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Regular version of the site
Master 2021/2022

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
When: 2 year, 3 module
Mode of studies: offline
Open to: students of one campus
Instructors: Maria S. Kokoreva, Sergey Stepanov, Поташов Анатолий Игоревич
Master’s programme: Financial Economics
Language: English
ECTS credits: 3
Contact hours: 36

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

Learning Objectives

  • The main objective of the course is to provide a conceptual background for PE and VC industry analysis. The course is focused on developing skills in 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

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
Course Contents

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
Assessment Elements

Assessment Elements

  • non-blocking Home assignment on modeling or case
  • non-blocking Case 1 (group work)
  • non-blocking Case 2 (group work)
  • non-blocking Case 3 (group work)
  • non-blocking Final presentation
  • blocking Exam
Interim Assessment

Interim Assessment

  • 2021/2022 3rd module
    0.12 * Home assignment on modeling or case + 0.3 * Exam + 0.12 * Case 1 (group work) + 0.22 * Final presentation + 0.12 * Case 3 (group work) + 0.12 * Case 2 (group work)
Bibliography

Bibliography

Recommended Core Bibliography

  • Venture capital, private equity, and the financing of entrepreneurship : the power of active investing, Lerner, J., 2012

Recommended Additional Bibliography

  • Corporate finance, Berk, J., 2014