Private Equity

Ecosystem & Fund Economics

• What is private equity, the main types of funds and stakeholders (GPs, LPs, management, lenders).

• Fund cash flow, life cycle and key drivers of return.

• Fund economics, basic LPs agreements, fundraising and relations with LPs.

• Performance measurement and benchmarking in private equity.

Dealmaking & Investor Insights

• Deal sourcing: generating opportunities, auctions vs. proprietary deals.
• Stages of a private equity transaction, from initial approach to signing/closing.
• Preliminary business valuation, typical private equity filters and identifying deal breakers.

Investment Thesis & Due Diligence

• Types of investment thesis in private equity.

• Structure of a robust thesis: base case, upside, downside and key drivers.

• Due diligence: financial, commercial, operational, legal and tax; linking findings to the thesis.

• Identifying value creation opportunities and mapping key risks.

Deal Structuring & Negotiation

• Sources of funds and capital structure in private equity transactions.
• Management incentive packages and alignment of interests with management and sellers.
• Types of debt and covenants, and their link to investment risk and return.
• Key economic and governance provisions in SPA and Shareholders Agreements.

LBO Valuation & Value Creation

• Key valuation frameworks in the context of private equity.
• LBO model: key inputs, outputs and the logic behind value creation.
• Transaction adjustments: net debt items, working capital adjustments, completion mechanisms.
• Sensitivities (leverage, growth, multiples, exit timing) and key drivers of value creation.

Governance & Exit

• Active ownership and portfolio governance models in private equity.
• Value Creation Plans (VCP): priorities and the design of 100-day, medium-term and long-term plans.
• Exit options (trade sale, secondary sale, IPO, recapitalisation) and exit assumptions.