Description
Private markets attract a considerable amount of attention and enthusiasm for their performance, diversification effects, and growth of assets under management. Among the different strategies, private equity capitalises on new technologies and trends (venture capital), fast growth companies (growth capital), repositioning of assets and strategic evolutions (leveraged buyouts). Private debt aims at providing investors a differentiated exposure to yield (senior/direct lending), possibly including capital gains (mezzanine debt) and to company restructuring (distressed debt, loan-to-own). Private real assets (private real estate, private infrastructure, timber, natural resources) offer different combinations of yield capital gains, inflation protection and downside protection. All these strategies share common traits, such as the use of equity and debt instruments, over a rather long duration, with active involvement of fund managers and negotiation of specific rights, usually to support high risk/high return projects.
What you will learn
- Examine the role of private markets in an asset allocation, the instruments used and the challenges associated with their use
- Examine the dimensions of private markets investing and the tools that investors use
- Illustrate the portfolio construction process
- Analyse the economics of private markets funds, their fund raising process and their investor relations
- Analyse a representative LBO transaction from deal sourcing, to structuring, to execution, to exit
- Illustrate key due diligence issues
- Demonstrate how to structure and fund deals
- Examine valuation methods, and apply the most frequently used
- Demonstrate how to generate returns through value creation post-acquisition, use of tax and financial leverage, operational improvements, 100-day plans and other operational and strategic improvements
- Review exit scenarios such as trade sale, dividend recaps, IPOs, and write-offs
- Explore reporting of funds, and accounting frameworks
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