Oxford PE Programme
Transcript of Oxford PE Programme
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OXFORDPRIVATE EQUITY
PROGRAMME
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2 OXFORD PRIVATE EQUITY PROGRAMME
OXFORDPRIVATE EQUITY
PROGRAMME
Over the past decade fundraising for
venture capital and leveraged buyoutshas topped $2 trillion dollars globally andthe sights of private equity funds havebroadened to include companies of allsizes, sectors and locations. The OxfordPrivate Equity Programme examinesfinancing and governance modelsemployed by private equity and offers a
comprehensive framework for assessingthe implications of private equity forindividuals and their organisations.
This programme combines therigour of one of the world’s greatuniversities with insights fromglobally recognised practitioners andadvisors to private equity investors.
It will deepen your knowledge and giveyou a thorough grounding in the skillswhich are essential for an understandingof the private equity industry.
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“Private equity has fundamentally changed
the corporate and financial landscape,
yet its structure is not widely understood.
This programme will give you the tools
you need to understand the private equity
industry and asset class, a comprehensive
framework for assessing opportunities, and
an insight into likely future prospects and
trends.”
PROFESSOR TIM JENKINSON
Programme Director
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“During the programme, we were able to assess the pinch points, operational and financial challenges faced
by senior executives at private equity firms, and identify governance and stakeholder management issues with
general partners and limited partners – issues that have been ignored for a long time at many mid-tier private
equity firms. Of particular interest were the case studies presented by renowned private equity experts who had
‘walked the walk’ and were able to share their insight into valuation, advisory and strategic acquisition issues.”
SRIDHAR KRISHNAMOORTHY
Manager, Accenture, UK
PRIVATE
EQUITYWHO SHOULD ATTEND?
Advisors working with private equity, including
investment bankers, consultants, corporate
lawyers or accountants
Investment professionals from limited partners
such as pension funds, endowments, family
offices, insurance companies and sovereign
wealth funds
Finance professionals and senior executives
who want to understand the implications ofprivate equity for their business, or who want
to work in the industry
Entrepreneurs or senior executives from
companies seeking private equity funding
Private equity professionals wishing to benefit
from the latest research and practice
WHAT WILL YOU GAIN?
A thorough understanding of private equity as
an asset class
Insight into the economics and incentives
which drive private equity
Tools to help you assess the performance of
private equity funds
Knowledge of key private equity structures,
including covenants, staging, risk sharing, exit
routes, IPOs and secondary sales
An appreciation of how private equity funds
value corporations
A clear picture of the due diligence process
The factors determining capital structure of
investments
Insights from leading lawyers, valuation
experts and managers of private equity funds
The ability to apply the concepts learned to
real life situationsThe chance to network and exchange ideas
with senior executives from a wide range of
cultural and business backgrounds
WHAT WILL YOUR ORGANISATION GAIN?
Improved technical expertise and research
insights
Participants will be able to apply their
knowledge immediately in real life situations
Competitive advantage due to the insight andknowledge of programme participants
Practical exercises and high level networking
mean participants can add value immediately
to their organisation’s decision making process
CONTENT AND FORMAT
The Oxford Private Equity Programme begins
with an overview of private equity as an asset
class and its potential attractions to investors.
It then looks in depth at issues affecting the
transaction process and the performance of
companies run by private equity investors.
Case study analysis and group assignments
are combined with contributions from industry
leaders and private equity advisors.
The highly interactive four-day programme isdesigned to embed knowledge and encourage
knowledge sharing and debate across the
experienced participant group.
The programme includes sessions on:
• The private equity landscape
• The transaction process
• The incentives driving key players
• Structuring investments and funds
• Private equity as an asset class in a larger
portfolio• Fund selection and performance
measurement
• Leveraged finance and LBO modelling
• Evaluating private equity opportunities
• Private equity and emerging markets
• Covenants, exit routes and secondary sales
• The future of private equity
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MON TUES WED THUR
The Private Equity
Landscape09.00
Syndicate Groups:
Oxford UniversityEndowment Case
11.00
Lunch12.30
Fund Structures
and Incentives13.30
Limited Partnership
Agreements15.30
How Much Private
Equity in the
Portfolio?
17.00
Welcome Dinner
Old Bank Hotel19.00
Measuring the
Performance of
Private Equity Funds
Syndicate Groups:
Fund Modelling
Lunch
Valuation Principles
Leveraged Finance
How Private Equity
Adds Value
Free Evening
Case Discussion:
LBO Strategy
The Changing
Nature of the LP-GPRelationship
Lunch
Syndicate Groups:
LBO Modelling
Structuring
Investments: VC and
Emerging Markets
Case Discussion:
Private Equity in
Emerging Markets
Programme Dinner
Balliol College
Exit Routes
The Future of
Private Equity Funds
Depart or Optional
Walking Tour of
Oxford
SAMPLE TIMETABLE
Lunch
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6 OXFORD PRIVATE EQUITY PROGRAMME
KNOWLEDGE
AND EXPERIENCE
“Private equity investments
are illiquid and hard to value
and those who manage them
often become engaged in
the decision making of the
companies involved. This means
practical skills are as important
as theoretical knowledge. That
practical relevance is hard wired
into the Oxford Private Equity
Programme, integrating practice
with finance principles.”
This programme is led by Professor Tim
Jenkinson, Europe’s leading authority on
private equity and Founder of the Oxford
Private Equity Institute. A renowned and
prize-winning teacher, he developed Oxford’s
MBA course on private equity with top
industry practitioners, which has become
the most popular elective at Saïd Business
School. He was recently a key witness
to the UK Parliament’s Treasury Select
Committee enquiry into private equity andis a frequent contributor to the media and
industry conferences. Tim’s research centres
on private equity, initial public offerings and
securitisation.
Guest speakers from the top ranks of the
private equity industry provide practical
insight on trends and transactions. Previous
practitioner guest speakers have included:
• Stephen Duckett, Hellman & Friedman
• Joncarlo Mark, CalPERS
• Stewart Hay, SL Capital Partners
• Murray Grant, Actis
• Raj Morjaria, Aureos Capital
• Sandra Robertson, Oxford University
Endowment Management
“The Oxford Private Equity Programme was a fantastic experience. I was looking for the opportunity
to learn from the best in the industry and meet practitioners from around the world, in an
enjoyable setting. Professor Tim Jenkinson brought vast knowledge of private equity and related
industries and expertly guided our group discussion. He also arranged some very lively guest
speakers from the London market and encouraged us to bombard them with our questions.”
MARK SPIVAKOVSKY
Director, BlackRock, Singapore
PROFESSOR TIM JENKINSONProgramme Director
Director, Oxford Private Equity
Institute
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OXFORD PRIVATE
EQUITY INSTITUTE
For further details see
www.sbs.ox.ac.uk/centres/privateequity
“The professors were tremendous, hands on, and totally involved with the
participants throughout. They brought private equity to life in a lively,
memorable and directly relevant way. The level of experience and the
diverse backgrounds of participants was an eye-opener and rounded off
the most productive short finance course I’ve attended anywhere.”
CLIVE GALLIER
Director, Business Assurance , Abu Dhabi Investment Council
Private equity is established as a specialist
research area at Saïd Business School. The
Oxford Private Equity Institute was launched
in 2010 to meet the objective of being the
leading academic centre on the subject.
The Institute produces first-rate independent
research, delivers education to postgraduate
students and professionals from around
the world, and provides a forum for the
exchange of views and opinions about this
key asset class.
The Institute produces private equity
case studies and research findings are
integrated into the executive programme.
An extensive Private Equity Network links
students, alumni and friends of the School
working in private equity. The annual Private
Equity Forum brings together practitioners,
investment bankers, lawyers and senior
business people to discuss the opportunities
facing global investors within the industry.
Panellists have included: Jon Moulton,
Founder of Better Capital and former
Managing Partner of Alchemy; Richard Sharp,
Advisory Director, Goldman Sachs and Damon
Buffini, who also co-teaches the MBA private
equity elective at Saïd Business School.
In all we do, we maintain an independent and
authoritative perspective on the private equity
industry, and aim for the highest standards
of academic integrity associated with the
University of Oxford.
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CASESTUDIES
SUROJIT SHOME
CEO & Country Head –
India Rabobank International
As a practising banker andbusiness manager, private
equity (PE) is an extremely
important component of our
business. I attended the
programme to expand my
knowledge of how PE funds
are structured and to gain
high level insights into the key
drivers of PE decision making.
I was also keen to increase my
understanding of the latest
thinking and trends through
very meaningful interactionswith fellow participants.
There were more than 20
different nationalities in the
group, which enabled somehigh level conversations around
current trends and the sector’s
shifting centre of gravity. I was
very impressed with Professor
Tim Jenkinson. He did a
fantastic job of equipping a
diverse group with a higher
level of understanding.
Even though I had a working
knowledge of the PE industry,
the course increased my
understanding of the issuesfacing the industry and was a
great refresher of the basics.
Seeing the industry through the
eyes (and experiences) of other
practitioners and professorshas sharpened the way I
analyse what is happening
around us today.
The sector is changing fast,
resulting in new research
findings and shifting nuances.
This programme provides
a quick insight into what is
taking place at the forefront
of the investing industry. PE
is very representative of what
is happening in the biggerpicture financial markets, so
it’s an efficient way of keeping
up-to-speed.
For further case studies go
to www.sbs.oxford.edu/pe
INNA GEHRT
Senior Investment Manager
Quadriga Capital, Germany
Due to the financial crisis,
private equity has been
undergoing a period of intense
change. It’s the best practice
approaches that survive and as
a general partner we’re strivingfor best practice in order
to keep up-to-date with the
changes, now more than ever.
I learnt how general partners in
other countries create value in
today’s world. The discussions
about how general partners
create value, the differences
between private equity
companies around the world
and the changing business
models helped explain the stateof the industry.
The Programme Director,
Professor Tim Jenkinson, is one
of the leading researchers in
the field. As I am continuously
following the academic
research in the field, I wasexcited to hear his view on
the future of private equity.
Tim has first-hand experience
of industry trends and their
implications – he uses his
findings and comprehensive
research as the starting point
for open-minded discussions
and shared learning.
My discussions on the
programme and Tim´s
explanations of changes inthe general partner-limited
partner relationship gave
me a deeper understanding
of the goals and business
model transitions of limited
partners. These new insights
will influence my investmentdecisions moving forwards.
I have shared a lot of the
knowledge with my colleagues
and it definitely represents
a good investment for the
organisation.
The Oxford Private Equity
Programme is unique in that
it creates a dialogue between
limited partners and general
partners. Overall, it is creating
improved practice across the
whole industry.
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10 OXFORD PRIVATE EQUITY PROGRAMME
OXFORD NETWORKS
THE OXFORD EXPERIENCE
Your participation in this programme is
about much more than increasing your
technical skills and knowledge of finance.
The programme delivers the latest knowledge,
using modern facilities within the historic
University of Oxford. Your time in Oxford will
incorporate an optional guided tour of this
beautiful city and its rich heritage. We will
have evening dinner at a prestigious and
historic college – an experience designed to
inspire and enrich.
You will build relationships with a senior
level, internationally diverse range of peers
during this programme. On completion you aregiven life membership of the exclusive Oxford
Business Alumni (OBA) network.
For centuries, the University of Oxford has
produced some of the most influential
and respected people in business. Oxford
graduates are represented in every Fortune
500 company, country and government in
the world.
The OBA was established in 1998 and exists
to provide a focus for Oxonians who have a
special interest in the world of business. Thereare currently 23 regional groups (or Chapters)
of the OBA, spanning every continent across
the world.
Membership of this prestigious global network
provides a wide range of benefits including:
Access to the alumni directory, an invaluable
tool for networking with organisations
throughout the world
Invitations to a programme of regular
seminars, lectures and other networking
events
Access to the alumni website which contains
news, resources and relevant research from
the University
A subscription to Business at Oxford, the
Business School’s magazine
OXFORD BUSINESS NETWORKS
Oxford Business Networks (OBNs) sit within
the framework of the overarching OBA networkas industry-specific groups for students,
alumni and academia. OBNs exist to promote
the exchange of ideas and knowledge
surrounding an industry. These sector-based
groups create opportunities for worldwide
relationship building and information
sharing. OBNs are driven by a student-alumni
partnership, where the students organise talks,
workshops and company visits and benefit
from a focused networking opportunity.
The core OBNs supported by the Alumni
Relations Office include:
Finance
Private equity
Entrepreneurship
Social entrepreneurship
Managing consulting
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FEES
2012: £4,750
The fees for the programme include allteaching materials, lunches and daytime
refreshments plus two evening dinners, one
of which will be at an historic and beautiful
Oxford college.
Accommodation is not included in
the programme fee. A wide range of
accommodation is available in the centre
of Oxford ranging from five-star hotels to
small guest houses. We have corporate rates
at many and will provide you with suitable
recommendations.
CFA INSTITUTE MEMBER DISCOUNT
£250 discount for CFA Institute members or
Oxford University alumni.
DATES
25–28 June 2012
24–27 June 2013
CFA INSTITUTE
CFA Institute is the leading professional
association for the investment industry. CFA
Institute administers the Chartered Financial
Analyst® (CFA®) and CIPM® curriculum
and exam programmes worldwide, publishes
research, conducts professional development
programmes, and sets voluntary, ethics-based
professional and performance-reporting
standards for the investment industry.
As a participant in the CFA Institute ApprovedProvider Programme, Saïd Business School
has determined that this programme
qualifies for 26.5 credit hours. If you are
a CFA Institute member, CE credit for your
participation in this programme will be
automatically recorded in your CE Diary.
APPLY NOWCandidates should apply online
at www.sbs.oxford.edu/applyIf you require any assistancewith your application or wouldlike to discuss any aspectof the programme pleasecontact Steve Brewster.
For further information contact Steve Brewster
tel: +44 (0)1865 422727
email: [email protected]
or visit: www.sbs.oxford.edu/pe
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© 2012 SAID BUSINESS SCHOOL PHOTOGRAPHY BY DAVID FISHER [WWW DAVIDFISHERPHOTOGRAPHY CO UK] & GREG SMOLONSKI [WWW PHOTOVIBE NET]
Saïd Business SchoolUniversity of OxfordExecutive Education CentreEgrove ParkOxford OX1 5NYUnited Kingdom
Contact:Steve BrewsterTel: +44 (0)1865 [email protected]/pe
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