AØKA08093U Private Equity – From Venture Capital to Buyouts
The course is part of the Financial line symbolized by "F".
The course is a joint University of Copenhagen Department of Economics/Faculty of Law graduate course introducing students to key aspects of private equity. The course is designed to be of interest to students of law, economics, finance and public policy, emphasizing the interrelationships between academic disciplines within this field.
To obtain a 12 grade students should demonstrate a thorough
understanding of micro and/or macro aspects of private equity in
broad terms and/or a thorough understanding of a particular topic
within the overall framework of the course.
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 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
Required reading
Private Equity as an Asset Class, Ch 1-8, SPH, Guy-Fraser-Sampson,
Wiley Finance, 2010, 180p.
Contracts & Incentives 23p.
Capital Structure 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, BVCA ,27p.
Total 297 pages
Suggested supplementary material
The Economics of the PrivateÉquity Market, George W. Fenn and
Nellie Liang, Dallas FED, 72p.
Relevant legal acts. Public acts.
Part 1 - introduction to Private Equity (8 weeks of 3 hours lectures)
• Faculty: Soren Hovgaard (Econ), Thomas 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, Accura Law Firm and McKinsey & Co.
Part 2 - independent written assignment (approx. 8 weeks)
- Category
- Hours
- Lectures
- 35
- Preparation
- 70
- Project work
- 170
- Total
- 275
- Credit
- 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. - Aid
- All aids allowed
- Marking scale
- 7-point grading scale
- Censorship form
- No external censorship
- Exam period
- For the Spring semester 2015: From 26 May to 28 June 2015 The exam is an independent written project assignment during approx. 8 weeks. The teacher will inform the deadlines in the class and at Absalon. More information is available at https://intranet.ku.dk/economics_ma/examination/Pages/default.aspx
- Re-exam
- Same as ordinary. But if only a few students have registered for the re-exam, the exam might change to an oral exam with a synopsis to be handed in. This means that the examination date also will change.
Criteria for exam assesment
The student must in a satisfactory way demonstrate that he/she has mastered the learning outcome of the course.
Course information
- Language
- English
- Course code
- AØKA08093U
- Credit
- 10 ECTS
- Level
- Full Degree MasterFull Degree Master choice
- Duration
- 1 semester
- Placement
- Spring
- Schedule
- Spring (week 6-21)
- Course capacity
- No limits
- Continuing and further education
- Price
320 DKK per ECTS.
- Study board
- Department of Economics, Study Council
Contracting department
- Department of Economics
Course responsibles
- Søren Hovgaard
(16-7a76796c753577356f767d6e6868796b476c6a767535727c356b72)
For the Department of Economics - Tomas Krüger Andersen
(21-7f7a786c7e39767d8072707d396c796f707d7e70794b75807d397680396f76)
For the Faculty of Law