Fall 2019
Columbia Business School Private Equity Program

Message from Donna M. Hitscherich `90, Senior Lecturer in the Discipline of Business Finance and Economics and Director of the Private Equity Program

Dear Friends of the Private Equity Program:

As we move toward summer and another academic year draws to a close, we at the Private Equity Program wanted to wish you all a healthy and restful summer. It was wonderful to connect with so many of you this spring at the Annual Dinner, Reunion, the PE/VC Club's Annual Student Conference, and our recent alumni networking event addressing the global market in private equity hosted by Alston & Bird. Thank you all for supporting our efforts to expand the reach of the Columbia private equity community.

As we expand our community and develop important connections between practice and theory, I would like to call your attention to the following:

• The Fifth Annual Deal Camp will take place the first weekend in December. This year we are excited to be partnering with Executive Education to provide an opportunity for a limited number of professionals to attend Deal Camp, thereby expanding the scope of Deal Camp and enhancing the collaborative learning environment for the professional attendees and our MBAs and EMBAs. Individuals and firms interested attending or sending a candidate to Deal Camp should contact Greta Larson (gl2304@columbia.edu).

• All Business School alumni are invited to participate in an important research effort undertaken by the Private Equity Program examining the role of technology and other societal influences on the various generations in today's workforce. After several semesters of work with our MBA and EMBA students, we are now ready for your participation. Please be on the lookout for a summer research update in your inbox where we will ask you to take a 20-25 minute survey. The  research is being conducted with Damon J. Phillips, James P. Gorman Professor of Business Strategy and sponsored by SAP Americas.  We look forward to sharing findings with you.

• The Fellows Program under the leadership of Margaret Cannella `76, Administrative Director of the Private Equity Program, enters its third year in the Fall. With the assistance of the students who are members of the Private Equity Fellows Program and under the guidance of Professor Cannella, Columbia Caseworks has published the "LBO Technical Note" which can be used as a resource for students and firms alike.

Margaret, Greta and I thank all of you who have reached out to us as we strive to fulfill the Program’s mission to bring together financial theory and practice in the private equity industry. This can only be accomplished with the help of our Columbia alumni community and the many friends of the Private Equity Program. The Private Equity Program Newsletter reaches nearly 4,000 friends of the Private Equity Program and if you have news to share, would like to become more involved in the Private Equity Program or believe we can be of assistance to you, please contact us.

Kind regards,

Donna M. Hitscherich
Office: 212-854-0763
Email: dmh9@columbia.edu

Fellows Head for Private Equity Jobs

Margaret M. Cannella `76, Administrative Director of the Private Equity Program
The Private Equity Fellows Program has supported individual students in their career preparation and will continue to help further the work of the Private Equity Program at large by helping to create a community of Columbia Business School alumni helping each other prosper across the landscape of this exciting and challenging industry.

Since the last newsletter, our class of 2015 Fellows have been interviewing and signing offers at some great PE Firms including Arrowpoint, La Caisse, Clear Sky, Greycroft, Grey Mountain, Harkness, HIG, Linzor Capital, Partners Group and Rhone Group.

Let us know if you would like the Fellows Program resume book, are interested in mentoring, or hosting the Fellows in a case discussion. Read more about the Fellows Program on our web site.

Graduation Reception, April 23, 2015

PE Fellows at Columbia Business School Recognition Ceremony
May 17, 2015


Read more

Private Equity Program Advisory Board


Private Equity Program Advisory Board and friends of the Program at Columbia Business School's Annual Dinner on May 4, 2015


Gary Appel `77 Executive in Residence, Columbia Business School; Vice Chairman of Corporate Investment-North America at Investcorp
Jeffrey Barber `01
 Managing Director, TA Associates, Inc.


Kenneth A. Buckfire `87
 Co-President & Managing Director, Miller Buckfire


Jeff Bunder 
Global Private Equity Leader, Ernst & Young LLP


Margaret Butler `01 
 Shareholder, Greenberg Traurig
Neal Costello `08 Senior Principal, Canada Pension Plan Investment Board
David E. De Leeuw `69
 - Co-Founder & Managing Partner, Lion Chemical Capital LLC 
- Co-President, Huntsman-Lion Capital, LLC

Sean P. Epstein `04, Head EMEA/MEE, SAP Global Private Equity
Stewart K.P. Gross `87
  Managing Director, Lightyear Capital
  
Rebecca John `01 Partner, Lexington Partners
Adam Reinmann `04
 Senior Director, Wendel Group
Alisa A. Wood `08 
Member, Client and Partner Group, KKR
Read more

Looking for a Columbia Private Equity Candidate?

The Private Equity Program has been meeting with recruiters and private equity professionals to discuss how the Program, in cooperation with The Career Management Center, can best help in providing top talent.

If you are a recruiter or private equity professional interested in discussing Columbia recruiting or have comments or questions, or wish to see the Deal Camp or Fellows Program resume book please contact us.

If you have a specific job ready to post, go directly to www.gsb.columbia.edu/jobpost Read more

Alumni News

Jeff Howe `91 has been chosen to head up Alix Partners' Private Equity Practice in the United States. Jeff Howe previously held Managing Director positions at Jefferies and Credit Suisse, where he played a leading role in directing those firm’s efforts to deepen relationships with global private equity firms and hedge funds. Jeff Howe previously held Managing Director positions at Jefferies and Credit Suisse, where he played a leading role in directing those firm’s efforts to deepen relationships with global private equity firms and hedge funds.

“We are very excited to have Jack join our team” said Keith W. Luke, President, Commonfund Securities, Inc. “We expect his broad private capital experience will help to expand our investor relationships in private equity and provide more institutions with access to our unique programs and capabilities.”

Rebecca John `01 has recently finished leading fundraising efforts for Lexington Partners' LCP VIII. Lexington recently announced it  "closed its eighth private equity secondary fund at its $10.1 billion hard cap. The target was $8 billion. The limited partners for LCP VIII include insurance companies, endowments, major public pensions, corporate pensions and sovereign wealth funds in the U.S., Canada, U.K., Europe, Asia, Latin America, Australia and the Middle East."

Michael Katz `11 joined Alibaba as U.S. Investing Partner. Mike had spent the past three years as a vice president with Battery Ventures, where he had worked on deals for such companies as HotelTonight, H. Bloom, SumAll and Viddy. Before that, he was an executive with search engine optimization startup Conductor and, before that, was with the VC firm now known as FirstMark Capital.

Robert F. Smith `94 spoke at the Columbia Business School Annual PE & VC Conference, and was featured on the cover of Columbia Business Magazine.Robert F. Smith `94

"Smith credits his Columbia education, in part, with the success of Vista’s model of buying and then investing heavily in often-overlooked enterprise software companies. “You think about Warren Buffett and Henry Kravis, and to a great extent, Columbia seems to mint a whole bunch of people who understand value investing and go about it in a different way,” he says."


Congratulations to our friend at Teacher's College, Daniel Souleles who just defended his PhD dissertation in anthropology focused on the private equity community.

Private Equity Program Photos

We are always posting new photos on our Flickr account!
Read more



FEATURED CONTENT: Value Creation Anyone? The importance of IT Operational Partners

By Sean P. Epstein

"With all the focus on value creation, operations partners have seen the tide turn with their role becoming more integral. In today’s world, operations partners cannot simply look at the individual lines of business (LOBs) or processes in a company without talking about technology.

Why is technology important? Here are a few value creation levers and how IT impacts them." (Read more)



THANK YOU to the Sponsors of this newsletter

 



UPCOMING EVENTS



Deal Camp 2015

We are pleased to announce a partnership with Columbia Business School Executive Education
Michael Malefakis,
Associate Dean
Executive Education
Columbia Business School
 in which a select group of professionals can attend. This high-touch learning experience  is ideal for career changers, and pre-MBA professionals.

Contact us for more information.



Fellows Program Publishes Technical Note on LBO Modeling as Training Tool

The Private Equity Fellows Program published a “Technical Note on LBO Valuation and Modeling” with Columbia Caseworks.

The publication provides instruction on LBO model-building for students in graduate business schools and entry-level professionals in investment bank training programs and private equity firms. The note may also be useful to students who are eager to learn and practice their modeling skills. A sample model and instructional video accompanies the publication.

Go to the Columbia Caseworks page to purchase and/or download a review copy and for information on academic licensing.

Information on non-academic sales are available as well. If at any time you need assistance with the ordering process, please contact ColumbiaCaseWorks@gsb.columbia.edu

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RECENT EVENTS

September 3, 2015 - Investment Banking Career Panel with CMC and the Program for Financial Studies

Packed house for first-year session on
Investment Banking
September 3, 2015

August 27, 2015 - Columbia Career Conversations with CMC and External Relations

Greta Larson of the PE Program at CCC Event
with recent alumnus Bharath Rajagopalan `15

August 27, 2015

 July, 2015 - Visit to Toronto with EMBA Americas

Professor Hitscherich and Declan McCarroll of EMBA
with students in Toronto


March 6, 2015 - 21st Annual Private Equity & Venture Capital Conference

The 2015 PE+VC Conference Team. Visit the Slideshow. 




May 19, 2015 - Alumni Networking Event and Panel discussion on Global Markets




















April 18, 2015 - Reunion 2015


The Changing Climate of Private Equity panel 



Assistant Attorney General Leslie Caldwell - Event with Bernstein Center



February 17, 2015 - Deal Camp Competition


Congratulations to the 2015 Champions which proposed the winning investment idea: Catalin Cibu `16, Ari David `16, Robert Dellinger `16, Michael Echemendia `16 and Douglas Hirsch `16, and to all the talented finalists who participated in the final presentations.

Private Equity Program Research

Enhancing your Career Success in a Multi-Generational Workplace - the Program's research survey developed with Damon J. PhillipsLambert Family Professor of Social Enterprise, was launched to the most recent incoming Class of 2017 during their Orientation.

Coming soon: We look forward to sharing the survey with our alumni. Thank you in advance for helping us in Columbia research!

July 26, 2015 - The research of Professors Charles Calomiris and Donna M. Hitscherich appeared in the Financial Times, "Go-shop provisions: buyer beware OM Group and Apollo deal shows a final bid is not necessarily final."



Private Equity Program on Twitter

@Cbspe The PE Program on Twitter