Module LAW49415: Private Equity Law

Department: Law

LAW49415: Private Equity Law

Prerequisites

• Students who have not recently obtained a foundational understanding of English Law through previous academic study will be required to take a Pre-Sessional Introduction to English Law.
• This Pre-Sessional course will be taught in Teaching Week 1 (Michaelmas)

Corequisites

• None

Excluded Combination of Modules

• None

Aims

• To develop a close understanding of the investment strategies of private investment funds (“PIFs”) and evaluate the impact of PIFs on the financial markets and real economy.
• To develop a close understanding of the formation, structure and legal and regulatory frameworks governing private equity (“PE”) funds in the United Kingdom and the United States.
• To develop advanced knowledge and understanding of the strategies, key legal features and documents used in PE investments, acquisition finance and private investment in public equity.
• To develop advanced knowledge and understanding of the strategies, key legal features and documents involved in PE exits.

Content

• The module is designed to take students through the full life-cycle of a private equity transaction, from the initial fund formation and fund raising stages through to exit strategies and dissolution of the fund. With a series of real-world example and a hands-on approach to the key legal documents involved in a Private Equity transaction, students will gain a solid understanding of the primary legal and commercial considerations in this multi-trillion-dollar market.
• Sample seminar content includes the following:
• * All aspects of fund formation and fund raising, including debates around the democratisation of Private Equity and access for retail investors.
• * Investment strategies of Private Equity such as distressed acquisitions, secondaries and fund of funds.
• * Private Equity investment in public equity, including PIPEs and take-private transactions.
• * Financial aspects of private equity, including key sponsor-related terms in acquisition finance
• * Private Equity governance models and the running and management of portfolio companie
• * Exit strategies.

Learning Outcomes

• Students will gain an advanced understanding of the investment strategies and types of private investment fund (“PIF”), drawing tangible links between complex financial market investments and the real economy.
• Students will gain an advanced understanding of the principles of law and regulation applicable to PIFs in the United Kingdom and an introductory understanding of the principles of law and regulation applicable to PIFs in the United States.
• Students will gain an advanced understanding of the key legal terms and documents involved throughout the private equity life cycle through fund formation, fund raising, investing, harvesting and exit.
• Students will gain an advanced understanding of the ways private equity transactions can be financed with a focus on the documentation and key terms of acquisition financing.

• Enhanced knowledge of legal and regulatory frameworks governing PIFs.
• Enhanced knowledge of the commercial and financial aspects of private equity transactions.
• Expertise in conducting research on legal materials from a variety of national and comparative sources.
• Peer-to-peer collaboration, problem solving, strategic thinking and corporate decision making.
• Enhanced oral and presentation skills, the creation of slide decks which are clear, accurate and visually impactful.
• Learning how to present complex arguments in oral and written form in a clear, structured manner.

• Advanced research skills.
• Advanced writing and oral presentation skills.
• Ability to work independently and take responsibility for their learning.
• Ability to work collaboratively to analyse and comment critically on laws, regulation and a complex set of facts.
• Ability to engage with the academic literature and develop structured and commercially-focused written and oral argument.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• The teaching will be based on seminars supported by targeted reading assignments before each seminar to provide a deeper understanding of the issues. The readings are selected from established doctrinal sources and cutting-edge scholarship in the area, including practitioner publications and industry analysis.
• The seminars will combine short, introductory lectures with interactive, structured activities which make use of case studies, peer-to-peer learning and oral presentations. This practical, hands on course will create a boardroom environment, giving students tangible, real world inspired problems to solve and opportunities for collaborative working and decision making.
• The written component of the summative assessment supports the aims of the teaching methods. The written report will assess the ability of the students to analyse the implications of a real or fictious legal issue of relevance to private equity funds, conduct research, and present a structured, articulate and evaluative report of their findings.
• The oral component of the summative assessment supports the aims of the teaching methods. The oral presentation will enable students to demonstrate the skills developed throughout the module. The examiner-led questions will test the ability of students to think on their feet and will stress-test student understanding of the topic they have researched.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

The formative will entail the preparation of a 1,000 word outline for a longer report, developed through research into a matter relating to private equity. Students will also be given the option to submit draft slides. Oral presentation will not be assessed through the formative, but students will be given opportunity to present throughout the module and will get used to answering questions following oral presentation.

■ Students who do not attend monitored activities shown under Teaching Methods and Learning Hours, or who fail to complete the summative or formative assessment(s) specified above, may be subject to the Academic Progress procedures defined in the University's General Regulation V, and may be required to leave the University.