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UT Dallas Syllabus for entp6316.5u1.11u taught by David Springate (spring8)

UT Dallas Syllabus for entp6316.5u1.11u taught by David Springate (spring8)

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UT Dallas syllabus for taught by
UT Dallas syllabus for taught by

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Published by: UT Dallas Provost's Technology Group on Apr 18, 2011
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The University of Texas at Dallas 
School of Management Course Syllabus 
Course Information
Course Number/Section 
FIN 6316
5U1 / ENTP 6316- 5U1
Course Title 
Private Equity Finance
Days & Times 
Thursdays, 6:00pm
SOM 2.116
Professor Contact Information
David J. Springate, Ph.D.,Professor and Director,Center for Finance Strategy Innovation
Office Phone 
(972) 883-2647
Email Address 
Office Location 
SOM 2.610
Office Hours 
By appointment
Co-Instructor Contact Information
Elizabeth Jones, MBAVisiting Professor and Associate Director,Center for Finance Strategy Innovation
Office Phone 
(972) 883-5909
Email Address 
Office Location 
SOM 2.709
Office Hours 
By appointment
Administrative Contact Information
Administrative Assistant 
Debbie Davis (Copy on all emails to the professors.)
Office Phone 
(972) 883-5941
Email Address 
Office Location 
SOM 2.415
Course Description
 There are several distinguishing features of this course:We will be selective in our presentations and course coverage. Our primary coverage is of private equity activityas carried out through designated investment funds raised and managed by private equity firms. We will firstconsider investors in such funds, managers of funds, and managers of portfolio companies. We will then take upthe choice and execution of leveraged buyouts. The course will examine asset purchases such as buyouts, roll-ups, real estate investments, infrastructure investments, and public private partnerships and will close with aconsideration of recapitalizations. Although it is part of private equity, Venture Capital activity is covered in theEntrepreneurial Finance course.We will include coverage of relevant domestic and international private equity topics.We will emphasize relevant theory.We will stress case analysis in class.Occasionally, we will bring in visitors from the Texas and regional financial community as speakers. This will adddepth and breadth to the coverage of various topics and will help illustrate what is going on locally.We position this course as one of professional development for students who are interested in how private equityfinance works and how it is evolving.
Center for Finance Strategy Innovation
This course is one of a series offered through the Center for Finance Strategy Innovation. The Center was founded in
2008 to focus on education and research programs in areas crucial to today’s economy. Working with businesses, the
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center addresses corporate transformations, restructurings, turnarounds, and leveraged buyouts, as well as funding forinnovation, project finance, and growth capital. It also has active programs centered on public-private partnerships.
Conduct of the Course
We will explore topics though class discussion of real case situations faced by investors and fund managers, contributionsby outside experts and instructor-led discussion. Classes will include some combination of concepts and frameworks,case discussion, and visitor presentations.Due to scheduling constraints of potential speakers, we need the flexibility this affords. We do expect to have a cross-section of professionals including fund managers, investors, valuation experts and others.
Course Topics
The ten classes are divided in four course sections. See the attached class schedule (page 4) for topic details. As tospeakers in class, you will be provided with clarifying details as the course evolves.
Associated Field Work Opportunities
 Some students may have interest and qualify for participation in selected supervised field projects. Such opportunities willrequire high quality deliverables for outside sponsors and, accordingly, will be offered on a selective basis. Details onspecific opportunities and on academic credit structure will be announced as the course progresses.
Student Learning Objectives/Outcomes
The objectives of the course are to build your skills, frameworks and knowledge in understanding this new and evolvingworld of private equity finance. The skills and frameworks are similar to those employed in traditional corporate finance,but are, of necessity, more focused on identification of opportunities, projected cash flow, return enhancement, developingvalue and deal making. The context of private equity finance is different than that of traditional corporate finance.Companies are, by definition, not listed on public exchanges. A capital structure involving debt is usual. There is dealmaking transformation and shared interests involved. As opposed to traditional private financial activity, institutionalinvestors, specialized private equity firms, and lightly regulated funds/funds have been central to the new private equityworld.The specific course aims are to improve your capacity to:Recognize an opportunity worth financing through private equity.Value such an opportunity.Understand the differences the perspectives of fund investors, those of the partners in private equityfirms, and those of portfolio company managers.Understand the importance of innovative capital structuring, debt management and risk allocation / assumption for private equity and partnership activity.Operate internationally.Apply the above in an integrated fashion.
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Required Textbooks and Materials
We will use a package of fourteen (14) business cases and notes and the textbook listed below. These required materialsmay be found at the UT Dallas bookstore, Off-Campus Books, and Stanza Textbooks. You will need these materials toproceed in the course.
An Introduction to Investment Banks, Hedge Funds, and Private Equity
 The New Paradigm
David Stowell
, Kellogg School of Management Northwestern UniversityEvanston, IL 60208Hardbound, 592 Pages
ISBN 13:
List of Cases and Notes:
1 295155-PDF-ENG An Introduction to Cash Flow Valuation Methods2 806069-PDF-ENG
Brazos Partners and Cheddar’s Inc.
3 209110-PDF-ENG Equity International: The Second Act4 208030-PDF-ENG Hertz Corporation (A)5 807005-PDF-ENG Lion Capital and the Blackstone Group: The Orangina Deal6 202128-PDF-ENG Note on the Equivalency of Methods for Discounting Cash Flows7 HKU648-PDF-ENG Refinancing the Western Harbour Crossing, Hong Kong8 807033-PDF-ENG Summit Partners
The FleetCor Investment (A)9 902004-PDF-ENGTechnical Note on LBO Valuation (A): LBO Structure and the Target IRR Method of Valuation10 902005-PDF-ENGTechnical Note on LBO Valuation (B): The Equity Cash Flow Method of Valuation Using CAPM11 808017-PDF-ENG Texas Pacific Group -- J. Crew12 210014-PDF-ENGThe Blackstone Group: Merlin Entertainment
13 809073-PDF-ENG The Canada Pension Plan Investment Board14210007-PDF-ENG The University of Notre Dame Endowment

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