Info
Foto sezione
Logo Bocconi

Course 2007-2008 a.y.

8195 - PRIVATE EQUITY AND VENTURE CAPITAL


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

Course taught in English


Go to class group/s: 31 - 32

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) - M-LS (6 credits - II sem. - AI)
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 brokers dedicated to scouting, advisory, arranging and financing activities. Particular attention is given to providing students with a deep understanding of the mechanism underpinning the creation or the development of a firm and the financial support coming from the financial system. Consequently, 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

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 of 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

For the students joining the program, the exam is written. In this case there are two possibilities: two short partial exams or one final exam. In both cases, 20% of the valuation is based on an individual assignment given during the program. For the students not attending the program the valuationis based on a 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 15/03/2007 20:51
 

In this section