Executive Master in Private Equity and Other Alternative Asset Classes

Description complète

PROGRAMME

COURS OBLIGATOIRE

Module 1 - Private Equity & Other Alternative Asset Classes - 5 ECTS

Session 1 - Fundamentals of alternative asset classes:

• Definitions, Market overview,
• Rationale,
• Market players.

Session 2 - Structure and organisation of a Pe Fund:

• Regulations,
• Terms,
• Fund documentation,
• Governance clauses.

Session 3a - Pe Fund raising:

• Investors and investor relations,
• Marketing.

Session 3b - Family offices:

• Strategies,
• Differences to Pe Firms.

Session 4 - Pe transactions and investment phase:

• Origination,
• Bidding process,
• Due diligence,
• Structuring,
• Financing,
• Signings and closings,
• Monitoring of investments.

Session 5 - Tax structuring:

• Why Luxembourg,
• Overview of Luxembourg's Tax System,
• Substance rules,
• Double taxation,
• Transfer pricing.

Session 6 - Fund and investment valuation:

• Methodologies,
• Accouting rules,
• Lux Gaap an Ifrs,
• Fund reporting.

Session 7 - Value creation and exit strategies:

• Operational value creation,
• Financial engineering,
• Governance,
• Exit options and structuring.

Session 8a - Esg considerations:

• Why Esg,
• Compliance and risk,
• Reporting.

Session 8b - Duties & responsibilities of board directors:

• Regulatory framework.

Session 9 - Venture capital:

• Focus,
• Stages of investments,
• Differences to a Pe Fund,
• Investors,
• Case study.

Session 10 - Fund of funds:

• Definition,
• Structure,
• Risk and return profile,
• Diversification,
• Valuation and reporting,
• Co-investments and secondaries.

Session 11 - Private Debt:

• Differences to Pe Funds,
• Strategies,
• Investors,
• Risk and return profile,
• Credit facilities.

Session 12 - Real assets, real estate and infrastructure:

• Differences to Pe Funds,
• Strategies,
• Risk and return profile,
• Case studies.

COURS AU CHOIX

Module 2 - Corporate finance - 5 ECTS

• Corse overview; goals and governance of the corporation; financial markets and institutions; time value of money (part 1/2);
• Time value of money (part 2/2);
• Bonds;
• Stocks;
• Net present value and other investment criteria;
• Using disounted cash-flow analysis to make investment decisions; projects analysis;
• Mid-term exam; measuring corporate performance;
• Introduction to risk, return and the opportunity cost of capital; risk, return and capital budgeting;
• Weigthed average cost of capital and company valuation;
• Working capital Management;
• Review and wrap up;
• Final exam.

Module 3 - Financial management - 5 ECTS

• Financial forecasting,
• Financial modelling; valuation,
• Capital budgeting,
• Real options,
• Funding the business: from start-up to IPO,
• Optimal capital structure,
• Distribution policy,
• Mergers & Acquisitions,
• Project financing,
• Wrap up,
• Student group project presentations,
• Kick-off final exam.

Module 4 - Portfolio management - 5 ECTS

• Investment background and financial markets,
• Security markets, mutual funds & other companies,
• Risk and return,
• Efficient diversification,
• Capital asset pricing theroy,
• Efficient market hypothesis, and behavioural analysis,
• Mid-term exam, equity and bond valuation,
• Derivative markets and risk management,
• Portfolio performance evaluation,
• International investing,
• Hedge funds, Private Equity, LBOs and SPACS,
• Final exam.

Module 5 - Advanced risk management - 5 ECTS

• Introduction and quick refresher on quantitative analysis;
• Capital markets - assets and derivatives (Part 1/3);
• Capital markets - assets and derivatives (Part 2/3);
• Capital markets - assets and derivatives (Part 3/3);
• Valuation and risk models - Introduction to risk (VAR, CVAR, tracking error risk budgeting, etc.);
• Valuation and risk models - Practice and limitations;
• Mid-term exam, credit risk;
• Operational and integrated risk management (Part 1/2);
• Operational and integrated risk management (Part 2/2);
• Portfolio risk management and Hedge Fund risk management;
• Main lessons of financial crisis for risk managers and recent developments;
• Final exam.

Module 6 - Mergers & Acquisitions - 5 ECTS

• M&A strategy Part 1 - lessons from CISCO,
• M&A strategy Part 2 - impact other corporate finance decisions,
• Valuation,
• Financing the deal,
• Leveraged buyouts
• Closing the deal (M&A in Wine coutry V2, simulation exercise),
• Assessing the risks (agreement terms),
• Target search and due diligence,
• Post-Merger integration,
• Wrap up,
• Student group project presentations
• Kick-off final exam.

Module 7 - Sustainable finance - 3 ECTS

• Introduction, definition of sustainable finance,
• Capital flows in the financial system, role of central banks,
• Sustainability regulation,
• Sustainable finance instruments: Greenbonds,
• Sustainable finance instruments: Private Equity, Infra and Impact funds,
• Sustainable finance instruments: Banking and loans,
• Reporting and measurement for impact and public actors,
• Student presentation, Final test.

Module 8 - Fundamental investing - 2 ECTS

• Compounded interest and the stock market machinery; price vs value and behavioural finance;
• Determining the moat; profit & loss and balance sheet analysis;
• Quiz 1; working capital, net Debt, and accounting shenanigans; DCF and market multiples valuations;
• Quiz 2; transaction multiples, book value, ratio analysis;
• Quiz 3; putting it all together.

Module 9 - Blockchain & Big Data/Cryptocurrencies - 5 ECTS

• Bitcoin, Blockchain and Big Data use cases,
• Consensus algorithms (Part 1/2),
• Consensus algorithms (Part 2/2),
• Ethereum programming,
• Security and privacy,
• Applied programming techniques,
• Introduction to relevant languages and protocols,
• Mid-term test,
• Business case / Technology session,
• Code development (Part 1/2),
• Code development (Part 2/2),
• Final project pitch presentation.