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Training Course Summary:

This course provides a detailed study of current developments in private equity investment and the venture capital industry in Europe. It examines best practice for the structure of VC investments, the different processes which they may deploy in terms of their participation in the valuation, financing and monitoring of the companies in which they invest, as well as the current state of the market, exits, and the future of the industry as a whole. The seminar includes exercises, case studies and many references to past investments.
Delegates will be required to bring a laptop with a CD-Rom to the seminar.

Training Course Overview/Content:

Introduction
The new VC / private equity environment in Europe
Investment performance
Current investment targets
International comparisons

Fund-raising
Limited partner relationships
Prospectus / memorandum
Carry - e.g. Size and distribution
Key-person clauses
Empirical evidence worldwide
Future developments

Term Sheet / Negotiation / Completion:
Liquidity preference issues
Distributions
The current role of the ratchet
Exit incentivisation
Dilution and second / third stage investments
Control rights
Board membership and non-executive directorships
Input of the parties

Due Diligence
Scope and issues
Types of due diligence
Case studies

Valuation
Methodologies
New developments and current valuations
Spreadsheet analysis
Case studies

Financing
Debt/equity mix
Alternative funding options
Latest developments

Monitoring
Extent and nature
Key indicators
Early warning devices
Crisis management
Rejigging boards and management

Exit Issues
Valuation on exit
Conflicts of interest and governance issues
The role of lock-ins
Distribution issues
Empirical evidence
The future of exits