OXFORD PRIVATE EQUITY PROGRAMME

Over the past decade fundraising for venture capital and leveraged buyouts has topped $2 trillion dollars globally and the sights of private equity funds have broadened to include companies of all sizes, sectors and locations. The Oxford Private Equity Programme examines nancing and governance models employed by private equity and offers a comprehensive framework for assessing the implications of private equity for individuals and their organisations. This programme combines the rigour of one of the worlds great universities with insights from globally recognised practitioners and advisors to private equity investors. It will deepen your knowledge and give you a thorough grounding in the skills which are essential for an understanding of the private equity industry.

OXFORD PRIVATE EQUITY PROGRAMME

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Private equity has fundamentally changed the corporate and nancial landscape, yet its structure is not widely understood. This programme will give you the tools you need to understand the private equity industry and asset class, a comprehensive framework for assessing opportunities, and an insight into likely future prospects and trends. PROFESSOR TIM JENKINSON Programme Director

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During the programme, we were able to assess the pinch points, operational and nancial challenges faced by senior executives at private equity rms, and identify governance and stakeholder management issues with general partners and limited partners issues that have been ignored for a long time at many mid-tier private equity rms. Of particular interest were the case studies presented by renowned private equity experts who had walked the walk and were able to share their insight into valuation, advisory and strategic acquisition issues. SRIDHAR KRISHNAMOORTHY Manager, Accenture, UK

PRIVATE EQUITY

WHO SHOULD ATTEND? Advisors working with private equity, including investment bankers, consultants, corporate lawyers or accountants Investment professionals from limited partners such as pension funds, endowments, family ofces, insurance companies and sovereign wealth funds Finance professionals and senior executives who want to understand the implications of private equity for their business, or who want to work in the industry Entrepreneurs or senior executives from companies seeking private equity funding Private equity professionals wishing to benet from the latest research and practice

An appreciation of how private equity funds value corporations A clear picture of the due diligence process The factors determining capital structure of investments Insights from leading lawyers, valuation experts and managers of private equity funds The ability to apply the concepts learned to real life situations The chance to network and exchange ideas with senior executives from a wide range of cultural and business backgrounds

CONTENT AND FORMAT The Oxford Private Equity Programme begins with an overview of private equity as an asset class and its potential attractions to investors. It then looks in depth at issues affecting the transaction process and the performance of companies run by private equity investors. Case study analysis and group assignments are combined with contributions from industry leaders and private equity advisors. The highly interactive four-day programme is designed to embed knowledge and encourage knowledge sharing and debate across the experienced participant group.

WHAT WILL YOUR ORGANISATION GAIN? Improved technical expertise and research insights Participants will be able to apply their knowledge immediately in real life situations Competitive advantage due to the insight and knowledge of programme participants Practical exercises and high level networking mean participants can add value immediately to their organisations decision making process

The programme includes sessions on: The private equity landscape The transaction process The incentives driving key players Structuring investments and funds Private equity as an asset class in a larger portfolio Fund selection and performance measurement Leveraged nance and LBO modelling Evaluating private equity opportunities Private equity and emerging markets Covenants, exit routes and secondary sales The future of private equity

WHAT WILL YOU GAIN? A thorough understanding of private equity as an asset class Insight into the economics and incentives which drive private equity Tools to help you assess the performance of private equity funds Knowledge of key private equity structures, including covenants, staging, risk sharing, exit routes, IPOs and secondary sales

OXFORD PRIVATE EQUITY PROGRAMME

SAMPLE TIMETABLE

MON 09.00 11.00 12.30 13.30 15.30 17.00 19.00

The Private Equity Landscape

TUES
Measuring the Performance of Private Equity Funds Syndicate Groups: Fund Modelling Lunch Valuation Principles

WED
Case Discussion: LBO Strategy

THUR
Exit Routes

Syndicate Groups: Oxford University Endowment Case Lunch Fund Structures and Incentives

The Changing Nature of the LP-GP Relationship Lunch Syndicate Groups: LBO Modelling

The Future of Private Equity Funds Lunch Depart or Optional Walking Tour of Oxford

Limited Partnership Agreements How Much Private Equity in the Portfolio? Welcome Dinner Old Bank Hotel

Leveraged Finance

Structuring Investments: VC and Emerging Markets Case Discussion: Private Equity in Emerging Markets Programme Dinner Balliol College

How Private Equity Adds Value

Free Evening

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The Oxford Private Equity Programme was a fantastic experience. I was looking for the opportunity to learn from the best in the industry and meet practitioners from around the world, in an enjoyable setting. Professor Tim Jenkinson brought vast knowledge of private equity and related industries and expertly guided our group discussion. He also arranged some very lively guest speakers from the London market and encouraged us to bombard them with our questions. MARK SPIVAKOVSKY Director, BlackRock, Singapore

KNOWLEDGE AND EXPERIENCE

This programme is led by Professor Tim Jenkinson, Europes leading authority on private equity and Founder of the Oxford Private Equity Institute. A renowned and prize-winning teacher, he developed Oxfords MBA course on private equity with top industry practitioners, which has become the most popular elective at Sad Business School. He was recently a key witness to the UK Parliaments Treasury Select Committee enquiry into private equity and is a frequent contributor to the media and industry conferences. Tims research centres on private equity, initial public offerings and securitisation. Guest speakers from the top ranks of the private equity industry provide practical insight on trends and transactions. Previous practitioner guest speakers have included: Stephen Duckett, Hellman & Friedman Joncarlo Mark, CalPERS Stewart Hay, SL Capital Partners Murray Grant, Actis Raj Morjaria, Aureos Capital Sandra Robertson, Oxford University Endowment Management Private equity investments are illiquid and hard to value and those who manage them often become engaged in the decision making of the companies involved. This means practical skills are as important as theoretical knowledge. That practical relevance is hard wired into the Oxford Private Equity Programme, integrating practice with nance principles. PROFESSOR TIM JENKINSON Programme Director Director, Oxford Private Equity Institute

OXFORD PRIVATE EQUITY PROGRAMME

The professors were tremendous, hands on, and totally involved with the participants throughout. They brought private equity to life in a lively, memorable and directly relevant way. The level of experience and the diverse backgrounds of participants was an eye-opener and rounded off the most productive short nance course Ive attended anywhere. CLIVE GALLIER Director, Business Assurance , Abu Dhabi Investment Council

OXFORD PRIVATE EQUITY INSTITUTE

Private equity is established as a specialist research area at Sad Business School. The Oxford Private Equity Institute was launched in 2010 to meet the objective of being the leading academic centre on the subject. The Institute produces rst-rate independent research, delivers education to postgraduate students and professionals from around the world, and provides a forum for the exchange of views and opinions about this key asset class. The Institute produces private equity case studies and research ndings are integrated into the executive programme. An extensive Private Equity Network links students, alumni and friends of the School working in private equity. The annual Private Equity Forum brings together practitioners, investment bankers, lawyers and senior business people to discuss the opportunities facing global investors within the industry. Panellists have included: Jon Moulton, Founder of Better Capital and former Managing Partner of Alchemy; Richard Sharp, Advisory Director, Goldman Sachs and Damon Bufni, who also co-teaches the MBA private equity elective at Sad Business School. In all we do, we maintain an independent and authoritative perspective on the private equity industry, and aim for the highest standards of academic integrity associated with the University of Oxford.

For further details see www.sbs.ox.ac.uk/centres/privateequity

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OXFORD PRIVATE EQUITY PROGRAMME

CASE STUDIES
SUROJIT SHOME CEO & Country Head India Rabobank International As a practising banker and business manager, private equity (PE) is an extremely important component of our business. I attended the programme to expand my knowledge of how PE funds are structured and to gain high level insights into the key drivers of PE decision making. I was also keen to increase my understanding of the latest thinking and trends through very meaningful interactions with fellow participants. There were more than 20 different nationalities in the group, which enabled some high level conversations around current trends and the sectors shifting centre of gravity. I was very impressed with Professor Tim Jenkinson. He did a fantastic job of equipping a diverse group with a higher level of understanding. Even though I had a working knowledge of the PE industry, the course increased my understanding of the issues facing the industry and was a great refresher of the basics. Seeing the industry through the eyes (and experiences) of other

For further case studies go to www.sbs.oxford.edu/pe

practitioners and professors has sharpened the way I analyse what is happening around us today. The sector is changing fast, resulting in new research ndings and shifting nuances. This programme provides a quick insight into what is taking place at the forefront of the investing industry. PE is very representative of what is happening in the bigger picture nancial markets, so its an efcient way of keeping up-to-speed.

Due to the nancial crisis, private equity has been undergoing a period of intense change. Its the best practice approaches that survive and as a general partner were striving for best practice in order to keep up-to-date with the changes, now more than ever. INNA GEHRT Senior Investment Manager Quadriga Capital, Germany I learnt how general partners in other countries create value in todays world. The discussions about how general partners create value, the differences between private equity companies around the world and the changing business models helped explain the state of the industry.

The Programme Director, Professor Tim Jenkinson, is one of the leading researchers in the eld. As I am continuously following the academic research in the eld, I was excited to hear his view on the future of private equity. Tim has rst-hand experience of industry trends and their implications he uses his ndings and comprehensive research as the starting point for open-minded discussions and shared learning. My discussions on the programme and Tims explanations of changes in the general partner-limited

partner relationship gave me a deeper understanding of the goals and business model transitions of limited partners. These new insights will inuence my investment decisions moving forwards. I have shared a lot of the knowledge with my colleagues and it denitely represents a good investment for the organisation. The Oxford Private Equity Programme is unique in that it creates a dialogue between limited partners and general partners. Overall, it is creating improved practice across the whole industry.

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THE OXFORD EXPERIENCE Your participation in this programme is about much more than increasing your technical skills and knowledge of nance. The programme delivers the latest knowledge, using modern facilities within the historic University of Oxford. Your time in Oxford will incorporate an optional guided tour of this beautiful city and its rich heritage. We will have evening dinner at a prestigious and historic college an experience designed to inspire and enrich.

OXFORD NETWORKS
You will build relationships with a senior level, internationally diverse range of peers during this programme. On completion you are given life membership of the exclusive Oxford Business Alumni (OBA) network. For centuries, the University of Oxford has produced some of the most inuential and respected people in business. Oxford graduates are represented in every Fortune 500 company, country and government in the world. The OBA was established in 1998 and exists to provide a focus for Oxonians who have a special interest in the world of business. There are currently 23 regional groups (or Chapters) of the OBA, spanning every continent across the world. Membership of this prestigious global network provides a wide range of benets including: Access to the alumni directory, an invaluable tool for networking with organisations throughout the world Invitations to a programme of regular seminars, lectures and other networking events Access to the alumni website which contains news, resources and relevant research from the University A subscription to Business at Oxford, the Business Schools magazine OXFORD BUSINESS NETWORKS Oxford Business Networks (OBNs) sit within the framework of the overarching OBA network as industry-specic groups for students, alumni and academia. OBNs exist to promote the exchange of ideas and knowledge surrounding an industry. These sector-based groups create opportunities for worldwide relationship building and information sharing. OBNs are driven by a student-alumni partnership, where the students organise talks, workshops and company visits and benet from a focused networking opportunity. The core OBNs supported by the Alumni Relations Ofce include: Finance Private equity Entrepreneurship Social entrepreneurship Managing consulting

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OXFORD PRIVATE EQUITY PROGRAMME

APPLY NOW
Candidates should apply online at www.sbs.oxford.edu/apply If you require any assistance with your application or would like to discuss any aspect of the programme please contact Steve Brewster.
FEES 2012: 4,750 The fees for the programme include all teaching materials, lunches and daytime refreshments plus two evening dinners, one of which will be at an historic and beautiful Oxford college. Accommodation is not included in the programme fee. A wide range of accommodation is available in the centre of Oxford ranging from ve-star hotels to small guest houses. We have corporate rates at many and will provide you with suitable recommendations. CFA INSTITUTE MEMBER DISCOUNT 250 discount for CFA Institute members or Oxford University alumni. DATES 2528 June 2012 2427 June 2013 CFA INSTITUTE CFA Institute is the leading professional association for the investment industry. CFA Institute administers the Chartered Financial Analyst (CFA) and CIPM curriculum and exam programmes worldwide, publishes research, conducts professional development programmes, and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. As a participant in the CFA Institute Approved Provider Programme, Sad Business School has determined that this programme qualies for 26.5 credit hours. If you are a CFA Institute member, CE credit for your participation in this programme will be automatically recorded in your CE Diary.

For further information contact Steve Brewster tel: +44 (0)1865 422727 email: steve.brewster@sbs.ox.ac.uk or visit: www.sbs.oxford.edu/pe

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Sad Business School University of Oxford Executive Education Centre Egrove Park Oxford OX1 5NY United Kingdom Contact: Steve Brewster Tel: +44 (0)1865 422727 steve.brewster@sbs.ox.ac.uk www.sbs.oxford.edu/pe

SAID BUSINESS SCHOOL Sad Business School is one of Europes youngest and most entrepreneurial business schools. An integral part of the University of Oxford, the School embodies the academic rigour and forward thinking that has made Oxford a world leader in education. The School is dedicated to developing a new generation of business leaders and entrepreneurs and conducting research not only into the nature of business, but the connections between business and the wider world.

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