Info
Foto sezione
Logo Bocconi

Course 2015-2016 a.y.

30390 - EQUITY AND VENTURE CAPITAL FINANCING


SUMMER SCHOOL
Department of Finance

Course taught in English


Go to class group/s: 95

SUMMER SCHOOL (0 credits - I sem.)
Course Director:
STEFANO CASELLI

Classes: 95 (I sem.)
Instructors:
Class 95: STEFANO CASELLI


Course Objectives
The summer course is focused on the analysis of private equity & 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. This aspect is quite relevant to enhance students to enter the world to launch their own start-up. As a consequence of these factors, the course is divided in to four main sections: market and competition; regulatory and legal issues; management of a private equity & a venture capital fund or deal making. The presentation of a real-word case studies will further enhance the link with the best practices observable in the market.

Course Content Summary
Part A: private equity & venture capital in the financial system
  • The special role of private equity & venture capital industry: why are they necessary in a modern economy?
  • Market trends in Europe and in US 
  • Competitive models of private equity & venture capital: angels and informal investors; incubators; start-up financer; closed-end funds; merchant banks; vulture funds. 
  • Relationship between banking system and private equity & 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 fundLegal issues for venture capital investment schemes: European versus US and UK patterns
  • Fiscal issues for venture capital investment schemes: European versus US and UK patterns
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
Part D: company valuation issues within private equity and venture capital
  • Introduction to company valuation fundamentals
  • The concept of WACC, DCF and multiples
  • Applying valuation to venture capital
  • Applying valuation to private equity
  • Special cases of company valuation within private equity and venture capital: IPO, LBO, turnaround, M&A financing.

Detailed Description of Assessment Methods
For all the students the valuation is based 50% work in small groups and 50% individual assessment (final written exam)

Textbooks
The text book for all the students is:
  • Caselli S., Private Equity and Venture Capital in Europe, Elsevier, New York, 2010. 
In addition, special readings, slides and ad-hoc cases will be delivered through web as well special readings related to company visit.
Last change 11/06/2015 14:51