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Private Equity

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JEM161

Sylabus

Compact course will be taught face to face during 2 days - preliminary June 12-13, 2024 (9-12 a 14-17 h) - room 314 + will be finalised by online test.

Three use cases 

Learn how investment professionals approach PE/VC investments, 

You can apply the learnings to “entrepreneurship via acquisition”, and 

The topics covered apply to broader corporate strategy

Lecture 1: What is Private Equity (and Venture Capital)?

Some historical perspective (or what do Crusades have to do with any of this?) 

How do PE/VC funds work

Lifecycle of a fund: Institutional fundraising / asset management 

VC vs. PE; What is a “Family Office”, a “Search Fund”   

Lecture 2: Investment strategies & opportunity screening 

How do PE firms make money?

How is VC different from PE?

PE Investment strategies and Investment criteria

Auctions vs. proprietary sourcing

Lecture 3: Role of Debt

Debt capacity (how much debt can you raise?) and leverage ratios 

Cost of debt (hint: not just the interest you pay)

Alternative sources of debt – an overview

Capitalization table & liquidation preference

Lecture 4: Valuation in PE/VC Context

Price vs. Value

Value to who? Stakeholders’ perspective 

Overview of basic valuation techniques: pro’s and con’s

Difference between PE and VC approach to valuation

 Lecture 5: Acquisition Process

From the first contact to a Deal

Key parties to the table

Difference between an auction and negotiated transaction

Due diligence

 Lecture 6: Acquisition Agreement

Transaction structure: What do you buy (assets or shares) and how do you pay (cash or shares) and how much (fixed price vs formulae)

Buying whole business vs control vs minority stake (PE vs VC)

Deal protection: Representation & Warranties and Remedies (Baskets, de minimis, caps)

Conditions precedent & Closing

 Lecture 7: Monitoring & Exiting investments

Monitoring: Management vs. Board roles

Monitoring: The Good, the Bad and the Ugly

Timing the exit: determinants 

Ways to exit: Trade sale, secondary LBO, IPO, Recap 

Panel with Industry Practitioners 

Speakers to be announced 

Anotace

The objective of the course is to provide both a conceptual framework of and practical insights into private equity investing. The course design follows the logic of a typical deal going from preparation to execution to exit, looking from both strategic and operational level. Each block comprises topical seminars complemented by guest talk by and discussion with experienced professionals in a given area of focus.

Registration into this compact course is open until the first day of the course.