of strong growth

9.1 FoFs - the changing landscape of intermediaries

9.2 Co-investments and direct investments

9.3 Secondary Markets

9.4 Listed Private Equity (LPE)

9.5 VC during the technology boom

9.6 Late-stage super-rounds: DoorDash

9.7 The role VCs in the new environment

9.8 AI: opportunities and challenges beyond the hype

9.9 Venture capital in China

9.10 Growth financing

9.11 Buyouts

9.12 The GFC as a catalyst for private debt

9.13 Real Estate

9.14 Infrastructure and natural resources

9.15 A powerful tide that lifted all boats

9.16 Back to the beginning and beyond

Bibliography/Citations

Index