Alternative Investments
Alternative Investments
Expanding Frontiers
About the Book
This book covers, for institutional and retail investors, various methods of accessing returns that are largely uncorrelated with traditional asset classes.
About the Author
Table of Contents
- PREACE
- 1. INTRODUCTION
- Intended Audience
- Text Organization
- Key Points
- Public versus Private Access to Alternative Investment Exposure
- What is an Alternative Investment?
- Introduction to Fund Structures
- How are Alternatives Different?
- Data Downloads - will be pulling this out of this text and moving it to the course
- Review Questions
- References
- General Resources
- 2. PRIVATE EQUITY
- Key Points
- Introduction
- Venture Capital
- Growth Equity
- Buyouts and Leveraged Buyouts
- Private Equity Funds
- Fees, Terms and the Cash Waterfall
- Liquid PE: BDCs
- Review Questions
- APPENDIX: Secondary Markets (Optional Material)
- References
- Private Equity Resources
- 3. REAL ESTATE
- Key Points
- Overview
- Real Estate Equity Overview
- Real Estate Equity Style Analysis
- Real Estate Development & Commercial Real Estate Valuation Approaches
- Valuations and Appraisals
- Alternative Real Estate Investment Vehicles
- Indexes
- Smoothed Return Series
- Review Questions
- References
- Resources
- Crowdfunding Platforms & REITs
- Appendix: More on Autocorrelation and Illiquid Assets
- 4. HEDGE FUNDS
- Hedge Fund Industry Structure
- Global Macro and Managed Futures Strategies
- Event-Driven Hedge Funds
- Relative Value Funds
- Equity Hedge Funds
- Fund of Funds & Multi-Strategy Funds
- Other Methods of Accessing Hedge Fund Returns
- Review Questions
- References
- Resources
- 5. PRIVATE CREDIT AND DISTRESSSED DEBT
- Introduction
- Types of Private Credit Fund Vehicles
- Fixed Income Analysis
- Credit Risk Analysis and the Bankruptcy Process
- Leveraged Loans
- Direct Lending
- Mezzanine Debt
- Distressed Debt
- Private Credit Performance
- Review Questions
- References
- Resources
- 6. REAL ASSETS
- Key Points
- Land
- Natural Resources
- Infrastructure
- Intangible Assets
- Futures & Forward Pricing Review
- Commodities
- Other Methods of Accessing Commodity Exposure
- Review Questions
- References
- Resources
- 7. STRUCTURED PRODUCTS
- Key Points
- Overview of Financial Structuring
- Equity Linked Structured Products
- Wrappers
- MBS
- Commercial Mortgage-Backed Securities (CMBS)
- CMOs
- CDOs
- Valuation and Payoff Diagrams
- Motivations
- Liquid Structured Products
- Review Questions
- References
- Resources
- 8. DIGITAL ASSETS
- Key Points
- Institutions and Digital Assets
- Due Diligence
- Valuation
- Financial and Investment Risks in Digital Assets
- Tokenization
- References
- Review Questions
- Resources
- 9. CURRENT THEMES
- 2024 Megatrends
- Geopolitics
- ESG & Climate Change
- Review Questions
- Resources
- APPENDIX: Performance Measurement for Alternatives
- Return Calculation
- Ex-post Absolute Risk Measurement
- Ex-post Risk-Adjusted Return Measurement
- Performance Measurement
- Resources
- Glossary
- Acknowledgements
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