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
MEETING DATES:
Sundays, 8 am-5 pm on 2/11 & 4/15
Please
note the unorthodox format of this course, which meets all day on two
Sundays (2/11
& 4/15). 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.