This lesson examines corporate restructuring, leveraged buyouts, and the role of private equity and venture capital as mechanisms for changing the ownership and capital structure of firms. It covers the strategic and financial considerations underlying these transactions.

• Corporate Restructuring and Turnarounds: Corporate restructuring refers to significant changes in a company’s financial or operational structure, including divestitures, spin-offs, and financial restructuring. This module also covers corporate turnaround and special situations, such as reasons behind company crises (economic and financial), turnaround plans, and insolvency tools .

• Leveraged Buyouts (LBOs): An LBO is the acquisition of a company using a significant amount of borrowed money, often with the target’s assets used as collateral. The University of Bologna’s course on Advanced Corporate Finance dedicates significant time to LBOs, acquisition financing, and the structure of junior and senior debt, along with financial covenants and the role of private equity .

• Private Equity and Venture Capital: Private equity (PE) and venture capital (VC) are critical for corporate growth and restructuring. PE and VC investment categories include early-stage, expansion, Buy Out, and replacement. Divestment categories include Trade Sale, IPO, Buy Back, and Secondary Buy Out. PE fund management, including carried interest and hurdle rates, is also covered. New horizons like fund of funds, mezzanine funds, distressed funds, and private debt are also examined .