Definitely recommend to all participants in the private market. Victoria and Josh provided such a great overview of the past, current and future of private capital the challenges and opportunities in long term investing. It is not a textbook or PE 101, no rocket science statistics you usually found in academic papers, but this book makes you think, maybe change your perspective.The world of long term investing and private capital is complex,these issues are too important to leave in the shadows, last thought from the book. Patient Capital: The Challenges and Promises of Long-Term Investing The book really doesn't address the challenges and promises of long term investing. Instead of a treatise on strategies for investing for the long term, it is a discussion of private equity. Sure it goes into incentive structures for fund managers, but that's not what the title and description set out to do. If that's what you are looking for, go for it. If you are looking for a discussion on how to select or how to think about growth companies or how to allocate money for the long term (anything over 7 years), look elsewhere. Patient Capital: The Challenges and Promises of Long-Term Investing Well written overview of the current state of the private funding model and its future prospects. A must read for those interested in setting up their own private fund or corporate VC. Patient Capital: The Challenges and Promises of Long-Term Investing
How to overcome barriers to the long term investments that are essential for solving the world's biggest problems There has never been a greater need for long term investments to tackle the world's most difficult problems such as climate change and decaying infrastructure And it is increasingly unlikely that the public sector will be willing or able to fill this gap If these critical needs are to be met the major pools of long term patient capital including pensions sovereign wealth funds university endowments and wealthy individuals and families will have to play a large role In this accessible and authoritative account of long term capital investment two leading experts on the subject Harvard Business School professors Victoria Ivashina and Josh Lerner highlight the significant hurdles facing long term investors and propose concrete ways to overcome these difficulties Presenting the best evidence in an engaging way by using memorable stories and examples Patient Capital describes how large investors increasingly want and need long run investments that have the potential to deliver greater returns than those in the public markets Yet success in such investments has been the exception Performance has suffered from both the limitations of investors and the internal structure of their fund managers often resulting in the wrong incentives and a lack of long term planning Yet the challenges facing long term investors can be surmounted and the rewards are potentially large both for investors and society as a whole Patient Capital shows how to make long term investment work better for everyoneHow to overcome barriers to the long-term investments that are essential for solving the world's biggest problems
There has never been a greater need for long-term investments to tackle the world's most difficult problems, such as climate change and decaying infrastructure. And it is increasingly unlikely that the public sector will be willing or able to fill this gap. If these critical needs are to be met, the major pools of long-term, patient capital--including pensions, sovereign wealth funds, university endowments, and wealthy individuals and families--will have to play a large role. In this accessible and authoritative account of long-term capital investment, two leading experts on the subject, Harvard Business School professors Victoria Ivashina and Josh Lerner, highlight the significant hurdles facing long-term investors and propose concrete ways to overcome these difficulties. Presenting the best evidence in an engaging way by using memorable stories and examples, Patient Capital describes how large investors increasingly want and need long-run investments that have the potential to deliver greater returns than those in the public markets. Yet success in such investments has been the exception. Performance has suffered from both the limitations of investors and the internal structure of their fund managers, often resulting in the wrong incentives and a lack of long-term planning. Yet the challenges facing long-term investors can be surmounted and the rewards are potentially large, both for investors and society as a whole. Patient Capital shows how to make long-term investment work better for everyone.How to overcome barriers to the long-term investments that are essential for solving the world's biggest problems There has never been a greater need for long-term investments to tackle the world's most difficult problems, such as climate change and decaying infrastructure. And it is increasingly unlikely that the public sector will be willing or able to fill this gap. If these critical needs are to be met, the major pools of long-term, patient capital--including pensions, sovereign wealth funds, university endowments, and wealthy individuals and families--will have to play a large role. In this accessible and authoritative account of long-term capital investment, two leading experts on the subject, Harvard Business School professors Victoria Ivashina and Josh Lerner, highlight the significant hurdles facing long-term investors and propose concrete ways to overcome these difficulties. Presenting the best evidence in an engaging way by using memorable stories and examples, Patient Capital describes how large investors increasingly want and need long-run investments that have the potential to deliver greater returns than those in the public markets. Yet success in such investments has been the exception. Performance has suffered from both the limitations of investors and the internal structure of their fund managers, often resulting in the wrong incentives and a lack of long-term planning. Yet the challenges facing long-term investors can be surmounted and the rewards are potentially large, both for investors and society as a whole. Patient Capital shows how to make long-term investment work better for everyone. Patient Capital: The Challenges and Promises of Long-Term InvestingDownload Patient Capital: The Challenges and Promises of Long-Term Investing
