Insegnamento a.a. 2017-2018

20260 - PRIVATE EQUITY AND VENTURE CAPITAL


CLMG - M - IM - MM - AFC - CLEFIN-FINANCE - CLELI - ACME - DES-ESS - EMIT - GIO

Department of Finance

Course taught in English

Insegnamento offerto anche in modalita' e-learning (cl. 33)


CLMG (6 credits - II sem. - OP  |  SECS-P/11) - M (6 credits - II sem. - OP  |  SECS-P/11) - IM (6 credits - II sem. - OP  |  SECS-P/11) - MM (6 credits - II sem. - OP  |  SECS-P/11) - AFC (6 credits - II sem. - OP  |  SECS-P/11) - CLEFIN-FINANCE (6 credits - II sem. - OP  |  SECS-P/11) - CLELI (6 credits - II sem. - OP  |  SECS-P/11) - ACME (6 credits - II sem. - OP  |  SECS-P/11) - DES-ESS (6 credits - II sem. - OP  |  SECS-P/11) - EMIT (6 credits - II sem. - OP  |  SECS-P/11) - GIO (6 credits - II sem. - OP  |  SECS-P/11)
Course Director:
STEFANO CASELLI

Classes: 31 (II sem.) - 32 (II sem.)
Instructors:
Class 31: STEFANO CASELLI, Class 32: 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 into 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 further enhances the link with the best practices observable in the market.


Course Content Summary

  • 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 in US.
    • Competitive models of private equity and venture capital: angels and informal investors; incubators; start-up financer; closed-end funds; merchant banks; vulture funds.
  • Regulatory and legal issues.
    • Regulations and supervision towards investing in non financial firms.
    • The functioning of private equity fund: management fee and carried interest; managers and investors.
    • Legal and fiscal issues for venture capital investment schemes: European versus US and UK patterns (closed-end fund, venture capital fund, Sbic, VCT, angel investing).
  • 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

For all the students, the exam is only written and it is the same for attending and non-attending students.
Students are free to choose: one written exam at the end of the course or two partial exams (in the middle and at the end of the course).
If students join the first partial exam, they are always free to choose the one written exam at the end, but they lose the grade received in the first partial exam.


Textbooks

  • S. CASELLI, Private Equity and Venture Capital in Europe, New York, Elsevier, 2010.
  • Special readings, slides and ad-hoc cases are delivered through web.
At the beginning of the course, the students receive a detailed syllabus in which is specified session by session the usage of the above mentioned documents.
Exam textbooks & Online Articles (check availability at the Library)

Prerequisites

The course requires a standard knowledge of Corporate Finance topics and accounting principles.
Last change 18/05/2017 14:53

E-learning class-group
Instructors:
Class 33: 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 into 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 further enhances the link with the best practices observable in the market.


Course Content Summary

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 in US.
  • Competitive models of private equity and venture capital: angels and informal investors; incubators; start-up financer; closed-end funds; merchant banks; vulture funds.
Regulatory and legal issues.
  • Regulations and supervision towards investing in non financial firms.
  • The functioning of private equity fund: management fee and carried interest; managers and investors.
  • Legal and fiscal issues for venture capital investment schemes: European versus US and UK patterns (closed-end fund, venture capital fund, Sbic, VCT, angel investing).
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

For all the students, the exam is only written and it is the same for attending and non-attending students.
Students are free to choose: one written exam at the end of the course or two partial exams (in the middle and at the end of the course).
If students join the first partial exam, they are always free to choose the one written exam at the end but they lose the grade received in the first partial exam.


Textbooks

  • S. CASELLI, Private Equity and Venture Capital in Europe, New York, Elsevier, 2010.
  • Special readings, slides and ad-hoc cases are delivered through web. 
 At the beginning of the course, the students receive a detailed syllabus in which is specified session by session the usage of the above mentioned documents.
Exam textbooks & Online Articles (check availability at the Library)

Prerequisites

The course requires a standard knowledge of Corporate Finance topics and accounting principles.
Last change 18/05/2017 15:00