Department of Finance
Via Röntgen 1
I - 20136 Milan
EQUITY & VENTURE CAPITAL FINANCING
COURSE SCHEDULE A.Y. 2022-2023
Course Description:
The course is focused on the understanding and on the analysis of private equity & venture capital
business, in the perspective both of entrepreneurs looking for money and of financial
intermediaries and advisors dedicated to scouting, advisory, arranging and financing activities.
Particular attention is given to provide students with a deep understanding of the mechanism
underpinning the creation or the development of a firm and the financial sustain coming from the
financial system: i.e., the start up financing. As a consequence of that the course is divided into
four main areas: definition, legal and market issues; management of a private equity & a venture
capital fund; techniques of company valuation; deal making. The presentation of real-word casestudies and the usage of techniques coming from major players belonging to private equity world
will further enhance the link with the best practices observable in the market.
Learning Objectives:
The course addresses the following questions and issues:
1) Are private equity and venture capital firms necessary in a modern economy?
2) What are the key trends in private equity and venture capital industry in Europe and in the
US?
3) How does the financial system sustain firms’ development and creation?
4) What are key competitive models of private equity and venture capital?
5) How do “business angels”, incubators, start-up financer, closed-end funds, merchant banks
and vulture funds create economic value?
6) What are key regulatory and legal issues in private equity and venture capital?
7) What are the key legal and fiscal issues for venture capital investment schemes?
8) How to scout, evaluate and manage investments in various stages of a firm’s development
(new ventures, start-ups, young firms, high potential firms, family owned firms and firms in
turnaround)?
9) How to organize and manage the funding process, a single investment and the portfolio of
investments?
Course Material:
For all students specific readings, slides and cases will be given through e-learning space day
by day. The optional textbook of the course is the following “Caselli, S., Negri, G. “Private Equity
and Venture Capital in Europe - Markets, Techniques, and Deals”, 3nd Edition, 2021 ELSEVIER
Academic Press”
Assessment Methods:
40% work in small groups and 60% individual assessment (final written online exam)
Exam
date:
15.07.2022
Hour:
9.30 -14.00
Method:
Written ONLINE EXAM
Office hours:
Office hours are available at (Bocconi Home >Quick Reference for > Current Students >
Timetables, Calendars and Rooms > Student consultation hours ).
Office hours could vary: please check on the website.
Course secretary:
Via Roentgen, 1 - Tel. +39-02.5836.2632
Honor Code
Università Bocconi conceives of education as an ongoing process that stretches across a
person’s entire professional life. The University hopes that the entire Bocconi community will
respect the values of fairness and correctness associated with it, values which inspire and guide
the conduct of all community members as they pursue common objectives and a shared
mission.
The
Università
Bocconi
Honor
Code
is
published
at
http://www.unibocconi.eu/honorcode. We encourage all students to read it.
2
#
SESSION 1
SESSION 2
Date Hour
27.06
9.30-12.30
27.06
14.00 – 15.30
Lesson/
Company
visit
Topic
Instrut
or
Readings
Opening Session & Campus Tour
Lesson 1
Course start up: rule of
thumbs and general overview
The fundamentals of private
equity and venture capital:
definition, main scheme and
main differences with other
sources of financing.
GG
Slides
SESSION 3
27.06
15.30 – 17.00
Lesson 2
The life cycle approach and
private equity deals: seed,
start up, early growth
GG
Slides
SESSION 4
28.06
9.30-11.00
Lesson 3
GG
Slides
SESSION 5
28.06
11.00-12.30
Lesson 4
The life cycle approach and
private equity deals:
expansion, replacement,
vulture financing
Legal framework in Europe
for equity investors
GG
Slides
SESSION 6
29.06
9.30-11.00
Lesson 5
Legal framework in Europe
for equity investors: the
economic mechanism
GG
Slides
SESSION 7
29.06
11.00 – 12.30
GUEST
LECTURE 1
GUEST LECTURE FAUSTO
BONI GENERAL PARTNER
AT 360CAPITAL AND
PRESIDENT VC HUB
ASSOCIATION
GG&FB Slides
SESSION 8
30.06
9.00-11.00
COMPANY
VISIT 1
Company Visit – B4i
SESSION 9
01.07
11.00-12.00
Lesson 6
Legal framework in the United
States for equity investors
Legal framework in the United
Kingdom for equity investors
and new trends in PE
GG
Slides
Individual or
group work or
recorded
contents
Reading: A Note on Valuation
for Venture Capital
GG
Slides
SESSION 11 04.07
14.30-16.30
COMPANY
VISIT 2
Company Visit – Gabetti
LAB/Recrowd
SESSION 12 05.07
9.30-11.00
GUEST
LECTURE 2
SESSION 13 05.07
11.00 – 12.30
Lesson 7
GUEST LECTURE
GG&SC Slides
STEFANO CASPANI
INVESTMENT DIRECTOR AT
DEA CAPITAL ALTERNATIVE
FUNDS
Slides
Introduction
to
Company GG
Valuation: The assessment of
the equity value and the usage
of different methodologies:
DCF, multiples.
SESSION 14 06.07
9.30-12.30
Lesson 8
SESSION 10 04.07
9.30-12.30
Release of the cases:
1) EatOnline
2) InvestIndustrials Exit Ducati
Introduction
to
Company
Valuation: The assessment of
the equity value and the usage
of different methodologies:
DCF, multiples
GG
Slides
3
Bocconi
MSc
Programs
Presentation
(Rector-DeanGraduate School)
SESSION 15 06.07
14.00-17.00
SESSION 16 07.07
9.30-12.30
Lesson 9
Introduction
to
Company
Valuation in Private Equity:
Venture Capital Methodology
GG
Slides
GG
Slides
Presentation of the Case: THE
ACQUISITIONS OF
VALENTINO FASHION
GROUP,
HUGO BOSS AND DR
MARTENS
SESSION 17 07.07
11.00-12.30
Lesson 10
The management of equity
investment: ”The Managerial
Process for Equity Funds”:
-Fundraising
-Investing
-Managing
SESSION 18 07.07
14.00-17.00
COMPANY
VISIT 3
Company
Garden
SESSION 19 08.07
9.30-12.30
Lesson 11
The management of equity
investment: ”The Managerial
Process for Equity Funds”:
-Monitoring
-Exiting -Managing
GG
Slides
SESSION 20 11.07
9.30-12.30
Lesson 12
Financing companies using
private equity and venture
capital, the map of the
relevant deals: IPO
financing.
GG
Slides
SESSION 21 11.07
14.00-15.30
GUEST
LECTURE 3
GUEST LECTURE
MARCO PASCHINA
SESSION 22 11.07
15.30-17.00
Lesson 13
GG
Slides
SESSION 23 12.07
9.30-12.30
Individual or
group work
Financing companies using
private equity and venture
capital, the map of the
relevant deals: the case of
external growth versus internal
growth: M&A financing.
Group assignment finalization
Investindustrial Exit Ducati
SESSION 24 13.07
9.30-12.30
Individual or
group work
Group presentations
Investindustrial Exit Ducati
GG
Visit
–
Talent
GG
4
About the faculty
Professor Gimede Gigante, PhD
He is Academic Director of the Bocconi’s Summer School.
He is Vice-director of the Bachelor Degree Programme in “Economia e Finanza” at
Bocconi University where he is also academic Lecturer of the Department of Finance. At
Bocconi he teaches Financial Markets and Institution and International Finance. He is
Professor of Investment Banking at Misb Bocconi (Mumbai-India) and Professor of Corporate
Finance at Fudan University (Shanghai-China). He has held visiting positions at the Finance
Department of Columbia Business School, and at the Salomon Brothers Center (Stern School
of Business, NYU). Chartered Accountant and professional auditor, he earned a business
degree from Università Bocconi and a PhD in Banking&Finance from University of Rome. He
holds the ITP qualification (International Teachers’ Program) from SDA Bocconi. He has held
various management positions in the oil and gas field and in the investment banking sector
working, among others, for multinational corporations such as ENI Group and Unicredit
Bank. He is actually member of Banca Profilo and Assofintech. He has published a variety
of papers on banking areas and acts as a consultant to several financial and non- financial
institutions. His main area of research is corporate finance, investment banking and private
equity. Winner of the Award for Excellence in Teaching in 2015-2016 and in 2016- 2017.
5