Mezzanine Private Equity & Growth Equity (Private Equity School)

2 days 24-25 Nov 2016, Hong Kong Hong Kong $3,850.00 Download brochure Add to basket

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FTS Eligible - Financial Training Scheme for Singaporean citizens and PRs only (more information)

All Modules can be booked separately.

Attend all the modules and save US$2,840!

Private Equity School

Module 1: Traditional Private Equity: Leveraged Transactions (Private Equity School)

Module 2: Real Assets & Infrastructure Private Equity (Private Equity School)

Module 3: Mezzanine Private Equity & Growth Equity (Private Equity School)

To register on the full 5 Day Private Equity School, please select 'Register' and follow the registration process. If you would like to register on an individual Module, please select your desired module below and follow the registration process on this product page.

Please note we cannot process multiple module registrations online. If you wish to attend more than one Module but not the whole 5-day course, then please download a PDF and either fax this back to us on +852 2866 7340 or email a scanned copy to You can also email us your registration details and one of our account managers will register your place for you.


This programme is approved for listing on the Financial Training Scheme (FTS) Programme Directory and is eligible for FTS claims subject to all eligibility criteria being met.

Please note that in no way does this represent an endorsement of the quality of the training provider and programme. Participants are advised to assess the suitability of the programme and its relevance to participants’ business activities or job roles.

The FTS is available to eligible entities, at a 50% funding level of programme fees, subject to a cap of $2,000/participant/programme and all eligibility criteria being met. FTS claims may only be made for programmes listed on the FTS Programme Directory with specified validity period. Please refer to for more information.

Please note that this course is only eligible for FTS Funding when registering for all modules.


We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

Hong Kong
Andrew Regan

Andrew, CFA, started in investment banking at Merrill Lynch; serving as a financial advisor to municipal entities and directing their efforts in raising public capital in the tax-exempt debt markets. After business school, he became a Retailing Analyst at Donaldson, Lufkin, and Jenrette in New York, where he counseled large institutional investors on their retail sector holdings. In addition to these conventional sell-side equity research duties, he was centrally engaged while at DLJ in a number of banking transactions involving merchants, including LBOs, IPOs, primary and secondary equity offerings, and private placements.

He then returned to Harvard Business School as a Charles M. Williams Fellow and Dean’s Doctoral Award Winner. His research interests included the performance of LBOs, privatization in emerging markets, competition in the securities markets, and capital availability in the airline industry. In 1994-95 he served as Secretary to Professor Samuel Hayes, Warren Buffet, GE Chairman John Welch, former Merrill Lynch Chairman Daniel Tully, and other members of the Compensation Practices Committee, a blue-ribbon panel of securities industry experts appointed by SEC Chairman Arthur Levitt to look at remuneration in the retail brokerage business.

Andrew provides consulting support to financial service organizations looking for organisational and staff development in the theory, practice, and products of corporate finance and financial markets. This includes both the sell-side process of such activity (advisory, M&A, and capital markets) as well as the concomitant buy-side analysis (investors and their analytical approaches).

He has delivered projects for clients in North America as well as Europe, Latin America, Asia, Africa, and the Middle East. Those clients include all the U.S. Bulge Bracket firms, as well as several Persian Gulf and Chinese financial institutions, and he has worked with private firms on a variety of financial and strategic issues. He has also worked with financial staff at China Petroleum and Chemical (Sinopec), the large Chinese downstream/integrated firm, on analysis and valuation.

Andrew received his A.B. magna cum laude with Highest Honors in Modern European History from Harvard College in 1983, his M.Sc., with Distinction, in West European Politics from the London School of Economics in 1986, and his M.B.A., with High Honors, from HBS, where he was a George F. Baker Scholar, in 1988. He holds the CFA Charter.


Hong Kong

4-5 Star Hotel in Hong Kong

All of our courses are held in 4 – 5 star hotels, chosen for their location, facilities and level of service. You can be assured of a comfortable, convenient learning environment throughout the duration of the course.

Due to the variation in delegate numbers, we will send confirmation of the venue to you approximately 2 weeks before the start of the course. Course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

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We’ll be here to support you every step of the way. From the initial consultancy through to evaluating the success of the full learning experience. We'll ensure you get the maximum return on your training investment.

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Module 3: Mezzanine Private Equity & Growth Equity (Private Equity School)

Day 4

Role in the portfolio, deal sourcing

  • Role of private mezzanine finance (PMF) and growth equity
  • PMF strategy types
    • LBOs and MBOs
    • Roll-ups
    • Disposals, divestitures, and equity "carve-outs"
    • PIK, equity-linked, and coupon instruments
  • Growth equity as distinguished from traditional leveraged private equity and venture capital
  • Growth equity strategy types
    • Growth equity: Minority stakes in private/public companies with some "problem"
    • "Strategic" Investors: Minority stakes in private/public companies which can benefit from strategic
    • Pre-IPO and "cornerstone" investors
    • Turnaround situations: Minority stakes in private/public firms
  • Fundamental analysis in growth equity
    • Topline growth
    • Profitability
    • Cash use/generation
  • Projected sources of post-acquisition value-added
    • Improved fundamental performance via more disciplined capital investment, better working capital
      management, and more focused product/market development
    • Improved management incentives and governance
  • PMF sources of returns/manager value added
    • Timely entry
    • Financial: Modest use of leverage - really an equity solution
    • Operational: Post-closure performance improvement
    • Strategic: Transformative strategic, operational, managerial, and financial input by a very
      sophisticated investor
    • Timely exit
  • Growth equity sources of returns/manager value-added
    • Timely entry
    • Financial: Disciplined capital investment and cashflow management, but without compromising the exploitation of exciting growth prospects to the fullest, and without additional leverage
    • Operational: Post-closure performance improvement
    • Strategic: Exploitation of organic growth and growth to critical mass in a consolidating sector
    • Timely exit

Case studies

  • Goldman Sachs mezzanine partners
  • Accuflow: Mezzanine in an LBO
  • Elephant Bar: Mezzanine investment in a restaurant chain

Day 5

Transaction structure and funding

  • Transaction structure
    • Sources and uses of funds
    • Capital structure
    • Projected method and timing of exit
    • Projected IRR
  • Valuation in PMF
    • Entry: Comparable firm multiples and control premiums
    • Exit valuations: Comparable firm multiples
    • Application of traditional convertible options-based approaches
  • Valuation in growth equity
    • Entry: DCF analysis, comparable transactions, peer firm multiples adjusted to reflect control premiums
    • Exit Valuations: Comparable transaction and peer firm multiples
  • Due diligence
    • Commercial due diligence
    • Management due diligence
    • Operational due diligence
    • Financial/Accounting due diligence
    • Legal due diligence
    • IT due diligence
    • HR due diligence
  • Sources of financing
    • Private convertible preferred stock and convertible bonds
  • Exit strategies: “Harvesting” returns
    • Strategic buyers: More common in "growth" equity and mezzanine
    • Financial buyers: Another alternative
    • Public market exit: Attractiveness of "growth" assets in the IPO market
    • Leveraged recapitalisation: Avoiding debt burdens on "growth" assets
    • No exit: "Buy-and-hold" for future dividend distributions
  • PMF/Growth equity managers: Organisational structures and associated funds flows
    • General vs. Limited partners
    • Legal: Specified life, withdrawal prohibitions, transfer restrictions, liability
    • Capital flows: "Takedown" schedules, capital calls, "cashflow waterfalls" and distributions
    • Manager fees and compensation: management fees, "transaction" fees, and carried interest

Case studies

  • Priceline convertible “growth equity” investment in CTrip
  • Silverlake growth equity investment in Avago to finance LSI deal
  • Growth equity: Texas Pacific, Newbridge, and general Atlantic investment in Lenovo
  • MBK partners turnaround investment in Japanese jeweler Tasaki Shinju
  • Crocs, Inc. announces financial partnership with Blackstone in turnaround
  • Oaktree Capital’s $225m investment to lift cracked Diamond Foods
  • Goldman backs bankrupt Nine Entertainment’s debt-for-equity deal
Why us

We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

  • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
  • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
  • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
  • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
  • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product