AØKA08093U Private Equity – From Venture Capital to Buyouts
On a macro level, students should demonstrate a thorough understanding of industry drivers, such as the growth in savings deployable, the effects of corporate governance and regulation on the attractiveness of private versus public capital as well public policy issues such as transparency, any systemic risks associated with financial innovation and in particular the trading and transfer of risks and taxation.
On a micro level, students should demonstrate a thorough understanding of the structures and workings of venture capital and private equity firms, in particular on the screening, investment, value creating and exit cycle, on capital structure issues as related to the stage and risk profile of portfolio companies, on the control and agency issues related to governance as well as of the contracts used to regulate principal/agent relations and to ensure alignment of interest, both in relation to limited partners and general partners and in relation to portfolio companies.
As this is a multi disciplinary course, students may select a topic of their own choosing within law, economics, finance and public policy for their project work. Students may choose to submit a paper with a more narrow focus than described above and achieve a 12 grade based on a thorough understanding of the subject matter in question and an overall understanding of the course material
Literature Faculty Author Publisher Pages
Private Equity as an Asset Class, Ch 1-8, SPH, Guy-Fraser-Sampson, Wiley Finance, 2010, 180p.
Contracts & Incentives THR, THR, NA, 23p.
Capital Structure PNS Stewart C. Meyers, Journal of Economic Perspectives, spring 2001, 21p.
A Survey of Corporate Governance, JG, Andrei Schleifer, Robert W. Vishny , TheJournal of Finance, Vol. 52, No.2. (Jun., 1997), pp.737-783, 46p.
Limited Partnership Agreements, TKA, NA, BVCA ,27p.
Total 297 pages
Suggested supplementary material
The Economics of the PrivateÉquity Market, PNS, George W. Fenn and Nellie Liang, Dallas FED, 72p.
Relevant legal acts. JLH. Public acts. Plesner (law form) n/a
The course is structured as follows:
Part 1 - introduction to Private Equity (8 weeks of lectures)
• Faculty: Jesper Lau Hansen (Law) Jan Gunnarson (Econ) Peter Norman Sorensen (Econ), Soren Hovgaard (Econ), Tomas K. Andersen (Law)
• Guest speakers from the venture capital and private equity industries, advisors and regulatory authorities. Previous speakers have included; Poul Nyrup Rasmussen, former prime minister of Denmark, Steen Thomsen, professor at CBS, as well as industry experts from Nordic Capital, Axcel, EQT, Northzone Ventures, ATKearney, SEB Enskilda, Plesner Law Firm and McKinsey & Co.
Part 2 - independent project work (approx. 8 weeks)
- 10 ECTS
- Type of assessment
- Written assignment, 8 weeksEcon students (10 ECTS points): Take home paper (format rules for the economic seminars apply. For detailed requirements, see the Student Handbook.)
Law students (10 ECTS points): Take home paper (max. 35,100 characters; front page, index and list of references excluded).
General rules applicable for both Econ and Law students:
Papers should be submitted in English. Students may choose to submit papers in Danish provided if so indicated upon registration for the course.
- All aids allowed
- Marking scale
- 7-point grading scale
- Censorship form
- External censorship
100 % censurship
- Exam period
- Will be updated before the start of the semester
- Same as ordinary. But if only a few students have registered for the re-exam, the exam might change to an oral exams with a synopsis to be handed in. This means that the examination date also will change.
Criteria for exam assesment