Private Equity & Venture Capital
The private equity sector appears to be emerging from the slow down relatively unscathed. With private equity funds poised to grow, it remains an exciting sector. This private equity training course is taught by one of the world's leading experts on the subject. Definitely a course for the serious practitioner.
Course Highlights
Five reasons why you MUST attend this programme:
- You will learn from a highly experienced trainer with 20 years industry experience, revealing the industry's best kept secret
- This course is based on the world's only definitive textbook on private equity
- You will gain the techniques to model and analyse private equity returns
- Buyout and venture explained in depth
- Breadth of industry coverage by time, sector, stage and geography
For details of the course trainer, please download the course brochure
Booking Information
| Dates | Prices | Book This Course | Discount |
|---|---|---|---|
| 27 - 28 Sep 2010 |
£ 2099 |
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| 24 - 25 Mar 2011 |
£ 2099 |
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Course Programme
Day One
What is Private Equity?
- Broad definition
- Terminology
- Buyout and venture outlined and distinguished
- Fund versus direct investing
- Other types in outline: PIPEs, development capital, mezzanine
- Geographical dispersion
- How the industry has grown over time
The Nuts and Bolts– How PE Funds Operate
- How do PE funds work?
- Structure – the GP/LP model
- Fees and carried interest
- Allocated, committed, drawn-down and invested capital
- The J-curve
- Cashflows
- The investment/divestment cycle
- Fundraising
- Key documentation
Private Equity Returns– the Basics
- Understanding the J-curve
- Compound versus annual returns
- Vintage year returns
- IRRs
- Multiples – TVPI, DPI, etc.
- Median returns
- Upper quartile returns
- Pooled returns
- Time-weighted returns
- Valuation
Accounting and Reporting for PE Funds
- Annual accounts
- Quarterly reports
- EVCA valuation guidelines
- NVCA valuation guidelines
- BVCA valuation guidelines
- The role of the auditor
- The role of the advisory committee
- Timely reporting
Buyout – an Outline
- Types of buyouts
- Size
- Sector
- Geography
- Other “buyout” activity
- Debt
- Earnings
- Control
- Barriers to Entry
Tax Treatment of PE Funds and LP Interests
- Pension funds
- UK taxpayers
- Special case – insurance companies
- Double taxation
- Accounting Standards and other specifics
- Required information
Venture – an Outline
- Applications, not technology
- Sector
- Stage
- The US model
- The US model comes to Europe
- Required skills
- Cultural and attitudinal differences
Day Two
How to Analyse Buyout
- Return drivers
- Earnings
- Multiple
- Multiple increase in a perfect market
- Multiple increase in an imperfect market
- Leverage (Debt)
- Recapitalisation
- Timing
Buyout Returns
- US versus Europe
- Skills
- Imperfect markets
- The great fund size debate
- Conclusions and predictions
How to Analyse Venture
- Money multiples
- Valuation
- Cost and value
- IRRs and multiples
- Going In equity
- Percentage within fund
- Home runs Venture Returns
- US versus Europe
- Returns by fund stage
- Multiples drive IRRs
- Impact of fund size
- European venture
- Conclusions and predictions
Due Diligence
- At the fund of Funds level
- At the fund level
- At the company level
- Qualitative
- Quantitative
- Think outside the box
- Targeted, not blanket
- Monitoring PE funds
Planning your Investment Programme
- Cashflow modelling
- Over-commitment
- Diversification by time
- Co-investment
- Secondaries Uninvested capital– beware Stock Market beta
The Role of PE within a Modern Portfolio
- Yale model
- Diversification
- Risk
- Long term investors
- Liquidity
- Pension fund returns
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