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Course details

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Module 2: Real Assets & Infrastructure Private Equity (Private Equity Masterclass)

Study infrastructure private equity & get in-depth analysis of Real Assets
  • This course represents Module 2 of the Private Equity Masterclass (5 Day)

    This popular course is comprised of 3 individually bookable modules.

    Alternative assets (AA) have attracted a considerable amount of attention and enthusiasm for their performance, diversification effects, and growth of assets under management (AUM). Among various alternative asset classes, traditional leveraged private equity and mezzanine finance share numerous characteristics – illiquidity, long-term horizons, and potential for high levels of returns. Infrastructure private equity and real asset investment add diversification plus inflation protection. All these areas can utilise leverage in acquiring the underlying assets.

    This school provides delegates with a comprehensive understanding of these "illiquid" alternative asset classes. It will:

    • Examine the role of traditional PE, real assets and infrastructure PE, private mezzanine financing (PMF), and growth equity in the portfolio
    • Analyse representative transactions and assess the attractiveness of potential transactions in different transaction contexts
    • Illustrate common types and identify classic sources of traditional PE, real assets, infrastructure, PMF and growth equity transactions
    • Examine entry valuation methodologies, including forecasting and modelling
    • Demonstrate how to structure and fund deals
    • Demonstrate how to generate returns through opportunistic entry, improved fundamental performance post-acquisition, use of leverage and performance incentives, and timely exit
    • Profile sources of financing for transactions of different asset classes
    • Examine funds flows and asset ownership changes associated with different products
    • Demonstrate classic post-acquisition operational improvements, such as more disciplined capital spending, reductions in working capital, and performance-related compensation
    • Profile key due diligence issues, including HR due diligence
    • Review exist alternatives, including leveraged recaps, IPOs, and trade sales to a strategic buyers

    Attendees will see private equity from the standpoint of both:

    • The buy-side, i.e. investors with capital looking to commit it to uncorrelated, historically higher-return, but illiquid investments
    • The sell-side, i.e. intermediaries assisting in the structuring and financing of private equity transactions

    Methodology

    The course will include the analysis of several private equity deals and leveraged buyouts, including a series of Asian transactions. A Socratic approach, with active participation and exercises, will be used.


  • Day 3 - Real Assets & Infrastructure Private Equity 
    This course represents day 3 of the Private Equity Masterclass

    Introduction

    • Infrastructure and real asset investing vs. raditional project finance
    - Established, "stabilised" assets and cashflows vs. "greenfield" projects
    • Infrastructure and real assets vs. Traditional real estate investing
    - Infrastructure as an alternative to premier Class A properties
    • Role of real assets and infrastructure private equity in a portfolio
    - Current returns, diversification, inflation hedge
    • Transaction types:
    - All-equity acquisition of existing infrastructure or real assets
    - Leveraged acquisition of existing infrastructure or real assets
    • Target screening: Infrastructure assets
    - Barriers to entry: "Irreplaceability"
    - Geographic location
    - Tariff structure: Freedom, predictability, enforceability in pricing of the use of asset
    - Technical characteristics: Physical condition, maintenance burdens, operational complexity
    - Types: Transportation, communication, power generation, social infrastructure
    • Target screening: Real assets
    - Supply and demand
    - Geographic location
    - Tariff structure: Freedom, predictability, enforceability in pricing of the exploitation of the resource
    - Technical characteristics: Ease of extraction and transport, maintenance burdens, operational complexity, cost predictability
    - Market conditions
    - Types: Fossil fuels, metals, timberlands, agricultural land
    • A target investment problem: Finding quality assets
    - A shortage of established assets in developed economies
    - Developing economies: Governments as willing sellers in environments of excessive uncertainty
    - The unsuitability of "greenfield" assets for infrastructure/real asset private equity
    - Infrastructure: Politically sensitive sectors - water, electricity, social infrastructure
    - Real assets: The sensitivity of "selling the family silver"
    • Financial performance assessment
    - Cashflow consistency: Non-cyclicality, tariff stability and visibility, limited technological change
    • Financial strategy assessment
    - Incremental capital investment needs
    - Cash generation and capital use
    - Historical, target and current capital structures
    - Funding modes and sources
    • Forecasts: Debt capacity and future cashflows
    - "Topline" revenue growth rate projections
    - Forecasting margins
    - Forecasting capital expenditures and other capital outlays
    - Forecasting debt service burdens
    - Levered equity cashflows
    • Return requirements and discount rates
    - Target IRRs
    - Other return measures
    • The capital structure decision: Role in the portfolio
    - Conservative capitalisation: Seeking inflation-adjusted current returns
    - More aggressive capitalisation: Some bias toward capital gains
    • Exit strategies: “Harvesting” returns
    - Strategic buyers: A shortage of them in infrastructure assets
    - Financial buyers: Other infrastructure/real asset investors, direct investment by pension funds
    - Public market exit: The Macquarie Model
    - Leveraged recapitalisation: Episodic capital gains, with some current return
    - No exit: “Buy-and-hold” for longterm inflation-protected current returns
    • Review of target valuation in real assets and infrastructure assets
    • Transaction structure and funding
    • Debt funding
    - Bank and other senior debt
    - Bridge funding
    - Bonded debt financing
    - Subordinated and other long-term debt finance
    - Securitisation and structured finance
    • Credit analysis and credit ratings
    • Equity-linked debt
    • Equity funding
    - Publicly-traded open-end and closed-end infrastructure funds: The Macquarie Model
    - Private infrastructure/real asset funds
    - Direct investment by pension funds, sovereign wealth funds, and endowments
    - "Strategic partner" investment by suppliers, vendors to the specific type of project/sector
    • Use of funds: Capital structure and returns
    - Debt capacity
    - Leveraged vs. Unleveraged structures
    - Equity-linked securities and dilution impacts: Warrants with-debt, convertibles, pay-in-kind securities
    • Transaction process
    - Due diligence, deal documentation and structuring highlight for real assets and infrastructure assets
    Sources of returns/manager value-added in real assets/infrastructure private equity
    • - Timely entry
    - Financial: Aggressive substitution of debt for equity, with careful cashflow management, especially disciplined in cost control and capital expenditure
    - Operational: Post-closure performance improvement due to enhanced managerial resources, more highly-motivated management and workers
    - Strategic: Well-situated, "irreplaceable" assets with tariff autonomy in infrastructure, and scarce resources with consistent, price-insensitive demand in real assets
    - Timely exit
    • Public infrastructure/real asset managers: The Macquarie Model
    • Private real asset/infrastructure managers: Organisational structures and associated funds flows
    - General vs. Limited partners
    - Legal: Specified life, withdrawal prohibitions, transfer restrictions, liability
    - Capital flows: "Takedown" schedules, capital calls, distributions
    - Manager fees and compensation, reporting and accounting policies


    Case studies:

    • Morgan Stanley infrastructure partners
    • The emergence of infrastructure in private equity: Global infrastructure partners
    • Macquarie international infrastructure fund
    • Hochtief sells airports unit to PSP Investments in revamp
    • The BAA LBO: A Detailed Look at “the Tariff”
    • Funds abandon bids for UK water utility as Goldman eyes Veolia UK water assets
    • Felda Global Ventures Holding: Agricultural assets as infrastructure
    • Australia’s Transurban: Tollroads as infrastructure
    • American Tower: Cellphone towers as infrastructure
    • Private equity investment in PCCW
    Day 3
    Introduction

    • Infrastructure and real asset investing vs. raditional project finance
    - Established, "stabilised" assets and cashflows vs. "greenfield" projects
    • Infrastructure and real assets vs. Traditional real estate investing
    - Infrastructure as an alternative to premier Class A properties
    • Role of real assets and infrastructure private equity in a portfolio
    - Current returns, diversification, inflation hedge
    • Transaction types:
    - All-equity acquisition of existing infrastructure or real assets
    - Leveraged acquisition of existing infrastructure or real assets
    • Target screening: Infrastructure assets
    - Barriers to entry: "Irreplaceability"
    - Geographic location
    - Tariff structure: Freedom, predictability, enforceability in pricing of the use of asset
    - Technical characteristics: Physical condition, maintenance burdens, operational complexity
    - Types: Transportation, communication, power generation, social infrastructure
    • Target screening: Real assets
    - Supply and demand
    - Geographic location
    - Tariff structure: Freedom, predictability, enforceability in pricing of the exploitation of the resource
    - Technical characteristics: Ease of extraction and transport, maintenance burdens, operational complexity, cost predictability
    - Market conditions
    - Types: Fossil fuels, metals, timberlands, agricultural land
    • A target investment problem: Finding quality assets
    - A shortage of established assets in developed economies
    - Developing economies: Governments as willing sellers in environments of excessive uncertainty
    - The unsuitability of "greenfield" assets for infrastructure/real asset private equity
    - Infrastructure: Politically sensitive sectors - water, electricity, social infrastructure
    - Real assets: The sensitivity of "selling the family silver"
    • Financial performance assessment
    - Cashflow consistency: Non-cyclicality, tariff stability and visibility, limited technological change
    • Financial strategy assessment
    - Incremental capital investment needs
    - Cash generation and capital use
    - Historical, target and current capital structures
    - Funding modes and sources
    • Forecasts: Debt capacity and future cashflows
    - "Topline" revenue growth rate projections
    - Forecasting margins
    - Forecasting capital expenditures and other capital outlays
    - Forecasting debt service burdens
    - Levered equity cashflows
    • Return requirements and discount rates
    - Target IRRs
    - Other return measures
    • The capital structure decision: Role in the portfolio
    - Conservative capitalisation: Seeking inflation-adjusted current returns
    - More aggressive capitalisation: Some bias toward capital gains
    • Exit strategies: “Harvesting” returns
    - Strategic buyers: A shortage of them in infrastructure assets
    - Financial buyers: Other infrastructure/real asset investors, direct investment by pension funds
    - Public market exit: The Macquarie Model
    - Leveraged recapitalisation: Episodic capital gains, with some current return
    - No exit: “Buy-and-hold” for longterm inflation-protected current returns
    • Review of target valuation in real assets and infrastructure assets
    • Transaction structure and funding
    • Debt funding
    - Bank and other senior debt
    - Bridge funding
    - Bonded debt financing
    - Subordinated and other long-term debt finance
    - Securitisation and structured finance
    • Credit analysis and credit ratings
    • Equity-linked debt
    • Equity funding
    - Publicly-traded open-end and closed-end infrastructure funds: The Macquarie Model
    - Private infrastructure/real asset funds
    - Direct investment by pension funds, sovereign wealth funds, and endowments
    - "Strategic partner" investment by suppliers, vendors to the specific type of project/sector
    • Use of funds: Capital structure and returns
    - Debt capacity
    - Leveraged vs. Unleveraged structures
    - Equity-linked securities and dilution impacts: Warrants with-debt, convertibles, pay-in-kind securities
    • Transaction process
    - Due diligence, deal documentation and structuring highlight for real assets and infrastructure assets
    Sources of returns/manager value-added in real assets/infrastructure private equity
    • - Timely entry
    - Financial: Aggressive substitution of debt for equity, with careful cashflow management, especially disciplined in cost control and capital expenditure
    - Operational: Post-closure performance improvement due to enhanced managerial resources, more highly-motivated management and workers
    - Strategic: Well-situated, "irreplaceable" assets with tariff autonomy in infrastructure, and scarce resources with consistent, price-insensitive demand in real assets
    - Timely exit
    • Public infrastructure/real asset managers: The Macquarie Model
    • Private real asset/infrastructure managers: Organisational structures and associated funds flows
    - General vs. Limited partners
    - Legal: Specified life, withdrawal prohibitions, transfer restrictions, liability
    - Capital flows: "Takedown" schedules, capital calls, distributions
    - Manager fees and compensation, reporting and accounting policies


    Case studies:

    • Morgan Stanley infrastructure partners
    • The emergence of infrastructure in private equity: Global infrastructure partners
    • Macquarie international infrastructure fund
    • Hochtief sells airports unit to PSP Investments in revamp
    • The BAA LBO: A Detailed Look at “the Tariff”
    • Funds abandon bids for UK water utility as Goldman eyes Veolia UK water assets
    • Felda Global Ventures Holding: Agricultural assets as infrastructure
    • Australia’s Transurban: Tollroads as infrastructure
    • American Tower: Cellphone towers as infrastructure
    • Private equity investment in PCCW
    Day 3
    Introduction

    • Infrastructure and real asset investing vs. raditional project finance
    - Established, "stabilised" assets and cashflows vs. "greenfield" projects
    • Infrastructure and real assets vs. Traditional real estate investing
    - Infrastructure as an alternative to premier Class A properties
    • Role of real assets and infrastructure private equity in a portfolio
    - Current returns, diversification, inflation hedge
    • Transaction types:
    - All-equity acquisition of existing infrastructure or real assets
    - Leveraged acquisition of existing infrastructure or real assets
    • Target screening: Infrastructure assets
    - Barriers to entry: "Irreplaceability"
    - Geographic location
    - Tariff structure: Freedom, predictability, enforceability in pricing of the use of asset
    - Technical characteristics: Physical condition, maintenance burdens, operational complexity
    - Types: Transportation, communication, power generation, social infrastructure
    • Target screening: Real assets
    - Supply and demand
    - Geographic location
    - Tariff structure: Freedom, predictability, enforceability in pricing of the exploitation of the resource
    - Technical characteristics: Ease of extraction and transport, maintenance burdens, operational complexity, cost predictability
    - Market conditions
    - Types: Fossil fuels, metals, timberlands, agricultural land
    • A target investment problem: Finding quality assets
    - A shortage of established assets in developed economies
    - Developing economies: Governments as willing sellers in environments of excessive uncertainty
    - The unsuitability of "greenfield" assets for infrastructure/real asset private equity
    - Infrastructure: Politically sensitive sectors - water, electricity, social infrastructure
    - Real assets: The sensitivity of "selling the family silver"
    • Financial performance assessment
    - Cashflow consistency: Non-cyclicality, tariff stability and visibility, limited technological change
    • Financial strategy assessment
    - Incremental capital investment needs
    - Cash generation and capital use
    - Historical, target and current capital structures
    - Funding modes and sources
    • Forecasts: Debt capacity and future cashflows
    - "Topline" revenue growth rate projections
    - Forecasting margins
    - Forecasting capital expenditures and other capital outlays
    - Forecasting debt service burdens
    - Levered equity cashflows
    • Return requirements and discount rates
    - Target IRRs
    - Other return measures
    • The capital structure decision: Role in the portfolio
    - Conservative capitalisation: Seeking inflation-adjusted current returns
    - More aggressive capitalisation: Some bias toward capital gains
    • Exit strategies: “Harvesting” returns
    - Strategic buyers: A shortage of them in infrastructure assets
    - Financial buyers: Other infrastructure/real asset investors, direct investment by pension funds
    - Public market exit: The Macquarie Model
    - Leveraged recapitalisation: Episodic capital gains, with some current return
    - No exit: “Buy-and-hold” for longterm inflation-protected current returns
    • Review of target valuation in real assets and infrastructure assets
    • Transaction structure and funding
    • Debt funding
    - Bank and other senior debt
    - Bridge funding
    - Bonded debt financing
    - Subordinated and other long-term debt finance
    - Securitisation and structured finance
    • Credit analysis and credit ratings
    • Equity-linked debt
    • Equity funding
    - Publicly-traded open-end and closed-end infrastructure funds: The Macquarie Model
    - Private infrastructure/real asset funds
    - Direct investment by pension funds, sovereign wealth funds, and endowments
    - "Strategic partner" investment by suppliers, vendors to the specific type of project/sector
    • Use of funds: Capital structure and returns
    - Debt capacity
    - Leveraged vs. Unleveraged structures
    - Equity-linked securities and dilution impacts: Warrants with-debt, convertibles, pay-in-kind securities
    • Transaction process
    - Due diligence, deal documentation and structuring highlight for real assets and infrastructure assets
    Sources of returns/manager value-added in real assets/infrastructure private equity
    • - Timely entry
    - Financial: Aggressive substitution of debt for equity, with careful cashflow management, especially disciplined in cost control and capital expenditure
    - Operational: Post-closure performance improvement due to enhanced managerial resources, more highly-motivated management and workers
    - Strategic: Well-situated, "irreplaceable" assets with tariff autonomy in infrastructure, and scarce resources with consistent, price-insensitive demand in real assets
    - Timely exit
    • Public infrastructure/real asset managers: The Macquarie Model
    • Private real asset/infrastructure managers: Organisational structures and associated funds flows
    - General vs. Limited partners
    - Legal: Specified life, withdrawal prohibitions, transfer restrictions, liability
    - Capital flows: "Takedown" schedules, capital calls, distributions
    - Manager fees and compensation, reporting and accounting policies


    Case studies:

    • Morgan Stanley infrastructure partners
    • The emergence of infrastructure in private equity: Global infrastructure partners
    • Macquarie international infrastructure fund
    • Hochtief sells airports unit to PSP Investments in revamp
    • The BAA LBO: A Detailed Look at “the Tariff”
    • Funds abandon bids for UK water utility as Goldman eyes Veolia UK water assets
    • Felda Global Ventures Holding: Agricultural assets as infrastructure
    • Australia’s Transurban: Tollroads as infrastructure
    • American Tower: Cellphone towers as infrastructure
    • Private equity investment in PCCW

     

  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Andrew Regan

    With experience that spans both practical and academic spheres, I specialise in delivering training in the theory and practice of corporate finance and financial markets. My specialty is valuation in the public and private equity markets, but other interests include portfolio management and real estate valuation.

    Biography

    Andrew, CFA, started in investment banking at Merrill Lynch; serving as a financial advisor to municipal entities and directing their efforts in raising public capital in the tax-exempt debt markets. After business school, he became a Retailing Analyst at Donaldson, Lufkin, and Jenrette in New York, where he counseled large institutional investors on their retail sector holdings. In addition to these conventional sell-side equity research duties, he was centrally engaged while at DLJ in a number of banking transactions involving merchants, including LBOs, IPOs, primary and secondary equity offerings, and private placements.He then returned to Harvard Business School as a Charles M. Williams Fellow and Dean’s Doctoral Award Winner. His research interests included the performance of LBOs, privatization in emerging markets, competition in the securities markets, and capital availability in the airline industry. In 1994-95 he served as Secretary to Professor Samuel Hayes, Warren Buffet, GE Chairman John Welch, former Merrill Lynch Chairman Daniel Tully, and other members of the Compensation Practices Committee, a blue-ribbon panel of securities industry experts appointed by SEC Chairman Arthur Levitt to look at remuneration in the retail brokerage business.Andrew provides consulting support to financial service organizations looking for organisational and staff development in the theory, practice, and products of corporate finance and financial markets. This includes both the sell-side process of such activity (advisory, M&A, and capital markets) as well as the concomitant buy-side analysis (investors and their analytical approaches).He has delivered projects for clients in North America as well as Europe, Latin America, Asia, Africa, and the Middle East. Those clients include all the U.S. Bulge Bracket firms, as well as several Persian Gulf and Chinese financial institutions, and he has worked with private firms on a variety of financial and strategic issues. He has also worked with financial staff at China Petroleum and Chemical (Sinopec), the large Chinese downstream/integrated firm, on analysis and valuation.Andrew received his A.B. magna cum laude with Highest Honors in Modern European History from Harvard College in 1983, his M.Sc., with Distinction, in West European Politics from the London School of Economics in 1986, and his M.B.A., with High Honors, from HBS, where he was a George F. Baker Scholar, in 1988. He holds the CFA Charter.