FM414E Half Unit
Private Equity, Venture Capital and Entrepreneurial Finance
This information is for the 2020/21 session.
Teacher responsible
Prof Ulf Axelson
Availability
This course is available on the MSc in Finance (part-time). This course is not available as an outside option.
Pre-requisites
Students must have completed FM422E and FM423E.
Course content
- Evaluating and executing Private Equity Deals
- Business Plans, Venture Capital, and Entrepreneurial Finance
- Private Equity as an asset class and the private equity landscape
The course provides a thorough grounding in the theory and recent developments in the field of private equity. Starting by examining how private equity funds are raised and structured, the course will examine how private equity can be used in start-ups, in scaling-up cash flow businesses, and in restructuring firms facing financial distress. The course explores the link between private and venture capital on the one hand and public securities markets on the other. The course will examine the process through which private equity investors exit their investments. The course will also give a detailed analysis of the types of finance used in private equity and an evaluation of the short and long-run performance of private equity investments. The course will include an evaluation of the performance of different types of private equity investment and a comparison with other forms of ownership will be undertaken.
Teaching
30 hours of seminars in the MT.
This course is taught in the interactive lecturing format. There is no distinction between lectures and classes/seminars; there are “sessions” only, and the pedagogical approach in each session is interactive.
Formative coursework
Each week there will typically be a formative or summative case study assignment.
Indicative reading
Ulf Axelson, Tim Jenkinson, Per Strömberg, and Michael S. Weisbach. Leverage and Pricing in Buyouts: An Empirical Analysis. August 28, 2007; Steven N. Kaplan and Per Strömberg. Leveraged Buyouts and Private Equity, Social Science Research Network, June 2008; Cendrowski, Harry. Private Equity: Governance and Operations Assessment. Hoboken: John Wiley & Sons. 2008; Lerner, Joshua. Venture Capital and Private Equity: A Casebook. New York: John Wiley & Sons. 2000; Acharya V V; Franks J R & Servaes H (2007) "Private Equity: Boom and Bust?" Journal of Applied Corporate Finance, 19(4) , Fall 2007, 44-53.
Assessment
Continuous assessment (100%) in the MT.
Important information in response to COVID-19
Please note that during 2020/21 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the situation of students in attendance on campus and those studying online during the early part of the academic year. For assessment, this may involve changes to mode of delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.
Key facts
Department: Finance
Total students 2019/20: 32
Average class size 2019/20: 32
Controlled access 2019/20: Yes
Value: Half Unit
Personal development skills
- Team working
- Communication
- Application of numeracy skills
- Commercial awareness
