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Principles of Private Equity

Start Date:
29. May 2019
Finish date:
28. November 2019
Code:
PE200
Buy Now!
Price:
9594.00 GBP (VAT incl.)
Location:
In-House
Tutor:
Mr. Aleksander Grzeszczak

Description

The Principles of Private Equity

Private Equity from the Ground Up

 2-Day Executive Education Training Programme

 

This course is available on an in-house basis only - To have this delivered for your team, please contact us.
Pricing is from GBP7995 + VAT (where applicable) for a group of up to 8 attendees
For bigger groups or for training delivered outside London, please contact us for a quote

 

 

Programme Overview

The Principles of  Private Equity is an intensive 2-day programme that aims to give attendees a solid introduction to the world of Private Equity (and Buyouts). By focusing on these six fundamental areas of knowledge it “unpacks” the PE world and develops an executive's confidence needed to operate comfortably in the PE environment. The theoretical elements of the course are complemented by “key lessons” learned from live/prior transactions.

1. “Organizational” topics related to PE funds & investing
2. Cash flow analysis & modelling (we will be using PE, LBO models for that)
3. Valuation of PE transactions, comparables based valuation, LBOs (and modelling)
4. PE investment process (from “entry” to “exit”)  - we will follow a “live” (recently completed) transaction
5. Negotiating a Share Purchase Agreement
6. From “Signing” to “Closing” a transaction (and everything in between)

With the exception of item 1 (above), where some theory and “informational” delivery (deliberately kept to a modest minimum) is scheduled, this course is focusing on practical aspects and transaction based learning.
This course is ideal for PE junior professionals, investment bankers in PE coverage groups, professionals involved in financial advisory in general.

Course Director 

Aleksander Grzeszczak has for the past 10 years been a senior advisor to Value Discovery Partners (VDP), a major private equity investment fund focused on emerging markets, particularly on South Eastern Europe. Alek has executed a number of acquisitions in the region and is currently responsible for restructuring of the operating companies, executing business plans, acquiring and selling assets.To read Alek's full profile, please click here

This course is aimed at:              

• Private equity professionals
• Limited partners
• Corporate M&A teams
• Senior management
• Finance managers
• Family Offices
• Bankers and corporate financiers
• Accountants
• Consultants
• Lawyers
• Institutional investors
• Placement Specialists 

Key Learning Outcomes:

The programme is intended to deliver a general and practical PE industry insight skill-set that can be applied immediately in the workplace. Attendees of this 2-day course will gain an understanding of:

• How the PE investment process/cycle works (from entry to exit)
• How PE funds value assets/companies
• How Sale & Purchase Agreements are structured
• How transaction negotiations are conducted

Pre-Requisites: The course requires a reasonable knowledge of accounting, basics of corporate finance, and basics of excel.

Course Outline

Day 1 Topics

Private Equity Introduction
• Buy out view of the world vs. public equity
• Mechanics of a Private Equity transaction & deal selection
• Equity & debt sources of funding
• Post acquisition management, other shareholders
• Forms of exit & exit value considerations
• Returns; credit statistics, transaction multiples
• Private Equity in developed vs. emerging markets

Fund Formation & Organization
• Where to form a fund (US, UK, other jurisdictions)
• Sponsors, Investor Issues, raising capital
• Typical US, UK Structures (Limited Partners, General Partners, Managers)
• Carried Interest, Profit Share
• US, UK tax considerations; Regulatory authorizations
• Governance

Valuation of Transactions & LBO (Leveraged Buyouts)
• Everything about multiples
• Why LBOs?
• Debt capacity factors & structural issues (ex. Subordination)
• Structural enhancements (Derivative Structures; Senior Convertible; Seller Note)
• LBO Debt Market characteristics
    - Primary & secondary debt markets
    - Historical & future trends on terms

Investment (Entry & Exit) Process
• Investment bankers, lawyers, outside advisors
• General discussion on due diligence
• Vendor assistance, vendor due diligence
• Legal due diligence, other (operational, environmental, etc.) due diligence
• Data room organization (physical, virtual)
• Process & workflow details (Phase 1, Phase 2, Phase 3)
• Standalone valuation & sources of value for buyers
• Offers, Term Sheets (preliminary, binding offers)

Individual Exercise – Leverage buyout model. Participants will receive a fully revolving LBO financial model and under the guidance  of the instructor will get very familiar, backwards and forwards with its structure and functionality. 

Day 2  Topics

Structuring & Negotiating Transactions
• Asset vs. share acquisitions (and consequences)
• Typical acquisition structures (shares, SPV holding, takeover bids)
• Contracts & contract conditions, clauses
• Disclosure Letter(s)
• Share Purchase Agreement, closing
• Insolvency, restructuring & other practical aspects (concentration, minorities, relations)

Legal Issues and Share Purchase Agreement
• Introductory clause
• Definitions and Interpretation
• Clause on “sale and purchase” of shares
• Terms of the Purchase and Sale (Consideration, and adjustments in any)
• Conditions (Precedent) & Material Adverse Effect
• Covenants / Conduct of business
• Disclosure Letter & Disclosure Standard
• Completion / Closing Arrangements
• Warranties (seller’s and buyer’s) and Indemnities
• General Terms (e.g. entire agreement, confidentiality, announcements, notices, choice of law, costs & expenses, dispute resolution, etc.)
• Seller's knowledge
• Liquidated Damages

Public to Private (the Ultimate in Complexity PE Transaction)
• Looking at Public companies (Shareholders, Management & Board)
• Transaction Rationale
• TOB & “Squuezout”
• Due Diligence on PtoP
• Specific PtoP Regulations
• Acquisition Debt “Pushdown”
• Management Remuneration
• Taxation Structuring
• Public LBOs (Public Company under Private Management)

Price Adjustments
• Locked Box vs. Completion Accounts

Group Exercise – Buyout investment opportunity. Participants will prepare an outline of a private equity investment memorandum on a FMCG opportunity in one of the emerging markets and with the help of the LBO model outcome try to sell the idea to the investment committee.  

 

 

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For Frequently Asked Questions, please click here

Why Train with Us?

You can register for this programme in 3 easy ways:

1. Online: using the ‘Book Now’ button found on this webpage
2. Email: Scan and email to us your completed 1-page registration form, found on this webpage by using the ‘Download Brochure’ link (located top right of this page). Please email the completed form to info@ascentium-associates.com
3. Telephone: Call us on +44 207 193 5423


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Cancellation Policy - Attendee cancellations received more than fifty (50) days in advance of the course will receive a full refund of the fees paid for a course. Cancellations received from forty-nine (49) to thirty six (36) days in advance of the course will be subject to a fee of 50% of fees paid. All cancellations must be made in writing (by letter, or email - proof of receipt will be required) to the relevant contact at Ascentium Associates or via This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it. .Unfortunately no refunds will be made for cancellations made within thirty five (35) days of a course. Cancellations received less than thirty five (35) days in advance of a course will receive a 100% credit to be used at another course for up to 12 months from the cancellation date.

Substitution Policy - A registered attendee may transfer this place on a course to another colleague from the same organisation provided we are notified in advance of the commencement of the course.

Postponement Policy - Ascentium Associates reserves the right to postpone a course at any time in advance of a course if it becomes necessary to do so. Examples include but are not limited to: if the course trainer were to become unavailable and no alternative replacement found in time, or if we receive an insufficient number of registered attendees that would be required to effectively run a course.

If a course is postponed, delegate payments already received are entitled to a full refund of fees paid or they can elect to have the funds credited towards the fees of a future course and receive a 10% discount.

Ascentium Associates will confirm the status (running or postponed) of a course up to 2-3 weeks (or earlier) before a course’s scheduled dates and will contact attendees by email. It is advised that attendees do not undertake any accommodation or travel  arrangements until it is confirmed that a course will run. Ascentium Associates are not liable for any costs incurred by delegates if it becomes necessary to postpone a course.

Force Majeure - Force Majeure refers to circumstances beyond our control that make it impossible to run a course.  This includes but is but not limited to circumstances such as: bad weather conditions, acts of God, disasters, acts of terrorism, acts of war, strike action, regulations or orders of governmental authorities, civil unrest. In the case of force majeure, we reserve the right to keep attendee fees as a contribution to all incurred course related costs, such as venue and administrative costs.

Travel and accommodation - The course fee does not include any travel or accommodation costs incurred by attendees. Whilst Ascentium Associates may suggest accommodation nearby the training venue, we are not accountable for making any bookings for accommodation or transportation arrangements on behalf of attendees. Attendees are responsible for their own transfers to and from the training venue and we will not accept any liability for any transport disruption an attendee may encounter. Our cancellation policy applies if an attendee is unable to attend all or part of a course.

Course Leader and External Experts - Whilst course trainers and any external speakers and subject matter topics are confirmed in advance of the course, there may be circumstances beyond our control for which we reserve the right to change any aforementioned trainers, speakers or topics.

Programme contents – The course contents delivered verbally or provided in any format are purely for education and information purposes only and do not constitute advice or any course of action. Whilst all reasonable care has been taken for contents to be accurate and up to date, Ascentium Associates accepts no liability for any incompleteness or inaccuracy. Ascentium Associates accepts no liability whatsoever for any direct or consequential loss arising from the use of the contents of a course.

Programme Fee -  Fees allow attendees to go to all the training sessions and food and beverage refreshment breaks at the course. The fee also includes tuition and the training materials, which will be given at the course. Where applicable, the fees  are subject to local taxes such as VAT and these are charged upon registration.

  1. Payment - Full cleared payment of the fees must be received in advance of attending a course. Failure to do so may result in an attendee not being allowed to participate in the course. Payments can be made by most credit cards or wireRegistrations received fifteen (15) days or less before a course commences, then the payment must be via credit card.

Membership fees - Full cleared payment of the membership fees must be received in order to benefit from member rates. The annual membership fee applies for a full calendar year and is only refundable if the very first programme related to the member is postponed and a refund is requested. Even if only one programme is booked per annum, the membership fee is not refundable even if no more courses are booked during the remainder of year. 

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