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Private Equity & Venture Capital

  • Teacher(s):   T.Dimopoulos  
  • Course given in: English
  • ECTS Credits: 6 credits
  • Schedule: Autumn Semester 2021-2022, 4.0h. course (weekly average)
  •  sessions
  • site web du cours course website
  • Related programmes:
    Master of Science (MSc) in Finance, Orientation Asset and Risk Management

    Master of Science (MSc) in Finance, Orientation Corporate Finance

    Master of Science (MSc) in Finance : Financial Entrepreneurship and Data Science
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Objectives

Private Equity is concerned with the financing of private corporations. Contemporary giants such as Google, Apple and Intel once started out as private firms with little assets and very limited personnel. Their staggering success has generated a growing interest over the years in the financing of private enterprises, where innovating ideas, aspiring to shape the future, are born. As the tech-valuation wave of the late 90-s showed, such a success is neither easy nor guaranteed. By its very nature, investment in private firms is illiquid, it is undertaken based on scarce information, its maturity is unknown, and the asymmetric information problems associated with it are acute.

At the same time, the buyout industry is concerned with the operational and financial restructuring of firms away from the pressing demands of the stock market. Multiple challenges emerge in this industry, may that be the appropriate mix of core and peripheral activities, the design of incentives, the due diligence process or the balance between bankruptcy risk and tax saving.

To travel through such a rough landscape, a private equity fund employee needs a balanced set of skills: Institutional knowledge, financial valuation skills, and real world experience. The content of the course is built around these premises.

Contents

  1. Introduction
  2. Funding Private Equity
  3. Alternative Startup Financing I
  4. Alternative Startup Financing II
  5. PE Valuation I
  6. PE Valuation II
  7. Partial Valuation I
  8. Partial Valuation II
  9. Startup ideas
  10. Buyouts I
  11. Buyouts II
  12. Buyouts III
  13. Initial Public Offerings
  14. Private Equity Firms

References

No book covers the entirety of the class. The recommended textbook for the course is:

Evaluation

First attempt

Exam:
Written 2h00 hours
Documentation:
Allowed
Calculator:
Allowed with restrictions
Evaluation:
  • The final grade for the course is:

Grade=0.3*Graded Case Studies+0.2*Presentation average +0.5*Final Exam Grade

The case studies, the final exam, and the presentations will each be graded on a 1-6 scale. A grade 0 will be assigned for late submissions/omissions/copying or other breach of academic integrity. The final case study grade is the average across all case study grades.

Retake

Exam:
Written 2h00 hours
Documentation:
Allowed
Calculator:
Allowed with restrictions
Evaluation:

Retake exam: Same as first attempt.



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