Master
2023/2024
Private Equity and Venture Capital
Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Category 'Best Course for New Knowledge and Skills'
Type:
Elective course (Financial Economics)
Area of studies:
Economics
Delivered by:
International College of Economics and Finance
When:
2 year, 3 module
Mode of studies:
offline
Open to:
students of one campus
Instructors:
Maria S. Kokoreva,
Sergey Stepanov,
Чустузиан Роман Александрович,
Саламатов Дмитрий Юрьевич
Master’s programme:
Financial Economics
Language:
English
ECTS credits:
3
Contact hours:
34
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 both conceptual background for PE and VC industry analysis and practical skills. The latter include 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
- analyze factors affecting exit decisions and determinants of successful exits
- apply the principles and methods of project selection and entry
- assess investment in private equity and compare it with that in public equity markets
- 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
- Understanding main determinants of PE funds returns and developing basic fund selection skills (from an investor’s perspective)
- evaluate PE investments, i.e. screen transaction leads, and produce financial models and investment presentations
- analyze, verify, evaluate the completeness of information in structuring and evaluation of deals, if necessary, to fill and synthesize missing information
- understand basic components of transaction documents
- develop possible strategies of a deal exit taking into account the motives of deal participants
- understand how to deal with information asymmetries and conflicts of interest arising both within a PE fund and between a PE fund and portfolio companies
- understand how to deal with information asymmetries and conflicts of interest arising between a PE fund and portfolio companies
Course Contents
- Private Equity overview, PE fund organization, and performance
- Selection of projects and entry strategies
- Valuation of PE and VC investments and fund returns
- Structuring of PE deals
- Value enhancing management of portfolio companies
- Exiting PE investments and PR and VC performance
Interim Assessment
- 2023/2024 3rd module0.15 * Case 1 + 0.15 * Case 2 + 0.15 * Case 3 + 0.3 * Final exam + 0.25 * Final presentation
