Předmět Private Equity (JEM161)

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Materiál	Typ	Datum	Počet stažení

Cíl

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.

Sylabus

Note: Each block (A, B) is 45mins long.1A: Introduction to the course·      Lecturer, bio·      Aim and outline of the course·      Ground rules·      End-of-semester presentation assignmentIntroduction to the subject (or "What is PE?")·      General definition·      VC vs. PE·      Institutional funds (e.g. members of CVCA) vs. other forms of PE investing (family office, holdings, club deals)·      Financing growth vs. facilitating change of ownership 1B: Czech PE Market in European / Global context·      Key figures: Number of deals, Amounts, AUM, Funds raised, employees·      Macroeconomic context: compared toPublic market capitalizationBank loans / deposits amountsGDP·      Fund performance statistics (CZ, European, US)·      Large global companies, marquee transactions·      Key local market players: firms and people·      Select success stories 2A: Investment criteria, strategies, screening process·      Investment criteria: must have & nice to have·      Strategies: market segment vs. geographic vs. sector focus·      Asset value vs. financial engineering (note: will be covered in more detail in LBO model block)·      Auctions vs. proprietary sourcing2B: Due diligence·      General introduction: What, Why, Who, When, How?·      Business DD: Focus, Process, Sample questions·      Financial DD: Focus, Process, Sample questions·      Legal DD: Focus, Process, Sample questions·      Lead into: investment assessment, structuring, negotiation and execution plan3A-B: Guest speaker 1 4A: Negotiation process and deal documentation·      From an offer to a dealNon-binding offerLetter of Intent / Memorandum of Understanding / Term SheetSale and Purchase Agreement ("SPA")Signing vs. Closing·      Protections of partiesNo disclosureNo solicitationExclusivity·      Auction process vs. private negotiation·      Role of advisers/bankers and lawyers·      Role of boards, committees 4B: Sale & Purchase Agreement - key concepts·      Transaction structure: shares vs. assets·      Determining Price·      Consideration·      Representation & Warranties·      Remedies: Baskets, de minimis, caps·      Conditions precedent 5A-B: Guest speaker 26A: Mid-term test6B: LBO model: Understanding leverage·      Compare and contrast so called LBO model with "classic" DCF model·      How PE funds use the LBO model to value acquisition targets·      Understanding key parameters of the model·      Understanding sensitivity of equity returns to leverage·      Case study: Walk through actual LBO model7A: Acquisition Finance: Overview·      Leveraged/acquisition loans as a special category of lending·      Banks vs. non-bank financial institutions·      Trends, cyclicality in leveraged lending·      Global and European context, Czech market data·      Relationship between equity funds behavior and access to leveraged lending·      Understanding mezzanine lending7B: Acquisition Finance: Covenants, pricing etc.·      Understanding key leverage ratios: Debt/EBITDA, Debt/Equity, coverage ratio·      Full loan amortization vs. bullet payment at maturity·      Pricing grid as a reflection of changing risk·      Fixed vs. floating rate in leveraged loan context·      Pricing mezzanine: between debt and equity8A-B: Guest speaker 3 9A: Monitoring investments·      When do PE funds create value?·      Does leverage focus mind of the management or make CEO’s myopic?·      Do’s & Don’ts of relationship with management·      Agency problem in PE fund management of portfolio companies·      Importance of having an investment case·      When things go wrong9B: Exiting investments ·      When it is time to sell…·      Trade sale vs. secondary LBO·      IPO? Global lessons, Czech perspective·      Recap as an alternative to sale·      Institutional funds vs. permanent holding structuresCourse Wrap-up·      Further reading / course of study·      Reminder of end-of-semester presentation assignment10A-B: Guest speaker 4 11-12: Team presentations

Garant

Tomáš FenclBc. Jan Šmejkal