Traditional Private Equity: Leveraged Transactions (Private Equity School)

2 days 21-22 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.

FTS Eligible

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

Day 1: Deal sourcing and return generation

Fundamental analysis in private equity contexts and valuation

  • Transaction types: LBOs, MBOs, growth equity
  • Target screening
    • Key industry
    • Sector-level characteristics
    • Key firm-level characteristics
  • Business strategy assessment
    • Business mix, growth goals
    • Margin targets
    • Capital investment
    • Agency problems
    • Operating risk management
  • Financial performance assessment
    • The Troika
  • Financial strategy assessment
    • Cash generation and capital use
    • Historical, target and current capital structures
    • Funding modes and sources
    • Financial risk management
    • Does the financial strategy support the business strategy or vice-versa?
  • Post-acquisition sources of value-added
    • Cost economies
    • Improved working capital management
    • Discipline in capital expenditure and similar outlays
    • Monetisation of non-core assets and under utilised assets
  • Forecasts: Debt capacity and future cashflows
    • "Topline" revenue growth rate projections
    • Forecasting margins
    • Forecasting capital expenditures and other capital outlays
    • Forecasting debt service burdens
    • Levered equity cashflows
  • Return requirements and discount rates
    • Target IRRs
    • Other return measures
  • Exit strategies: “Harvesting” returns
    • Strategic buyers
    • Financial buyers
    • Public market exit
    • Leveraged recaps and special dividends
  • Private equity in Europe and Asia
    • Strategic corporate investors
    • Public market funding for highly-leveraged companies
    • Private equity operations of diversified public firms
    • Growth equity
  • Sources of value in private equity
  • Target valuation
    • Valuation methodologies
    • "Entry" pricing vs. Expected "exit" value
    • Net asset value (NAV)
    • Price/Book value
    • Enterprise value/replacement cost
    • Comparable firm multiples
    • Comparable transaction multiples
    • Operational metrics
    • Discounted cashflow approaches
    • Debt capacity and debt/EBITDA ratios

Case studies

  • Doosan’s corporate transformation: Doosan TechPak LBO by MBK Partners
  • Morgan Stanley private equity buys Korean restaurant chain
  • Possible disposal of ParkNShop/Watson Group via LBO
  • TNT rolls back global expansion on China truck exit via LBO
  • Recent Chinese LBOs: Morgan Stanley buyout arm in talks to buy China packager

Day 2: Transaction structure

  • Debt funding
    • Bank and other senior debt
    • Bridge funding
    • Subordinated and other long-term debt finance
    • Securitisation and structured finance
  • Credit analysis and credit ratings
  • Equity-linked debt
    • Mezzanine funding
    • Convertible securities
  • Equity funding
    • Private equity, LBO and venture capital managers
    • Private market
  • Use of funds: Capital structure and returns
    • Debt/Equity mix
    • Equity-linked securities and dilution impacts: Warrants with-debt, convertibles, pay-in-kind securities
  • Transaction process
    • Due diligence, deal documentation and structuring
    • Due diligence highlight: HR due diligence
  • Exit strategies: "Harvesting" returns
    • Strategic buyers
    • Financial buyers
    • Public market exit
  • Risk management in private equity
  • Liability management

Case studies

  • Lion Capital and the Blackstone Group: The Orangina LBO
  • Weiqiao Textile: Possible LBO and sum-of-the-parts analysis
  • Partial LBO of Medco Energi Internasionale
  • Activist investors propose LBO of Korea tobacco and ginseng
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