Private Equity is a discipline where value is created not at entry but at exit: through the quality of analysis, deal structure and the first 100 days. The course walks the entire deal cycle. Sourcing and investment thesis: how a sector thesis is formed, where to find private companies, how to work with owner-operators and why 80% of deals come through the network rather than banks. Valuation: EV/EBITDA, comparable companies, precedent transactions, DCF and why multiples dominate in PE. LBO model: sources and uses, debt tranches (senior, mezzanine, unitranche), covenants, IRR/MOIC, sensitivity and the returns waterfall with carry. Due diligence: commercial, financial, legal, operational, tax, IT and ESG — what is actually sought and which red flags kill a deal. Deal structure: equity rollover, earn-out, vendor loan, management incentive plan (MIP), warranty & indemnity insurance. Negotiation and SPA: key clauses, indemnities, MAC clause, closing conditions. First 100 days and value creation plan: operational improvements, buy-and-build, multiple arbitrage, deleveraging. A separate block covers exit: preparation, buyer selection, IPO vs trade sale vs secondary. Hands-on work on a real LBO model in Excel.
Thinking…