WHY IT’S IMPORTANT: This module provides a “crash course overview” of the most important PE fund and secondaries concepts, so you can get up to speed in a day.

In this introductory module, you’ll learn all about private equity fund analysis and secondaries investing, including terms such as committed and invested capital, carried interest, management fees, and preferred and catch-up returns.

You will learn how to calculate metrics such as the TVPI, DPI, RVPI, Gross/Net IRR, Gross/Net MOIC, and the accrued and distributed carried interest under American vs. European waterfalls.

Other topics covered include fund recycling, co-investments, the Net Asset Value (NAV) of a fund, and how to calculate the potential returns of a secondary investment to acquire a stake in an existing PE fund.

WHY IT’S IMPORTANT: This case study explains how to apply many of the concepts taught in Module 1 to evaluate a private equity fund’s historical performance.

In this module, you’ll complete a 90-minute case study in which you analyze the historical performance of a lower-middle-market private equity fund, calculate key metrics for the fund and individual portfolio companies, and update the analysis for transactions after the evaluation date.

You will learn how to apply metrics such as TVPI, DPI, MOIC, and IRR in real life, how to calculate Carried Interest under different scenarios, and how to use these numbers to form a view of a PE fund’s strengths and weaknesses.

WHY IT’S IMPORTANT: This module is a direct example of a real-life PE fund of funds case study; the tutorials walk you through the evaluation process step-by-step.

In this module, you’ll analyze multiple private equity funds and examine trends across the firm’s investment and sourcing strategies to make a recommendation on an investment in its upcoming Fund VI. This case includes a full slide presentation and a Word version of this recommendation.

You will also get practice building an American waterfall structure for Carried Interest for several exited portfolio companies and learn how to make rough estimates for metrics such as the Net MOIC and Net IRR when the full cash flow data is not available.

WHY IT’S IMPORTANT: This training combines traditional LBO modeling with fund-level analysis and explains how to factor in both an individual asset and the entire fund when making an investment recommendation.

You will complete a PE fund and co-investment analysis in this case study, based on a pan-European firm with 7 previous and current funds across multiple sectors. You will examine the firm’s sourcing strategies, deals, sectors, regions, and deal sizes.

In the co-investment analysis, you will build an LBO model for Gerresheimer AG, a German life science tools and services company, and develop your own operational and exit assumptions to challenge the GP’s case.

This case study includes a full slide presentation for the investment recommendations and a written document with answers to the case questions.

WHY IT’S IMPORTANT: This case study walks you through a “portfolio company evaluation” exercise that you’ll often have to complete in interviews with secondaries firms and private capital advisory groups at banks.

In this module, you’ll complete a 3-hour case study in which you analyze a middle-market private equity fund’s existing portfolio companies in the consumer and industrial sectors. You’ll complete a bottoms-up forecast for each company, build in exit multiples and exit dates, and use outside research and provided data on the public comps to support your numbers.

You will learn how to calculate the key metrics and ratios in an LP-led secondary deal in which an existing Limited Partner sells its stake in the entire fund, and you’ll aggregate the cash flows to build a returns analysis, sensitize the results, and answer the case study questions about the appropriate price for this portfolio and the fund’s overall strengths and weaknesses.

WHY IT’S IMPORTANT: This module expands on the previous LP-led secondary case studies and adds more advanced features and outside research so you can ground your assumptions and recommendation more effectively.

In this module, you will complete a more advanced LP-led secondary case study based on a private equity firm that invests in healthcare and technology companies. You will build mini-cash flow/LBO models for each company, estimate their exit values, and support your findings with outside research.

You will also build a fund-level waterfall schedule to calculate the Carried Interest and factor in the Management Fees more accurately. You will aggregate the results from this to calculate the Selling LP’s NAV, reflect Record Date vs. Closing Date differences, and build in a Purchase Price Deferral option.

You will use this analysis to answer the case study questions, propose an appropriate price for the LP’s stake, and draft an investment recommendation presentation.

WHY IT’S IMPORTANT: This training walks you through a traditional LBO model for a single-asset secondary deal and explains how the model structure and recommendation change when it’s executed through a continuation vehicle.

In this module, you will build a leveraged buyout model to analyze a GP-led secondary deal for the acquisition of a stake in a single portfolio company in the healthcare IT/SaaS space (AstraWorks, loosely based on Veeva Systems).

You will build the standard revenue, expense, and cash flow assumptions, the Debt Schedule, and the returns calculations, but you will layer in features to support the continuation vehicle (CV) structure, Management Fees, and Carried Interest on top of this. This model goes into significantly more detail on the CV transaction structure than the simplified example in Module 1.

You will use this analysis to answer the case study questions, propose an appropriate price for the LP’s stake, and make an overall investment recommendation.