Course 2013-2014 a.y.

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) - CLAPI (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)

Course Director:
STEFANO CASELLI

Course Objectives

The 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. 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 & 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 & 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 fund
• Legal 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.

Detailed Description of Assessment Methods

Textbooks

The text book for all the students is:

S. Caselli, Private Equity and Venture Capital in Europe, Elsevier, New York, 2010.

In addition, special readings, slides and ad-hoc cases are delivered through web.

Exam textbooks & Online Articles (check availability at the Library)

Last change 11/06/2013 12:38

Course Objectives

The 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. 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 & 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 & 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 fund
• Legal 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.

Detailed Description of Assessment Methods

For all the students, both attending and not attending, the exam is written.

There are two options: two short partial exams (in the middle and at the end of the semester) or one final exam. In both cases, the valuation covers all the topics of the course.

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 is delivered through web.

Exam textbooks & Online Articles (check availability at the Library)

Last change 11/06/2013 12:54