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Private Equity & Venture Capital

  • Enseignant(s):   T.Dimopoulos  
  • Titre en français: Capital investissement et capital risque
  • Cours donné en: anglais
  • Crédits ECTS: 6 crédits
  • Horaire: Semestre d'automne 2021-2022, 4.0h. de cours (moyenne hebdomadaire)
  •  séances
  • site web du cours site web du cours
  • Formations concernées:
    Maîtrise universitaire ès Sciences en finance, Orientation gestion des actifs et des risques

    Maîtrise universitaire ès Sciences en finance, Orientation finance d'entreprise

    Maîtrise universitaire ès Sciences en finance : Entrepreneuriat financier et science des données
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Objectifs

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.

Contenus

  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

Références

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

Evaluation

1ère tentative

Examen:
Ecrit 2h00 heures
Documentation:
Autorisée
Calculatrice:
Autorisée avec 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.

Rattrapage

Examen:
Ecrit 2h00 heures
Documentation:
Autorisée
Calculatrice:
Autorisée avec restrictions
Evaluation:

Retake exam: Same as first attempt.



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