Reclaiming Your VAT
Reclaim the VAT on your Euromoney Training Courses in the UK
Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.
Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.
How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.
Option 1 - Directly through HM Revenue and Customs
The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming.
Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim. VAT IT will review, process and submit your VAT refund on your behalf.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
If you want to find out more about this service, please email your details to: firstname.lastname@example.org
You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.
Module 3: Mezzanine Private Equity & Growth Equity (Private Equity Masterclass)
This course represents Module 3 of the Private Equity Masterclass (5 Day)
This popular course is comprised of 3 individually bookable modules.
- Module 1: Traditional Private Equity: Leveraged Transactions (Private Equity School)
- Module 2: Real Assets & Infrastructure Private Equity (Private Equity School)
- Module 3: Mezzanine Private Equity & Growth Equity (Private Equity School)
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
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.
This course represents Module 3 of the Private Equity Masterclass
Day 1 (Day 4 of the Masterclass)
Role in the portfolio, deal sourcing
Role of private mezzanine finance (PMF) and growth equity
PMF strategy types
- LBOs and MBOs
- Disposals, divestitures, and equity "carve-outs"
- PIK, equity-linked, and coupon instruments
Growth equity as distinguished from traditional leveraged private equity and venture capital
Growth equity strategy types
- Growth equity: Minority stakes in private/public companies with some "problem"
- "Strategic" Investors: Minority stakes in private/public companies which can benefit from strategic guidance
- Pre-IPO and "cornerstone" investors
- Turnaround situations: Minority stakes in private/public firms
Fundamental analysis in growth equity
- Topline growth
- Cash use/generation
Projected sources of post-acquisition value-added
- Improved fundamental performance via more disciplined capital investment, better working capital management, and more focused product/market development
- Improved management incentives and governance
PMF sources of returns/manager value added
- Timely entry
- Financial: Modest use of leverage - really an equity solution
- Operational: Post-closure performance improvement
- Strategic: Transformative strategic, operational, managerial, and financial input by a very sophisticated investor
- Timely exit
Growth equity sources of returns/manager value-added
- Timely entry
- Financial: Disciplined capital investment and cashflow management, but without compromising the exploitation of exciting growth prospects to the fullest, and without additional leverage
- Operational: Post-closure performance improvement
- Strategic: Exploitation of organic growth and growth to critical mass in a consolidating sector
- Timely exit
Goldman Sachs mezzanine partners
Accuflow: Mezzanine in an LBO
Elephant Bar: Mezzanine investment in a restaurant chain
Day 2 (Day 5 of the Masterclass)
Transaction structure and funding
- Sources and uses of funds
- Capital structure
- Projected method and timing of exit
- Projected IRR
Valuation in PMF
- Entry: Comparable firm multiples and control premiums
- Exit valuations: Comparable firm multiples
- Application of traditional convertible options-based approaches
Valuation in growth equity
- Entry: DCF analysis, comparable transactions, peer firm multiples adjusted to reflect control premiums
- Exit Valuations: Comparable transaction and peer firm multiples
- Commercial due diligence
- Management due diligence
- Operational due diligence
- Financial/Accounting due diligence
- Legal due diligence
- IT due diligence
- HR due diligence
Sources of financing
- Private convertible preferred stock and convertible bonds
Exit strategies: “Harvesting” returns
- Strategic buyers: More common in "growth" equity and mezzanine
- Financial buyers: Another alternative
- Public market exit: Attractiveness of "growth" assets in the IPO market
- Leveraged recapitalisation: Avoiding debt burdens on "growth" assets
- No exit: "Buy-and-hold" for future dividend distributions
PMF/Growth equity 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, "cashflow waterfalls" and distributions
- Manager fees and compensation: management fees, "transaction" fees, and carried interest
Priceline convertible “growth equity” investment in CTrip
Silverlake growth equity investment in Avago to finance LSI deal
Growth equity: Texas Pacific, Newbridge, and general Atlantic investment in Lenovo
MBK partners turnaround investment in Japanese jeweler Tasaki Shinju
Crocs, Inc. announces financial partnership with Blackstone in turnaround
Oaktree Capital’s $225m investment to lift cracked Diamond Foods
Goldman backs bankrupt Nine Entertainment’s debt-for-equity deal
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
Andrew ReganWith 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.
BiographyAndrew, 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.