Papers by Vittoria Ingenito
Over the past five years in the private equity industry the amount of money raised, invested and ... more Over the past five years in the private equity industry the amount of money raised, invested and divested was extremely high compared to the previous years. In 2006 the amount divested by private equity fund in Italy increased by 95% and the majority of the bigger buyouts realized were secondary buyouts (sales to another private equity player). This paper analyses the secondary buyout Italian anomaly in 2006 in terms of volumes and frequency. The authors, relying on a small sample of the Italian 10 biggest deals, verify the existence of the anomaly. The secondary output is the investigation on the potential explanation of the anomaly. The higher multiples to estimate the business value, the higher level of the market liquidity, the increasing use of mezzanine finance and the shortening of the holding period are suggested to be potential explanation of the phenomenon.
Over the past five years in the private equity industry the amount of money raised, invested and ... more Over the past five years in the private equity industry the amount of money raised, invested and divested was extremely high compared to the previous years. In 2006 the amount divested by private equity fund in Italy increased by 95% and the majority of the bigger buyouts realized were secondary buyouts (sales to another private equity player). This paper analyses the secondary buyout Italian anomaly in 2006 in terms of volumes and frequency. The authors, relying on a small sample of the Italian 10 biggest deals, verify the existence of the anomaly. The secondary output is the investigation on the potential explanation of the anomaly. The higher multiples to estimate the business value, the higher level of the market liquidity, the increasing use of mezzanine finance and the shortening of the holding period are suggested to be potential explanation of the phenomenon.
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Papers by Vittoria Ingenito