The EVCA Certificate in Institutional Private Equity Investing CREATING LASTING VALUE

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1 The EVCA Certificate in Institutiona Private Equity Investing CREATING LASTING VALUE

2 Profie of 2011 Cass by Geography of Sending Organisation Abu Dhabi Begium Coombia Denmark Estonia Netherands Norway Singapore South Africa Sweden Switzerand United Kingdom USA The EVCA CIPEI is now running in its second year. EVCA in co-operation with the Private Equity Institute at the Said Business Schoo has created this pioneering Certificate Programme. The CIPEI was aunched in 2011 with a cass of 20 participants, representing organizations of a sizes and from 13 different countries. Last year s CIPEI participants came from organizations of a sizes and from 13 different countries: The course provides carity to the word of private equity investing through a deep dive into the compexities. I woud recommend the course to private equity professionas [and] Sovereign Weath Fund professionas working in the private equity space. Comment by a 2011 Aumni 2 I The EVCA Certificate in Institutiona Private Equity Investing

3 The EVCA Certificate in Institutiona Private Equity Investing Over the past decade fundraising for venture capita and everaged buyouts has topped two triion doars gobay and private equity funds have broadened their scope to incude companies of a sizes, sectors and ocations. As a resut private equity has become an important part of the financia system. This programme is deivered by some of the most experienced practitioners working in private equity. EVCA assesses a course participation and the EVCA Institute awards the fina certification. This intensive training course combines cutting-edge insights and a deep understanding of investing in private equity with rigorous academic finance and economic theory. Be part of a sma group of high-profie imited partners joining the word s most sophisticated private equity programme for institutiona investors. Institutions now have an ever increasing awareness of a structured approach to investing, reinforced by reguation at a eves. This requires a wide range of expertise, skis and systems for portfoio and risk management, reguatory reporting and compiance. Investment management is becoming far more sophisticated and the earning curve is much steeper than a few years ago. This Certificate combines the rigour of one of the word s best universities with insights from gobay recognised practitioners. The programme wi deepen your knowedge and give you a thorough grounding in the essentia skis for designing, managing and controing portfoios of private equity funds. Profie of 2011 Cass by Type of Sending Organisation Advisor Asset manager Bank Deveopment bank Famiy office Foundation Fund of funds Pension fund Private equity firm Sovereign weath fund University endowment Venture capita and private equity association The CIPEI is in its second year: The inaugura CIPEI course at Oxford was run very we and has certainy raised the bar in educating LPs on private equity investing. The course gave a comprehensive coverage of the eements of private equity investing through a baance of interactive seminars from experienced professionas, group case studies and assignments. In addition, the course provided a good environment for LPs to openy discuss and debate pertinent issues in depth - something that ordinary conferences cannot offer. I woud definitey recommend the course to a feow LP - whether he/she is just starting out in private equity or has severa years of experience in private equity investing - as he/she wi be abe wak away with new knowedge, experiences and reationships. Comment by a 2011 Aumni The EVCA Certificate in Institutiona Private Equity Investing I 3

4 Photo: Saïd Business Schoo Skyine The programme brings together an internationa cass of executives from a variety of backgrounds to enabe you to gain the skis to buid and manage institutiona private equity programmes at the highest eve. Who shoud attend? Investment professionas from imited partners, such as pension funds, endowments, famiy offices, insurance companies, sovereign weath funds, investment and deveopment banks Private equity professionas interested in gaining a thorough understanding of the institutiona investor s perspective Advisors working with private equity cients, incuding accountants, awyers, bankers and consutants Poicy makers and government officias taking an interest in deveoping the venture capita and private equity industry What wi you gain? A deep understanding of a aspects of designing, managing and controing portfoios of private equity funds A mastery of the economics and incentives of private equity funds The toos to assess the performance of private equity portfoios and individua funds, and a deep understanding of the associated monitoring processes In-depth knowedge of key structures of private equity funds and a thorough understanding of the entire due diigence process Numerous insights from eading imited partners on how these concepts are appied in rea ife situations Knowedge about how to combine private equity with other asset casses in an institutiona portfoio An in-depth understanding of sources of vaue creation in private equity investments, incuding aspects of co-investing The chance to network with other participants from a wide range of business and cutura backgrounds, as we as eading industry experts What wi your organisation gain? An overa understanding of how to evauate investment opportunities in private equity Enhanced technica expertise and research insights at the highest eves Participants wi be abe to appy their knowedge immediatey in their day-to-day business Competitive advantages due to first-hand insights and knowedge of trainers and guest-speakers High-eve networking to enabe participants to add vaue to their organisation s decision-making The CIPEI requires significant commitment from the course participants: What I found very usefu was the simpe No pain No gain approach the course had. I for one found it refreshingy painfu in the sense that I had to do a ot of work mysef between the sessions hed in the Spring and Autumn. There are many courses out there which are what I describe as couch potato courses: you go, isten, wak away when finished, and then after a whie forget everything. Comment by a 2011 Aumni 4 I The EVCA Certificate in Institutiona Private Equity Investing

5 Programme Format and Content The CIPEI foows a sandwich format with two sessions in Oxford and assignments as homework: Very in-depth and insightfu course, particuary we suited for LP investors who aready possess knowedge of private equity investing The homework assignments in the months between the courses expand your knowedge by requiring you to read the course materia and appy it in practitioner assignment. Lectures, case study anayses and group exercises are combined with contributions from industry eaders and private equity advisors. Dick To, Deta Loyd The programme begins with a four-day cass to give an overview of private equity investing from an institutiona investor s perspective. These sessions are highy interactive with group discussions, presentations from practitioners, as we as case studies and exercises that are designed to increase and embed knowedge. The programme ends with a three-day cass to deepen the insights gained in another round of group discussions, presentations from practitioners and case studies. Between these on-campus sessions participants need to foow a syabus of required readings and have to hand-in four assignments that get assessed. Competing these assignments successfuy and passing the fina exam are the requirements for the Certificate awarded by the EVCA Academy. Time-ine Preiminary Reading Days Oxford Modue Apri 2012 Individua Reading and Assignments 3 Days Oxford Modue May - September 2012 September 2012 The EVCA Certificate in Institutiona Private Equity Investing I 5

6 Programme Content Introduction to Modue I Private equity andscape Oxford Endowment case study Syndicates - introduction of first group assignment Measuring returns I - concepts and historica evidence - how much shoud be aocated to private equity? how much shoud be aocated to private equity? Measuring returns II - benchmarking Syndicates - working on assignment Portfoio construction Private equity fund due diigence I - principes Syndicate project work Fund economics The Limited Partnership Agreement (LPA) Syndicates - LPA negotiations exercise Review of negotiation exercise the private equity due diigence process reguation and the ega framework Corporate Governance Fund monitoring I - compiance and investor protection Wrap up, introduction to inter-sessiona assignments and to next modue Practica Inter-sessiona work The understands of a topics wi be deepened through the required readings and four assessed assignments, in particuar: Liquidity management Portfoio management Vaue attribution anaysis of past deas Investment memorandum write-up, aignment of interest (e.g. distribution waterfas) Introduction to Modue II, and review of inter-sessiona work Private equity fund due diigence II Case discussion - iquidity management Syndicates - introduce second group assignment Fund reporting and vauation Group assignment on risk management, in particuar the iquidity issues and over-commitments Fund monitoring II - operationa risk Syndicates - working on assignment The Genera Partner perspective Fund monitoring III - monitoring as a source of vaue creation Co-investing co-investing aongside funds Syndicates to finaize group project Examination iquidity and risk management secondary transactions the future of private equity Photo: Saïd Business Schoo Coister 6 I The EVCA Certificate in Institutiona Private Equity Investing

7 Course ed by This course is co-ed by Professor Tim Jenkinson, a word eading authority on private equity. A renowned and prizewinning teacher, he deveoped Oxford s MBA course on Private Equity with top industry practitioners, which has become the most popuar eective at the Saïd Business Schoo since it was introduced in He was a key witness to the UK Pariament s Treasury Seect Committee enquiry into private equity and is a frequent contributor to the media and industry conferences. Tim s research centres on private equity, initia pubic offerings and securitisation. He was recenty awarded the Executive MBA Teaching Innovation Award for the Private Equity eective. The course is co-ed by Dr. Thomas Meyer, who is responsibe for the course assignments. Thomas is co-founder of LDS Partners, and was previousy with EVCA, the European Investment Fund and Aianz Asia Pacific. He is a member of the Chartered Aternative Investment Anayst Association's (CAIA ) private equity sub-committee and a Shimomura Feow of the Deveopment Bank of Japan s Research Institute of Capita Formation. He co-authored Beyond the J Curve and J-Curve Exposure: Managing a Portfoio of Venture Capita and Private Equity Funds. Pierre-Yves Mathonet is heading the private equity unit within the risk management division of the European Investment Fund. As risk manager he is responsibe for one of the argest European private equity portfoio of more than 300 funds with more than 5 biion committed and more than 7 biion under management. He is aso a permanent member of the private equity subcommittee of the Chartered Aternative Investment Anayst Program and of the EVCA s Risk Measurement Guideines working group. Pierre-Yves co-authored four books Beyond the J Curve, J Curve exposure, CAIA Leve II: Advanced Core Topics in Aternative Investments and CAIA Leve II: Integrated Topics And Appications. He hods a Master of Science cum aude in Finance from London Business Schoo and a Master of Science magna cum aude in Management from Sovay Business Schoo in Brusses. He is aso a Certified European Financia Anayst cum aude. Dr. Ruediger Stucke is a Research Feow in Finance and Economics at the Oxford Private Equity Institute. Ruediger is an expert in the private equity area and reguar advisor to both sides of the industry, imited and genera partners. Ruediger hods a PhD in Finance and Master Degrees in Business Administration and Computer Science with first cass honors with distinction. He gained previous experience in severa positions in Investment Banking and Management Consuting. The EVCA Certificate in Institutiona Private Equity Investing I 7

8 Lecturers incude Peter Corneius is heading ApInvest Partners' economic and strategic research, one of the word's argest private equity investors, with more than 40 biion under management. Prior to his current position, he was the Group Chief Economist of Roya Dutch She, chief economist and Director of the Word Economic Forum's Goba Competitiveness Program, Head of Internationa Economic Research of Deutsche Bank, a senior economist with the Internationa Monetary Fund, and a staff economist of the German Counci of Economic Advisors. A German nationa, Peter Corneius is the chairman of the European Venture Capita and Private Equity Association's working group on deveoping private equity risk measurement guideines. Geoffrey Geiger joined the Universities Superannuation Scheme (USS) in 2007 as a senior member of the private markets team with a focus on deveoping the private equity and infrastructure co-investment programmes. He focuses on sourcing, evauating and monitoring co-investment opportunities for USS and aso assists the private equity team with manager seection and due diigence. In his roe at USS, Geoffrey sits on the boards of severa portfoio companies (Cimate Change Capita and TPG Speciaty Lending) and on a number of advisory boards for private equity funds. Geoffrey is a member of the Aternatives Investment Committee. John Gripton is a Managing Director and heads Investment Management Europe at Capita Dynamics. He has over 20 years of private equity investment experience in Europe, the US and emerging markets. Previousy, he was a senior investment manager with the West Midands Metropoitan Authorities Pension Fund. He aso worked in financing and investment at Sandwe Borough Counci. John has been a member of the Chartered Institute of Pubic Finance and Accountancy since 1973 and aso sits on the British Venture Capita Association Responsibe Investment Advisory Board. John was recenty inducted to the British Venture Association's Ha of Fame in recognition of his outstanding ong-term contributions to the UK industry. Stewart Hay is Partner at SL Capita Partners LLP and a member of the Institute of Chartered Accountants of Scotand. Formery Assistant Genera Manager, Corporate Finance for BMB Investment Bank, Bahrain from He has a BA Hons in accountancy and finance from Heriot Watt University. Brenen Jinkens is Managing Director of the London office of Cogent Partners Europe, LLP and is responsibe for a aspects of their European business. He is aso the Head of Research, Cogent s fund monitoring and due diigence arm. Prior to joining the firm, Mr Jinkens was an Executive Director of Lehman Brothers Europe, where he covered financia services technoogy businesses in the UK, Germany and Scandinavia. Mr Jinkens aso started an onine financia services business, and worked for five years in the financia services practice of McKinsey & Company in Paris and London. He has neary 20 years of experience advising financia services companies and other entities. 8 I The EVCA Certificate in Institutiona Private Equity Investing

9 Marco Marrone joined the European Investment Fund (EIF) in 2005 where he is currenty Deputy Genera Counse, responsibe for overseeing a business activities of the EIF incuding its private equity investments, the management of severa funds-of-funds, the microfinance activities, the structuring of transfer of technoogy schemes, etc. Prior to joining EIF Marco worked in private practice for approximatey 10 years both in Rome and in London (at, respectivey, Gianni Origoni & Partners and Herbert Smith) where he mainy advised on corporate finance transactions. Marce Müer-Marbach is the Head of Equity Investments Lega Service of the European Investment Fund (EIF). In 2004 Marce joined the EIF. His core activity consists of advising on fund documentation and new mandates to support EIF's investment activity. In addition, he reguary provides advice to third parties in the process of structuring funds. Marce is a aw graduate of the University of Heideberg and hods a Licence en Droit of the University of Paris-Nanterre. He is a member of the Lega Committee of the Luxembourg Private Equity and Venture Capita Association. Heen Steers is a Partner at Pantheon, which she joined in 2004, and has 22 years of private equity experience. Heen eads Pantheon's European primary investment activity and chairs the European Investment Committee. She is aso a member of the Internationa Investment Committee and the Co-investment Committee. Heen joined Pantheon in 2004 from Russe Investments in Paris, where she was Managing Director with overa responsibiity for private equity in Europe. Prior to joining Russe in 1999, Heen spent five years as Director, European Private Equity with the Caisse de dépôt et pacement du Québec. From 1989 to 1994, she was a senior investment manager at the Business Deveopment Bank of Canada in Montréa. Phi Wickham serves as the President and CEO of the Center for Venture Education in Pao Ato, CA. The mission of the Kauffman Feows Program is to deveop the next generation of eaders in venture capita. Eary in his career Phi co-founded the pubishing company Reference Media in Tokyo, Japan, grew it to scae and sod it to the Princeton Review, where he became VP of Saes for Japan and Korea. Later, Phi served as Genera Partner at JAFCO America Ventures, a biion-doar fund backed by eading Japanese financia and technoogy payers such as Hitachi, Mitsubishi, NEC, Itochu, Nomura, and Nippon Life Insurance. Phi went on to become a partner and run US operations for Copan, a European venture fund based in Munich, Germany, where Phi aso served on the Board. Stephan Grimaier is a Partner at MVision, which he joined in He is a highy experienced private equity investment professiona with a strong background in private equity and aternative assets investing. At MVision Stephan manages a number of the firm's goba fundraisings as we as maintaining reationships with genera partners and imited partners in Europe, the US, and Asia. Previousy Stephan was a Director at Horizon21 Private Equity, a dedicated manager of Swiss Re's aternative assets in Pfaeffikon, Switzerand. Prior to joining Horizon21, Stephan was a Vice President and Head of Europe in Swiss Re's private equity fund of funds team in Zurich. The EVCA Certificate in Institutiona Private Equity Investing I 9

10 Lecturers incude Christian Dier is a partner and co-founder of Montana Capita Partners and is responsibe for structured soutions and risk management. Christian was previousy Head of Soutions at Capita Dynamics eading the firm s structured activities with assets under management of more than USD 2 biion. He aso ed the portfoio and risk management activities, advising some of the word s argest investors on asset aocation, portfoio rebaancing, cash fow panning and risk management in private equity. Prior to that, he worked in the asset management department covering strategic investments of Aianz Group in industria, energy and heathcare companies. He is an active member of the EVCA risk management committee deveoping guideines for risk management modes in private equity. Robin A. Painter is co-chair of the Corporate Department and co-head of the Private Investment Funds Group at Proskauer. She has a goba network of cients and contacts deveoped over her more than 20 years of experience in the private equity and venture capita industry. She advises fund managers, institutiona investors and investment advisors on a broad range of issues, incuding structuring private investment funds, portfoio investments, spin-outs, secondary transactions, interna governance and divestments and distributions. The majority of Robin's practice invoves representing sponsors in structuring private investment funds and funds of funds and representing U.S. and goba institutiona investors and investment advisors in the private equity fied. Bjorn Tremmerie is a Principa at EIF, which he joined in 2002, and is responsibe for making and monitoring investments in Venture Capita and (ower) mid-market funds in Europe. Previousy, Bjorn was an Investment Manager at FLV Fund, a Begian VC fund responsibe for sourcing and eading investments and portfoio management. He started his career at Bank Brusse Lambert - BBL (now ING Begium) in the investment banking department both in Brusses and New York where he was invoved in numerous M&A, acquisition finance and private equity deas. Maria Leander is Genera Counse and Company Secretary of the European Investment Fund (EIF). She is responsibe for a ega aspects of the business activity of EIF, incuding venture capita and private equity investments, mezzanine investments, micro-finance and other types of financing. Maria has some 25 years of experience working with finance and corporate matters. Before joining EIF in 1995, she worked in private practice for cose to 10 years. Maria is a member of EVCA's Tax and Lega Committee and has participated as an expert in European initiatives to improve the European environment for private equity (Aternative Investment Expert Group, 2006, Expert Group on Removing Obstaces to Cross-border Investments by Venture Capita Funds, 2007 and Expert Group on Removing Tax Obstaces to Cross-border Venture Capita Investments, 2009). Caire Wikinson is Genera Counse at MVision, which she joined in Caire chairs EVCA's Responsibe Investment Working Group and is a member of the EVCA Professiona Standards Committee. She founded and runs the Private Equity Lawyers Forum deveoping good governance and training for awyers in the sector. She aso sits on the BVCA Responsibe Investment Advisory Board. Prior to joining MVision, Caire was Genera Counse at Omega Fund Management Limited, performing secondary direct transactions in ife sciences. Previousy she was Genera Counse at Abingworth LLP, aso focusing on ife sciences venture capita and in-house awyer at IK Investment Partners, working on mid-market European buy-outs. 10 I The EVCA Certificate in Institutiona Private Equity Investing

11 The EVCA Academy The EVCA Academy was founded in 1987 to provide a framework in which to train and enhance academicay the professiona experience of the private equity professiona in Europe. It offers a unique range of private equity management training courses for practitioners which aim to cover a of their career stages and enhance their professiona skis and experience at every eve. It provides training for a profies invoved with the industry incuding investment professionas, CFOs, accountants, back office fund administrators, ega counses and support staff. EVCA Academy courses/master casses are based on active earning, with rea ife recent case studies used and evauated in groups. They provide an opportunity to network with peers from across Europe as we as draw from experiences of instructors which incude some of the eading senior industry professionas and academics. Private Equity at Oxford Private equity has quicky become one of the speciaist areas at the Saïd Business Schoo, which is refected in the highy sophisticated course contents and outstanding feedback from course participants. Interest amongst participants is so high that the Private Equity eectives of the prestigious Oxford MBA and MFE programmes are consistenty oversubscribed. The Saïd Business Schoo is an integra part of the University of Oxford. It is Europe s fastest growing business schoo, embodying the academic rigour and forward thinking which has made Oxford a word eader in education. Executive Education at the Saïd Business Schoo draws on the resource base of Oxford University to offer deveopment programmes that creates significant business impact. This gives you access to: A network of business peope around the word who share the Oxford experience A programme of reguar events, incuding ectures from academics and business practitioners around the gobe The aumni website, containing news, resource inks and a arge membership database Access to reevant research from the University of Oxford For more information about the Saïd Business Schoo at the University of Oxford see Programme schedue The next Certificate in Institutiona Private Equity Investing course starts Apri 2012 in Oxford with the second and fina modue taking pace in Oxford September A course sessions wi be hosted at: University of Oxford Oxford OX1 1HP, United Kingdom Programme fees 12,500 (EVCA members 10,000) Trave and accommodation Trave and accommodation is not incuded in the programme fee. There is a wide range of accommodation in Oxford, from five star hotes to sma bed and breakfast guest houses. How to appy Go onine to the EVCA Academy at For more information, just contact Eena Vasieva at eena.vasieva@evca.eu or The Oxford Network For centuries the University of Oxford has educated top eaders and produced some of the most infuentia and respected peope in today s business word. Oxford graduates are part of every Fortune 500 company, nation and government around the word. On competion of the EVCA Certificate programme you wi automaticay quaify for ife-ong earning and networking possibiities through the Oxford Business Aumni network (OBA). I woud personay encourage other LPs to take the course because it seamessy fuses the interactivity of academia with the practica benefits of industry expertise. Daniee Seger, Verizon Investment Management The EVCA Certificate in Institutiona Private Equity Investing I 11

12 Discaimer On successfu competion of the CIPEI participants join the Oxford Business Aumni Network: I found the course particuary interesting because it addressed a aspects of the private equity industry both investing and managing and monitoring a portfoio of private equity funds. The course provided us with a broad insight into the necessary toos on how to assess and evauate opportunities within the private equity industry. The program was aso very usefu due to a high degree of interaction between the participants during very interesting cass discussions, group assignments and case studies. Additionay, the networking with the other cass participants was highy vauabe. Unike other asset casses, the private equity industry is a ot about who you know and how you use your network. Nadia Næss, Jebsen Asset Management, Oso Norway The course is designed to provide accurate and authoritative information in regard to current best practices in the private equity industry. It is conducted in the understanding that the EVCA Academy is not engaged in rendering professiona services. If professiona advice or other expert assistance is required, the services of a competent professiona shoud be sought. EVCA reserves the right to amend the programme and speakers may change due to circumstances beyond EVCA s contro. The EVCA Certificate in Institutiona Private Equity Investing is pubished by the European Private Equity & Venture Capita Association (EVCA). Copyright EVCA November 2011 Bastion Tower, Pace du Champ de Mars 5, B-1050 Brusses, Begium Te: Fax: emai: info@evca.eu web: