Master Private Equity from Elite Practitioners

On the first day of the Private Equity Master Bootcamp, participants will be introduced to the course objectives and structure, followed by an exploration of the private equity deal funnel and an in-depth examination of the deal process, including auctions versus proprietary deals and the chronology of auction processes. The roles and responsibilities of associates and vice presidents in private equity firms will be outlined, along with a case study introduction involving Banana Splits. Initial business appraisal techniques will be discussed alongside common non-disclosure agreement (NDA) clauses and best practices, followed by an overview of the teaser and confidential information memorandum (CIM) documents, using Banana Splits as a case study example. The course will delve into the indicative financing process, including redacted examples of lender indicative term sheets and indications of interest (IOI), before transitioning to the diligence phase, covering essential topics such as commercial, accounting, and legal diligence, and engaging third-party diligence providers. Accounting and tax diligence, quality of earnings processes, and valuation and financing methods will be explored, including underwriting models and debt commitment letters. Throughout the day, participants will engage with case studies and practical examples to reinforce their understanding of the concepts discussed.

On Day 2 of the Private Equity Master Bootcamp, participants will be introduced to crucial topics essential for understanding the deal-making process. The day starts with a focus on crafting the Final Investment Committee (IC) Memo and Letter of Intent (LOI), including insights on their structure and key components through both overview sessions and redacted examples. Key considerations for the LOI and the close process will be discussed, along with an examination of the Final Purchase Agreement and Final Credit Agreement, featuring negotiation points and glossaries of terms. Participants will also explore the Pre-Closing Checklist, regulatory approvals, and capital call processes, supplemented with examples and open configuration options for deeper understanding. Portfolio company monitoring strategies, financial reporting, and annual budget forecasting will be covered, alongside M&A modeling support for add-on acquisitions and exit timing considerations. Future fundraising and the broader perspective of Leveraged Buyouts (LBOs) will be explored, including leverage and returns analysis, debt paydown strategies, IRR calculations, and valuation methodologies. Practical exercises such as the Paper LBO will reinforce learning, focusing on valuation and transaction assumptions including adjusted EBITDA, acquisition multiples, equity value bridges, implied share prices, and other critical factors.

On day 3 of the Private Equity Master Bootcamp, we'll go into the intricacies of Sources and Uses, starting with theoretical frameworks and then transitioning into practical applications. Key topics covered include understanding the theoretical underpinnings of Sources and Uses, dissecting financing assumptions, and navigating through the intricacies of P&L projections and LBO adjustments. Participants also learn about structuring debt schedules, managing circularity, evaluating credit metrics, and making adjustments to balance sheets. The day progresses into discussions on tax implications, exit strategies, returns analysis, and sensitivity assessments. Additionally, participants engage in bonus modules covering Purchase Price Accounting, Dividend Recapitalizations, and Add-On Acquisition Builds, providing a comprehensive understanding of complex financial maneuvers in private equity.

This module includes lessons introducing private equity, covering topics like capital, fund structure, and roles.

Learn the initial stages of an auction process.

This module covers CIM review, real-world examples, a custom case study, Mini LBO model, and IOI process.

Understand the framework of diligence that you will be expected to lead in private equity.

The module explores case underwriting and LBO modeling for different scenarios.

Detailed walkthroughs of a real IC Memo and LOI, as the deal gets closer to the finish line.

Covers the final steps of wrapping up a deal, ensuring a smooth finish with no surprises.

This brief module dives into the responsibilities of the associate post-close.

Breaking down Distribution Waterfalls for you and discussing MOIC, non-compounding, and IRR hurdles using various examples.

Understand leveraged buyouts at a high level covering the theory first.  

The Theory: Overview of sources and uses of cash in an acquisition, as well as help you build a robust understanding of LBO fundamentals.

Key changes in P&L and adjustments made for LBOs

Learn adjusted EBITDA, acquisition multiple, building enterprise value to equity value, implied share price and other key assumptions.

Application to Nike Case:  Apply the fundamentals to a real-life case

Learn how to bridge to cash flow available for debt service, revolver schedule, subordinated debt schedule, credit metrics and more

Learn about the 2017 Tax Reform and the complexities it introduces to LBO models

Learn about purchase price accounting and how it applies to LBOs

Learn about dividend recaps and how to build them dynamically in your LBO model

Learn how to dynamically build a dynamic LBO model to incorporate tuck-in acquisitions in a roll-up strategy