Магистратура
2020/2021
Прямые инвестиции и венчурный капитал
Статус:
Курс по выбору (Финансовая экономика)
Направление:
38.04.01. Экономика
Кто читает:
Международный институт экономики и финансов
Где читается:
Международный институт экономики и финансов
Когда читается:
1-й курс, 3 модуль
Формат изучения:
без онлайн-курса
Преподаватели:
Вельдяксов Василий Николаевич,
Кокорева Мария Сергеевна,
Поташов Анатолий Игоревич,
Степанов Сергей Сергеевич
Прогр. обучения:
Финансовая экономика
Язык:
английский
Кредиты:
3
Контактные часы:
32
Course Syllabus
Abstract
Private Equity and Venture Capital is a brief course for ICEF master’s students. It develops both theoretical and practical frameworks to comprehensive understanding of major principles of private equity and venture capital funds operations. The course is recommended for students thinking of career in PE&VC funds, investment banks, consulting and entrepreneurial fields or academic career in finance. The course covers the questions of PE and VC from the perspectives of investors, funds and potential portfolio companies. Prerequisites: basic knowledge of accounting, financial statement analysis, corporate finance and investment analysis, basic skills in excel
Learning Objectives
- The main objective of the course is to provide a conceptual background for PE and VC industry analysis. The course is focused on developing skills in analyzing PE and VC performance, deal selection, valuation of PE investments, structuring PE transactions and further management of portfolio companies to enhance value creation, identifying suitable exit strategies.
- We will also discuss the peculiarities of PE and VC investments in emerging capital markets and investigate the specifics of deals in different industries.
Expected Learning Outcomes
- assess investment in private equity and compare it with that in public equity markets
- apply the principles and methods of project selection and entry
- be able to apply valuation methods used in PE industry
- be able to compute contingent returns for different types of securities
- evaluate policies PE managers employ to enhance value in portfolio companies
- analyze factors affecting exit decisions and determinants of successful exits
Course Contents
- Private Equity overview, PE fund organization, and performancea. Definition of private equity, role of PE in firm lifecycle b. PE investment cycle (entry – growth – exit). Typical activities performed by PE funds. c. Types of PE funds. Role of PE funds as intermediaries. Organizational structure of a PE fund (LP-GP agreements). Does the PE fund structure matter? d. Performance of PE funds. Does private equity outperform public market? Is it possible to predict performance in PE?
- Selection of projects and entry strategiesa. Industry analysis b. Screening process (deals origination, initial selection, due diligence) c. Types of entries (full buyout, growth capital, LBO, minority recapitalization, mezzanine, distressed situations) d. Syndication of investments
- Valuation of PE and VC investments and fund returnsa. Valuation techniques applicable for PE/VC industry (VC method, comparables, transactions, DCF, options analysis) b. Financial modelling in PE setting
- Structuring of PE dealsa. Agency problems and deal structuring b. Private equity securities c. Legal system appropriate for PE contracting d. Russia specifics in deals structuring
- Value enhancing management of portfolio companiesa. goals and instruments of management b. monitoring and risk management c. corporate governance and value creation
- Exiting PE investments and PR and VC performancea. Types of exists (IPO, trade sales to strategic/financial investor, MBO) b. Determinants of successful exit c. Role of PE/VC reputation in IPO success. Venture backed vs. non-venture backed IPOs
Assessment Elements
- Home assignment on modeling or case
- Case 1 (group work)
- Case 2 (group work)
- Case 3 (group work)
- Final presentation
- Exam
