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Who should attend
The Investing in Private Markets program is relevant to finance professionals looking to learn more about the strong growth in private markets. The training is especially beneficial to:
- Fund managers
- Fund administrators
- Trustees and Board members of pension funds, endowments and family offices
- Placement agents
- Finance providers
About the course
Investing in Private Markets is a unique and accelerated training program for finance professionals looking to sharpen their knowledge or re-train to accompany the strong growth in private markets (from Infra to LBOs, via Real Estate). Asset management professionals, such as fund managers, will benefit from a better understanding of the landscape, mega trends, and existing competing forces to position their products relative to competition. Others, such as trustees and board members of pension funds, endowments and family offices, may want to sharpen the rhetoric and logic around the pros and cons of investing in private markets and on how to invest in private markets. Service providers (lawyers, accountants, fund administrators, placement agents, finance providers) may need to have a comprehensive view of their clients’ challenges and on the breadth of the potential market for their products.
Investing in Private Markets gives you – as the participant – the big picture to help you understand where all the current conversations are coming from – their ins and outs. The program is efficiently structured, covering all relevant topics in just two days. It is intense and focuses on the key issues to know on each topic.
How you will benefit
- Gain an understanding of the responsibilities of key participants in private markets and the relationships between them
- Create a pitchbook (determining asset value, value added initiatives, and exit strategy)
- Implement a private market investment strategy
- Evaluate investment track records
- Analyze the role of private markets in modern portfolio construction
- Create different scenarios about the future of the private market industry
- Become fluent in the language and techniques of private markets
Private Markets: The Industry Landscape
- Recognizing the key stakeholders in private market transactions
- Understanding how private market transactions are executed
- The role of market participants and activity levels and trends within private markets
- Understanding industry reporting and comments to debate and identify and share conventions
- The breadth of the private market exposures available and their characteristics
Private Asset Acquisition
- Evaluating the most applicable valuation method for a specific asset
- Calculating the values of different types of private assets
- Creating a financial model in Excel in order to determine asset value and assess risk
- Determining the optimal capital structure of an asset acquisition
Private Asset Management and Exit
- Evaluating value add strategies used for different types of assets
- Assembling a pitchbook by considering asset value, capital structure, value add initiatives, and exit strategy
Role Play: Negotiating a Debt Package for an LBO
Put in practice what has been learnt on this first day by participating in a role play. A guest speaker will then comment on the observed negotiation dynamics and discuss practice and on-going trends in the leveraged finance market
Structuring Investments: Fees and Limited Partnership Agreements
- The main private market structures
- Identifying important elements of a limited partnership agreement (LPA) and relevant trade-offs
- Calculating the different types of fees based on their corresponding legal description
- Potential conflicts of interest and different remedies available for them
- Understanding how megatrends (e.g. co-investments and the secondary market) offer new opportunities, and the consequences for incentives and contracting
Asset Owners: Role Models In Asset Allocation
- The asset allocation models of different asset owners around the world
- Summarizing the underlying logic behind these models
- Evaluating the suitability of the different models to the particularities of a given asset owner
Role Play: Negotiating an LPA
Put in practice what has been learnt in the second day by participating in a role play. A guest speaker will then comment on the observed negotiation dynamics and discuss practice and on-going trends in the LP-GP relationships.
The Future Of Private Markets
Over the last quarter century private markets have evolved from a marginal activity dominated by long-term exposures to real estate, to a broad and increasingly large set of asset classes that have their illiquidity, opacity, structure and focus on asset management in common but now range across a diverse collection of asset types across equity and credit (e.g., real estate, infrastructure, private equities, natural resources etc.). Private markets are likely to dominate investors portfolio in the future but their form and shape is likely to differ from those currently observed.
Ludovic Phalippou is an Associate Professor of Finance at Saïd Business School, University of Oxford, who specialises in private equity. His research papers have been cited more than 1,000 times according to Google scholar, presented in over 50 university seminars around the world, downloaded ove...
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