FM410      Half Unit
Private Equity

This information is for the 2016/17 session.

Teacher responsible

Prof Ulf Axelson


This course is compulsory on the MSc in Finance and Private Equity. This course is not available as an outside option.

Course content

  • Evaluating and executing Private Equity Deals
  • Business Plans, Venture Capital, and Entreprenurial Finance
  • Private Equity as an asset class and the private equity landscape

Provides a thorough grounding in the theory and recent developments in the field of private equity.

Starting by examining how private equity funds are raised and structured the course will examine how private equity can be used in start-ups, in scaling-up cash flow businesses, and in restructuring firms facing financial distress. It explores the link between private and venture capital on the one hand and public securities markets on the other. The course will examine the process through which private equity investors exit their investments. The course will also give a detailed analysis of the types of finance used in private equity and an evaluation of the short and long-run performance of private equity investments. The course will include an evaluation of the performance of different types of private equity investment and a comparison with other forms of ownership will be undertaken


This course takes a rigorous theoretical examination of private equity, however also employs some case study teaching and is taught in conjunction with a range of practitioners in the field.


30 hours of lectures and 30 hours of seminars in the LT.

Formative coursework

Each week there will typically be a formative case study assignments (similar to summative cases). Students will also be given formative feedback on their class participation.

Indicative reading

Ulf Axelson, Tim Jenkinson, Per Strömberg, and Michael S. Weisbach. Leverage and Pricing in Buyouts: An Empirical Analysis. August 28, 2007; Steven N. Kaplan and Per Strömberg. Leveraged Buyouts and Private Equity, Social Science Research Network, June 2008; Cendrowski, Harry. Private Equity: Governance and Operations Assessment. Hoboken: John Wiley & Sons. 2008; Lerner, Joshua. Venture Capital and Private Equity: A Casebook. New York: John Wiley & Sons. 2000; Acharya V V; Franks J R & Servaes H (2007) "Private Equity: Boom and Bust?" Journal of Applied Corporate Finance, 19(4) , Fall 2007, 44-53.


Dissertation (60%, 6000 words) in the ST.
Coursework (20%) and class participation (20%) in the LT.

Key facts

Department: Finance

Total students 2015/16: 58

Average class size 2015/16: 56

Controlled access 2015/16: Yes

Value: Half Unit

Guidelines for interpreting course guide information

Personal development skills

  • Team working
  • Communication
  • Application of numeracy skills
  • Commercial awareness