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:

Hoping you enjoyed your holidays and are staying safe during the winter weather. We are keeping a busy schedule at the Private Equity Program and look forward to having an opportunity to connect with you, our alumni and friends of the Private Equity Program, at some of our upcoming events. 

Here are some highlights of the Program since last quarter that you can read about in this newsletter:

• Our alumni survey instrument is now open and we  ask for your assistance in our continuing project with Damon J. Phillips, Lambert Family Professor of Social Enterprise and SAP Americas on the role of technology and other societal influences on the various generations in today's workforce. Please read the invite here.

• The Fifth Annual Deal Camp held in December was a tremendous success with over 30 presenters, and a talented group of participants. Read more on our web site and see the slide show of photos from the event. Deal Camp was made possible by the support of EY, Alston & Bird, BNP Paribas, KKR, Pitchbook and with in-kind support by Gurney's Montauk. This was our first year with an additional day for professionals as part of Columbia's Executive Education offerings. 

• The Fellows Program under the leadership of Margaret Cannella `76 as the Administrative Director of the Private Equity Program continues a demanding schedule of fund visits and events. 

Margaret, Greta and I want to 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 over 4,000 friends of the Program and is a great way for all of us to stay in touch. If you have any information to share, please contact us.

Kind regards,

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

Fellows Program Update from Margaret Cannella `76, Administrative Director of the Private Equity Program

The Private Equity Fellows Program has completed its selection of 27 MBA and 14 EMBA participants for 2015-16.
  • The first semester has included series of case studies each being facilitated by top firms in the industry, exposing students to various facets of the industry and preparing them for interviews. Sessions this year are offered by Carlyle, CVC, General Atlantic, Hamilton Lane and Partners Group.
  • Several of this year's Fellows have accepted jobs in the industry and many are still in the midst of their search. If you wish to see the Fellows Program resume book, please contact Greta Larson.
The Private Equity Fellows Program continues to support individual students in their career preparation.

The Fellows Program is delighted to continue to fostering community of Columbia Business School alumni helping each other prosper across the landscape of this exciting and challenging industry.


Read more

Private Equity Program Advisory Board

Welcome to new Advisory Board Member,
Hythem El Nazer '08, TA Associates

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


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


Margaret Butler `01 
 Shareholder, Greenberg Traurig
Neal Costello `08 Managing Director, Alpinvest Partners
David E. De Leeuw `69
 Co-Founder & and Co-President, Lion Chemical Partners
Hythem El Nazer '08 Managing Director, TA Associates
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
 Managing Director, Wendel Group
Jeff Rojek `96 Global Lead Partner, KPMG
Alisa A. Wood `08  Member, Client and Partner Group, KKR
Read more

Alumni News

Shawna Kaufman `11has joined the The Institutional Limited Partners Association as a managing director of membership and events. Previously, Kaufman was a leader of Monitor Deloitte’s customer and marketing strategy practice in Canada. The ILPA is a membership organization focused on serving the interests of private equity LPs.

Ashley Larson `10 joined Revolution Growth as a Vice President. Revolution Growth is a D.C.-based VC firm. Ashley was previously a Senior Associate at ABS Capital Partners.

Jeff Mizrahi `09
and Elisha Aharon `15 set out on their own last year to start new private equity firms Sand Oak Capital and LMM Capital Partners, respectively. Sand Oak focuses on control buyouts of privately held industrial and manufacturing companies across the United States with a particular focus on the U.S. Rust Belt. LMM Capital is an operationally-focused private equity firm that seeks to make minority and control investments in founder and family-owned niche manufacturing, business services and consumer companies with enterprise values up to $100M.

The two alumni, who know each other through our Private Equity Fellows Program, have recently leveraged their relationships and like-minded investment approaches to make a co-investment led by Sand Oak in LCR Contractors, a Texas-based regional leader in spray fireproofing and spray foam insulation services for commercial and residential construction projects.

Ira Simkhovitch `13 has been promoted to Vice President on the Secondaries team at Industry Ventures. Hans Swildens `95, CEO and Founder of Industry Ventures says "I am very pleased to... congratulate Ira and Brian on their consistent and valuable contributions to our firm’s success... We expect to see the secondary market expand dramatically in the coming years based on the industry metrics of non-traditional venture investors reaching a 10 year peak this year."

Tao Tan `11 recently published an article in the McKinsey Quarterly with Hyder Kazimi, How private-equity owners lean into turnarounds: PE-backed companies outperform their public counterparts during periods of distress because the owners play a more active role in management.

Alisa Wood `08 was recently featured in Women in Midmarket M&A column by Danielle Fugazy: Sphere of Influence: Heads KKR’s products specialist area globally for all private market activities, participates in capital raising and nurtures relationships with limited partners.
Aleks Jozwik `14 and Bharath Rajagopalan `15, who were both participants of the Fellows Program and Deal Camp, sent us this picture in the Swiss Alps as they start their roles at Partners Group.





Technical Note on LBO Modeling available as Training Tool


The Private Equity Fellows Program published a “Technical Note on LBO Valuation and Modeling” with Columbia Caseworks in 2015.

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.



Read more

Private Equity Program Photos

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

Additional 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 Research - Calling for Alumni Participation!

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.

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



The survey will take about 20 minutes of your time.





THANK YOU to the sponsors of this newsletter



THANK YOU to the Sponsors of the Fifth Annual Deal Camp



UPCOMING EVENTS

February 19, 2016

The Student PE/VC Club's 22nd Annual Private Equity & Venture Capital Conference will take place February 19, 2016 at the Marriott. Alumni discounts are available.

The Conference will feature distinguished keynote speakers David Rubenstein (The Carlyle Group, Co-Founder and Co-CEO), Anton Levy `03 (General Atlantic, Managing Director), Molly Ashby (Solera, Founder, Chairman & CEO), and Wayne Berman (The Blackstone Group, Senior Advisor for Global Government Affairs), as well as an impressive lineup of panelists from some of the industry's leading firms.

April 15-17, 2016

Reunion Weekend on the weekend of April 15-17.
Professor Hitscherich will be moderating the Private Equity panel.

May 2, 2016 

Centennial Dinner at the Waldorf Astoria.


December 1-4, 2016

Deal Camp 2016 will take place the first weekend of December. The Program will again work with Columbia Business School Executive Education to select a group of professionals to participate. This high-touch learning experience is ideal for career changers, and pre-MBA professionals. Contact us for more information.

Thank you to EY for its continued support of the Program's Annual Deal Camp!



RECENT EVENTS

December 3-7 - Fifth Annual Deal Camp

Professor Valerie Purdie-Vaughns gives a talk at Deal Camp on the importance of diverse teams sponsored by KKR.


October 2, 2015
- Kick-off Reception for the Fellows Program

Margaret Cannella '76 speaks with Class of 2016 Fellows Candidates


October 6, 2015
- Alumni Panel Discussion at Alston & Bird "M&A and Activism"

Speakers L-R, Professor Donna M. Hitscherich `90, Matt Sherman `03, Joele Frank, Scott Ostfeld `02, Jana Partners, Scott Winter, Innisfree M&A and Charles Buaron `14, TPG

 



2016 HOLIDAY GREETINGS from the PRIVATE EQUITY PROGRAM

 
SaveSaveSaveSave

FEATURED CONTENT: 3 Big Ways that Technology Impacts M&A

By Sean Epstein `04, Head of SAP Private Equity, EMEA/MEE and Emmanuel Cassimatis, Head of Small & Mid Cap Private Equity, EMEA

"Most everyone would agree that technology has a role in M&A or at the very least an impact on its success. In early September of this year, hundreds of General Partners (GPs) and Limited Partners (LPs) gathered at the annual Capital Creation event in Monaco.  If there were a word cloud from these conversations the phrase “value creation” would have stood out the most.  Funds and their LPs are prioritizing this element of their investment thesis, or criteria for allocating funds.  More than ever, they recognize that technology has come from being an enabler to being a source of competitive advantage.  At a time where there is high liquidity, being able to create operational value through technology has become a key success factor, a door to efficient value creation." Read the executive summary of what investors need to know about the impact of technology on M&A. 



Private Equity Program on Twitter

@Cbspe The PE Program on Twitter

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, private equity professional interested in discussing Columbia recruiting, 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.