True Private Equity Experience

This course goes beyond the LBO model to explain how private equity professionals close transactions.

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1 Introduction to Private Equity

This course introduces the private equity industry and explains why it is relevant to you. This course also explains how private equity works by focusing on two participants: (1) Independent Sponsors and (2) Private Equity Funds.

2 Sourcing a Transaction

This course focuses on deal origination for private equity professionals. Finding attractive opportunities requires a substantial amount of work. This course will describe the deal sourcing funnel, deal sourcing strategy and the qualities of an attractive investment opportunity.

3 Private Equity Due Diligence

This course introduces early stage private equity due diligence. The content will explain the advantages provided by getting involved early in the process, and detail due diligence lists used for this purpose. It will also explain how private equity firms get up to speed quickly on a new industry, and how private equity professionals work with third parties to complete due diligence.

4 Securing Exclusivity

This course will walk you through all of the materials provided and documentation required to secure a transaction under letter of intent. The courses also focus on bidding strategies and price discovery tips used by private equity professionals.

5 Letter of Intent

The course focuses on the letter of intent, which is one of the most important documents as it relates to the process of closing a transaction. While it may be a non-binding document, which means that technically most of it can be renegotiated, the reason it is so critical is that the terms put forth by a buyer or seller for the contemplated transaction will be revisited for the entirety of the process until the acquisition closes. Attempts to "re-trade" the LOI can cause a deal to fall apart.

6 Closing the Transaction

This course covers multiple topics essential to closing a transaction. The lessons start with a focus on advanced due diligence, which focus on the amount of additional detail required to confirm the private equity firm’s assumptions. Next the series transitions to a focus on working capital analysis and the working capital adjustment. The series also touches on transaction structure and begins to define the purchase agreement.

7 The Stock Purchase Agreement

This course introduces the Stock Purchase Agreement (SPA). A stock purchase agreement is the primary transaction document for a stock acquisition. In most control private equity transactions this is the document that will require the most negotiation.

Visual Explanations

ASM content is heavily focused on visual aids to make difficult, otherwise abstract concepts, easy to comprehend.

visual explanation
advance content

Advanced Content

The Private Equity Curriculum covers everything from sourcing transactions to the LBO model to negotiating the Purchase Agreement.

Created by Industry Professionals

This course was created by Peter Lynch as part of a
content creation initiative with Katten.


Peter Lynch

PE Investor & Founder

Peter is an investor and the founder of He was previously a founding member of the investment team for Hilltop Opportunity Partners, a merchant banking business launched by Hilltop Holdings Inc. (NYSE: HTH). Prior to that he spent 8 years focused on control-only equity investments. Peter also worked for Rabobank International’s M&A team in NYC and for JPMorgan in Buenos Aires and Santiago. To prepare for the professional world he attended the University of Pennsylvania.

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Mark Solomon

Partner, Katten

When private equity firms and business owners need an attorney who can command the respect of a room and cut through roadblocks to achieve their goals, they call on Mark Solomon. Mark, managing partner of Katten's Dallas office, immerses himself in his client's businesses, treats their problems as his own and leads transactions to the finish line. His clients are his partners and his familiarity with his client's goals and operations keeps him one step ahead of the competition.

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Peter Bogdanow

Partner, Katten

Peter Bogdanow is the attorney of choice for clients looking to execute growth plans and exit strategies in the middle market. He frequently helps private equity funds acquire companies on their own or in partnership with other sources of capital.

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Mary Reed

Private Equity Investor

Mary has worked in and around private equity investing for over six years. Most recently, she worked on both the Strategy and Investment Teams at American Securities, a leading private equity firm in New York City with over $23 billion in assets under management. Prior to that, she spent two years as a consultant at McKinsey & Company focused on private equity due diligence. Mary graduated from Harvard with a degree in Government and Economics.

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