Emory Center for Alternative Investments

Last updated
Emory Center for Alternative Investments
Emorycai.jpg
Established2008
Executive DirectorKlaas Baks
Location
Atlanta
,
GA
,
USA
Affiliations Emory University Goizueta Business School
Website www.emorycai.com

The Emory Center for Alternative Investments is a part of the Goizueta Business School at Emory University. The Center seeks to provide independent research to the Alternative Investments Industry through papers, conferences, and education. The Center primarily focuses on the needs of Institutional Investors as they navigate the many options available in the Alternative Investment Industry but also partners with asset managers to conduct research in an effort to remain objective. The Center for Alternative Investments focuses on hedge funds, Private Equity, Venture Capital, and Real Estate.

Contents

History

In 2007, Emory University's Goizueta Business School received a $10 million gift to establish the Emory Center for Alternative Investments. In the Spring of the following year, Klaas Baks was appointed executive director of the center.

The primary objective of the Center for Alternative Investments is to provide research into the most important challenges faced by Institutional investors who invest in Alternative Investments. It studies a variety of problems ranging from best practice to public policy and industry perception.

In addition, the center was conceived as a meeting place for people interested and active in alternative investments. The center also aims to engage students and practitioners alike through classes, executive education, seminars, and networking events.

Research and Academic Contributions

Course Offerings

Publications

White Papers

Student Involvement

Alternative Investments Group

The Center sponsors a student group on campus, the Alternative Investments Group, which facilitates student involvement with the center through sponsoring case competitions and by bringing industry speakers to campus. The group consists of juniors and seniors at the Goizueta Business School who want to expand their understanding of alternative investments and hope to pursue a career in alternative investments.

Case Competitions

Each year the Alternative Investments Group hosts a number of case competitions open to graduate and undergraduate students. The competitions include a Hedge Fund Competition [6] wherein competitors devise an investment strategy and execute it over a three-month trading period, a Venture Capital Competition [7] that allows students to simulate making an investment with an entrepreneur, and a Private Equity competition where competitors construct a buyout of a public company and pitch their investment recommendation. All of the competitions are judged by professionals actively working in the respective industries, giving the participants the unique opportunity to receive feedback and advice from experts at hedge funds, venture capital shops, and private equity funds.

Alternative Investments Network

The center's extended alumni network, The Alternative Investments Network, [8] serves Emory alumni, students, and their colleagues who work or are interested in alternative investments, including private equity, hedge funds, venture capital, and real estate. The organization connects and expands the Emory community in these fields, and offers an ongoing series of events and opportunities in support of this effort. The network has established a presence in both the New York and Atlanta areas, and allows members to become integrally involved with Center and expand their professional networks.

Faculty

Leadership

Affiliated Faculty

Related Research Articles

In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a type of ownership of assets and is a class of assets, which function as modes of financial management for operating private companies that are not publicly traded in a stock exchange.

<span class="mw-page-title-main">Venture capital</span> Form of private-equity financing

Venture capital is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which have demonstrated high growth. Venture capital firms or funds invest in these early-stage companies in exchange for equity, or an ownership stake. Venture capitalists take on the risk of financing risky start-ups in the hopes that some of the companies they support will become successful. Because startups face high uncertainty, VC investments have high rates of failure. The start-ups are usually based on an innovative technology or business model and they are usually from high technology industries, such as information technology (IT), clean technology or biotechnology.

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.

<span class="mw-page-title-main">D. E. Shaw & Co.</span> U.S.-based investment management firm

D. E. Shaw & Co., L.P. is a multinational investment management firm founded in 1988 by David E. Shaw and based in New York City. The company is known for developing complicated mathematical models and sophisticated computer programs to exploit anomalies in the financial market. As of June 1, 2021, D. E. Shaw manages $55 billion in AUM, $35 billion of which are alternative investments and the remaining $20 billion long-oriented investments. In 2018, Institutional Investor reported that among hedge funds, D. E. Shaw had delivered the fifth-highest returns in the world since its inception.

Chartered Alternative Investment Analyst (CAIA) is a professional designation offered by the CAIA Association to investment professionals who complete a course of study and pass two examinations. The "alternative investments" industry is characterized as dealing with asset classes and investments other than standard equity or fixed income products. Alternative investments can include hedge funds, private equity, real assets, commodities, and structured products. The CAIA curriculum is designed to provide finance professionals with a broad base of knowledge in alternative investments.

A "fund of funds" (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment. A fund of funds may be "fettered", meaning that it invests only in funds managed by the same investment company, or "unfettered", meaning that it can invest in external funds run by other managers.

Growth capital is a type of private equity investment, usually a minority interest, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business.

A private equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity. Private equity funds are typically limited partnerships with a fixed term of 10 years. At inception, institutional investors make an unfunded commitment to the limited partnership, which is then drawn over the term of the fund. From the investors' point of view, funds can be traditional or asymmetric.

In finance, the private-equity secondary market refers to the buying and selling of pre-existing investor commitments to private-equity and other alternative investment funds. Given the absence of established trading markets for these interests, the transfer of interests in private-equity funds as well as hedge funds can be more complex and labor-intensive.

LRG Capital Group is a global investment, banking and advisory shop that focuses on public and private companies in the technology, life sciences, hospitality, real estate and entertainment sectors. The firm was founded by Lawrence R. Goldfarb, formerly a managing director in the mergers & acquisitions group at CS First Boston.

<span class="mw-page-title-main">Alternative investment</span> Investments other than stocks, bonds and cash

An alternative investment, also known as an alternative asset or alternative investment fund (AIF), is an investment in any asset class excluding stocks, bonds, and cash. The term is a relatively loose one and includes tangible assets such as precious metals, collectibles and some financial assets such as real estate, commodities, private equity, distressed securities, hedge funds, exchange funds, carbon credits, venture capital, film production, financial derivatives, cryptocurrencies, non-fungible tokens, and Tax Receivable Agreements. Investments in real estate, forestry and shipping are also often termed "alternative" despite the ancient use of such real assets to enhance and preserve wealth. Alternative investments are to be contrasted with traditional investments.

A private equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital. Often described as a financial sponsor, each firm will raise funds that will be invested in accordance with one or more specific investment strategies.

Private equity real estate is a term used in investment finance to refer to a specific subset of the real estate investment asset class. Private equity real estate refers to one of the four quadrants of the real estate capital markets, which include private equity, private debt, public equity and public debt.

<span class="mw-page-title-main">Carried interest</span> Fee paid to an investment manager.

Carried interest, or carry, in finance, is a share of the profits of an investment paid to the investment manager specifically in alternative investments. It is a performance fee, rewarding the manager for enhancing performance. Since these fees are generally not taxed as normal income, some believe that the structure unfairly takes advantage of favorable tax treatment, e.g. in the United States.

Preqin is a privately held London-based investment data company that provides financial data and insight on the alternative assets market, as well as tools to support investment in alternatives. By the company's own definition, its data encompasses private capital and hedge funds, including fund, fund manager, investor, performance and deal information. The asset classes it covers are: private equity, venture capital, hedge funds, private debt, real estate, infrastructure, natural resources and secondaries.

<span class="mw-page-title-main">Metalmark Capital</span> American private equity firm focused on leveraged buyout

Metalmark Capital, formerly Morgan Stanley Capital Partners is a private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. Metalmark was acquired by Citigroup Alternative Investments in December 2007.

Impact investing refers to investments "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return". At its core, impact investing is about an alignment of an investor's beliefs and values with the allocation of capital to address social and/or environmental issues.

100 Women in Finance, formerly 100 Women in Hedge Funds (100WHF), is a non-profit organization for professionals who work in the alternative investment and broader finance industry. The organization aims to strengthen women's presence in the finance field by supporting women at each career stage to achieve their career goals. Actual membership comprises more than 15,000 professionals in 22 locations. Professional members advocate for a new generation of leadership, where women and men are equally successful and impactful in their roles as investment professionals and executives.

<span class="mw-page-title-main">Eaton Partners</span>

Eaton Partners is a global placement agent that assists in raising capital for funds managed by some of the largest private equity firms, hedge funds, real assets and real estate funds in the world. The firm is also one of the oldest placement agents in the private funds industry. Eaton Partners raises capital primarily from institutional investors including private and public pension funds, endowment funds, family offices, fund of funds, foundations and other large pools of money that invest in alternative asset classes.

Securities and Exchange Board of India Regulations, 2012 are a set of regulations introduced by Securities and Exchange Board of India (SEBI) in 2012, to regulate pooled investment funds in India, such as real estate, private equity and hedge funds.

References

  1. ↑ "CONSTRAINT ON THE CONTROL BENEFITS OF BROKERAGE: EVIDENCE FROM U.S. VENTURE CAPITAL FUNDRAISING". Christopher Rider. 2009-07-27.
  2. ↑ "EMBEDDING INTER-ORGANIZATIONAL RELATIONS IN ORGANIZATIONAL MEMBERS' PRIOR EDUCATION AND EMPLOYMENT NETWORKS". Christopher Rider. 2009-09-10.
  3. ↑ "Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices". Narasimhan Jegadeesh, Roman Kräussl, and Joshua Pollet. 2010-01-01.
  4. ↑ "Alignment of Interest in the Private Equity Industry" (PDF). Klaas Baks. 2010-07-01.
  5. ↑ "A RESEARCH AGENDA FOR ALTERNATIVE INVESTMENTS: A LIMITED PARTNER'S PERSPECTIVE" (PDF). Klaas Baks and Chris Rider. 2009-09-01.
  6. ↑ "Alternative Investment Group Hedge Fund Competition".[ permanent dead link ]
  7. ↑ "Alternative Investment Group Venture Capital Competition".[ permanent dead link ]
  8. ↑ "Alternative Investments Network".
  9. ↑ "Klaas Baks Biography".
  10. ↑ "Lawrence M. Benveniste Biography".
  11. ↑ "Roy Black Biography".
  12. ↑ "T. Clifton Green Biography".

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