This joint initiative is the first of a long-term development in Luxembourg that aims at enhancing the skill set of newcomers and current practitioners in Private Equity and Venture Capital, while embracing the SHU’s “Learn Today, Apply Tomorrow” mission.
You’ll gain first-hand insight from seasoned professionals and experts on how best to apply what you learn into your current business or future career.
The Luxembourg Private Equity and Venture Capital Association (LPEA) is the most trusted and relevant representative body of private equity and venture capital practitioners with a presence in Luxembourg.
Created in 2010 by a leading group of private equity and venture capital players in Luxembourg, with 280 members today, LPEA plays a leading role locally actively promoting PE and VC in Luxembourg.
LPEA provides a dynamic and interactive platform which helps investors and advisors to navigate through latest trends in the industry. International by nature, the association allows members to network, exchange experience, expand their knowledge and grow professionally attending workshops and trainings held on a regular basis.
Over the past decades, the industry has consistently grown to exceed €4 trillion in assets under management. Those distributions, combined with the poor performance and volatility linked to traditional asset classes, have driven a number of new investors to enter the Private Equity world.
Luxembourg is one of the most popular jurisdictions for private equity and venture capital. Whilst historically a local presence in Luxembourg was limited mostly to smaller and/or emerging General Partners, many large international houses have set up and conducted business out of Luxembourg since the middle of the last decade with a considerable and growing local substance.
The Alternative Investment Fund Managers Directive (AIFMD) introduced new organizational requirements and specific disclosure rules regarding AIFMs managing AIFs which acquire control of non-listed companies and issuers. Focus shifted from well-known product regulation to manager regulation.
The alternative investments industry accepted the challenge and is governed today by a framework that is eligible to develop into a brand, just as the UCITS Directive.
PE managers appreciate Luxembourg's business friendly environment and they have embraced the introduction of the Reserved Alternative Investment Fund (RAIF), which completed the Luxembourg investment fund toolbox by a manager-regulated alternative fund.
In a fast changing environment, the industry is however facing challenges of an economic and regulatory nature. While Luxembourg has been active in the Private Equity field for more than two decades, until recently very few large investment vehicles were established there. In this new paradigm, the appetite for the Luxembourg fund structuring toolbox has increased beyond expectations. The diverse range of vehicles, from unregulated to regulated products, together with the asset class expertise developed over the years within the professional community and the CSSF are key factors of this collective success.
This shift is driving a strong demand for skilled employees who understand how the industry operates in its entire value chain—from fund structuring through to operations and exits.
The Private Equity Business Certificate Program aims to meet the growing demands of the industry by delivering both engaging and challenging courses, providing participants with tailored curriculum and professional insights to develop new skills and knowledge directly applicable to the day-to-day business operations.
Gunter Fischer, Ph.D., MBA, MBL
This course provides an overview of and discusses the details of different alternative asset classes. Different types of alternative assets, such as Private Equity, Venture Capital, Real Estate, Infrastructure and Private Debt, their strategies, actors and structures applied are presented in this course. A general overview including but not limited to fundraising, typical transactions valuation, value creation, exit strategies and tax structuring will be followed by individual in-depth lectures on different asset classes. Practitioners such as fund managers, lawyers and auditors will be participating in the course and give a first-hand insight into their activity. The course is conceived as more detailed discussion of the alternative asset universe. It targets specifically financial sector professionals in Luxembourg with an aim to develop in alternative assets and Private Equity in particular, but it can as well provide a sound basis for anyone who aims to start a career in Private Equity and alternative asset classes.
Jens Hoellermann, MBA
The course aims at providing a hands-on introduction to blockchain, distributed ledger and crypto-currencies. The course will address three major topics: 1) Use cases for blockchain technologies in supply chain management and payment systems as well as tokenization of assets. Secondly, the course will detail how blockchain technology is implemented using different programming frameworks (Ethereum and Hyperledger). The third topic is the design of payment architectures based on blockchain. More specifically, the class will focus on the Interledger protocol developed by Ripple as a key element to achieve global interoperability. (3CH)
Mergers and Acquisitions tend to be the most visible, time-consuming, high-risk and high-reward transactions that companies get involved in. Substantial amounts of management time, strategic thinking, and capital are invested into getting them right. The consequences for all stakeholders of this kind of transaction are most of the times very significant. It’s hard to exaggerate the strategic importance of M&A deals to the organizations and the people involved. In addition to their financial importance, they also excite emotions, as they tend to create winners and losers. The course is designed to cover all aspects of M&A transactions, from analysis and preparation to valuation of the target company, implementation and results.
The objective and purpose of this course is to provide an in-depth discussion of the modern development in investments and portfolio management. Both theory and empirical evidence will be discussed. We will also learn insights from the latest findings in behavioral finance and how to incorporate them in the management of a portfolio.
The objective and purpose of this course is to provide an in-depth discussion of the modern development in behavioral finance. Both theory and empirical evidence will be discussed. We will review the decision-making process along with the different biases and paradoxes that go with it, learn about Prospect Theory, study the formation and burst process of speculative bubbles, and introduce other fields (sociology, behavioral biology, neurosciences, and philosophy) in the understanding of financial markets.
Corporate Finance expands upon the principles and techniques of financial management to apply the concepts of the maximization of firm value, the time value of money, marginal cash flow analysis and risk to a range of financial management decisions including financial forecasting, valuation, capital budgeting, the determination of the costs of capital, optimal capital structure, distribution decisions, mergers & acquisitions, and project financing. The course engages students to actively apply concepts and techniques relating to the above areas through the extensive use of case studies. Students will be designing financial models in Excel to analyze problems and will be asked to explain their results and decisions during class discussion. Both quantitative and qualitative strategic considerations will also be debated. Special attention will be played to the identification of key value drivers, justifying and questioning assumptions, conducting sensitivity analysis, and doing what managers do: making-, explaining-, and defending decisions.
The idea behind this series of four lectures is to convey some simple decision rules for investing money in the short-term while keeping an eye on the long-term objective of a portfolio. We will try to examine under which conditions a sequence of short-term decisions may lead to the satisfaction of a long-term investment objective, such as retirement. In order to do that, we will rely upon samples of readable texts from well-known short-term market viewers such as editorials from the FT or Market Perspectives presentations from well-known Market Strategists. We will also look into long-term issues, such as financial planning for retirement purposes in light of the behaviour of stock and bond markets over a 20 year period. The objective of the course is to deliver a toolbox complete with simple decision rules, to assist in the process of portfolio selection. It is intended to deliver “math-light” lectures. Students should understand the statistical concept of mean and variance and the financial concept of the discounting factor.
The complexity of the global financial system makes understanding risk management essential for anyone working in, or planning to work in, the financial sector. As the real economy is also exposed to financial risk, risk management has become more important to non-financial corporates and institutions. Students will become familiar with financial risk assessment and management and the regulations applicable for financial institutions. They will learn how important market participants, such as banks, insurance companies, pension funds, mutual and hedge funds, are looking at risk measurement and management. Risk mitigation strategies are explained. Various risk types such as market risk (interest rate risk, currency risk, etc.), credit risk, operational risk, systemic risk are covered and risk management strategies and instruments are analysed. Recent risk management topics such as counterparty credit risk for derivatives, central clearing and collateralization will be covered. International regulations (Basel I-III, Dodd Frank Act) are studied in their historical development as well their most recent modifications aiming to prevent further financial crises.
The complexity of the global financial system makes understanding risk management essential for anyone working or planning to work in the financial sector. As the real economy is also exposed to financial risk, risk management has become more important to non-financial corporates and institutions. This course will cover in particular credit risk. It will constitute a comprehensive coverage of topical credit risk related issues: credit risk rating, credit risk measurement and credit risk mitigation techniques. It will cover both single-name credit and multi-name credit. Finally, and on a purely optional basis, one supplementary session will cover the Vasicek Model, an elegant and closed-form credit portfolio model. Throughout the course case studies will put the theory learned into practice.