Rocket Science and Private Equity have one big common point. 99.9% of the
people listening to a conversation between people in these fields would have no
clue what is being said.

What Happens When a Stock You Own Is Delisted?

The acid-test ratio uses a firm's balance sheet data as an indicator of whether it has sufficient short-term assets to cover its short-term liabilities.

It is the first and only highway/motorway project under tolls within the UK PPP program (Except for major bridges).

EBITDA: Earnings Before I Trick the Dumb Accountant, but formally defined as Earnings
Before Interest, Taxes, Depreciation, and Amortization. It is a measure of the underlying
earnings of the business; calculated as Revenue Expenses (excluding tax, interest,
depreciation, and amortization). EBITDA is an important measure because it looks at
underlying earnings, before financing costs and accounting adjustments such as
depreciation and amortization. Prices of loans and companies are often expressed as a
function of that figure. Hence, your EBITDA is big deal. Note an important finance gravity
rule: An EBITDA always steadily goes up over ti me in a management presentation.

CityFibre is the UK’s largest alternative provider of wholesale fibre network infrastructure and the builder of Gigabit Cities. With network projects in over 60 cities and construction underway to reach up to 8 million homes, CityFibre is future-proofing the UK

Capex: Short for capital expenditures Treated differently from ordinary operating expenses in company accounts. Critical for calculating a company’s Free Cash Flow (an important
the number for valuation) See capitalization.

We want to promote the transition to a sustainable business model that combines competitiveness, innovation and sustainability.

We are an integrated energy infrastructure company that is active in the development and operation of networks for the transmission and distribution of natural gas, the distribution and sale of liquefied petroleum gas and the promotion of new gas-powered mobility infrastructure, renewable gas and hydrogen.

A perpetuity is a security that pays for an infinite amount of time. In finance, perpetuity is a constant stream of identical cash flows with no end.

A widely used measure of investment performance. Internal Rate of Return is the
discount rate at which future cash flows, discounted back to the present, equal the purchase
price. Implicitly, IRR assumes that every distribution that is received is reinvested at that IRR.

Greenfield and brownfield investments are two types of foreign direct investment. With greenfield investing, a company will build its own, brand new facilities from the ground up.
Brownfield investment happens when a company purchases or leases an existing facility.

A yield curve is a line that plots yields (interest rates) of bonds having equal credit quality but differing maturity dates.

Venture capital is a form of private equity and a type of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.

A measure of value that represents the value obtained (i.e., the price received) from selling an asset (or broadly an economic resource) or the value surrendered (i.e., the price paid) upon transferring a liability all in an exchange-like transaction, and net of selling/ disposal costs.

Leveraged Buyout (LBO): A takeover of a company, using a high proportion of borrowed
funds. Generally, the target company assets act as the collateral for the loans taken out by
the acquiring group. The acquiring group then repays the loan from the cash flow of the
acquired company. For example, a group of investors may borrow funds, using the asset o a
company as collateral, in order to take over the company. Or the management of the company may use this vehicle as means to gain control of the company..

DCF: Discounted Cash Flow but mean people say it stands for Deceit by Computer Fraud seemingly highly scientific but rather unreliable method of valuing companies. A good exercise to do anyway as a sanity check. Works better when future cash flows are easier to
predict (e.g. for core real estate or infrastructure).

Within private equity real estate, assets are typically grouped into four primary strategy categories based on investment strategy and perceived risk.

As investor focus on infrastructure continues to expand, so too has its scope, according to Goldman Sachs’ Brian Bolster and Michael Sachs, who lead the firm’s investment banking coverage effort for the sector.

In June, Ferguson Partners once again hosted a Roundtable Discussion with a group of senior
infrastructure leaders.

The Alternatives business within Goldman Sachs Asset Management is the primary center for our long term principal investing activity. The group invests in equity, credit and real estate strategies.

As one of the world’s leading asset managers, our mission is to help you achieve your investment goals.

Matteo is a managing director at Goldman Sachs, working in the Infrastructure Investment Group of the Private Equity Division.

Over the last twenty years, Ludo has been actively researching the private equity industry.