FM414E      Half Unit
Private Equity, Venture Capital and Entrepreneurial Finance

This information is for the 2021/22 session.

Teacher responsible

Prof Ulf Axelson


This course is available on the MSc in Finance (part-time). This course is not available as an outside option.


Students must have completed FM422E and FM423E.

Course content

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


The course 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. The course 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.


30 hours of seminars in the MT.

This course is taught in the interactive lecturing format. There is no distinction between lectures and classes/seminars; there are “sessions” only, and the pedagogical approach in each session is interactive.

Formative coursework

Each week there will typically be a formative or summative case study assignment.

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.


Continuous assessment (100%) in the MT.

Course selection videos

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.

Important information in response to COVID-19

Please note that during 2021/22 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the differing needs of students in attendance on campus and those who might be studying online. For example, this may involve changes to the mode of teaching delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.

Key facts

Department: Finance

Total students 2020/21: 33

Average class size 2020/21: 28

Controlled access 2020/21: Yes

Value: Half Unit

Guidelines for interpreting course guide information

Personal development skills

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