In  Private Capital: The Complete Guide to Private Markets Investing,  renowned private markets investor and expert Dr. Stefan W. Hepp delivers an insightful and comprehensive exploration of the history, nature, and influence of private market investing. The author offers a robust examination of the key practical and conceptual issues faced by investors as they move forward into the future. In the book, you'll find fulsome discussions of the rise of private market investment following the conclusion of World War II, as well as why the limited partnership became the dominant investment vehicle for private equity. You'll also discover the importance of the convergence of technology, government, academia, and venture capital that came to define what we now know as Silicon Valley. The book includes: Explanations of the emergence of buyout firms, as well as why and how buyouts differ from other forms of mergers and acquisitions - Examinations of the explosive growth of private equity and other private asset classes since the turn of the millennium - Discussions of the issues set to dominate the future of private markets, including ESG investing, value creation, unicorns, special purpose acquisition companies (SPACs), and more A must-read book for regulators, investors, asset managers, entrepreneurs, founders, and other businesspeople, Private Capital  will earn a place on the bookshelves of anyone with a stake or interest in private equity and other private asset classes. Since the year 2000, private markets investing has grown over 25-fold. It broke the $10 trillion assets under management (AuM) mark in 2021. Why has an industry that began as a small-scale endeavour of few practioners at the fringe of the wider asset management industry grown to such mammoth proportions? And what significant events and trends have shaped its evolution? In Private Capital , veteran global finance and private markets expert Dr. Stefan W. Hepp delivers a comprehensive and insightful exploration of the history, nature, and influence of private market investment, as well as the key practical and conceptual issues faced by investors as they invest in the asset class. These insights are combined with a practitioner’s view and the experience gained over many years of investing in the asset class that provides context and highlights relevant lessons for those investing in the asset class or dealing with private market firms. The book charts the origins of risk capital and the financing of entrepreneurial ventures since the Age of Discovery and asks what are the grand dynamics that drove the formation of financial capital, the intermediation between owners of capital and entrepreneurs, and shaped the regulatory and institutional environment in which capital markets evolved. The historical perspective provides insights into the role of public and private equity investing over the centuries. It reveals patterns of booms and busts, overinvestment, consolidation, and conditions that favor public or private equity that hold valuable lessons for today’s investors. The book also asks why modern venture capital and buyouts emerged after centuries of evolution of capital markets and the growing depth and sophistication of stock markets. By analyzing the institutionalization of capital markets and the political and regulatory trends that shaped the investment landscape, the author shows how opportunities were created that allowed the private market industry to grow to its present size. He discusses how policy decisions that enable these investments to flourish can bestow a competitive advantage upon nations. You’ll also learn about the different types of private market investing across the full spectrum from venture capital and buyouts to private debt and real assets and how they differ in their deal structures value creation strategies. This book intends to fill the void by offering an objective perspective as the first compendium that provides an in-depth overview of the full spectrum of private markets investing and reviews the empirical evidence of the private market industry’s track record by using a wealth of data that is typically not publicly accessible. PRAISE FOR PRIVATE CAPITAL “This book not only demystifies the world of private markets investing but also provides invaluable insights into how individuals and businesses can harness the power of private capital to drive innovation, growth, and financial success.” ― Prof. Dr. Dr. Ann-Kristin Achleitner, Scientific Director, Center for Entrepreneurial and Financial Studies – CEFS at the Technical University Munich “A comprehensive, detailed and entertaining Tour d’Horizon of Private Equity. Love it.” ―Dr. Marcel Erni, Co-Founder and Member of the Board of Directors of Partners Group “Stefan Hepp has authored a tour de force for the alternative investment industry. Never before have we seen such an ambitious, sweeping and comprehensive overview, spanning centuries, continents and