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Předmět, akademický rok 2022/2023
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Private Equity - JEM161
Anglický název: Private Equity
Český název: Private Equity
Zajišťuje: Institut ekonomických studií (23-IES)
Fakulta: Fakulta sociálních věd
Platnost: od 2021
Semestr: letní
E-Kredity: 4
Způsob provedení zkoušky: letní s.:
Rozsah, examinace: letní s.:1/1, KZ [HT]
Počet míst: 40 / neurčen (97)
Minimální obsazenost: neomezen
Virtuální mobilita / počet míst: ne
Stav předmětu: vyučován
Jazyk výuky: angličtina
Způsob výuky: prezenční
Poznámka: předmět je možno zapsat mimo plán
povolen pro zápis po webu
při zápisu přednost, je-li ve stud. plánu
Garant: Ing. Tomáš Fencl, MBA
Vyučující: Ing. Tomáš Fencl, MBA
Mgr. Dominik Herman
Mgr. Tiep Luu Danh
Třída: Courses for incoming students
Anotace
Poslední úprava: PhDr. Petr Bednařík, Ph.D. (15.02.2020)
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.
Cíl předmětu -
Poslední úprava: SCHNELLEROVA (19.02.2020)

Please switch to the english version, there are all details of course.

Literatura -
Poslední úprava: PhDr. Petr Bednařík, Ph.D. (15.02.2020)

·         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

·         GADIESH, O. Lessons from Private Equity Any Company Can Use, první vydání, Harvard Business School Press, 2008, ISBN: 1422124959

·         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

·         WASSERSTEIN, B. Big Deal: Mergers and Acquisitions in the Digital Age, první vydání, Warner Business Books, 2000, ISBN: 0446675210

Požadavky ke zkoušce -
Poslední úprava: SCHNELLEROVA (18.11.2019)

Please switch to the english version, there are all details of course.

Sylabus -
Poslední úprava: PhDr. Petr Bednařík, Ph.D. (15.02.2020)

1A: Introduction to the course

·      Lecturer, bio
·      Aim and outline of the course
·      Ground rules
·      End-of-semester presentation assignment

Introduction 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 to

  • Public market capitalization
  • Bank loans / deposits amounts
  • GDP

·      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 sourcing

2B: 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 plan

 

3A: Negotiation process and deal documentation

·      From an offer to a deal

  • Non-binding offer
  • Letter of Intent / Memorandum of Understanding / Term Sheet
  • Sale and Purchase Agreement ("SPA")
  • Signing vs. Closing

·      Protections of parties

  • No disclosure
  • No solicitation
  • Exclusivity

·      Auction process vs. private negotiation
·      Role of advisers/bankers and lawyers
·      Role of boards, committees

 3B: Sale & Purchase Agreement - key concepts

·      Transaction structure: shares vs. assets
·      Determining Price
·      Consideration
·      Representation & Warranties
·      Remedies: Baskets, de minimis, caps
·      Conditions precedent 

4A: 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 model

5A: 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 lending

5B: 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 equity

6A: 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 wrong

6B: 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 structures

 
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