Multi-Strategy & Fund of Funds (FoF)
In the 1st session, we are going to discuss the governance and key terms for PE and VC funds. During the 2nd session, we are going to deep dive into portfolio management; its role, the design process, etc. In addition, we are going to speak about the Fund-of-funds investing and how you can monitor these funds. For the end of the module, we have planned the analysis of a case study.
Session 1: Governance & key terms for PE and VC funds - the institutional investors' perspective
1. Main documentation
2. Typical Fund Structure
3. Main concerns of sophisticated investors
1. Key executives
2. Change of control
3. Removal of the manager
4. Advisory Board
5. Exclusivity and conflicts
1. Alignment of interests
2. Management fee
3. Distribution and allocations
Session 2: Portfolio Management
- Introduction to portfolio management
- The role of the target portfolio in driving primary & secondary investments, fundraising activity & risk management
- Target portfolio design process
- Setting objectives
- Breaking down the investment universe into asset classes
- Developing forward-looking performance expectations
- Quantitative optimization
- Investment constraints
- Example of portfolio management application
Session 3: Investing in PE / VC funds and monitoring them
- What is Fund-of-funds investing?
- How to conduct a rigorous screening and due diligence process on PE / VC funds
- How to deliver on your mandate obligations whilst ensuring alignment of interest with your fund partners?
- The importance of diligent monitoring to minimize downside but also maximize value creation, incl. competitive advantages to gain access to the best funds
Session 4: Case Study: PE Multi-Strategy & Fund-of-Funds
- Primary Fund investments
- Direct Co-investments
- Direct Secondaries
- Portfolio construction
Onlive, live session with Q&A.
Certificate of completion and CPD points.