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Private Equity: Venture Capital, Growth Capital & LBO

From Venture Capital to LBO, a comprehensive approach
  • This course is made up of Two distinct modules, which can be booked individually,

    Module 1 - Private Equity for Institutional Investors & Consultants (Days 1 & 2)

    Module 2 - Private Equity Investing (Directly or in Funds) Days 3 & 4

    Private markets attract a considerable amount of attention and enthusiasm for their performance, diversification effects, and growth of assets under management. Among the different strategies, private equity capitalises on new technologies and trends (venture capital), fast growth companies (growth capital), repositioning of assets and strategic evolutions (leveraged buyouts). Private debt aims at providing investors a differentiated exposure to yield (senior/direct lending), possibly including capital gains (mezzanine debt) and to company restructuring (distressed debt, loan-to-own). Private real assets (private real estate, private infrastructure, timber, natural resources) offer different combinations of yield  capital gains, inflation protection and downside protection. All these strategies share common traits, such as the use of equity and debt instruments, over a rather long duration, with active involvement of fund managers and negotiation of specific rights, usually to support high risk/high return projects.

    This masterclass provides delegates with a comprehensive understanding of private markets. It will:

    • Examine the role of private markets in an asset allocation, the instruments used and the challenges associated with their use
    • Examine the dimensions of private markets investing and the tools that investors use
    • Illustrate the portfolio construction process
    • Analyse the economics of private markets funds, their fund raising process and their investor relations
    • Analyse a representative LBO transaction from deal sourcing, to structuring, to execution, to exit
    • Illustrate key due diligence issues
    • Demonstrate how to structure and fund deals
    • Examine valuation methods, and apply the most frequently used
    • Demonstrate how to generate returns through value creation post-acquisition, use of tax and financial leverage, operational improvements, 100-day plans and other operational and strategic improvements
    • Review exit scenarios such as trade sale, dividend recaps, IPOs, and write-offs
    • Explore reporting of funds, and accounting frameworks

    Attendees will see private markets from the standpoint of both:

    • The buy-side (investors), i.e. capital providers to the asset class, looking to commit it according to specific risk-return-liquidity dimensions
    • Fund managers (front office), i.e. intermediaries investing capital to acquire, grow and sell companies and assets
    • Fund managers (middle and back office), i.e. Intermediaries fund raising, monitoring investments and reporting on it
    • The sell-side (ecosystem), i.e. intermediaries assisting fund managers or interacting with them


    The course will combine dynamically presentations, ateliers, business cases, role playing and interactive Q&A sessions. Active participation is encouraged, and practical exercises will be used.


    A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.  

  • Private Equity Masterclass: Venture Capital, Growth Capital & LBO


    This course is made up of Two distinct modules, which can be booked individually,

    Module 1 -  Private Equity for Institutional Investors & Consultants (Days 1 & 2)

    Module 2 -  Private Equity Investing (Directly or in Funds)  Days 3 & 4



    Two modules to understand this alternative asset class


    DAY 1
    Private equity: asset allocation, instruments and strategies
    • Private equity, private debt, private real assets: strategies and instruments
    • The private equity value chain
    • Levels of intermediation: direct/co-investment, funds and funds-of-funds
    • Challenges: Why is investing in private markets difficult?
    • Current debates: reputation, clichés and reality


    The three dimensions of private markets investing 


    • Liquidity: measurement and constraints
    • Returns: measurement (IRR, MOIC, PME), comparison, dynamics and interpretation (net/gross)
    • Atelier: illustrating the limits of the IRR
    • Risks: measurement, limits
    • Benchmarking: data sources, quartiles (limits)
    • Current debates: lines of credit (equity bridge financing), the cost of unused capital


    Asset allocation and private markets

    • Perspective on private markets: volumes, evolution, geographical and strategic breakdown
    • Risk-return-liquidity: setting up a portfolio (market neutral portfolio)
    • Top-down and bottom-up approaches
    • Business case (Yale endowment)
    • Current debates: numerator and denominator effects


    Private equity funds: functioning and selection

    • Listed versus unlisted funds
    • Fund managers and structures (LP, SIF, RAIF, FPCI, SPAC, BDC, VCT,...)
    • Functioning of a fund (vintage year, investment and divestment period...)
    • Specificities: capital deployment, dry powder, J- curve
    • Functioning of a fund manager
    • Economics (fees, hurdle, carried, catch-up...)
    • Atelier: fund waterfall (US / European) illustration


    Q&A and wrap-up

    DAY 2

    How to convince investors and keep them happy? Fund raising and structuring, investors relations


    Who are the investors and how do they think

    • Typology of investors and their priorities
    • Sources of capital and constraints
    • How do investors think?
    • What do investors want?
    • The big puzzle of alignment of interests
    • Current debates: number of fund relationship, one-stop shop, alignment of interests


    Fund raising: a permanent process

    • Setting the scene: number of fund managers, volumes raised, dry powder
    • The process of fund raising: timing, length, success rate
    • The ecosystem: placement agents, gatekeepers, sponsors, etc.
    • Workshop documentation: PPM, presentation, track record, pipe-line, pitch...
    • Specificities: track record, first-time funds, cycles
    • Current debates: staple financing, funds of funds, concentration of fund managers


    Role playing game: the case of a mid-market BO fund raising

    • Introduction and groups
    • Reading and brainstorming
    • Preparation of group work
    • Presentation
    • Debate and debriefing


    Communicating: reporting, AGM and other channels

    • Information asymmetries, due diligence and limits
    • Balance of power
    • The LP’s choice: exit, voice or loyalty
    • Exit: dynamics, difficulties and limits
    • Workshop: is changing the fund manager really an option?
    • Voice: ‘diplomacy’ (lobbying, pressure, scandals), war (trials and regulators) and negotiations (LPA to regulations)
    • Loyalty... or not: re-committing to a fund, dropping one, getting access


    Q&A and wrap-up

    MODULE 2: PRIVATE EQUITY INVESTING (Directly or in Funds)

    DAY 1

    Investing: Funds, funds-of-funds, mandates, co-investments


    Setting the right environment

    • Choosing the right environment for selecting funds: from outsourcing to in-house operations
    • Setting up the right program, depending on the constraints
    • Challenges: adverse selection, contagion, lack of alignment of interests, conservatism, herding effects
    • Workshop: endowment, family office, pension funds – alike and different
    • Competition between investors
    • What managers look for in an investor?


    Selecting funds and fund managers

    • Selecting funds (and funds-of-funds): sourcing, approaching and accessing
    • Specificities: persistence of return
    • Workshop documentation: The private placement memorandum
    • Workshop documentation: The due diligence questionnaire (and the DD pack)
    • Request for proposals: virtues and limits
    • Current debates: concentration of fund managers, conflicts of interests, generational change



    • Workshop documentation: the Limited Partnership Agreement
    • Most frequent clauses: key man, most favoured nation
    • Sponsor (or lack thereof)
    • First closing participation and other advantages
    • Advisory Board and representation
    • Current debates: fee level, hidden fees, hurdle rate,...


    The temptation of co-investing

    • Set up and resources
    • Constraints
    • Liabilities
    • Business case: Formula 1 and the GPFG
    • Statistics on co-investing


    Q&A and wrap-up

    DAY 2
    Investing in private companies: sourcing, analysing, negotiating, creating value and exiting

    Investment framework

    • The investment process: five steps
    • Choosing the tools: the case of the LBO
    • Other types of investments


    Analysing a deal: mid-market cleaning company (business case I)

    • Interactive business case (no preparation): deal analysis I
    • Interactive business case: deal analysis II
    • Negotiation and valuation


    Analysing a deal: the case of a mid-market cleaning company (business case II)

    • Structuring
    • Leverage effects
    • Performance calculation and analysis
    • Limits and risks


    The deal and post-investment activities

    • The closing and its legal documents
    • 100-day plan, implementation, most frequent operations
    • Value creation


    Exiting a deal: IPO, trade sale, secondary sale,...


    Q&A and wrap-up



  • 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 – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ 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 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run as an In-house or Tailored Learning programme


  • Cyril Demaria

    I combine practical and entrepreneurial experience with academic knowledge to deliver comprehensive training that's relevant and rigourous.


    Capitalizing on two decades of exclusive experience in private markets, Cyril has developed a unique expertise in the sense that he has covered the asset class from the perspective of institutional investors and their allocation strategy all the way down to the underlying companies in which he has invested, but also has been working with, in their M&A and fund raising approach. He combines a wide practitioner’s experience with an in-depth academic knowledge and an extensive training experience.He is currently Partner and Head of Private Markets at Wellershoff & Partners, an independent, partner-owned, research and advisory company, providing buy-side and top-down research to companies and financial institutions such as insurance groups, banks and pension funds, where he focuses on private markets (private equity, private debt and private real assets). Prior to that, and upon the completion of his doctoral thesis (published by Palgrave in 2015 under the title Private Equity Fund Investments), Cyril joined the Chief Investment Office of UBS Wealth Management in Zurich, where he was in charge of private markets research. He advised family offices and high net worth individuals in their private markets investments, providing them with buy-side and top-down independent research. He also gave training in the internal academy of UBS and ranked as top performer two years in a row. He also worked for eight years as an independent consultant, advising the President of the bank CASDEN-Banque Populaire, an insurance group, a pension fund, a multi-family office and various other organisations in their private equity investments. Cyril notably created multiple structures among which a wealth management subsidiary of a French multi-family office, and two venture capital funds. He worked for Adveq, a fund of funds specialist, focusing on the analysis of venture capital fund and European LBO funds. He started his career in venture capital at Pyramid Technology Ventures, investing in tech start-ups in San Francisco and Paris. Cyril started to give courses and lectures on private equity in 2004. Cyril has successfully delivered intra-company courses for banks, pension funds, insurance groups, private corporations, listed companies, governmental agencies, such as Erste Bank, Credit Agricole, Proparco, Banque Populaires, APICORP and Eurazeo. He also regularly provides inter-company trainings for the pan-European (Invest Europe), French (France Invest) and Swiss (SECA) private equity associations and training centers such as Riskmathics among other organisations. His academic lectures were held in a range of business schools and Universities such as HEC Paris, ESCP-Europe, EDHEC, and EADA. He is also an expert for the European Commission.Cyril has written six books, among which the reference textbook Introduction to private equity (Wiley, 3nd ed.), adapted in French (RB Editions, 6th ed.) and translated in Spanish, Portuguese and Mandarin. His next book will be Asset allocation and private markets (Wiley, forthcoming). He is a graduate in political sciences (Sciences Po Lyon) and business administration (HEC Paris). He holds a Master in Geopolitics, European Business Law and has a Ph.D. from the University of St Gallen. His doctoral studies were dedicated to the relationships between fund investors and fund managers in private equity.



The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact and one of our partners will help you get the best rate possible.