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Course 2005-2006 a.y.

8195 - PRIVATE EQUITY AND VENTURE CAPITAL


GM-LS - MM-LS - OSI-LS - AFC-LS - CLAPI-LS - CLEFIN-LS - CLELI-LS - CLEACC-LS - DES-LS - CLEMIT-LS - CLG-LS
Department of Finance

Course taught in English


Go to class group/s: 31

GM-LS (6 credits - II sem. - AI) - MM-LS (6 credits - II sem. - AI) - OSI-LS (6 credits - II sem. - AI) - AFC-LS (6 credits - II sem. - AI) - CLAPI-LS (6 credits - II sem. - AI) - CLEFIN-LS (6 credits - II sem. - AI) - CLELI-LS (6 credits - II sem. - AI) - CLEACC-LS (6 credits - II sem. - AI) - DES-LS (6 credits - II sem. - AI) - CLEMIT-LS (6 credits - II sem. - AI) - CLG-LS (6 credits - II sem. - AI)
Course Director:
STEFANO CASELLI

Classes: 31 (II sem.)
Instructors:
Class 31: STEFANO CASELLI



Course Objectives

The course is focused on the analysis of private equity and venture capital business in the perspective of financial intermediaries dedicated to scouting, advisory, arranging and financing activities. Particular attention is given to provide students with a deep understanding of the mechanism underpinning the creation or the development of a firm and the financial sustain coming from the financial system. As a consequence of that the course is divided in to three main sections: market and competition; regulatory and legal issues; management of a private equity and a venture capital fund or deal making. The presentation of a real-word case studies furthers enhance the link with the best practices observable in the market.


Course Content Summary

Part A: Private equity and venture capital in the financial system

  • The special role of private equity and venture capital industry: why are they necessary in a modern economy?
  • Market trends in Europe and the US
  • Competitive models of private equity and venture capital: angels and informal investors; incubators; start-up financer; closed-end funds; merchant banks; vulture funds. 
  • Relationship between banking system and private equity and venture capital industry

Part B: Regulatory and legal issues

  • Regulations and supervision towards investing in non financial firms
  • The constitution of a venture capital company
  • The constitution of a private equity fund
  • Legal issues for European venture capital investment schemes

Part C: Management of a private equity and a venture capital fund 

  • Introduction to different categories of investment: new ventures, start up, young firms, high potential firms, family owned firms and turnaround involved companies
  • The value chain of investing in firms: a broad vision
  • The valuation of the target company: how to evaluate and how to manage the deal?
  • Management issues: managing the single investment, funding process, managing the portfolio of investments, exit way process

Detailed Description of Assessment Methods

Attending students
The exam is written. In this case there are two possibilities: two short partial exams or one general exam. In both cases, 20% of the valuation is based on an individual assignment given during the program.

Non attending  students
Written exam.


Textbooks
  • S. CASELLI, S. GATTI, Venture Capital. A Euro-System Approach, Berlin, New York, Springer Verlag, 2005, 2nd ed.
Exam textbooks & Online Articles (check availability at the Library)
Last change 05/07/2005 00:00
 

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