DR. STEFAN W. HEPP, a finance veteran since the late 1980s, started his career at Salomon Brothers and Morgan Stanley, where he served on Bank Morgan Stanley's Management Committee before he founded and led SCM Strategic Capital Management, a global private markets investment firm with about ten billion dollars in assets. After SCM was acquired by Marsh & McLennan Company, he became the Global Business Leader for Private Markets at Mercer. He serves on the boards of several financial institutions. Stefan has been a consultant for international organizations such as the World Bank and the American Enterprise Institute. He received his Ph.D. in Economics from the University of St. Gallen and an MBA from the University of Chicago Booth School of Business, where he also teaches in the full-time MBA program.

Abbreviations ix
Introduction 1
Part I The Beginning 9
Chapter 1 Funding Private Enterprise 11
Chapter 2 Enterprise Financing in the USA from WWII to the 1960s 67
Chapter 3 How Silicon Valley Came to Be 77
Chapter 4 US Private Equity During the 1960s and 1970s 111
Part II Booms and Busts 157
Chapter 5 Private Equity During the 1980s 159
Chapter 6 The 1990s: Dotcom Boom and Bust 193
Chapter 7 A Private Markets Boom Between Two Crises 261
Part III Becoming Indispensable 355
Chapter 8 The GFC and the Surge of Private Markets 357
Chapter 9 Responding to Shifting Dynamics: Intermediaries, VC, and Growth Financing 435
Chapter 10 Buyouts, Private Debt, and Real Assets During the Post-GFC Boom 517
References 607
Acknowledgments 671
About the Author 675
Index 677

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