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Preface ix About the Author xi PART ONE Overview of Alternative Assets 1 CHAPTER 1 What Is an Alternative Asset Class? 3 CHAPTER 2 Why Alternative Assets Are Important: Beta Drivers and Alpha Drivers 15 PART TWO Hedge Funds 29 CHAPTER 3 Introduction to Hedge Funds 31 CHAPTER 4 Establishing a Hedge Fund Investment Program 71 CHAPTER 5 Due Diligence for Hedge Fund Managers 97 CHAPTER 6 Risk Management Part I: Hedge Fund Return Distributions 135 CHAPTER 7 Risk Management Part II: Additional Hedge Fund Risks 169 CHAPTER 8 Regulation of Hedge Funds 203 CHAPTER 9 Hedge Fund Benchmarks and Asset Allocation 229 CHAPTER 10 Hedge Fund Incentive Fees and the “Free Option” 251 CHAPTER 11 Top Ten Hedge Fund Quotes 265 PART THREE Commodities and Managed Futures 275 CHAPTER 12 Introduction to Commodities 277 CHAPTER 13 Investing in Commodity Futures 305 CHAPTER 14 Commodity Futures in a Portfolio Context 333 CHAPTER 15 Managed Futures 353 PART FOUR Private Equity 377 CHAPTER 16 Introduction to Venture Capital 379 CHAPTER 17 Introduction to Leveraged Buyouts 419 CHAPTER 18 Debt as Private Equity Part I: Mezzanine Debt 455 CHAPTER 19 Debt as Private Equity Part II: Distressed Debt 477 CHAPTER 20 The Economics of Private Equity 501 CHAPTER 21 Performance Measurement for Private Equity 523 CHAPTER 22 Trends in Private Equity 553 PART FIVE Credit Derivatives 577 CHAPTER 23 Introduction to Credit Derivatives 579 CHAPTER 24 Collateralized Debt Obligations 609 CHAPTER 25 Collateralized Fund Obligations: Intersection of Credit Derivative Market and Hedge Fund World 653 PART SIX Corporate Governance 667 CHAPTER 26 Corporate Governance as an Alternative Investment Strategy 669 Index 695 |
MARK J. P. ANSON, PHD, CFA, CAIA, CPA, JD, is CEO of Hermes Pension Management Ltd. in London, which has over £65 billion in assets under management, and is the former CIO of CalPERS, where he oversaw the growth of assets from $127 billion to $210 billion. Anson has more than twenty years of investment experience in fixed income, equities, private equity, real estate, commodities, hedge funds, corporate governance, and credit derivatives.