This course will provide you with an introduction to private investments as an area of specialized practice. By the end of this course, you will be comfortable with private investment terminology and have a general understanding of fundamental concepts in the ﬁeld, as well as an awareness of issues that require specialized industry knowledge.
Module 1: Private Investments Strategy provides an introduction to private investments strategy, methods of investing and key private investments asset classes, with a focus on infrastructure and private equity. This module also introduces you to direct versus indirect strategies of ﬁnancial investment and the main approaches to value creation. A summary of the global private investment market concludes the module.
In Module 2: Infrastructure Investments and Module 3: Private Equity Investments, you will gain a more in-depth understanding of the infrastructure and private equity asset classes, including market overviews, key characteristics and strategic focus and alternatives in terms of value- creation and pricing.
Module 4: Valuation for Private Markets will introduce you to the valuation of private investments through generally accepted valuation approaches, methods and inputs. It will also illuminate key diﬀerences between various types and sizes of investments, and valuation methods within this context. This module ﬁnally discusses the availability and key sources of market information for valuation.
Module 5: Market Multiples will oﬀer an introduction to key driving factors in market multiples and highlight recent historical trends of increasing multiples. You will gain an understanding of the main types of multiples used in the industry.
Module 6: Finance focuses on the ﬁnancial engineering integral to private investment deals. You will be introduced to key sources and features of ﬁnancing used by ﬁnancial investors to help increase their investment returns.
In Module 7: Key Tax Considerations, you will learn about the key tax considerations for private investments, including appropriate tax structuring, jurisdictions and treaties, fundamental tax deductions and other global issues and risks related to tax.
Module 8: Deal Bidding/Pricing Process summarizes the deal bidding/pricing process as it relates to private investments. Topics covered include the acquisition process, timelines, and the key components and related agreements or documents required at each stage. Important considerations during an auction process will also be covered.
Module 9: Purchase Agreements and Shareholder/Partner Rights will introduce you to purchase agreements and the rights of shareholders and partners, which are critical to ongoing investment governance and control, and must be appropriately negotiated before a deal can close.
Module 10: Take Private Transactions provides an overview of the key issues and factors related to take-private transactions. You will gain an understanding of how and why these transactions can create a signiﬁcant amount of value for both the public (selling) and private (acquiring) owners.
Module 11: Investment Returns and Benchmarks discusses key types of investment returns and benchmarks for private investments that are critical in understanding how investment performance is measured in private markets.
Module 12: Valuation for Financial Reporting focuses on the importance of ﬁnancial reporting policies, guidelines, process, relevant accounting and valuation standards, roles and responsibilities and the use of subject experts.
Module 13: Valuation Basis of Debt and Interest focus on valuation for ﬁnancial reporting for private investments. You will also be introduced to the basis for debt and interest in valuing equity investments for ﬁnancial reporting purposes.
The Glossary at the end of this course explains various acronyms and key terms. Students are encouraged to refer to the glossary often to ensure they understand all key terms.