hey everyone, I’m an incoming analyst at a BB and looking to learn more about PE. is there any books that would give me a background on the industry? I’ve read all (literally all) the books on HFs. for PE I’ve read What it Takes and The New Tycoons. any other suggestions?
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or any books that have to do with capital structure. I haven’t learned anything about the restructuring process.
Re restructuring: If you have access to Wall Street Prep, the Webinars section (a dashboard items), there are 2 restructuring webinars that are excellent (they're free if you have premium package). There's also an entire restructuring modeling course which you can buy at a discount through WSO which I think is pretty comprehensive if you need it.
Also Stephen Moyer "Distressed Debt Analysis" is supposed to be a good book on the topic
King of Capital is a good one on Blackstone
Reading about Milken is always good; one the most important figures the PE and distressed industries
I recommend the following private equity books:
“Barbarians at the Gate” by Bryan Burrough and John Helyardetails. This book is about the 1988, $25 billion takeover of RJR Nabisco by Henry Kravis and George Roberts of private-equity firm KKR, which was the biggest takeover at the time. Not only is this a great private equity book, but it’s one of the best investment books of all time.
The second private equity book that I recommend is “King of Capital” by David Carey and Johnny Morris. This book outlines the history of Blackstone and how Blackstone was started by Steve Schwartzman and Pete Peterson in 1985. “King of Capital” tells the incredible story of how the company was built in 1985 to where it is today. Combined with other interesting secondary stories such as how Blackstone created Blackrock, the company that now runs over a trillion dollars, and how Blackstone sold Blackrock a little early. While this book isn’t as detailed on the deals as “Barbarians at the Gate”, it gives a better overall picture of the private equity industry.
Another private equity book that I recommend is “The Future of Private Equity: Beyond the Mega Buyout” by Mark Bishop. This book looks at the future of our industry from a global perspective. My favorite part of the book is the emerging markets section that includes interviews with people in the private equity industry from all over the world.
If you like the format of reading interviews about the private equity industry, you may also like “The Masters of Private Equity Venture Capital” by Robert Finkel and David Greising.
In addition to these books, you could spend some time researching the documents that are available online on public, private equity companies. Publically listed private equity companies are required to provide their information to investors. You can use this information as an opportunity to learn about these companies. Investors, such as pension plans, have an annual report that details their investments.
Long story short: read, read and read. You can learn so much about this industry by reading!
Mastering Private Equity. Covers the basics really well.
I'm starting with "Valuations" by Aswath Damodaran... i guess it's good for starters..
Merchants of Debt by George Anders is an excellent telling of KKRs story.
I haven’t heard of that book. I’ll definitely pick it up!
King of Capital Barbarians at the Gate Den of Thieves Masters of Private Equity and Venture Capital
In that order
Great recomendation
The Fastest Tortoise - Ken Hersh. (especially good for any energy finance professional)
what are the books you read about HFs
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