Private Equity and Venture Capital Funding

Who can Pursue this course:

All the Undergraduates, Graduates(Non Finance and Finance Backgrounds), Those who are keen to make a career in Equity, Advisory, Broking etc.

Duration of the programme

20 hours

Course Content

1. 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

2. 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
  • Cash flows
  • The Investment/Divestment cycle
  • Fundraising
  • Key Documentation

3. 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

4. Accounting and Reporting for PE Funds

  • Annual Accounts
  • Quarterly Reports
  • The role of the auditor
  • The role of the advisory committee
  • Timely reporting

5. Buyout – An Outline

  • Types of Buyouts
  • Size
  • Sector
  • Geography
  • Other “buyout” activity
  • Debt
  • Earnings
  • Control
  • Barriers to Entry

6. How to Analyse Buyout

  • Return Drivers
  • Earnings
  • Multiple
  • Multiple increase in a perfect market
  • Multiple increase in an imperfect market
  • Leverage (Debt)
  • Recapitalisation
  • Timing

7. Buyout Returns

  • Skills
  • Imperfect Markets
  • The great fund size debate
  • Conclusions and Predictions

8. How to Analyse Venture

  • Money multiples
  • Valuation
  • Cost and Value
  • IRRs and Multiples
  • Going In Equity
  • Percentage within fund
  • Home runs Venture Returns
  • Returns by fund stage
  • Multiples drive IRRs
  • Impact of fund size
  • Conclusions and predictions

9. 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

10. Planning your Investment Programme

  • Cashflow Modelling
  • Over-Commitment
  • Diversification by time
  • Co-Investment
  • Secondaries Uninvested capital – Beware Stock Market Beta

11. The Role of PE within a Modern Portfolio

  • Diversification
  • Risk
  • Long term investors
  • Liquidity
  • Pension fund returns

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