Private Equity: East Asia - Chang Sun, Warburg Pincus Asia

Chang Sun, Warburg Pincus Asia, illustrates the critical issues that determine whether a private equity firm can successfully develop a company in its portfolio. In Sun's view, there are four such hurdles: deciding whether a company is a good buy, figuring out the right structure and terms, dealing with the firm's management and making the right call on when to exit.
For more on this class session, see: knowledge.wharton.upenn.edu/pe...
#private #equity #Warburg #Pincus

[@named161]

This guy is passionate about his craft and it is unmistakable. This was a real blessing for me. Thank you!!!

[@patrickalegria7620]

Very few smart corporate people has this combination of high practical intelligence partnered with a good sense of humor. Another guy who speaks with a lot of intelligent content with a good sense of humor, Warren Buffet.

[@abiaji]

One of the most balanced and insight heavy presentation is have seen, out of the Wharton series. Thanks People

[@samsun01]

Thank the Tech Lead.

[@tailah-raehudson3147]

This is one of the best lectures I heard, loved the dynamic approach to explaining PE

[@eh1114]

Great lecture! Thank you so much for posting this online for those don't have the access to learn from professionals and true talents.

[@zhilingxu8390]

Terrific lecture! This guy running TPG China now btw

[@tomiwa1a]

Amazing talk. I can't believe that this talk was given back in 2011. A lot of these points are still relevant today. His point at around 11:00 on the similarities and differences between PE and VC is especially interesting because it seems like since 2011 to today in 2021 VC has become a more common path for students graduating from business school that might have otherwise gone into PE. It's a trend I've noticed with my classmates from business school as well. As someone with both a software engineering and business background, It'd be interesting to get Chang Sun's thoughts on how PE companies think about investing and valuing software companies and how it's different from the physical, tangible asset businesses that PE shops typically invest in. For example, Vista Equity Partners was in the news a couple months ago for their industry leading returns as a PE shop that primarily invests in software companies. You also have Constellation Software in Canada that has been doing well following a similar model. Thank you Wharton and Mr. Sun for making this information available for everyone.

[@titobaskoro2240]

I had a chance working in finance and valuing both conventional company and also software. From my experience. Principle is quite the same but valuation method is different. Conventional company is using traditional DCF. Meanwhile at software, typically SaaS with revenue under 10M/year is valued at 30x to 60x monthly net profit. But for monopoly startups (linkedin,fb, google), these companies are way far more valuable than SaaS since they have very little competition.

[@zakkhan6054]

i literally caught onto that too buddy, his overall analysis is spot on and v relevant today. Are you in VC yourself?

[@misskriss848]

@@titobaskoro2240 your thoughts on Palantir, please?

[@5H0M3D4M0N3Y]

Great lecture and insights to the PE world! Thank you Mr. Chang.

[@MrTasutasutasukun]

When hearing this, macroeconomic focus and standpoint is inevitable when investing as well as micro one like business model issue and sector selection.

[@wandah9468]

Really love this channel! Brain working so hard smoke is coming out. Oh, and major validation of my investing instincts, management 🙄, so much!!

[@bloodyredvinal]

Too bad I can't his slides from his presentation! A lot of good stuff here!

[@olivierbolton8683]

So informative thank you Chang for your experience and insights.

[@leecoleman822]

Thank you , and have a great day ; Mr. Chang Sun 🦉

[@natnaeltesgay1558]

i put this on as background noise and ended up finding a hidden gem

[@jessicab3409]

Brilliant lecture!!!! I wish I had come across this earlier.

[@chensu4547]

I learned tons of knowledge from Chang Sun (孙强). From his story, I really think PE is a fun job.

[@filmawayvlad]

Thank you very much for this video

[@charleswani9851]

Thank you all for this brilliant, discussion to make every one feel comfortable to learn different ways of set up business and company operate we. This is good for networking process, for those who can reach outside quick.

[@morrisrb12]

Really good lecture. Well worth the entire watch. Thanks you Chang Sun

[@XiaoXen]

really good aged content still effective today

[@BurningLegendsClan]

Thank you Mr. Chan Sung, nice seeing you got your life straight after mortal kombat

[@dubairealestatedubai]

thx for sharing, that 's a great lecture

[@gloriaw6230]

Great lecture , got a lot of insights of PE

[@fredwu5965]

It's Mr. Sun.

[@kehindepopoola8922]

great lecture

[@moregel6597]

such a great one!

[@danykurniawan12345]

Great Lecture

[@MubashirullahD]

That was amazing

[@etch-a-life]

this is pretty interesting

[@agasalmans]

This guy openly mentions all the names of the people he fired over the years and does not worry about being sued as he is leaking confidential hr related details out relating to people performances.. what a professional!

[@xiaolixing3490]

u know nothing

[@zes3813]

+Xiaoli Xing wrg

[@mkme2358]

good point, but the actual risk is very low, if there was wrongdoing, what would they do?

[@jordanf8326]

The performance belongs to the firm, not the individual.

[@casivareddy]

this was sharp

[@BAMBAMBAM495]

large pension fund wants PE to beat s&p by 100% !?? wow, ! great lecture. thankyou

[@djychun]

Who would knew the pandemic could end many deals ?

[@misskriss848]

And usher in many more.

[@tyquanfleming8554]

872 vs 982

[@TheCheukhin]

Over underrated video

[@Cnwkchiwvekx]

16:31 Asian dude dozing off lol

[@Hermit-Crab]

He's very quick to put into practice what the lecturer says at the start of the lecture about dozing off during lecture. To be really successful, you need to doze off during lecture.

[@Ken-ul6ll]

I think he’s Japanese (based on the infamous Japanese salary-man Panasonic laptop). It’s common for Japanese people to sleep through lectures in college too lol

[@seankim9915]

LOL : "..that's what's wrong with koreans. they want to own a golf course!...." hilarious. and it is true. i m korean. hilarious..

[@user-qh6bd7jb7c]

안녕하세요 ㅎㅎ

[@lewisrochelle2926]

Why is this on my recommended 10 years on

[@misskriss848]

Because you need it now.

[@maxrush206]

4:20 10 years on and you were almost wrong about that hahaha

[@TLiu-1b]

How is the dude at 13:39 falling asleep on this great lesson?

[@TLiu-1b]

The dude on the right looks clueless too.

[@kentheengineer592]

13:45

[@SimonChengHK]

Warburg Pincus , KKR , JPmorgan , General Electric , General motor , Mckency

[@yomomomama3964]

Simon Cheng wtf are u talking about gtfo learn how to spell

[@deeroberts8090]

2:55 🤣

[@malvikapant7622]

capital seeks idea not create ideas

[@wayne1516]

“Connections less and less important” That didn’t age well. How different 10 years ago it was

[@gjorgji9339]

You obviously didnt hear his statement. He said that as the country is becoming less and less corrupt you dont have to rely on politics and bribing government officials.

[@anarismayilov3143]

@@gjorgji9339 Unless your operations are limited in size, you always need to have relationships with those in government. Besides, now corruption isn't as "straightforward" (e.g., letter cash) as in the past, but it is more creative (e.g., using the network as a supplier that sells for above-market prices, issuing common stock close to par for the network).

[@ipman8469]

Is it just me or are there a lot of Indian guys in the room ?

[@hohumsup5162]

The parsimonious notify certainly soothe because approval contemporaneously stitch beside a windy cafe. fixed, economic apparatus

[@covinaclassics2284]

The embarrassed locust proximally suffer because fiction subsequently develop unto a tawdry sunshine. natural, sparkling grandmother

[@WheelsakaSpeedy]

The obnoxious parcel byerly cross because yew counterintuitively lock till a half spark. good, needless rod

[@yinghanfu9047]

"you don't have to worry about Obama government gets toppled by some coup", so much for that.

[@justyp]

You don’t have to worry about instability in the USA Obama government. Wow…how things have changed..

[@OdysseusAres5500]

The blonde at 1:34 is really hot.

[@iceyred6668]

non-erobeik /does not/ hbiid happened/does not happened' /nd.D

[@birjushah8181]

"this is how pe makes money" - incorrect. EBITDA multiple arbitrage. that is really the only golden ticket.

[@iceyred6668]

iThe SearcHforY'HigH/Uyields 13.38 YLd. //nd.D