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Private Equity & Venture Capital

  • Enseignant(s):
  • Titre en français: Capital investissement et capital risque
  • Cours donné en: anglais
  • Crédits ECTS:
  • Horaire: Semestre d'automne 2018-2019, 4.0h. de cours (moyenne hebdomadaire)
  •  séances
  • site web du cours site web du cours
  • Formations concernées:
    Maîtrise universitaire ès Sciences en finance, Orientation gestion des actifs et des risques

    Maîtrise universitaire ès Sciences en finance : Entrepreneuriat financier et science des données

    Maîtrise universitaire ès Sciences en finance, Orientation finance d'entreprise



Private Equity is concerned with the financing of private corporations. Contemporary giants such as Google, Apple and Intel once started out as private firms with little assets and very limited personnel. Their staggering success has generated a growing interest over the years in the financing of private enterprises, where innovating ideas, aspiring to shape the future, are born. As the tech-valuation wave of the late 90-s showed, such a success is neither easy nor guaranteed. By its very nature, investment in private firms is illiquid, it is undertaken based on scarce information, its maturity is unknown, and the asymmetric information problems associated with it are acute.

At the same time, the buyout industry is concerned with the operational and financial restructuring of firms away from the pressing demands of the stock market. Multiple challenges emerge in this industry, may that be the appropriate mix of core and peripheral activities, the design of incentives, the due diligence process or the balance between bankruptcy risk and tax saving.

To travel through such a rough landscape, a private equity fund employee needs a balanced set of skills: Institutional knowledge, financial valuation skills, and real world experience. The content of the course is built around these premises.

The first two lectures lay out the institutional framework of the private equity industry, explaining the typology of PE investments, their cyclicality, the employment opportunities associated with it, and the sources of PE financing. Next we will see the details of deal structuring, the valuation of private equity investments and of the securities which are used for their financing. The intricacies of buyout deals will be the topic of three of our lectures, which will be completed by examining the corporate governance challenges in portfolio companies. Initial Public Offerings and other methods of exit from PE investments will be the subject of the penultimate lecture. Throughout, students will have the opportunity to develop their problem-solving skills using real-world case studies.


1. Introduction

2. Funding Private Equity

3. PE Valuation I

4. PE Valuation II

5. Partial Valuation I

6. Partial Valuation II

7. Midterm Exam

8. Real Options & PE Investments

9. Buyouts I

10. Buyouts II

11. Buyouts III

12. Corporate Governance

13. Initial Public Offerings

14. Private Equity Firms


The required textbooks for the course are:

  • Metrick, Andrew and Ayako Yasuda (2011), Second Edition, Venture Capital and the Finance of Innovation, Wiley, ISBN 978-0-470-45470-1.
  • Lerner, Josh, Ann Leamon and Felda Hardymon (2012): Venture Capital, Private Equity, and the Financing of Entrepreneurship, Wiley, ISBN 978-0-470-59143-7.


1ère tentative

Ecrit 3h00 heures
Non autorisée
Autorisée avec restrictions
  • Final exam format: written, 3 hours, closed book, non-programmable calculators are allowed. Students arriving late will not be granted a time extension and must finish at the same time as the rest of the students.
  • The final grade for the course is:

Grade=0.3*Graded Case Studies+0.1*Presentation+0.2*Mid-term Exam Grade+0.4*Final Exam Grade

The case studies, the final exam, the mid-term exam and the presentation will each be graded on a 1-6 scale. A grade 0 will be assigned for late submissions/omissions/copying or other breach of academic integrity. The final case study grade is the average across all case study grades.


Ecrit 3h00 heures
Non autorisée
Autorisée avec restrictions

Retake exam: Same as first attempt.

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