Private Equity & Venture Capital - Johannesburg - Financial - Corporate Finance

Dates	Location	Price	Add dates to my diary	Brochure	Register
12-14 Nov 2012	Johannesburg, South Africa	£2,650.00	Add dates	Download	Register now

A 3-day intensive, practical financial training course with real-life case studies and team negotiation role plays

Featuring:

How to use venture capital to finance a company
Company valuation from the perspective of the venture capitalist
Investment process of a venture capital fund
Due diligence and documentation
Advanced investment structures and their application
MBOs and MBIs
Managing the venture capital portfolio
Strategic investors and emerging markets

Training Course Background:

This three day financial training course has been designed to provide the participants with a complete overview of the Venture Capital industry and its workings. It is intended that participants will gain a thorough understanding of the role and operations of a Venture Capital fund, and the complex financial engineering methods it uses. The training course will emphasise the practical aspects through real–life case studies, workshop sessions and negotiation simulations.

Delegate Profile:

In order to gain the full benefit of the training course, participants should be numerate and be familiar with the basic elements of Corporate Finance, such as company valuation and financial forecasting. Basic understanding of the different types of financial instruments such as equities, bonds, debt, etc is useful. Good English language skills are required.

Who Should Attend?

This training course will be of interest to company executives involved in business development and acquisition work and professionals at all levels of seniority who wish to gain insight into venture capital, such as:

Commercial & Investment Bankers
Company & Financial Analysts
Management Consultants
Directors of Finance
Venture Capitalist
Accountants
Lawyers

Day 1

Introduction to PEVC

Definition
Industry overview
The use of PEVC as a form of financing for companies

Valuation fundamentals

Discounted Cash Flow (DCF)
Relative valuation (Peer Analysis)
Contingent claim
Asset based valuation
Decision trees

DCF valuation

PV, NPV, and IRR valuation methods
Capital Asset Pricing Model (CAPM)
Working exercise – Computer based DCF valuation

Strategy of the firm

SWOT Analysis
Porters Matrix
Boston Portfolio Matrix
Industry Life Cycle

Valuation PE style

Exit
Buyers
Increasing value

Case Study: Pharma – Valuation Case
The group is divided into teams of 2 to 4 delegates forthe purpose of this exercise. Each team will read a 12 page case study and accompanying key financial data excel spreadsheet, before performing a valuation on the company. The valuation is based on DCF and multiple based valuation techniques. This builds on the day's lectures by applying the various techniques discussed during the day to perform the valuation. The case is based on an actual investment from 2001, and exited in 2004, allowing for comparison of the results to the actual details of the case.

Day 2

Begin by reviewing a sample termsheet

Investment Process of a VC Fund
Companies and management
Investment process
The business plan and the pitch

Organisation of a VC fund

Investors
Legal structure
Management

Basic investment structures of a VC Fund

Instruments
Management representations
Protection mechanisms

Due diligence and documentation

The term sheet
Due diligence
Documentation deal

Emerging market issues

Returns
Environment
Approaches

Case Study: Parcel Express – valuation and negotiation
The group is divided into teams of 2 to 4 delegates. Each team represents either the buyer or the seller. Each then performs a valuation, establishes a negotiation position, then proceeds to engage in negotiation with their counterpart. The final result is to produce a term sheet outlining the basic structure of the investment. This case builds on the valuation skills learned in day one, as well as the investment structure, due diligence, and negotiation issues covered in day 2 lectures. The case is based on an actual investment from 2000, allowing for comparison of the results to the actual details of the case.

Day 3

Advanced investment structures

Preferred equity
Use of debt
Options and warrants

Strategic investors

As co-investors
Exit routes
Maximising value when working with strategics

MBO and MBI’s (management buy-outs and management buy-ins)

Descriptions
Structuring
Emerging markets

Managing the VC portfolio

Involvement
Reporting to fund investors
Problems

Post investment monitoring and value enhancement

Goals
Company reporting
Value enhancement

Managing a PEVC fund

The Management fee
Organisation of fund staff
Incentive compensation

Case Study: SoftCo
The groups review a troubled PEVC investment and recommend different alternatives including its sale or further investment. The teams prepare short presentations of their findings, addressed to fund investors whose approval they require. This case is based on an actual investment from 1999 – 2001, which was distressed and required significant involvement from fund management staff. The case builds on the material covered in the day 3 lectures.

Course summary and close

Johannesburg Hotel, Johannesburg, South Africa

This programme takes place on a non-residential basis at a central Johannesburg hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Gavin Ryan

Gavin Ryan has over 25 years experience of the financial industry. He spent ten years as an investment banker in London and Tokyo, with Nomura Securities and HSBC Investment Bank, where he worked in the area of capital markets, M&A advisory and privatisation. For five years he worked in the restructuring and insolvency department of Price Waterhouse in Italy, where he specialised in managing and restructuring troubled companies. For the last ten years he has worked as a private equity fund manager, firstly with an affiliate of Advent International and subsequently with Soros Investment Management. Currently Gavin manages his own PE investment firm, Wider Europe Capital Management, which invests in Emerging Europe.

Gavin also served with the British Foreign Office for a period. He has acted as board member as well as full time CEO of several private equity funded companies including a cable TV company, a bank and a publishing house. Gavin has been collaborating with Euromoney Training for over ten years. His specific areas of professional expertise are valuation techniques, making and managing private equity investments and dealing with troubled companies.

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

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Comments

Very useful for 'real life' practice

Past delegate, Ocean & Oil Holdings

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Course Instructor: Gavin Ryan