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Fond Jet 2 - Pojmy

p. a. (per annum)

on a yearly basis Celý článek

Total Value to Paid-in multiple (TVPI)

The ratio of the sum of fund capital value and cumulative amount of fund distribution to the amount of capital called up. It is used as an indicator of a fund’s performance before the end of its lifetime. Celý článek

Residual Value to Paid-in multiple (RVPI)

The ratio of fund capital to capital called up Celý článek

Distributed Value to Paid-in multiple (DVPI)

A ratio of the cumulative amount of a fund’s distribution to the amount of capital called up Celý článek

Paid-in Capital (PIC)

The share of capital called up relative to the total fund capital subscribed Celý článek

IRR (internal rate of return)

Internal rate of return is a highly objective indicator of an investment’s performance that measures the investment’s returns and value over time relative to the invested amount. Celý článek

exit strategie

A pre-defined procedure followed upon reaching an investor’s strategic objective or a process for when the determined strategy fails. Typical exit strategies may include selling the company to a strategic partner, merger with another company, stock exchange flotation or closing down the company. Celý článek

due diligence

A comprehensive examination of a company that precedes an investor’s entering the target company. Among other aspects, it includes a deep and detailed financial, managerial, and technical audit. Celý článek

cashflow

The difference between incoming cash and cash flowing out for a certain period Celý článek

diversification

Distribution of the portfolio across various investment instruments, industry or geographic sectors, and company types with the objective of reducing investment risk Celý článek

turn-around / rescue

Investment into companies that are performing poorly in the short term with the objective of consolidating and restructuring their operations. Liquidation processes are also permissible in certain cases. Celý článek

liquidity

The ability to convert assets into cash (alternatively, the speed at which this can be achieved) Celý článek

Growth & dividend part of the portfolio

A combination of two basic parts of a portfolio characterized by returns of different types in order to diversify investment risk. The dividend part of the portfolio consists of prosperous businesses offering attractive and stable dividends. The growth part of the portfolio comprises companies with substantial potential for restructuring and subsequent growth. Celý článek

acquisition

The process of acquiring a property or group of assets identified in advance. In the case of a private equity fund, this usually entails taking over a company. Celý článek

buy-out

Buy-out of a majority ownership share in a company Celý článek

growth

Investments into mature companies with established positions in their markets needing financial resources for their own development, expansion into new markets, or financing of acquisitions. Typical investors are private equity funds. Celý článek

late stage venture

Investments into relatively developed companies with their own products but which do not have established corporate management structures for their further development as well as sufficient financial or strategic capital. Investments usually comprise managerial and financial support for new products, technologies, or general company expansion. Typical investors are private equity funds. Celý článek

venture investments

Investments during the initial phase of their development into smaller companies with high growth potential (start-ups) and needing financial capital for introducing a product to the market, developing an existing product or its marketing. Typical investors are venture funds. Celý článek

EBITDA

Earnings before interest, tax, depreciation, and amortization. It is an indicator of a company’s operating performance. Celý článek

capital commitment

Total amount an investor has undertaken to invest into a fund. This amount is invested not all at once but gradually based on capital calls from the fund’s manager at such times as the fund intends to buy new companies. Celý článek

track record

Results demonstrating a fund’s long-term profits and rate of return Celý článek

private equity & venture capital

Venture capital consists of funds invested into companies in the early stages of their development. Private equity capital comprises investments into companies in the late stages of their development as well as in mature companies. Celý článek

private equity fund

A fund pooling the investments of institutional investors, individual investors, and fund managers. The purpose of a private equity fund is to invest capital into companies that are not publicly traded and to generate profit by developing them and subsequently selling them off. Celý článek

Limited Partner (LP)

A limited investor in a private equity fund (also termed a silent partner) has only limited rights in matters concerning the fund’s management and does not participate in its operations. He or she is entitled to receive returns from the fund’s investments. Celý článek

General Partner (GP)

The general partner is the manager/owner of a fund with potentially unlimited rights to act concerning that fund. He or she is responsible for managing and administering investments and, for doing so, he or she is entitled to a management fee and a percentage of the fund’s return, the amount of which is established by the fund’s bylaws. Celý článek

private equity

Collected capital of institutional investors (e.g. pension funds, insurance companies, banks, investment funds, funds of funds, and family offices), as well as high and very high net worth individuals used for direct financing of companies not publicly traded on any stock exchange. Celý článek

capital call

A call from an investment company for the investor to deposit the promised investment into the fund. The sum of all capital calls may not exceed the total amount of the investor’s capital commitment. Celý článek

angel investments

Investments into small companies at the phase of their formation. It constitutes a bridge between the initial investment by the company’s founder(s) and an entry of venture capital. Typical angel investors are individuals close to the company’s owners. Celý článek