Private Fund
Investment Due Diligence

COVERING: PE, VC, Private Debt & Credit, Real Assets, and Infrastructure funds

13 Modules (9h:55m)

This course focuses on mastering the skills and knowledge the institutional investor, fund managers, and service providers need to effectively conduct comprehensive due diligence on the investment risks associated with private funds.

A certificate of completion can be downloaded upon successful completion of the course

Course Registration

Professional

$995 One Year Access

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More Information

Curriculum

Welcome, Introductions and Class Overview

Introduction of facilitator and background
Class structure and expectations

Private Equity Funds in Context

Private Equity Strategies
Private Equity Due Diligence
Private Equity Returns
Global Private Equity
Fundraising Market

Track Record Analysis and Benchmarking

What is a Strong Track Record?
Realized vs. Unrealized Returns
Beneath the Top Line Numbers
Tales From the Battlefield
Closed-End Alternative Fund Benchmarks
Fund Level Benchmarking Tools
Vintage Year Returns: Net IRR Example
Private Market Equivalent Analysis

Monitoring, Targeting, and Access

The Funnel
Monitoring Your Portfolio
Monitoring and the LP Advisory Committee
Attending the Annual Meeting
Co-Investment and Due Diligence
Targeting Funds in Advance of Fundraising
Be Clear on Your Goals
Sources of Information
Market Mapping Example: North American Healthcare
Access: Creating a Relationship in Advance of Fundraising

Fund Launch

Beyond Targeting: Pre-Marketing and New Fund Launches
Key Items to Review
“Offline” Reference Checks
Online Review of Firm and Partners
End Point: End or Move Ahead

First Physical Meeting

Preparation
Key Issues
Tales from the Battlefield
The Conclusion: Options

Onsite Due Diligence and ODD

First Step
Bringing In the Operational Due Diligence Staff
Preparation: The Due Diligence Questionnaire and the Data Room
Reference Calls and Company Visits
Tricks of the Trade

Legal Review & Background

Legal Reviews and Background Checks
Legal Review Process
Issues Regarding Fund Structure
Key Legal Issues Besides Terms
Background Checks
Other Issues
Emerging Managers
Emerging Markets

The Final Decision

Review & Recap

What you'll learn

Desk-Ready Skills

Identify relevant materials needed to prepare for Operational Due Diligence.
Review and prepare materials for Operational Due Diligence.
Synthesize obtained materials and create agenda for Due Diligence Review.
Identify exceptions or areas to review to be included for review.
Evaluate key operational processes of the fund.
Evaluate key components of the investment management firm.
Evaluate human capital of the fund.
Evaluate third party service providers of the fund.
Evaluate counterparties affiliated with the fund.
Evaluate compliance program and the regulatory environment.
Evaluate the fund vehicle structure and terms.
Evaluate the fund technology infrastructure.
Synthesize findings and make operational recommendations.
Identify deficiencies and develop mitigation plan.
Develop monitoring plan including scope, frequency, and technique.

Who Should take this

Recommended for:

Investment professionals from asset managers, such as pension funds, endowments, family offices, insurance companies, sovereign wealth funds, investment and development banks
Private Equity fund professionals interested in gaining a thorough understanding of the institutional investor’s perspective
Policy makers and government officials who are responsible for regulating the financial sector
Advisors working with private equity fund clients, including accountants, lawyers, bankers, consultants and financial advisors

Prerequisite knowledge

Participants should have an understanding of Private Equity Due Diligence at the fundamentals level before taking this Master level course, including:

- A deep and thorough background in the financial markets and securities
- A complete understanding of financial products including; hedge funds, private equity and separate account platforms
- Strong knowledge and experience working with financial statements
- Knowledge and understanding of investment strategies

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Your instructor

Kelly DePonte
Managing Director
Probitas Partners

Kelly has more than thirty-nine years of industry experience and is responsible for Probitas Partners’ research. Prior to joining Probitas Partners, Kelly was Chief Operating Officer and Managing Director at Pacific Corporate Group (“PCG”), a leading provider of alternative investment advisory, management and consulting services. Kelly oversaw the partnership investment program, which comprised more than $20 billion in capital dedicated globally to private equity. Before joining PCG, Kelly held various senior positions at First Interstate Bancorp, including management of a $170 million venture capital portfolio, oversight of all financial derivative activity in the corporation and its banks, and analysis and management of capital and liquidity positions of First Interstate subsidiaries.