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Third Edition
This edition first published 2020
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Library of Congress Cataloging-in-Publication Data
Names: Demaria, Cyril, author.
Title: Introduction to private equity, debt and real assets : from venture capital to LBO, senior to distressed debt, immaterial to fixed assets / Cyril Demaria.
Other titles: Introduction to private equity
Description: Third edition. | Hoboken : John Wiley & Sons, 2020. | Includes bibliographical references and index.
Identifiers: LCCN 2020004378 (print) | LCCN 2020004379 (ebook) | ISBN 9781119537380 (hardback) | ISBN 9781119537410 (adobe pdf) | ISBN 9781119537373 (epub)
Subjects: LCSH: Private equity.
Classification: LCC HG4751 .D46 2020 (print) | LCC HG4751 (ebook) | DDC 332.6—dc23
LC record available at https://lccn.loc.gov/2020004378
LC ebook record available at https://lccn.loc.gov/2020004379
Cover Design: Wiley
Cover Image: © oxygen/Getty Images
John Donne wrote that ‘No man is an island entire of itself’. I am indebted to my family and my friends for their constant support, their kindness and their gentle nudges. This book is dedicated to them.
I thank Sarah Debrand for her kind assistance in helping me put this new edition together. Her inputs, patience, kindness and reactivity were very much of help. Thank you.
I also thank the Emerging Markets Private Equity Association, and specifically Jeff Schlapinski and Sabrina Katz, for kindly providing me with crucial data.
Since 2017, Cyril Demaria has been a Partner and Head of Private Markets at Wellershoff & Partners, in Zurich. The company is an independent research and advice company to institutional investors and family offices. He is also the General Partner and President of Pilot Fish, created in 2009, which manages a series of venture capital funds for family offices and high net worth individuals. Prior to his current role, Cyril Demaria was in charge of private markets research at the Chief Investment Office of UBS Wealth Management from 2014 to 2016. From 2009 to 2012, he co-founded and was Partner and Chief Investment Officer at Tiaré Investment Management AG, a Zürich-based wealth and investment management company. Prior to that, he created a multi-strategy fund of funds focused on environmental matters. He was also an Associate in private equity funds of funds, a Portfolio Manager responsible for private equity fund investments at a French insurance group where he managed 27 investments totalling EUR 60 million in private equity funds and funds of funds. As Head of Corporate Development at Externall (Paris), he managed four asset acquisitions and raised debt financing. He started his career in a hybrid venture capital and fund of funds firm (San Francisco, Paris).
A French and Swiss citizen, Cyril Demaria holds a BA in Political Sciences from the Institut d'Etudes Politiques (Lyon), a Master's in Geopolitics applied to Money and Finance (Paris), a Master's in European Business Law (Paris), is a graduate from HEC (Paris) and holds a PhD from the University of St Gallen.
An Affiliate Professor at EDHEC, he also lectures at EADA (Barcelona), as well as universities and business schools. He collaborates regularly as an expert with Invest Europe, France Invest and the Swiss Private Equity and Corporate Finance Association. He is the author of:
He can be reached at: cyril.demaria@pilot-fish.eu, +41 79 813 86 49.