Comprehensive course analysis
Who should attend
This programme for experienced professionals focuses on how valuations in these challenging transactions are agreed.
About the course
Private markets continue to grow to record levels. Dry powder is driving up valuations in private equity, and debate as to their sustainability.
Increasing allocations are leading to fast growth in infrastructure, private debt and real estate.
Mergers and acquisitions (M&A) activity is at a high level, and rising as corporates look for opportunities to buy start-ups with blockchain, AI and other technology solutions. More M&A transactions now target privately held companies than publicly listed ones and the number of publicly traded companies has halved over the last twenty years. In emerging markets investment opportunities are mainly provided by private equity or direct investment.
Investments in private assets is therefore growing, but the valuation of these illiquid assets is less transparent. This new programme for experienced professionals focuses on how valuations in these challenging transactions are agreed.
You will cover a range of investment classes and transactions including:
- Early stage companies
- Mature companies
- Private credit
- Real estate
- Emerging markets
You will cover hot themes including the valuation implications of environmental social and governance (ESG), social impact, emerging markets, start-ups and intangible assets.
You will gain deeper corporate finance insight and experience, to strengthen your investment decision making.
Benefits to you
- Understand the valuation of illiquid investments to make better strategic decisions
- See how start-ups are valued by venture capital and corporate buyers, and how to structure deals that meet the demands of both entrepreneurs and investors
- Discuss real transactions directly with leading executives
- Insight into the opaque world of private assets to better identify, structure and execute investment opportunities
- Ability to better interrogate proposals or present stronger deals to the investment committee
Benefits to your organisation
- Enhanced strategic decision-making for acquisitions, restructuring and private equity investments
- Better informed discussions with banks and advisers
- Assess the risks, opportunities and rewards of investments into new ventures
- Insight into the valuation effects of ESG, social impact and intangible assets
- Stronger due diligence and understanding of wider universe of opportunities at the investment committee
- Access to a global community of finance leaders
Week one: The private assets landscape, start ups and venture
- The world of illiquid assets
- Valuation principles: no arbitrage principle, NPV, comparables
- Valuing nascent companies and start-ups
- Term sheets
- Venture capital investing
Week two: Mature companies, M&A, and private credit
- Valuing mature companies
- Winning at the acquisition game
- Financial modelling: best practices and common mistakes
- Capital structure and private credit
- Capital structure and expected returns
- New insight in private debt
Week three: Infrastructure and real estate
- Valuing infrastructure assets
- Infrastructure valuation and modelling at Goldman Sachs
- Due diligence in infrastructure investments
- Real estate valuations and modelling
- Valuing the Apple store, Paris
Week four: Emerging markets, ESG and social impact
- Valuation in emerging markets with Brazil case
- Panel and discussion of emerging markets example deals
- Direct lending in emerging markets
- Valuing social impact
- Impact investing: common conceptual traps
- Financial modelling of social impact with NYC Economic Development Corporation
Week five: Advanced issues
- Valuation mind games and negotiation
- Valuation of intangible assets
- Ex-post valuation of private assets
- Understanding the limitations and issues with IRR
- Benchmarking private asset performance with PME
Dr. Thomas Hellmann is the DP World Professor of Entrepreneurship and Innovation at Saïd Business School. Thomas holds a BA from the London School of Economics and a PhD from Stanford University, where he wrote his thesis under Prof. Joseph Stiglitz (Nobel in Economics, 2001). He previously was ...
Ken is interested in the impact of financial distress on bank and borrower reputation and in the impact of corruption and reputation on countries and firms. He is an expert on the Japanese economy and financial system. He is interested in the impact of financial distress on bank and borrower rep...
Research My research covers empirical and theoretical topics in industrial organization, corporate finance, behavioral finance, asset pricing, and financial economics. Please visit my personal webpage or my SSRN author page for more information. https://sites.google.com/site/martincschmalz/...
Tim's areas of expertise include mergers and acquisitions, strategy formulation and execution, entrepreneurship, organisational culture change, and leading sustainable organisations. Tim possesses academic experience combined with extensive international professional experience as a management c...
Videos and materials
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Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.