The Private Equity Associate includes

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The Private Equity Associate

| Micro-Degree

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Foundation Skills

| Completion Certificate
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5

Hours

16

Practical exercises

Increase your Excel efficiency and master the mathematical fundamentals that future courses rely upon.

Foundation Skills

166 video minutes

16 excel exercises

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Video minutes 166

Excel Exercises 16

  • Excel Efficiency – Menu and shortcut basics
  • Excel Efficiency – Basic formatting
  • Excel Efficiency – Basic formulas and calculations
  • Excel Efficiency – More formulas and calculations
  • Excel Efficiency – Naming cells and references
  • Basics of financial math – Present and future value
  • Basics of financial math – Annuities and Perpetuities
  • Basics of financial math – Yields and internal rate of return
  • Statistics – Basic concepts
  • Statistics – Portfolio concepts
  • Statistics – Analytic methods
skills certificate

The PE Fund

| Skills Certificate
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1.5

Hours

4

Practical exercises

1

Exam

Gain a detailed understanding of how PE funds work and the core activities that take place inside these firms.

 

What is a PE Fund

9 video minutes

0 excel exercises

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Video minutes 9

Excel Exercises 0

  • Private equity versus other forms of private market assets
  • Summary of the different types of private equity sub-asset classes
  • The forms private equity firms take and their characteristics
  • What are private equity funds
  • The differences that exist between private equity funds

PE firm sources of income

75 video minutes

4 excel exercises

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Video minutes 75

Excel Exercises 4

  • Limited partnership agreements
  • Carried interest calculation, promoted interest, or “promotes”, for real estate transactions
  • Distribution waterfall
  • IRR, MoM, and splits

How does a PE Fund work

22 video minutes

0 excel exercises

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Video minutes 22

Excel Exercises 0

  • Structuring a fund and the different parties involved
  • The life cycle of a PE firm and what the different stages are
  • The incentive structure of PE funds including management fees and carry
  • Who and how is a PE firm run and a review of what the respective functions are
skills certificate

The PE Accountant

| Skills Certificate
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21

Hours

111

Practical exercises

1

Exam

The PE Accountant provides a comprehensive understanding of the techniques required to accurately present a company’s financial results. Participants will be able to quickly and confidently interpret financial data and statements, evaluate them and use the calculated information to build high quality reports. Real company data and the latest rules are covered to ensure the methods used and skills developed are immediately applicable in the workplace. You will also review how and why legal structures are set up in order for a private equity acquisition to take place in the most advantageous manner from a funding and tax perspective.

Accounting Foundations

72 video minutes

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Video minutes 72

Excel Exercises 0

  • The purpose and different types of accounting (financial versus management accounting)
  • Users of financial statements
  • Introduction to the three main financial statements and explanation of key elements
  • Overview of the contents of financial reports
  • Introduction to accounting standards
  • The accounting equation
  • Explanation of accrual accounting, the matching principle, and capitalization

Financial Accounting Review

34 video minutes

11 excel exercises

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Video minutes 34

Excel Exercises 11

  • Making entries and ensuring the balance sheet balances
  • Preparing a balance sheet
  • Preparing an income statement from the entries to retained earnings
  • Preparing a cash flow statement from the entries to the cash account
  • A review of the different categorizations on the income statement, balance sheet, and the cash flow statement

Income Statements

59 video minutes

15 excel exercises

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Video minutes 59

Excel Exercises 15

  • Revenue recognition issues
  • Cost recognition issues
  • Identifying non-recurring items from the income statement, the MD&A, the notes to the accounts and the financial statement press release
  • Calculating EBIT and EBITDA for the historical year, and on an LTM basis
  • Understand the difference between basic and diluted earnings per share and calculate recurring diluted earnings per share
  • Review company profitability compared to its peer group

Working Capital

56 video minutes

12 excel exercises

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Video minutes 56

Excel Exercises 12

  • Inventory accounting including the impact on EBIT of LIFO and FIFO accounting choices (where relevant)
  • Accounts receivable and bad debts (identifying when companies are manipulating sales)
  • Accounts payable and accruals and the difference between them from a due diligence perspective
  • Other items including taxes payable, deferred revenue, and pre-paid items
  • Working capital and operating working capital and the cash impact of changes in operating working capital
  • Credit implications of working capital movements
  • Day ratios

Non-Current Assets

39 video minutes

11 excel exercises

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Video minutes 39

Excel Exercises 11

  • Gross PP&E, accumulated depreciation, depreciation expense and net PP&E
  • Building a simple forecast of fixed assets
  • Establishing the age of a company’s fixed asset base
  • Finite, and infinite intangibles including goodwill
  • A review of key methods of accounting for financial investments
  • At fair value through the income statement
  • Available for sale
  • Associate (equity method) accounting

Capital Structure

50 video minutes

14 excel exercises

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Video minutes 50

Excel Exercises 14

  • Debt issues and repurchases
  • Simple yield to maturity and all in cost calculations and understanding Original Issuer Discounts
  • Calculating net debt
  • Equity issuance and repurchases
  • The difference between authorized, issued and outstanding shares and multiple share classes
  • Other capital items: preference shares and convertible bonds
  • Leverage ratios
  • Debt liability maturity analysis

Accounting Ratios

41 video minutes

5 excel exercises

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Video minutes 41

Excel Exercises 5

  • Profitability ratios, including margins
  • Liquidity ratios, including operating working capital
  • EBIT and EBITDA for the historical year, and on an LTM basis
  • Leverage ratios, including net debt and interest coverage
    Asset ratios

Cash Flow Statements

25 video minutes

3 excel exercises

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Video minutes 25

Excel Exercises 3

  • Understanding how to categorize cash flows between operating, investing, and financing
  • Deriving a cash flow statement from two balance sheets and an income statement
  • Deriving a balance sheet from a cash flow statement and an income statement
  • Different cash flow statement presentations

Equity Method Investments

9 video minutes

5 excel exercises

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Video minutes 9

Excel Exercises 5

  • What are equity method investments?
    • Equity affiliates/associates
    • Joint ventures
  • Equity method accounting
    • Income statement
    • Balance sheet
    • Cash flow statement
    • Financial statement integration

Intro to Full Consolidation

68 video minutes

21 excel exercises

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Video minutes 68

Excel Exercises 21

  • M&A accounting overview
  • Balance sheet consolidation
  • Sources and uses of funds
  • Goodwill calculation
  • Income statement consolidation
  • Non controlling interests – NCI

Tax Losses

12 video minutes

1 excel exercises

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Video minutes 12

Excel Exercises 1

  • Losses offset against profits
  • Loss utilization
  • Carry back
  • Carry forward
  • Loss utilization restrictions

Deferred Taxes

33 video minutes

4 excel exercises

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Video minutes 33

Excel Exercises 4

  • Taxes in the financial statements
  • Tax expense, ETR, and MTR
  • Tax authority numbers vs accounting numbers
  • Permanent differences
  • Temporary differences
  • Deferred tax assets and liabilities
  • Deferred tax over time
  • Deferred tax footnote

Valuing Deferred Tax And Losses

6 video minutes

1 excel exercises

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Video minutes 6

Excel Exercises 1

  • Issues in valuing losses
  • Valuation impact

Tax In M&A

14 video minutes

0 excel exercises

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Video minutes 14

Excel Exercises 0

  • Inside and outside basis
  • Sale of shareholding
  • Sale of assets followed by corporate liquidation
  • Double taxation – vendor
  • Stock vs asset deals

Structuring an Acquisition

8 video minutes

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Video minutes 8

Excel Exercises 0

  • What is an acquisition structure in private equity
  • How is a structure put together with SPVs and which parties are involved
  • Diagram of a simple private equity structure with equity and debt
  • The main reasons for structures in private equity deals

Completion Mechanisms

49 video minutes

8 excel exercises

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Video minutes 49

Excel Exercises 8

  • Completion accounts introduction
  • Completion accounts calculations
  • Issues with the completion accounts mechanism
  • Locked box mechanism introduction
  • Locked box mechanism calculations
  • Comparing completion accounts and locked box mechanisms
skills certificate

The PE Modeler

| Skills Certificate
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26.5

Hours

160

Practical exercises

1

Exam

Financial modeling is one of the most useful skills in the world of finance. Knowing how to build models quickly and error-free is critical for the decisions and recommendations that they underpin. The PE Modeler provides the perfect introduction to financial modeling, developing multiple techniques for a comprehensive and practical understanding of the topic. The course then builds simple, followed by more in-depth, LBO models that allow us to assess an initial view of cash flow performance, debt ratios, and returns to the private equity fund.

Introduction to Modeling

63 video minutes

13 excel exercises

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Video minutes 63

Excel Exercises 13

  • Key settings
  • Formatting and layout standards
  • Building a simple income statement and balance sheet model, on one sheet, then across sheets
  • Balancing the balance sheet using the cash flow statement
  • Preparing the model for handover
  • Key formatting and putting the output into a pitch book

Three Statement Modeling with Iterations

67 video minutes

10 excel exercises

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Video minutes 67

Excel Exercises 10

  • Income statement construction and highlighting key numbers
  • Calculation schedules (PP&E, retained earnings, operating working capital, and debt)
  • Balancing the balance sheet with a cash sweep
  • Calculating interest using average balances
  • Circular references and iterations
  • Working with a circular reference switch
  • Preparing the model for handover
  • Key formatting and putting the output into a pitch book

Three Statement Model Editing

35 video minutes

5 excel exercises

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Video minutes 35

Excel Exercises 5

  • Steps before editing
  • Inserting a new item
  • Removing an old item
  • After editing
  • Relevant keyboard shortcut keys

Building a Model with Cash Sweep

71 video minutes

18 excel exercises

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Video minutes 71

Excel Exercises 18

  • Why banks want to be repaid early
  • Cash sweep mechanisms
  • How to model cash sweeps
  • Building a three statement model with a cash sweep

Three Statement Model with Estimates

70 video minutes

12 excel exercises

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Video minutes 70

Excel Exercises 12

  • Cleaning up the income statement and balance sheet and simplifying the line items
  • Getting estimates for revenues and EBIT
  • Building multiple scenarios into a model’s assumption
  • Modeling a forecast debt repayment schedule from the notes
  • Key ratios
  • Checking the model for reasonableness
  • Formatting and putting the output into a pitch book

Checking a Model for Integrity and Errors

36 video minutes

11 excel exercises

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Video minutes 36

Excel Exercises 11

  • Top ten errors
  • Auditing and error checking toolkit
  • Checking your own model
  • Checking someone else’s model

Financial Forecasting

86 video minutes

21 excel exercises

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Video minutes 86

Excel Exercises 21

  • Techniques for forecasting revenue growth
  • Considerations for forecasts margins, working capital, PP&E and capital structure
  • Incorporating scenario analysis into the model
  • Benchmarking forecasts against consensus numbers
  • Using check ratios to sense check the model outputs

LBO

75 video minutes

18 excel exercises

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Video minutes 75

Excel Exercises 18

  • LBO – definition
  • Internal Rate of Return (IRR) and Value Analysis
  • LBO analysis models
  • LBO analysis model map
  • Assumptions
  • Sources and uses of funds
  • Sources of funds
  • Operating forecasts and cash sweeps
  • Model outputs
  • Levered valuation
  • Acquisition Financing and Debt Capacity Analysis
    Participants understand how to structure an acquisition using debt financing.
  • Multiple based debt capacity analysis
  • Dangers of using multiples
  • Cash flow-based debt capacity analysis
  • Calculating free cash flows
  • Debt tranching
  • Seniority and subordination

Advanced LBO Modeling

120 video minutes

26 excel exercises

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Video minutes 120

Excel Exercises 26

  • Sources and uses of funds
  • Original issuer discount
  • Fees (arrangement and commitment)
  • Pro-forma balance sheet
  • Term loans and revolving credit facilities, including cash sweep switches
  • Bond issues (senior and junior)
  • Mezzanine financing and PIK interest
  • Returns to mezzanine holders
  • Leveraging the equity via preference shares
  • Calculating pre and post money valuation
  • Returns to common equity holders

LBO Modeling Complexities

147 video minutes

26 excel exercises

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Video minutes 147

Excel Exercises 26

  • Sources and uses of funds
  • Original issuer discount
  • Fees (arrangement and commitment)
  • Pro-forma balance sheet
  • Term loans and revolving credit facilities, including cash sweep switches
  • Bond issues (senior and junior)
  • Mezzanine financing and PIK interest
  • Returns to mezzanine holders
  • Leveraging the equity via preference shares
  • Returns to common equity holders
skills certificate

The Valuer

| Skills Certificate
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12

Hours

6

Topics

71

Practical exercises

1

Exam

Learn how and when to utilize key valuation methodologies and their supporting calculations.

Equity to Enterprise Value Bridge

33 video minutes

8 excel exercises

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Video minutes 33

Excel Exercises 8

  • Calculating equity value
  • Calculating enterprise value
  • Non-core items, debt equivalent items, and non-controlling interests
  • Calculating simple multiples
  • Illustrating the impact of leverage
  • Understand how growth rates, returns and multiples interrelate

Trading Comparables

69 video minutes

17 excel exercises

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Video minutes 69

Excel Exercises 17

  • Review choosing a comparable set of companies
  • Calculating enterprise value
  • Calculating LTM EBITDA and EBIT
  • Forward multiples and issues with consensus data
  • Understanding which operational ratios are important for the analysis

Transaction Comparables

30 video minutes

11 excel exercises

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Video minutes 30

Excel Exercises 11

  • Reviewing data sources
  • Understanding different deal contexts
  • Calculating enterprise value and LTM EBITDA
  • Calculating premiums paid based on offer prices where appropriate
  • Calculating the synergies from the transactions as a % of target sales

WACC Analysis

27 video minutes

8 excel exercises

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Video minutes 27

Excel Exercises 8

  • Capital Asset Pricing Model
  • Calculating the WACC for the peer group
  • Interpreting the results
  • Establish a reasonable cost of capital for the target company
  • WACC approach

Discounted Cash Flow Valuation

50 video minutes

14 excel exercises

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Video minutes 50

Excel Exercises 14

  • Calculating free cash flows
  • Understanding how the operational ratios should develop over the financial forecast
  • Calculating the steady state and making relevant adjustments to the steady state cash flows
  • Making reasonable assumptions for long-term growth rates
  • Discounting to a deal date
  • Converting the enterprise value into an implied share price, making relevant adjustments for share options and restricted stock units

Pulling the Analysis Together

43 video minutes

13 excel exercises

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Video minutes 43

Excel Exercises 13

  • Reviewing different valuation methods
  • Preparing valuation ranges for each valuation method
  • Summarizing the valuation ranges and interpreting the results
skills certificate

The Lawyer

| Skills Certificate
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1

Hour

2

Practical exercises

Get to grips with the main legal documents that are needed in a private equity acquisition.

 

PE Deal Process Documents

27 video minutes

1 excel exercises

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Video minutes 27

Excel Exercises 1

  • The main legal documents that are needed in a private equity acquisition
  • The format and content of an NDA
  • The use of offer letters, including what they contain, in a private equity transaction
  • What an SPA is, why it is used and what is included
  • Important clauses in an SPA and what they contain
  • Funding documentation including equity and debt commitment letters for a PE deal to close

Earnouts

15 video minutes

1 excel exercises

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Video minutes 15

Excel Exercises 1

  • Contingent consideration – structures
  • Accounting for deferred consideration
  • Examples of earnouts

Closing Documentation

13 video minutes

0 excel exercises

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Video minutes 13

Excel Exercises 0

  • What are the main equity documents needed to close
  • What the main debt documents are for a PE deal to close
  • What the Shareholder Agreement is and what it includes
  • What the other closing documents are such as Articles of Incorporation, filing documents and regulatory paperwork

Debt Products - Documentation

20 video minutes

0 excel exercises

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Video minutes 20

Excel Exercises 0

  • Typical contracts
  • Credit Agreement
  • Indenture
  • Regulatory Documents
  • Collateral Contracts
  • Typical Clauses:
  • Cashsweep Clauses
  • Cross Default Clauses: Triger Event
  • Pari-passu
  • Repayment / Redemption
skills certificate

The PE Deal

| Skills Certificate
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5.5

Hours

31

Practical exercises

Master everything you need to complete a private equity deal from start to finish, including due diligence, debt products, and post-acquisition.

The PE Process

13 video minutes

0 excel exercises

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Video minutes 13

Excel Exercises 0

  • The various steps in a private equity acquisition process
  • How sourcing and evaluation of potential PE deals happens
  • How due diligence is done during the PE acquisition process
  • A review of how to close a PE process and what is needed to do so

Internal Requirements

10 video minutes

0 excel exercises

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Video minutes 10

Excel Exercises 0

Memos, meetings and internal steps during:

  • An acquisition process
  • The monitoring period of a PE deal
  • The exit period for a private equity deal
  • Who are the key people involved in each step of the internal PE process
  • The format and content of the various different internal meetings and documents

Due Diligence

13 video minutes

0 excel exercises

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Video minutes 13

Excel Exercises 0

  • The reasons for due diligence in PE deals
  • The different types of due diligence and what they include
  • How due diligence is carried out included what needs to be prepared or looked for
  • Who is involved in due diligence and their respective roles

Debt Products - Financing Instruments

13 video minutes

0 excel exercises

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Video minutes 13

Excel Exercises 0

  • Types of Debt: Senior Debt – Revolving Credit Facility, Term Loan A-C / Subordinated Debt – 2nd Lien Term Loan, HY Bond, Mezzanine
  • Preferred Stocks and Equity Injection
  • Management Rachet
  • Debt Providers / Holders: Banks, Insurance Corps, CLOs, Hedge Fund, Pension Fund
  • Covenants
  • Collateral: 1st vs 2nd, All assets or Bifucated
  • Financing Fees: Upfront Fee, Commitment Fee, Interest Rate, PIK, OID, etc.
  • Key Considerations: Interest Rate (PIK, OID), Typical Term (1 year, 5 years, 7 years), Repayment (Bullet, Amortization)

Debt Products - Financing Consideration Process

11 video minutes

0 excel exercises

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Video minutes 11

Excel Exercises 0

  • Financing Consideration: Process Overview
  • Addressing Existing Debt
  • Evaluating Debt Capacity
  • Analyzing Collateral Base
  • Considering Minimum Equity Contribution
  • Simulating Expected Ratings Outcome
  • Analyzing Financial Ratios

Debt Products - Credit Committee in Banking

10 video minutes

0 excel exercises

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Video minutes 10

Excel Exercises 0

  • What Is Credit Committee
  • Composition of Credit Committee Materials
  • Transaction Background / Deal Summary
  • Company Overview
  • Sponsor Company Overview
  • Financial Analysis
  • Risk Analysis and Mitigants

Private Bank Debt Markets

37 video minutes

5 excel exercises

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Video minutes 37

Excel Exercises 5

  • Short term bank financing
    • Revolving credit facilities
  • Long term bank lending
    • Asset backed lending
    • Cash flow lending
    • Relationship lending
    • Syndicated loans and different tranches of term loans

Acquisition Finance Debt Capacity

30 video minutes

5 excel exercises

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Video minutes 30

Excel Exercises 5

  • Cash flow based debt capacity analysis
  • Multiple based debt capacity analysis
  • Structuring a transaction
  • Structuring a transaction with different debt tranches

LBO Add-On Acquisitions

27 video minutes

8 excel exercises

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Video minutes 27

Excel Exercises 8

  • Add-on acquisition
  • Dividend recapitalization
  • Management ratchets

LBO Dividend-Recap

35 video minutes

4 excel exercises

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Video minutes 35

Excel Exercises 4

  • Dividend recapitalization in an LBO transaction
  • Steps needed to adjust the model to incorporate the effects

LBO Mangement Incentives

51 video minutes

9 excel exercises

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Video minutes 51

Excel Exercises 9

  • Management equity rollover
  • Role of preference shares
  • Ratchet mechanisms
  • Options

Post Acquisition

8 video minutes

0 excel exercises

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Video minutes 8

Excel Exercises 0

  • Creating value in private equity investments
  • Reporting requirements for portfolio companies
  • Role of the private equity firm with regards to portfolio companies
  • Process for exiting an investment
  • Overview of the different ways of exiting a PE investment
skills certificate

The PE Interview

| Skills Certificate
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29

Minutes

Learn what to expect in the interview process, how to tackle tough questions and more. Plus, this course features example videos of successful answers.

Expert Interview - Private Equity Partner

4 video minutes

0 excel exercises

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Video minutes 4

Excel Exercises 0

  • Meet the interviewer
  • Investment Banking vs Private Equity
  • Key Skills
  • A day in the life
  • Career Tips

Expert Interview - Private Equity Recruiter

8 video minutes

0 excel exercises

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Video minutes 8

Excel Exercises 0

  • When is the right time to move to a fund
  • How to find the right fund for you
  • PE interview process
  • What makes a standout PE candidate
  • What to avoid in a PE interview

Private Equity Interview

17 video minutes

0 excel exercises

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Video minutes 17

Excel Exercises 0

  • The PE interview process
  • How to prepare for a PE Interview
  • Interview questions
  • Example PE interview – questions, answers, and feedback

Skills & Learning Objectives in The Private Equity Associate Micro-Degree

Recognized by industry experts

Colin Evans

Managing Director at J.P. Morgan

Colin Evans is a Managing Director at J.P Morgan and leads the financial institutions coverage team globally for the Corporate Banking.

Dr. Bridget Lyons

Professor of Finance

Professor of Finance at the Jack Welch College of Business at Sacred Heart University and Associate Instructor.

Chris Bishko

CFO

CFO with over 25 years experience as an operator, investor and investment banker in technology and financial services.

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Complete a Micro‑degree to join our exclusive alumni

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