COURSE NUMBER: MBA237.11
*Note: This course and MBA237-Private Equity: Value Creation (taught
by Hirji/Goodson) are mutually exclusive. If you took
Hirji/Goodson's course in the Fall you will not be
allowed to count this course towards your degree.
COURSE TITLE: Private Equity, Leveraged
Buyouts
UNITS OF CREDIT: 1
INSTRUCTORS: Mark R. Poff
E-MAIL ADDRESSES: mark_poff@haas.berkeley.edu
CLASS WEB PAGE LOCATION: bcourses.berkeley.edu
MEETING DATES: Sundays, 8 am-5 pm on 2/26 and 4/23
Please note the unorthodox format of
this course, which meets all day on two Sundays (2/26 and 4/23). You must attend
both sessions in their entirety in order to earn a passing grade.
PREREQUISITE(S): Basic Excel skills
CLASS FORMAT: Combination of lectures,
cases, and interactive discussion
REQUIRED READINGS: Cases and articles
BASIS FOR FINAL GRADE: Group
assignments and class participation
ABSTRACT OF COURSE'S CONTENT AND
OBJECTIVES: This class will focus on leveraged buyouts (LBOs), a component of
the larger private equity industry, and will offer an introduction and overview
to all aspects of leveraged buyouts. The course will cover all activities
performed by investment professionals in an LBO fund, such as deal sourcing,
transaction structure, financing, legal negotiation, and portfolio management.
Additionally, the course will discuss private equity fund structure and current
issues in private equity. As such, the course is a primer for those interested
in exploring a career with a private equity fund. Given the far-reaching impact
of private equity, the course is also recommended for students interested in
careers in investment banking, commercial banking, and management consulting as
the content discussed will offer a deeper understanding of the issues facing
their clients in the midst of a financial transaction. The course will also be relevant
to those interested in investment management as alternative investments,
including private equity, are often a significant portion of asset allocation
decisions. Finally, the class will be applicable to students interested in
entrepreneurial management as they will face many similar issues as private
equity investors (financing choices, corporate governance) and may ultimately
choose to partner with or sell to a private equity fund.
The course will be taught in two
all-day Sunday sessions. By the end of the course, students should
have a working knowledge of the tools and approaches employed by private equity
professionals in making LBO investments, as well as a strong understanding of
the private equity industry structure and current issues.
BIOGRAPHICAL SKETCH: Mark R. Poff is a senior partner and Managing Director
of Swander Pace Capital, a middle-market
buyout fund focused on investing in consumer products companies. Mark has over
20 years of experience in buyouts and private equity and has been with Swander Pace Capital since it began investing its
first fund in 1997. Prior to joining SPC, Mark was a senior consultant with
Bain & Company in its private equity consulting practice in San Francisco.
While at Bain, he led due diligence projects for private equity sponsors across
a wide range of industries. Prior to Bain, he was a consultant with LEK Consulting in
both Los Angeles and London, where he specialized in valuations,
privatizations, and acquisition advisory. Mark holds an MSc in
Economics, with a finance concentration, from the London School of Economics
and a B.A. summa cum laude in economics from the University of California at
Davis. He currently serves as Chairman of four SPC portfolio companies in the
pet, sporting goods, and accessories categories, and is a director of several
additional SPC portfolio companies in the food and consumer products sectors.