Universitat Internacional de Catalunya
Portfolio Management
Teaching staff
Agreed with the students.
Introduction
Understand and asses the different variables behind managing the portfolio from different investing perspectives.
Pre-course requirements
Minimum financial background.
Objectives
Students will build the capabilities to understand and asses the different variables behind managing the portfolio from different investing perspectives: Private Equity (PE), Venture Capital (VC) and Business Angels (BA), especially those related to the creation of value.
Competences/Learning outcomes of the degree programme
By the end of the course, students should be able to:
- Understand the concept of portfolio management
- Understand how the different strategies in portfolio management have changed during the years, and be able to identify why
- Understand portfolio management from different investors’ perspectives: PE, VC and BA
- Understand what is value creation, the different business models and how it is managed from different investors’ perspectives (PE, VC and BA)
- Know the different strategies regarding portfolio management from different investors’ perspectives (PE, VC and BA)
- Understand the further investment requirements from different investors’ perspectives (PE, VC and BA) and the different investment vehicles
- Understand the relation with management teams and how they should be aligned with investors
- Identify the main managing variables and governing bodies
- Know how to manage underperforming situations
- Identify the different phases of the portfolio lifecycle
- Know the back-office requirements and relations with investors
Learning outcomes of the subject
In competences.
Syllabus
SESSION 1
Portfolio Management. What is Portfolio Management?
SESSION 2
Investment Models & Strategies: PE, VC and BA.
SESSION 3
Value Creation. How to deal with value.
SESSION 4
Business case: Value Creation.
SESSION 5
Managing underperformance.
SESSION 6
Further investment rounds & investment vehicles.
SESSION 7
Business case sessions 5 and 6: Managing underperformance & Further investment rounds.
SESSION 8
Managing the Management Team. Profiles & Approach. With a a business case.
SESSION 9
Governing bodies.
SESSION 10
Business cases: Managing the Management Team & Governing bodies.
SESSION 11
Internal & External Relations.
SESSION 12
Other Approaches: Family offices, Small-Private VC funds, Impact Investment Funds…
Las part: Invited Speaker
SESSION 13
Where is the model going? Previous lectures and short assignment.
SESSION 14
Final project presentation.
Teaching and learning activities
In person
In-class participation, role-play activities, working business cases and material given in class.
Group-work activities where students work to prepare presentations of a business case to the whole class.
Problem-based learning in-class and activities.
Evaluation systems and criteria
In person
20% Class contribution.
30% Team/individual assignments.
50% final project. Compulsory pass the final project to pass the course. The rest of the class will also have an active role in the presentation of the other groups, and will account for their final project grade.
Bibliography and resources
Specific material and lectures will be facilitated in class.
“Kauffman Foundation Report: Poor Long-Term Returns from Venture Capital” Ewin Marion Kauffman Foundation, 2012
“Is Venture Capital Broken?” Scott D. Anthony (HBR), 2012
“Institutional LPs must accept blame for poor long-term VC returns, says new Kauffman report” Privateequitywire, May 8, 2012
Other Bibliography used in class presentations by the teacher:
“Where is my Value?”, Felipe Muntadas-Prim, UIC. July 2019
“Considerations for Management Teams in Private Equity Buyouts”, Addisons. October 10, 2018
“Study Demolishes Private Equity's Claim Of Beating The Market”, Daniel Fisher, Forbes Staff. Aug 7, 2016
“LP Corner: The Four Phases in the Life of a Private Equity Fund”, Allen Latta. June 24, 2017.
“The Biggest Challenge In VC Investing — The "Follow-On" Decision”, Roger Ehrenberg, Information Arbitrage. April 18, 2011.
“The Life Cycle of a Private Equity or Venture Capital Fund”, Alexander J. Davie. June 29, 2017.
“Business angels or Venture Capital”, Daisy de Vries. December 1, 2015.
“Business Angels frente a capital privado: ¿qué opción de financiación es mejor para una startup?”, Laura Bartolomé. April 16, 2018.
“¿Qué tipos de inversores hay? Del Business Angel al Venture Capital”, Javier Megias. October 10, 2013.
“Private equity exit excellence getting the story right.” McKinsey & Co. August 2019.
“What does an LP look for in a venture capital fund manager?” The Equity Kicker. December 15, 2010.
“Building trust: the key to a successful LP-GP relationship.” Bronwyn Bailey, Vice
President, Research & Investor Relations, American Investment Council. 14 Feb 2018.
“The Power Pendulum: GP and LP Dynamics in Private Equity”. Christina Carroll. September 01, 2013.