Elite - Professional Training & Development

Institutions in the region are increasing their private market allocations, as investors in third-party funds, as co-investors and as sponsors of their own vehicles. Many decision makers, however, rely on fund managers' presentations without the tools to test them. Limited partnership agreements are signed with fee and waterfall terms that are poorly understood. Reported returns are compared across funds using measures that are not comparable. Valuations between exits are accepted without challenge, and liquidity needs from capital calls are underestimated.

This programme covers private equity from both sides of the table. It starts with the industry, strategies and fund structures, moves to the deal process from sourcing and due diligence to valuation and leveraged buyout structuring, then to value creation and exits, and finally to the investor's perspective: manager selection, fund terms, performance measurement, valuation oversight, portfolio construction and governance.

Built on recognised practice. The programme references established industry guidance, including the ILPA Principles and ILPA reporting templates, the International Private Equity and Venture Capital (IPEV) Valuation Guidelines, the fair value principles of IFRS 13, the Global Investment Performance Standards (GIPS) and the Principles for Responsible Investment. They are used to frame good practice in fund terms, reporting, valuation and ESG integration.

Decisions this programme improves. Whether and how much to allocate to private equity; which strategies and managers to back; which fund terms to negotiate; whether a deal's valuation and leverage are reasonable; how to interpret interim returns and valuations; how to plan for capital calls and distributions; and when to consider secondaries, co-investments or continuation vehicles.

How it is delivered. Twenty hours across five sessions, built around one running case: an institutional investor evaluating a commitment to a mid-market buyout fund and a co-investment in one of its deals. Exercises use practical spreadsheet models for a leveraged buyout, a distribution waterfall and fund cash-flow forecasting.

In-house option. For organisations, the programme can be tailored to your own investment policy, current fund commitments and governance structure, and delivered to investment teams, risk functions and investment committee members together.

Who Should Attend

Investment professionals: portfolio managers and analysts in sovereign funds, pension funds, insurers and family offices

Fund management staff: investment, finance and investor relations staff at private equity firms

Board and committee members: investment committee members overseeing private market allocations

Risk, finance and audit professionals responsible for valuation, reporting or oversight of fund investments

Corporate development and banking professionals working on private equity transactions

Objectives

Explain the main private equity strategies, including venture capital, growth, buyout, secondaries and co-investment

Describe fund structures and the roles of general partners, limited partners and service providers

Analyse key limited partnership terms, including fees, hurdle rates, carried interest and distribution waterfalls

Outline the deal process from sourcing and due diligence to investment approval

Value a private company using multiples and discounted cash flow methods

Build a simple leveraged buyout model and identify the drivers of return

Assess value creation plans and exit options

Interpret fund performance using IRR, TVPI, DPI and public market equivalent measures

Challenge interim valuations and reporting against recognised guidelines

Design a manager selection, monitoring and pacing approach for a private equity programme

Course Outline

The Private Equity Landscape and Fund Structures

Private equity within private markets: strategies and life cycle
Venture capital, growth equity, buyouts and special situations
Limited partnership structure and parallel and feeder vehicles
Roles of GPs, LPs, administrators, auditors and advisers
Management fees, hurdle rates, carried interest and clawback
European and American distribution waterfalls
Sovereign and institutional investors as limited partners

Sourcing, Due Diligence and Valuation

Deal sourcing and investment theses
Commercial, financial, legal and ESG due diligence
Valuation by comparable companies and precedent transactions
Discounted cash flow valuation for private companies
Venture capital valuation and pre-money and post-money logic
Investment committee papers and approval

Structuring Buyouts and Creating Value

Leveraged buyout mechanics and capital structure
Debt instruments, covenants and private credit
Drivers of return: earnings growth, multiple change and deleveraging
Shareholder agreements, governance rights and management incentives
Value creation plans and operational improvement
Restructuring underperforming investments

Exits, Performance and Valuation Oversight

Exit routes: trade sale, secondary buyout, IPO and recapitalisation
GP-led secondaries and continuation vehicles
IRR, multiples, DPI, TVPI and public market equivalent
The J-curve and the effect of subscription credit lines on reported returns
Interim valuation practice under IPEV guidelines and IFRS 13
Reporting and transparency expectations

The Investor's Perspective: Selecting, Monitoring and Governing

Strategic allocation and pacing of commitments
Manager selection and operational due diligence
Negotiating terms and side letters
Cash-flow forecasting for capital calls and distributions
Co-investment programmes and secondary market sales
ESG integration and responsible investment reporting
Governance, conflicts of interest and investment committee oversight

Competencies

Private equity strategies and fund structures

Fund terms and distribution waterfall analysis

Private company due diligence and valuation

Leveraged buyout modelling

Value creation and exit planning

Fund performance measurement

Interim valuation oversight

Manager selection and commitment pacing

Private equity governance and ESG integration

London

Access Elite Academy’s complete training portfolio in London. As one of the world’s leading centers for business, finance, professional services and executive learning, the city provides a strong setting for organizations and professionals seeking expert-led learning, with upcoming scheduled courses and other programs available on request. London is one of Elite Academy’s international training destinations and gives organizations and professionals access to our complete portfolio of training programs across all disciplines. As one of the world’s leading centers for business, finance, professional services and executive learning, the city offers a professional setting for focused learning. Participants can choose from upcoming scheduled courses in London or request any other program from the Elite Academy portfolio to be arranged in the city, subject to scheduling and delivery requirements. Browse the upcoming schedule below or explore our training areas to identify the program that best matches your organization’s development priorities or your own professional goals.

Private Equity Funds