Last update: Ing. Dagmar Schnellerová (14.02.2024)
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.
Registration into this compact course is open until the first day of the course.
Aim of the course -
Last update: Mgr. Dominik Herman (20.02.2020)
The course’s objective is to provide an introduction to the private equity investment process and its analytical framework. Theoretical concepts are explained using real-life examples and actual market data. Industry practitioners are invited to present guest lectures and participate in Q&A.
Last update: SCHNELLEROVA (19.02.2020)
Please switch to the english version, there are all details of course.
Literature -
Last update: Mgr. Tiep Luu Danh (15.02.2022)
Mandatory literature:
GADIESH, O. Lessons from Private Equity Any Company Can Use, první vydání, Harvard Business School Press, 2008, ISBN: 1422124959.
WASSERSTEIN, B. Big Deal: Mergers and Acquisitions in the Digital Age, první vydání, Warner Business Books, 2000, ISBN: 0446675210.
PitchBook 2018.
SCHUMER, Ch. E. 2019.
Additional suggested literature:
BRUNER, R.F. Applied Mergers and Acquisitions, první vydání, Wiley, 2004, ISBN: 0471395056.
BURROUGH, B., HELYAR, J. Barbarians at the Gate: The Fall of RJR Nabisco, dotisk prvního vydání, Harper, 2008, ISBN: 0061655546.
CAREY, D., MORRIS, J.E. King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone, první vydání, Crown, 2010, ISBN: 0307452999.
CENDROWSKI, H., et al. Private Equity: History, Governance, and Operations druhé vydání, Wiley 2012, ISBN: 1118138503.
FINKEL, R., GREISING, D. The Masters of Private Equity and Venture Capital: Management Lessons from the Pioneers of Private Investing, první vydání, McGraw-Hill, 2009, ISBN: 0071624600.
FREUND, J.C. Anatomy of a Merger: Strategies and Techniques for Negotiating Corporate Acquisitions, první vydání, Law Journal Press, 1975, ISBN: 1588520005.
LERNER, J. Venture Capital & Private Equity, A Case book páte vydání, Wiley, 2012, ISBN: 0470650915.
LEWIS, A. The Churning Bed, The Wall Street Journal, September 29, 2012.
Last update: Mgr. Tiep Luu Danh (19.02.2023)
Please switch into english.
Requirements to the exam -
Last update: Mgr. Tiep Luu Danh (19.02.2023)
Your presence at the panel discussion with distinguished guests is mandatory.
Once you actively participate in a discussion, claim the activity points to the Teaching Assistant.
GRADING: Total = 100 points Final Exam = 90 points Panel Discussion Attendance (i. e., being logged in the confcall for the whole time) = MANDATORY (+10 points) Timely delivery of self-introduction = MANDATORY A = 91+, B = 81-90, C = 71-80, D = 61-70, E = 51-60, F = 0-50
FINAL EXAM: - 90 minutes - presentation-related questions = 50 points - case study (incl. calculation) = 20 points - reading comprehension (based on assigned papers) = 20 points
Last update: SCHNELLEROVA (18.11.2019)
Please switch to the english version, there are all details of course.
Syllabus -
Last update: Mgr. Tiep Luu Danh (19.02.2023)
In summer semester 22/23 compact course will be taught face to face, June 7-8, 2023, 9-12h and 14-17h, IES building, room 314 and will be finalised by online test during next week.
Three use cases
Learn how investment professionals approach PE/VC investments,
You can apply the learnings to “entrepreneurship via acquisition”, and
The topics covered apply to broader corporate strategy
Lecture 1: What is Private Equity (and Venture Capital)?
Some historical perspective (or what do Crusades have to do with any of this?)
How do PE/VC funds work
Lifecycle of a fund: Institutional fundraising / asset management
VC vs. PE; What is a “Family Office”, a “Search Fund”
Debt capacity (how much debt can you raise?) and leverage ratios
Cost of debt (hint: not just the interest you pay)
Alternative sources of debt – an overview
Capitalization table & liquidation preference
Lecture 4: Valuation in PE/VC Context
Price vs. Value
Value to who? Stakeholders’ perspective
Overview of basic valuation techniques: pro’s and con’s
Difference between PE and VC approach to valuation
Lecture 5: Acquisition Process
From the first contact to a Deal
Key parties to the table
Difference between an auction and negotiated transaction
Due diligence
Lecture 6: Acquisition Agreement
Transaction structure: What do you buy (assets or shares) and how do you pay (cash or shares) and how much (fixed price vs formulae)
Buying whole business vs control vs minority stake (PE vs VC)
Deal protection: Representation & Warranties and Remedies (Baskets, de minimis, caps)
Conditions precedent & Closing
Lecture 7: Monitoring & Exiting investments
Monitoring: Management vs. Board roles
Monitoring: The Good, the Bad and the Ugly
Timing the exit: determinants
Ways to exit: Trade sale, secondary LBO, IPO, Recap
Panel with Industry Practitioners
Speakers to be announced
Last update: Ing. Dagmar Schnellerová (01.02.2024)
Compact course will be taught face to face during 2 days - preliminary June 12-13, 2024 (9-12 a 14-17 h) - room 314 + will be finalised by online test.
Three use cases
Learn how investment professionals approach PE/VC investments,
You can apply the learnings to “entrepreneurship via acquisition”, and
The topics covered apply to broader corporate strategy
Lecture 1: What is Private Equity (and Venture Capital)?
Some historical perspective (or what do Crusades have to do with any of this?)
How do PE/VC funds work
Lifecycle of a fund: Institutional fundraising / asset management
VC vs. PE; What is a “Family Office”, a “Search Fund”
