Learn how to analyse and understand the PE industry in all its characteristics, including fundraising, the investment cycle, legal aspect and the institutional framework. As a student you will have a unique opportunity to meet industry experts and leading researchers offering their insights into the industry.
The objective is to give the students knowledge and understanding of
- PE from a financial perspective, including risk and return assessment, both for venture & buyout and primary- & secondary investments
- legal framework, deal structures, due diligence, value enhancement, valuation and exit
- responsibilities and risks for LP (limited partner) and GP (general partner)
- Nordic vs US institutional arrangements
- ESG related matters
Who is the programme for
The programme is targeted towards experienced professionals with an interest in understanding the PE industry from a financial and regulatory perspective.
The PE-programme is relevant for:
- investors, analysts, bankers, advisors, lawyers, accountants, treasury, regulators, rating analysts, family offices, PE-companies, senior management at PE-owned companies, journalists, board members
The Private Equity programme is organized in three sessions covering five parts:
- Introduction to PE and the GP-LP Relationship
- Performance Evaluation and Contracts, including Legal Matters
- Valuation and Deal Structures
- Value Generation, ESG and Exiting the Investments
- Assessment: write, present and discuss a written assignment
The first session of four days, starts by introducing the industry and its key features. It proceeds by looking at the fee structure the GPs (or managers of PE funds) charge and then delves deeper into the relationship between the GP and the LPs (investors). This session also covers Performance Evaluation, Contracts and Legal Matters. Students learn how to interpret and analyse the performance of PE funds, given the difficulties the industry poses. The scope then broadens to include contracts between the GPs and LPs and regulatory rules.
The second session, running over three days, dives into Valuation and Deal Structures. Students learn valuation techniques suited towards PE investments, both for start-ups and mature firms. In addition, the session covers how to structure complex debt structures and how to structure the contracts between the GP and the firms they acquire.
Session two also covers value generation, ESG and investment exit. How can PE firms maximise the value of the firms they acquired and how can that be done in a responsible manner? Students will get the opportunity to discuss how to optimally exit these investments given the temporary nature of the PE industry.
The third and final session, covering two days, discusses the group assignments that are the assessment method in this programme. The NHH/FFN Private Equity programme focuses on a complex field, and the assignments will cover topics related to the overall scope of the programme. Each assignment will be presented and discussed by students, lecturers and invited experts and contributors in the field
After completing the programme, candidates are expected to have achieved the following overall learning outcomes defined in terms of knowledge, skills and general competence:
Knowledge
The candidate has in-depth knowledge of:
- the Private Equity industry at a macro level
- the PE cycle, from fundraising to investing and final divestment.
- Relevant PE laws and regulation in Norway, the EEA and EU
- Different types of PE deals and strategies
Skills
The candidate is capable of:
- structuring and pricing both Leveraged Buyout and Venture Capital deals and contracts.
- selecting an appropriate exit strategy for PE deals;
- Evaluating fund performance, both on quantitative and qualitative level;
- Can negotiate fund terms;
- dealing with sustainability issues within the PE industry;
- understanding new developments within the PE industry.
General competence
The candidate is capable of:
- communicating at an advanced level with specialists in both academia and practice about complex issues pertaining to the PE industry.
| Carsten Bienz | Programme Director, Assistant Professor, NHH |
| Ingrid Teigland Akay | Managing Partner, Hadean Ventures |
| Ove Gusevik | Senior Partner, HitecVision |
| Joachim Høegh-Krohn | Partner, Investor and Financial Economist |
| Erik Holmén | Partner, PwC Deals, Head of Transaction Services |
| Peter Hammerich | Chair/Partner, BAHR AS |
| Lisa Karlsen | Head of Leveraged Finance, Pareto |
| Charlotte Wallem Rakner | Investment manager, Norvestor Equity AS |
The list of lecturers is not complete.
The programme includes nine full days of learning, organised into two weekends of four and three full days respectively, and a two day final session where students present, defend and discuss their group reports.
The programme is demanding, and completing the programme requires significant efforts from the participants through self-study and participation in groups.
The final assignment is a report written in groups of 3-4 persons. The report is presented and discussed in the final session. The written assignment is a requirement of the programme.
The group report will be conducted at an advanced level on a topic related to the overall scope of the course. The students are expected to present and defend, as well as discuss other groups’ reports in a 2-day final session.
Grading: Pass/Fail 7,5 ECTS Credits
The applicant must have a University degree or vocational education with a scope of at least three years.
Relevant professional backgrounds include being an investor, analyst, banker, advisor, lawyer, or working in a company’s treasury or finance function, journalist, regulator, or rating analyst.
The programme is particularly suitable for applicants who want to understand and familiarize themselves with the Nordic and Norwegian market. Applicants from outside Scandinavia are welcome to apply.
Applicants are required to have at least three years of relevant work experience.