Private Equity


Zaradený v študijných programoch

Výsledky vzdelávania

The main educational goal of the course is to survey the private equity industry and to provide students with an understanding of the origination, valuation, execution, monitoring, and realization of private equity transactions and of the process of investing in private equity funds. The course will teach specific skills and concepts used in the practice of private equity and apply case discussions through which those skills and concepts will be illustrated.
Students will acquire the following knowledge:
• knowledge of the private equity investment process and its analytical framework
• in-depth understanding of the private equity markets
• theoretical and conceptual tools used in private equity deals
Students will acquire the following competencies in case of successful completion of the course:
• to invest in companies that are not publicly traded on a stock exchange
• to invest as part of buyouts of publicly traded companies
• to understand the harvesting through IPO or M&A
Students will acquire the following skills in case of successful completion of the course:
• ability to apply financial concepts and techniques to analyse activities and enterprises in the private equity market
• ability to create private equity funds
• advise and grow the business via private equity

Stručná osnova predmetu

• What is Private Equity and Venture Capital
• Private Equity as an Economic Driver
• Investment strategies & opportunity screening
• Modern Private Equity
• The Private Markets Ecosystem
• Role of Debt
• Valuation
• Acquisition Process
• Monitoring & Exiting investments
• Public infrastructure investments
• Private Equity and Ethics

Odporúčaná literatúra

1. DEMARIA, C. Introduction to Private Equity, Debt and Real Assets: From Venture Capital to LBO, Senior to Distressed Debt, Immaterial to Fixed Assets. John Wiley & Sons, 2020.
2. DEMARIA, C. (2020). Introduction to Private Equity, Debt and Real Assets: From Venture Capital to LBO, Senior to Distressed Debt, Immaterial to Fixed Assets. John Wiley & Sons
3. GILLIGAN, J., & WRIGHT, M. (2020). Private equity demystified: An explanatory guide. Oxford University Press.
4. PIGNATARO, P. (2013). Financial modeling and valuation: a practical guide to investment banking and private equity (Vol. 876). John Wiley & Sons.
5. SCHELL, J. M. (2021). Private equity funds: Business structure and operations. Law Journal Press.
6. STOWELL, D. P. (2017). Investment banks, hedge funds, and private equity. Academic Press.
7. ZEISBERGER, C., PRAHL, M., & WHITE, B. (2017). Mastering Private Equity Set. John Wiley & Sons.

Sylabus predmetu

• The private equity process from initially determining the size of the fund, through fund raising, sourcing portfolio investments, acquiring the portfolio companies and converting equity value back to cash by liquidating portfolio holdings. • Overview of the evolution of the private equity industry, the objectives and perspectives of institutional investors in private equity funds, the incentive and information problems that private investors in private equity funds face and their responses to these problems. • Valuation techniques in a highly leveraged setting, how private equity firms create value and how deals are structured to realize such value. • Exit options and pros and cons of each. The concept of multiple stakeholders in a company who do not necessarily share the same attitude towards the exit, but whose concerns need to be satisfied or at least addressed. • Public-Private Partnerships (PPPs) and situations in which they are better than conventional, regulated privatization. • Cultural, legal, ethical and moral issues surrounding the use of private equity. Matters of confidentiality, transparency, corporate governance, self-regulation and legislative acts. • Recommended database for working with data - Database of bonds issued on the primary market.

Podmienky na absolvovanie predmetu

30% - active participation in colloquia, presentation of a selected topic
30% - research study
40% - final exam

Pracovné zaťaženie študenta

Participation in colloquia: 16 hours
Preparation for colloquia: 44 hours
Elaboration of a research study: 100 hours
Preparation for the final exam: 100 hours

Jazyk, ktorého znalosť je potrebná na absolvovanie predmetu

English language

Dátum schválenia: 20.12.2022

Dátum poslednej zmeny: 20.12.2022

Dátum schválenia: 20.12.2022

Dátum poslednej zmeny: 20.12.2022