J-Curve Exposure Managing a Portfolio of Venture Capital and Private Equity Funds

Private Equity worldwide attracts growing amounts of capital that fuels the growth of an industry which probably faces its greatest challenge so far. The buy out industry has yet to demonstrate the sustainability of the exceptional returns it has produced over the last five years while the venture capital industry has yet to bounce back and produce the sort of premium that its risk levels should command for investors. Against this backdrop, the publication by Pierre Yves Mathonet and Thomas Meyer provides investors in the asset class with the necessary toolbox to understand its fundamentals and to enable them to apply their own judgment on the market. This should allow both existing and prospective investors to navigate the sometimes complex intricacies of the industry and to construct a robust portfolio at this crucial point of the cycle. Congratulations for this superb work which has now become an industry benchmark.

Philippe Poggioli, Managing Partner, Access Capital Partners



Notwithstanding the attractive returns private equity may offer, there are many potential pitfalls for investors. Mathonet and Meyer have done an excellent job (again) in helping investors avoid such pitfalls and build a robust portfolio of private equity funds. Written for practitioners, their new book provides a theoretically sound basis for those seeking exposure to this asset class. I can strongly recommend it.

Peter Cornelius, Head of Strategy & Economics, AlpInvest Partners



J Curve Exposure is a top notch distillation of experience and current theory. Pierre Yves Mathonet and Thomas Meyer do not shrink from proposing solutions to some of private equity s toughest challenges regarding valuation, portfolio construction / allocation, risk management and modeling. They point out where private equity investing has become science, and where it still remains art. It should go on the bookshelf of anyone setting up a private equity investment program.

Juan Delgado Moreira and Wayne E. Yang, Hamilton Lane Advisors



Congratulations to PY Mathonet and T Meyer. J Curve Exposure provides a very useful analysis of the practices in fund investing in European private equity. Through a combination of practical examples and references to academic research, the authors provide a valuable insight into the complexity and a number of risks attached to building and managing a portfolio of PE funds.

Serge Raicher, Partner, Pantheon Ventures