Basé à Paris et créé par un Gestionnaire de Fonds d’investissement, PE Cube repose sur 20 ans d’expertise de terrain.
Glossaire des termes
Chez PE Cube, nous voulons offrir plus qu'un logiciel de Private Equity à nos clients : nous souhaitons vous soutenir dans tous les aspects de vos activités quotidiennes. En ce sens, nous partageons avec vous un Glossaire regroupant divers termes du Private Equity. Vous trouverez ci-dessous tous les termes pertinents pour l'industrie du Private Equity, ainsi que leurs définitions, telles que fournies par des sources fiables (Sources : Gips®, le Parlement européen, l'ESMA, l'ILPA, Invest Europe, Investopedia, et l'IPEV).
Termes par lettre
PE CUBE Terms
Il y a 32 noms dans ce répertoire commençant par la lettre T.
T
Tag-Along Rights / Rights of Co-Sale
A minority shareholder protection affording the right to include their shares in any sale of control and at the offered price.
Source: ILPA
Source: ILPA
Takedown Schedule
A takedown schedule means the timing and size of the capital contributions from the limited partners of a venture fund.
Source: ILPA
Source: ILPA
Target Multiples
The desired return on investment of private investors in early stage companies, defined in a multiple of the original investment.
Source: ILPA
Source: ILPA
Tax-free Reorganizations
Types of business combinations in which shareholders do not incur tax liabilities. There are four types-A, B, C, and D reorganizations. They differ in various ways in the amount of stock/cash that can be offered. See Internal Revenue Code Section 368.
Source: ILPA
Source: ILPA
Temporary new account
An account for temporarily holding client-directed external cash flows until they are invested according to the composite strategy or disbursed. A firm can use a temporary new account to remove the effect of a significant cash flow on a portfolio. When a significant cash flow occurs in a portfolio, the firm may direct the external cash flow to a temporary new account according to the composite’s significant cash flow policy.
Source: GIPS
Source: GIPS
Tender Offer
An offer to purchase stock made directly to the shareholders. One of the more common ways hostile takeovers are implemented.
Source: ILPA
Source: ILPA
Term Sheet
A summary of the terms the investor is prepared to accept. A non-binding outline of the principal points which the Stock Purchase Agreement and related agreements will cover in detail.
Source: ILPA
Source: ILPA
Termination Date
The date defined in the LPA whereby the fund must cease operations and liquidate its investments.
Source: ILPA
Source: ILPA
Time Value of Money
The basic principle that money can earn interest, therefore something that is worth $1 today will be worth more in the future if invested. This is also referred to as future value.
Source: ILPA
Source: ILPA
Time-weighted (returns)
A most misleading term as it actually means the exact opposite of what it suggests. Instead of calculating the actual IRR of a series of cashflows over a given period (i.e., the compound return over time), time-weighted returns calculate the geometric mean, i.e., the average of the annual percentage return in any one year.
Source: ILPA
Source: ILPA
Time-weighted return (twr)
A method of calculating period-by-period returns that reflects the change in value and negates the effects of external cash flows.
Source: GIPS
Source: GIPS
Total capital under management
This includes the total amount of funds available to fund managers for future investments plus the amount of funds already invested (at cost) and not yet divested.
Source: Invest Europe
Source: Invest Europe
Total Enterprise Value (TEV)
A valuation measurement used to compare companies with varying levels of debt. It is calculated as follows: TEV = Market Capitalization + Interest-Baring Debt + Preferred Stock - Excess Cash
Source: ILPA
Source: ILPA
Total firm assets
All discretionary and non-discretionary assets for which a firm has investment management responsibility. Total firm assets include assets assigned to a sub-advisor provided the firm has discretion over the selection of the sub-advisor.
Source: GIPS
Source: GIPS
Total Invested/Invested Capital
The Total amount of called capital which has actually been invested in companies. In practice, this will be equal to the amount of called capital less amounts which have been used to pay fees, or which are awaiting investment.
Source: ILPA
Source: ILPA
Total pooled fund fees
All fees and expenses charged to the pooled fund, including but not limited to investment management fees and administrative fees.
Source: GIPS
Source: GIPS
Total Return
ILPA: A phrase invented by the writer which refers to the return which an LP earns on the whole private equity allocation, as opposed to just that part of it which is at any one time invested in underlying buyout or venture companies.
GIPS: The rate of return that includes the realized and unrealized gains and losses plus income for the measurement period.
Source: ILPA, GIPS
GIPS: The rate of return that includes the realized and unrealized gains and losses plus income for the measurement period.
Source: ILPA, GIPS
Total Value
ILPA: A Limited Partner's total market value plus any capital distributions received.
GIPS: Residual value plus distributions.
Source: ILPA, GIPS
GIPS: Residual value plus distributions.
Source: ILPA, GIPS
Total Value to Paid In (TVPI)
ILPA: The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. As defined in the current GIPS Standards (www.gipsstandards.org/standards/current/Pages/index.aspx), any recallable distributions should be included in the numerator of this ratio. Any reinvested capital (resulting from recallable distributions) should be included in the denominator. Perhaps the best available measure of performance before the end of a fund's life.
GIPS: Total value divided by since-inception paid-in capital.
Source: ILPA, GIPS
GIPS: Total value divided by since-inception paid-in capital.
Source: ILPA, GIPS
Trade date accounting
Recognizing the asset or liability on the date of the purchase or sale and not on the settlement date. Recognizing the asset or liability within three business days of the date upon which the transaction is entered (trade date, T + 1, T + 2, or T + 3) satisfies the trade date accounting requirement for purposes of the GIPS standards.
Source: GIPS
Source: GIPS
Trade Sale
ILPA: The sale of the equity share of a portfolio company to another company.
Invest Europe: The sale of a company's shares to industrial investors.
Source: ILPA, Invest Europe
Invest Europe: The sale of a company's shares to industrial investors.
Source: ILPA, Invest Europe
Tranche
Funds flowing from investors to a company that represent a partial round or an "early close." Subsequent funds of the single round are generally under the same terms and conditions as the first tranche (or early close), however, those funding the early tranches may receive bonus warrant coverage, in consideration of the additional risk. (a French word meaning a slice or cutting).
Source: ILPA
Source: ILPA
Transaction costs
The costs of buying or selling investments. These costs typically take the form of brokerage commissions, exchange fees and/or taxes, and/ or bid–offer spreads from either internal or external brokers. Custodial fees charged per transaction should be considered custody fees and not transaction costs. For real estate, private equity, and other private market investments, transaction costs include all legal, financial, advisory, and investment banking fees related to buying, selling, restructuring, and/or recapitalizing investments but do not include dead deal costs.
Source: GIPS
Source: GIPS
Transaction fee(s) and Broken deal fees
A transaction fee is a fee charged by the GP, or its related party, in relation to the purchase or sale of a portfolio company. Increasingly, transaction fees also include any directors’, monitoring, or other fees charged by the GP or its related parties in connection with portfolio companies during the holding period of the investment. The treatment of transaction fees is agreed in the fund documentation, usually requiring their offset (either wholly or in part) against the management fee. Broken deal fees (also referred to as “abort costs”) are costs incurred by the GP in pursuing a deal that does not reach completion (e.g. accountants, lawyers, due diligence costs, etc.).
Source: Invest Europe
Source: Invest Europe
Transfers of interest and Secondary investments
“Transfers of interest” is a term typically used to refer to the transfer of an LP’s contractual commitment and interest in an existing fund to another LP. It may also be referred to as a secondary investment. In contrast, the term “secondary direct sale” is used to describe the sale by a fund of its interests in one or more portfolio companies to a fund managed by a different GP.
Source: Invest Europe
Source: Invest Europe
