Oxford PE Programme

7/28/2019 Oxford PE Programme

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OXFORDPRIVATE EQUITY

PROGRAMME



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.



WWW.SBS.OXFORD.EDU/PE 3

“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




“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




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




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




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.







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.




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




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



© 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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Oxford PE Programme

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