PRIVATE EQUITY AND DEVELOPMENT FUNDING

The course provides a comprehensive overview of private equity, examining the role of this form of financing in supporting companies at all stages of their growth, from startups to mature businesses. Students will explore how PE funds operate and gain an understanding of how investors select, evaluate, and manage investment opportunities. The program covers the life cycle of PE funds, company valuation, deal structuring, term sheet negotiation, staged financing, value creation, and key exit strategies. Through an integrated approach combining theory and practical case studies, the course equips students with concrete skills to operate effectively as investors, consultants, or financial managers, capable of understanding the dynamics of the private equity market and contributing to the strategic development of companies.

By the end of the course, students will be able to:
- Understand the private equity ecosystem, the economic rationale for PE investing, and the structure and management of funds across the investment cycle;
- Analyze the role of early-stage investors, staged financing, and incentive alignment;
- Apply tools and methods for company valuation, deal structuring, term sheet negotiation, and exit strategies;
- Assess the attractiveness of private equity investments considering risk, return, and governance;
- Judge the appropriateness of valuation assumptions and deal structures in uncertain environments;
- Critically evaluate value creation strategies and exit alternatives, integrating financial, strategic, and market considerations.

There are no specific prerequisites for this course. However, a basic knowledge of corporate finance, financial markets, and corporate governance is recommended.

The course covers the following topics:
- Overview of private equity and the role of different actors in supporting companies at all stages of growth;
- How private equity funds operate and the management of the investment cycle;
- The role of early-stage investors and the logic of staged financing;
- Company valuation and key methods used in private equity;
- Deal structuring, term sheet negotiation, and incentives for value creation;
- Exit strategies and main divestment options.

Caselli S. & Negri G (2021). Private Equity and Venture Capital in Europe. 3rd edition. Academic Pr.
Chapters 1-11, and 15-22.

Da Rin, M., & Hellmann, T. (2020). Fundamentals of Entrepreneurial Finance. Oxford University Press. Chapters 6, 9, and 11-13.

Learning assessment will be conducted through a written examination, with no possibility of consulting notes or textbooks.
The exam consists of 10 multiple-choice questions, one open-ended question, and one applied exercise.

The exam is designed to assess:
- understanding of the fundamental concepts covered in the course;
- the ability to apply theoretical tools and to develop critical thinking in the analysis of complex financial scenarios and issues related to private equity;
- appropriate use of technical financial terminology.

The structure of the exam is consistent with the course learning objectives and the expected learning outcomes.

written

The lecturer has a duty to ensure that the rules regarding the authenticity and originality of exam tests and papers are respected. Therefore, if there is suspicion of irregular conduct, an additional assessment may be conducted, which could differ from the original exam description.

The exam score is determined by the sum of the points obtained in the different questions:
- The 10 multiple-choice questions contribute up to 15 points in total, with the following scoring scheme: +1.5 for a correct answer, −0.4 for an incorrect answer, and 0 for no answer.
- The open-ended question is worth up to 8 points.
- The applied exercise is worth up to 8 points.

The maximum possible score for the exam is 31 points.
The minimum passing score is 18 points.
Honors are awarded to candidates who achieve the maximum score of 31 points.

The course consists of frontal lectures enriched by interactive sessions focused on the analysis and discussion of exercises or case studies, aimed at applying theoretical concepts to real-world situations.
All teaching materials used in class will be made available to students via the Moodle platform (www.unive.it/moodle), along with additional readings and resources.
Lectures may include guest speakers such as entrepreneurs, business angels, and representatives from accelerators or private equity funds.
Group work may also be included to support the development of collaborative and applied skills.

***Accessibility, Disability and Inclusion***
Accommodation and support services for students with disabilities and students with specific learning impairments

Ca’ Foscari abides by Italian Law (Law 17/1999; Law 170/2010) regarding support services and accommodation available to students with disabilities. This includes students with mobility, visual, hearing and other disabilities (Law 17/1999), and specific learning impairments (Law 170/2010). If you have a disability or impairment that requires accommodations (i.e., alternate testing, readers, note takers or interpreters) please contact the Disability and Accessibility Offices in Student Services: disabilita@unive.it.

This subject deals with topics related to the macro-area "Circular economy, innovation, work" and contributes to the achievement of one or more goals of U. N. Agenda for Sustainable Development