Faculty lead: Professor Ludovic Phalippou
There are four main objectives of this course:
1) To develop an understanding of the roles played by the various participants involved in private equity, and the potential attractions of private equity as a career. Knowing the recent developments of the industry, how it works and anticipate where it is going.
2) To apply many of the ideas and theories developed in the core finance courses to a particular sector of the financial industry. The private equity sector is a particularly interesting sector to analyze. Private equity is used to finance many companies where the generic problems encountered when financing companies – such as uncertainty or asymmetric information – are especially acute and complex.
3) To understand the valuation techniques employed in private equity transactions. By their very nature, private equity investments (which lack of market valuations provided by public equity markets) are those where valuation is often difficult, being highly sensitive to assumptions and methodology.
4) To understand the necessity to look beyond the headline numbers and know where to look and what to do to acquire the correct information when it comes to investing in private equity funds. Headline return and fee numbers are typically highly misleading and confusing. Participants will be able to "undress" the numbers.
Ludovic Phalippou, Professor of Financial Economics, Saïd Business School, University of Oxford
Ludovic is currently Head of the FAME Group at Saïd Business School and specialises in private equity and asset management.
Ludovic is the author of the bestseller 'Private Equity Laid Bare', and professor of Financial Economics at Saïd Business School, University of Oxford. He specialises in private market investments with a focus on fee tracking, interest alignment, and return benchmarking.
Named as one of “The 40 Most Outstanding Business School Profs Under 40 in the World” in 2014, and as one of the 20 most influential individuals in private equity in Europe in 2016, Ludovic has strong links with senior practitioners in the industry, routinely speaks at practitioner conferences, and appears in the media internationally. Ludovic’s research papers have been widely cited in academia, in the press, and in regulatory circles.
Ludovic's paper 'How alternative are private markets?' is one of three 2018 recipients of the Jack Treynor Prize, sponsored by the Q-Group. The Treynor Prize recognises superior academic working papers with potential applications in the fields of investment management and financial markets.
Ludovic achieved a degree in Economics from Toulouse School of Economics; a Master in Economics and a Master in Mathematical Finance both from the University of Southern California; and a PhD in Finance from INSEAD.
Read Ludovic's CV.
Find out more about Ludovic's work, visit his personal website and full School profile.
Bryony Murdoch, Senior Programme Manager, EMBA
Saïd Business School, University of Oxford
T: +44 (0)1865 288715