8-WEEK ONLINE CERTIFICATE PROGRAM

Private Equity Investing

Certificate Program
May 1 - June 25, 2023

In collaboration with

DURATION FORMAT TUITION

8 weeks Online $4,800*

Recommended 8 hrs/week *$200 Application Fee waived for
enrollments before April 1.
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Welcome
We would like to personally thank you for your interest in the Wharton and Wall Street Prep Private Equity Certificate
Program.

The private equity industry has evolved in both size and complexity over the last decade, outperforming mutual funds
and public markets. The rapid growth of Private Equity as an asset class has injected liquidity into private markets and
enabled a much broader universe of businesses to access capital.

As the private equity industry has grown, so has the sophistication of investment analysis, due diligence, deal
structuring, and portfolio management and optimization. The industry’s maturation has led to rapidly increasing
demand for qualified talent both directly and indirectly involved in the investment process.

In this theory-meets-practice certificate program, Wharton and the world’s leading PE training provider Wall Street
Prep partner to teach students the practical approaches to private equity investment that up to now have only been
taught inside the world’s largest Private Equity firms.

You will hear directly from the industry’s leading practitioners and top faculty. The program’s pedagogical approach
places heavy emphasis on the practical techniques and best practices currently used by investment professionals
using case studies spanning from lower middle markets to megadeals, from growth equity to traditional buyouts
across a variety of industries.

Over the course of eight weeks, you will learn the concepts and practical technical methods investment professionals
deploy in both evaluating and executing private transactions.

Delivered in a weekly, digestible online format that students complete at their own pace, the program culminates in a
closing ceremony and the receipt of a Certificate from Wharton Online.

We hope you take this opportunity to read through our brochure and learn more about what the Wharton and Wall
Street Prep Private Equity Investing Certificate Program can offer you. We are hoping you will join our upcoming cohort
and the thousands of other alumni who have taken part and benefited in Wharton and Wall Street Prep programs.

Burcu Esmer, Ph.D. Scott Roman

Private Equity Certificate Program Academic Private Equity Certificate Program Director;
Director; Academic Co-Director at Wharton Harris Private Equity Training Director, Wall Street Prep
Family Alternative Investments Program; Senior
Lecturer of Finance at The Wharton School
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The Private Equity

industry is growing rapidly.
Meet the career
opportunity head-on.
Private Equity is a $4.7 trillion dollar industry topics ranging from investment analysis &
— accounting for 35% of all M&A activity — presentation, evaluating competitive dynamics,
and has consistently outperformed investment company & industry analysis, operating model
firms focused on publicly traded companies. and LBO/returns model construction.

The Private Equity Investing Certificate The Private Equity Investing Certificate
Program, created in collaboration by Wharton Program is a self paced online program, in
Online and leading PE training firm Wall Street which students complete weekly video and
Prep, prepares students and professionals for a reading assignments, with access to weekly
career in private equity. virtual office hours.

Over the course of 8 weeks, students learn Upon completion of the program, students
from top faculty and industry experts about receive a certificate from Wharton Online.
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A unique collaboration
between Wharton Online and
the private equity industry’s
leading training provider

WHARTON SCHOOL OF THE UNIVERSITY OF PENNSYLVANIA

Founded in 1881 as the first collegiate business school, the Wharton School of the
University of Pennsylvania is recognized globally for intellectual leadership and ongoing
innovation across every major discipline of business education. With a broad global
community and one of the most published business school faculties, Wharton creates
economic and social value around the world.

WALL STREET PREP

Wall Street Prep (WSP) is a globally recognized financial training provider based in
Boston, MA. The company’s programs are delivered to the world’s most recognized
private equity firms, investment banks and financial institutions to develop their internal
finance professionals. Since its founding, WSP has helped over 300,000 finance
professionals bridge the gap between academia and the real world by teaching the
practical skills needed to succeed on the job.

Private Equity Investing

Certificate Program
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Private Equity Investing

Certificate Program
Learn to analyze private equity investments, blending investment
theory with real world analysis as it is done at the world’s leading
private equity investment firms.

DURATION FORMAT TUITION

8 weeks Online $4,800*

Recommended 8 hrs/week *$200 Application Fee waived for
enrollments before April 1.

Earn a digital certificate

from Wharton to share on
LinkedIn and resumes
Upon successful completion of the
program, a Wharton digital certificate
with personalized details of your
achievement will be emailed to you.

In addition to a full program certificate,

you will earn shareable digital badges
along the way for completion of
individual program modules.

Private Equity Investing

Certificate Program
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Level up your career with the

world’s most recognized Private
Equity Certificate program

“This collaboration between

Wharton and Wall Street Prep
opens the doors to the world’s
preeminent business school
and brings you the practical
approaches to Private Equity
Investment that until now have
only been taught inside the
world’s largest PE firms.”
Burcu Esmer
Co-Director, Wharton Harris Family
Alternative Investments Program and
Wharton School Senior Lecturer of Finance
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Career-focused learning with

lifelong resources and support

A CAREER-FOCUSED, START-TO-FINISH AWARD-WINNING FACULTY

PRACTICAL CURRICULUM PROGRAM SUPPORT AND PRACTITIONERS

Lessons combine theory with Individualized support every Learn directly from the most
practical skill building so that step through the program, sought after experts in the
you can apply what you learn from enrollment to certificate. finance industry, using case
right away. studies that connect concepts
to how it’s done on the job.

EARN A CERTIFICATE FROM JOIN AN EXCLUSIVE FULL ACCESS TO LIFELONG

WHARTON ONLINE PROFESSIONAL NETWORK LEARNING RESOURCES

At the conclusion of the Join professional network that You will always have access to
program, participants receive will support you through your all course materials as well as
a digital certificate from The career through continuous program updates to refer back
Wharton School to add to professional development, to as you progress through
LinkedIn and resumes. networking and coaching. your career.

FOR PROGRAM ALUMNI

Meet program participants & faculty

during exclusive networking events
Pursue career opportunities and build
connections within the industry by attending
exclusive professional networking events.

Private Equity Investing

Certificate Program
 WHY TAKE THE PROGRAM ENROLL →

Connections and community

Attaining the Private Equity Investing Certificate access to exclusive career and networking
from Wharton Online is a significant achievement events, learning experiences and guest lectures,
but benefits do not end at the Closing Ceremony. mentorship and deeply-discounted access to one-
Upon completion of the program, Alumni gain on-one coaching from industry practitioners.

Exclusive in-person and virtual

networking and career events

Alumni-only access to guest

lectures & industy webinars

Mentorship opportunities and

special pricing for 1:1 coaching

Alumni newsletter and access to

online learning resources

Private Equity Investing

Certificate Program
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Applicant profile
The Private Equity Certificate Program is designed for finance professionals in
their early to mid career seeking to understand private equity investing.

• Investment Professionals • Family Offices

Early-career private equity and private markets Family offices and institutions raising their first
investment professionals seeking to improve their fund or considering private equity investing.
investment expertise and their firm’s effectiveness Private Lenders
•
at every stage of a deal. Private lenders and credit professionals that work
• Investment Bankers with GPs.
IB Analysts and Associates seeking PE • Support Roles in Private Equity
opportunities or those that work closely with IT, Investor Relations, Custodial Accounting and
sponsors. other support services for PE
• Independent Sponsors & Search Funds • Career Switchers
Independent sponsors and search funds looking to Early to mid career professionals seeking to
formalize their investment process. transition into private markets.
• Professional Services • Students
Consultants, lawyers, accountants and other Undergrad and graduate business, finance and
advisors that work with GPs and support accounting students applying for internships and
transactions. full time employment in private equity.

Regions Represented Age Distribution

Private Equity Investing

Certificate Program
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Learning
experience
& curriculum
 LEARNING EXPERIENCE ENROLL →

How you’ll learn

8-WEEK PROGRAM 8 HOUR WEEKLY TIME SELF-PACED ONLINE

FOCUSING ON PRIVATE COMMITMENT LEARNING EXPERIENCE
EQUITY A certificate program that Complete the program via
Gain the skillset of an early- fits into your busy schedule. our online learning platform
to mid-level Private Equity at your own pace.
professional in 8 weeks.

THE SAME TRAINING LEARN DIRECTLY FROM TAILORED LEARNIND

USED BY TOP PE FIRMS PE INDUSTRY LEADERS EXPERIENCE TROUGH

Access the same lessons Hear directly from the best PROGRAM ELECTIVES

and methods taught inside about PE investing and the Customize your experience
the world’s leading PE firms. latest industry trends via based on your specific
our Guest Speaker series. learning objectives.

CASE STUDIES THAT WEEKLY OFFICE HOURS PE CERTIFICATION

CAPTURE PERSPECTIVE & DEDICATED SUPPORT ISSUED BY WHARTON

Learn first-hand how top PE TEAM Upon completion, you will

firms execute deals, analyze Offering support every step receive a Certificate of
companies and evaluate of the way towards getting Completion from Wharton.
investment opportunities. your certificate.

Earn 65 CPE Credits for the Private Equity Investing Program

Wall Street Prep & The Wharton School are registered with the National Association of State Boards of Accountancy
(NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of
accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered
sponsors may be submitted to the National Registry of CPE Sponsors through its website: Private Equity Investing
www.nasbaregistry.org.
Certificate Program
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Private Equity Investing

Certificate Program Curriculum

MODULE 1

Introduction to the Private Equity Asset Class

Introduction to the Private Equity Asset PE plays within the alternatives ecosystem, ✓ History of Private Equity
Class lays the foundation for your learning and how investment strategies vary by & Recent Development
experience by providing an overview of the industry, stage, and deal size.
✓ Fund Structure,
private equity asset class and how private This module highlights the different Management & the GP/
equity firms function. types of private equity, such as venture LP Relationship
This module gives you an in-depth capital, growth equity, middle market
✓ PE within the
understanding of what private equity is, investing and larger buyouts, the specific
Alternatives Ecosystem
the inner workings and key operational considerations for middle market private
considerations of a PE firm beyond direct equity firms compared to “mega-funds,” ✓ Current State of PE in
investing and portfolio management, the and the current state of private equity in Emerging Markets

economics of a private equity firm, the role emerging markets.

MODULE 2

The Private Equity Investment Framework

The Investment Framework module various valuation methodologies used by ✓ Common Investment
explores common types of investment private equity professionals, including the Strategies
strategies employed by private equity leveraged buyout model (LBO), discounted
✓ Creating Value
firms, how private equity firms create cash flow analysis (DCF), public equity in a PE Deal
value in their investments, and introduces comparables, transaction comparables,
✓ Valuation Multiples
you to the key elements of the private and valuation multiples, in addition to the
& Analyses
equity due diligence process. critical role that debt plays in a private
You will learn about the role these equity deal. ✓ LBOs and the Role
value drivers and related analyses play in of Debt in PE Deals

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MODULE 3

The Private Equity Deal Process

The Deal Process module uses practical considerations, preliminary analyses, the ✓ Deal Stages,
exercises, real life examples and case bidding process, first round bids (IOIs), due Workstreams, &
studies to provide you with a detailed diligence, letters of intent (LOIs), post-LOI Responsibilities
end-to-end understanding of the private confirmatory diligence, negotiations, deal ✓ Teasers, NDAs, CIMs,
equity deal process, the different work documents, the final closing, regulatory IC Memos, IOIs, LOIs
streams within a deal process, and reviews, capital calls and fund flows.
✓ SPA/APA,
the responsibilities of private equity You will learn about both the financial
Credit Agreements
professionals at the various stages. and legal aspects of a deal, including the & Deal Terms
We use a case study of a middle market structure of a transaction, the terms of
private company to walk through the investment and credit agreements, and the ✓ Key Players
& Their Roles
stages of a live deal and discuss the key various parties involved in a deal, including
documents and deliverables associated investment banks, lawyers, accountants,
with each stage, including pre-deal and consultants

MODULE 4

Deal Structure & Key Concepts

The structure of a deal has significant each structure, the competing motivations ✓ Deal Structures
implications for deal economics, the and perspectives of the buyer and seller, & Key Considerations
projected cash flow of a business post- and how the deal structure impacts
✓ Leveraged Finance
transaction, and shareholder returns at proceeds at close, post-transaction cash & the LBO Analysis
exit. flow, sponsor returns at exit and the
✓ Quality of Earnings
In the Deal Structure & Key Concepts financial model.
Analysis
module, you will learn about the different You will take a deeper dive into
deal structures used by private equity leveraged finance and the role of debt ✓ Purchase Price
firms, including stock sales, asset sales in an LBO, in addition to learning about Allocation
and 338(h)(10) elections. You will learn the structure and purpose of the Quality
the tax and financial considerations, and of Earnings Analysis and purchase price
benefits and drawbacks, associated with allocation.

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MODULE 5

Private Company Analysis & Valuation, Part One

In Part One of the Private Company weighted average cost of capital, valuation ✓ Private vs. Public
Analysis & Valuation module, you will comparables, precedent transactions, the Company Analysis
learn how private equity professionals LBO, and football field charting.
✓ Private Company
analyze private companies in order to Part One concludes with the start of a Valuation
evaluate investment opportunities and case study that simulates a real-life middle Methodologies
drive valuation. market transaction and brings together
✓ Middle Market
The module begins by discussing everything you’ve learned in the program
Transaction Case Study
how to analyze the overall financial to this point. The case study begins with a
health of a business in the early stages conference call with the Managing Partner ✓ Defining and
of an investment process, and explains of a hypothetical private equity firm and Calculating EBITDA

the differences between private and tasks you with providing an investment ✓ Modeling Best
public company analysis. The module recommendation for a new deal. Practices & Financial
then explores private company In this module, you will be asked to clean Projection
valuation methodologies and how they a raw data set in preparation for modeling,
are used in practice. This discussion build out a cash flow statement, define and
includes discounted cash flow analysis, calculate EBITDA, and forecast both an
understanding free cash flows and income statement and balance sheet.

MODULE 6

Private Company Analysis & Valuation, Part Two

Part Two of the Private Company Analysis you will learn the function of the LBO ✓ Middle Market
& Valuation module is focused on LBO model in the investment process, how an Transaction Case Study
modeling and the completion of the middle LBO model is developed in a real-world
✓ Bottom-Up Leveraged
market transaction case study. scenario, what makes a good private Buyout Model Build
You will learn how to build a monthly equity investment, the key drivers of an
✓ Developing Transaction
LBO model from scratch that answers the LBO model, how to develop an investment
and Model Assumptions
seemingly simple question, “is this deal recommendation and get to a go/no-go
financeable, and what do the returns look decision, and the expectations of senior ✓ Using the LBO to
like?” This exercise shows you how to think members of a private equity firm. Inform Investment
independently and come up with solutions Lastly, this module covers the impact Recommendations

on your own as you will be expected to on of recent tax reforms on financial models,
the job. Beyond technical modeling skills, specifically the LBO analysis.

Private Equity Investing

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MODULE 7

Thinking Like a Private Equity Professional, Part One

Part One of the Thinking Like a Private how to define and calculate market size, ✓ Intrinsic Value Drivers
Equity Professional module begins to including total addressable, serviceable & Impact on Valuation
explore the private equity due diligence addressable and serviceable obtainable
✓ Industry Analysis &
process and how private equity markets using both top-down and bottom- Addressable Markets
professionals think about investment up approaches, as well as how to analyze a
✓ Competitive Advantages
opportunities. company’s competitive advantages.
You will learn about the intrinsic value Lastly, you will begin a deep dive into ✓ The Operating Model
drivers of a company and how these operating models to understand how a
✓ Business Segmentation
impact valuation multiples, including business works using a private company
& Revenue Builds
return on invested capital, moats, product case study that closely mirrors a typical
differentiation, barriers to entry, capital deal process.
intensity, customer concentration, This module includes a detailed
seasonality, and cyclicality. discussion of business segmentation and
You will learn how to conduct industry the construction of numerous revenue
analysis, including Porter’s 5 Forces builds that enable you to understand
Framework to determine the competitive historical business trends and revenue
intensity and attractiveness of a market. potential to forecast top line performance
Using real life examples, you will learn more accurately.

MODULE 8

Thinking Like a Private Equity Professional, Part Two

Part Two of the Thinking Like a Private headcount-driven builds. The case study ✓ Cost Structures,
Equity Professional module continues the then transitions to data analysis where Expense Modeling &
previous module’s operating model deep- you will use data from the company’s data Data Analytics
dive and covers cost structures, expense room to gain insights into your model ✓ Unit Economics,
modeling and data analysis. drivers, fine-tune your assumptions and Operating Leverage &
You will learn about and model formulate an investment thesis. This Acquisitions
numerous cost structures, including module includes growth-focused analyses
percent of revenue, cost per unit, fixed such as cohort/vintage and customer
versus variable, cost waterfalls and concentration, margin-focused
CONTINUES

Private Equity Investing

Certificate Program
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MODULE 8, Continued

Thinking Like a Private Equity Professional, Part Two

analyses such as operating leverage and The module concludes with a detailed ✓ The SaaS Model &
benchmarking, in addition to analysis walkthrough of a private equity case Recurring Revenue
of unit economics and acquisition interview. You will be asked to build an Builds
opportunities. LBO model from scratch using a case ✓ PE Case Interview &
This module includes an in-depth prompt that provides you with an overview LBO Model Build
discussion of the software-as-a-service of the transaction, financing assumptions,
(“SaaS”) business model, including key operating assumptions, and required
performance indicators such as lifetime model outputs. This final case interview
value, ARR/MRR, churn, customer closely mirrors that of an actual private
acquisition cost, LTV/CAC and margins, equity firm and aims to prepare you for
in addition to subscription revenue build the interview process following your
modeling and cohort analysis. completion of the certificate program.

Immersive Online Learning

You’ll complete the program by progressing through
online videos, readings, case studies, assignments
and guest speakers in a feature-rich portal that
facilitates an engaging learning experience.

Virtual Office Hours

Participants access weekly live office hours
and Q&A. Review assignments and interact
with your cohort mates and program faculty.

Private Equity Investing

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Program
leadership
& faculty
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PROGRAM DIRECTORS

Burcu Esmer
Academic Co-Director at Harris Family Alternative Investments Program, Academic
Director at Wharton-AltFinance Institute, Senior Lecturer of Finance
Dr. Burcu Esmer is the Academic Co-Director at Wharton Harris Family Alternative Investments Program and
Senior Lecturer of Finance at the Wharton School. Dr. Esmer teaches private equity and corporate finance
in Wharton Executive Education and degree programs. She is the recipient of Wharton Teaching Excellence
Reward for the academic year 2018-2019. Dr. Esmer works closely with various non-profit organizations that
aim to increase diversity in asset management industries. She is the Academic Director of Wharton-AltFinance
Institute and Girls Who Invest (GWI) Summer Intensive Program. Dr. Esmer also serves on the Advisory Board
of GWI. Dr. Esmer earned her B.Sc. in Economics and Minor in Mathematics from the Middle East Technical
University (Turkiye) with Highest Honor (Summa Cum Laude), her M.A. in Economics and Ph.D. in Finance from
the University of Iowa.

Scott Roman
Private Equity Program Director, Wall Street Prep
Scott Roman has over a decade of experience in financial services across the buy-side, sell-side and strategic
advisory. He is the Founder & Managing Partner of White Shark Management, a seed-stage venture capital
firm. Prior to founding White Shark, he was a member of the Century Equity Partners team where he served in
numerous board-level roles, developed and evaluated investment opportunities in the financial services sector,
and provided financial, operational and strategic support to select portfolio companies. Prior to joining Century,
Scott was a member of the Technology Services investment banking group at Raymond James where he focused
on mergers and acquisitions, equity and debt financings, and strategic advisory. Scott earned a B.A. with a
double concentration in Economics and Government from Bowdoin College and studied International Economics
at The London School of Economics and Political Science (LSE).

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PROGRAM SPEAKERS

Martin Brand
Head of North America Private Equity, Blackstone
Martin Brand is Head of North America Private Equity and Global Co-Head of Technology Investing. He also serves
as a member of several of the firm’s investment committees. Martin was involved in Blackstone’s investments
in Refinitiv, Bumble, IntraFi, Paysafe, Vungle, Ultimate Software, Liftoff, Blue Yonder, Optiv, Kronos, Ipreo, Knight
Capital Group, Lendmark, Exeter Finance, Viva, NCR, First Eagle, BankUnited, PBF Energy, Performance Food Group,
Travelport, New Skies, Cine UK, NHP, Kabel BW, Kabelnetz NRW, Primacom, and Sulo. Before joining Blackstone,
he worked as a derivatives trader with Goldman Sachs in New York and Tokyo, and with McKinsey & Company in
London. Martin received a BA/MA in Mathematics and Computation, First Class Honors, from Oxford University and
an MBA from the Harvard Business School. He is a director of Tradeweb Markets, London Stock Exchange Group,
UKG Software, Exeter Finance, IntraFi, and First Eagle.

Dina Dwyer
Managing Partner, Eden Capital
Dina Said Dwyer is the Managing Director of Eden Capital, a PE firm focused in the professional & business services,
education & training, and healthcare services sectors. Ms. Said has spent over 20 years in the private equity industry.
She has served as a managing director at Unifund SA, an Analyst at the Blackstone Group in New York, and trained at
the Carlyle Group in London. She also currently leads Brighter Vision, her family Foundation, dedicated to providing
education and economic empowerment to women in Egypt through partnerships with Ashoka, Education for
Employment and other prominent groups and sits on the Advisory Board of the Children’s Rights Division for Human
Rights Watch. Ms. Said completed her MBA at Columbia Business School, and her undergraduate degree at the
Wharton School of Business.

Carl Chan
Senior Vice President, Thoma Bravo
Carl Chan is a Senior Vice President on the Growth team at Thoma Bravo. Based in San Francisco, he joined the firm
in 2013 as an Associate, and today focuses on supporting and growing the firm’s infrastructure and cybersecurity
software practices. Prior to joining Thoma Bravo, he worked in investment banking at Bank of America Merrill Lynch.
Carl holds an MBA from The Wharton School of the University of Pennsylvania and a Bachelor of Commerce degree
with Distinction from the University of Calgary.

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Marc Ganzi
Chief Executive Officer at DigitalBridge
Marc has been an investor and operator in the digital infrastructure sector for more than 25 years. He founded
Digital Bridge Holdings in 2013 and built the firm into a leading global manager of digital infrastructure assets
with more than $20 billion in AUM. reviously, Marc founded Global Tower Partners, which grew to become one of
the largest privately-owned tower companies in the U.S. before being acquired by American Tower Corporation
in 2013 for $4.8 billion. Prior to GTP, Mr. Ganzi worked as a consulting partner for DB Capital Partners and
served as President of Apex Site Management, one of the largest third-party managers of wireless and wireline
communication sites in the United States. He has served as an assistant Commercial Attaché in Madrid for the U.S.
Department of Commerce and as a Presidential Intern in the White House for the George H.W. Bush administration.
He received a Bachelor of Science from the Wharton School of Business in 1993.

Jennifer James
Managing Director, Thoma Bravo
Jennifer James joined Thoma Bravo in 2015 with 20 years of experience in private equity/venture capital investor
relations, fundraising, and marketing. Today she leads Thoma Bravo’s business operations strategy, efforts to
serve the needs of new and existing investors, and the firm’s industry communications programs. Wall Street
Journal and WSJ PRO Private Equity named Jennifer one of the Women to Watch in fundraising, and San
Francisco Business Times honored her as one of the Most Influential Women in the Bay Area. Before Thoma
Bravo, she served as Partner, Investor Relations & Marketing, for Sofinnova Ventures. Previously, she served
as Director of Marketing & Communications for Alta Partners. Jennifer earned her MBA from Northwestern
University and her AB degree in History from Bowdoin College.

AJ Jangalapalli
Principal, Thoma Bravo
AJ Jangalapalli is a Principal on the Discover team at Thoma Bravo. Based in San Francisco, he joined the firm in
2016. Prior to joining Thoma Bravo, he worked as a software investor at JMI Equity from July 2011 to June 2014
and as an investment banker at Deutsche Bank from July 2009 to June 2011. Mr. Jangalapalli currently serves,
and has previously served, as a director of several software and technology service companies in which certain
investment funds advised by Thoma Bravo hold an investment, including Greenphire, Inc., Riskonnect, Inc.,
Syntellis Performance Solutions, LLC, and Zipari, Inc. Mr. Jangalapalli holds a B.A. in Economics from Dartmouth
College and an M.B.A. from The Wharton School, University of Pennsylvania.

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David C. Lee
Partner, Gibson Dunn
David Lee is a Corporate partner in Gibson Dunn’s Orange County Office. He structures and negotiates
domestic and cross-border transactions on behalf of corporations, venture capital firms, and private equity
houses. His practice includes M&A, private placements, IPOs, follow-on offerings, recapitalizations, take-private
transactions, hostile takeover defense and other corporate transactions. He has experience in a number of
sectors including healthcare, cleantech, energy, and digital media. David advises venture capital and private
equity firms on their strategic investments and acquisitions throughout the investment lifecycle. He also
handles equity and debt capital markets offerings on behalf of both issuers and investment banks. He earned
his Juris Doctor degree, magna cum laude, in 2004 from Northwestern University School of Law, his MBA from
Northwestern University and his Bachelor’s degree from the University of California, Berkeley.

Carl Press
Partner, Thoma Bravo
Carl Press is a Partner on the Explore team at Thoma Bravo. Based in San Francisco, he joined the firm in 2015 as
a Vice President. Today, Carl is responsible for co-leading the firm’s Explore platform, which focuses on investing
in high growth lower middle-market software and technology companies. Previously, he was a Senior Associate at
HighBar Partners, an Associate in the Special Situations Group at Oaktree Capital Management, and an Analyst at
UBS Investment Bank. GrowthCap named Carl to its list of Top 40 Under 40 Growth Investors for 2021. Carl holds
an MBA from The Wharton School of the University of Pennsylvania, where he was a Palmer Scholar, and a BS
degree with Honors in Electrical Engineering from the University of Illinois at Urbana-Champaign.

Steven Rattner
Chairman, Willett Advisors LLC; Op-Ed Writer, New York Times; Economic Analyst,
Morning Joe
Steve Rattner is the Chairman and Chief Executive Officer of Willett Advisors LLC, a Contributing Opinion Writer
for The New York Times and the Economic Analyst for Morning Joe on MSNBC. Prior to these roles, Steven
served as Counselor to the Secretary of Treasury. He later wrote a book entitled, Overhaul: An Insider’s Account
of the Obama Administration’s Emergency Rescue of the Auto Industry, which offers a first-hand account of
how he led the administration through a successful restructure of the automobile industry. He founded private
investment firm Quadrangle Group LLC in 2000. The firm had over $6 billion of assets under management
under his leadership. Prior to this, Steven served as Deputy Chairman and Deputy Chief Executive Officer at
Lazard Frères & Co., which he joined as a General Partner in 1989. He previously served as a Managing Director
at Morgan Stanley after launching his investment banking career in 1982 at Lehman Brothers. Steven graduated
with honors from Brown University in 1974 and received the Harvey Baker Fellowship.

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Nizar Tarhuni
Senior Director, PitchBook
Nizar Tarhuni leads the institutional research and editorial departments at PitchBook. He is responsible for
managing the firm’s investment strategy, fund performance and emerging technology research offerings,
in addition to a daily news product tailored to private market investors and advisors. Tarhuni is credited for
developing PitchBook’s first institutional-grade research product and under his leadership, the team has grown
to include over 60 global analysts and journalists. He also serves on PitchBook’s senior leadership team. He has
been a featured speaker at various industry conferences and is regularly cited in top-tier publications including
The Wall Street Journal, CNBC, Bloomberg and the Financial Times. Tarhuni received a bachelor’s degree in
economics and finance from Linfield University.

Vanessa Webb
Partner at Oliver Wyman, Head of Private Equity (Americas)
Vanessa leads Oliver Wyman’s Private Capital Practice in the Americas and co-heads its Education & Training
Practice globally. She has over 15 years of advisory experience and specializes in helping private equity investors
with diligence education and training assets, and working with education companies to accelerate their
growth. Her teams lead partners who work on deals and post-transaction at the intersection of Private Equity
and Financial Services, Insurance, Aerospace and Defense, Industrial Products, Communications, Media, and
Technology, Telecommunications, Healthcare, as well as Operations and Commercial Effectiveness. Vanessa
holds a BA with honors from Duke University, and an MBA from The Wharton School. Before her career in
consulting, she played tennis professionally on the WTA Tour.

Larry Wieseneck
Co-President and Head of Investment Banking, Cowen/TD Bank
Larry is Co-President of Cowen and Company and Head of Investment Banking. Under his leadership, the
Investment Bank has emerged as a leading strategic advisor, offering a broad array of solutions both within
Advisory (M&A, Private Capital Solutions, Sponsors) and Underwriting. Prior to joining Cowen, he was COO and
Head of Merchant Banking at Roundtable Investment Partners, a Multi-family Office and Registered Investment
Advisor. Prior to that, Larry was with Barclays and its predecessor, Lehman Brothers. During the majority of his
17-year tenure, he was the Head of Global Finance and Risk Solutions. He also served in a variety of senior roles
including Co-Head of Markets and Chief Strategy Officer for the Corporate and Investment Bank.

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PROGRAM FACULTY

Ayodele Ekhator
Ayo is a Private Equity Instructor with Wall Street Prep and the Founder and CEO of AllStreet, a private fund
marketplace. Prior to joining WSP and founding AllStreet, Ayo was a Summer Associate at Apex Digital. Prior to
Apex, Ayo was an associate in the Blackstone Group’s Strategic Capital Group, the business that acquires minority
GP stakes in alternative asset management companies. Prior to joining Blackstone, Ayo was an analyst at Citigroup,
where he focused on Municipal and Project Finance investment banking and capital markets origination. Ayo is an
incoming MBA Candidate at Harvard Business School and earned a B.A. in Political Science from Williams College.

Matan Feldman
Matan Feldman is Wall Street Prep’s Founder and Managing Partner. His responsibilities include business
development, development of courses, and overseeing training programs. Matan has overseen training programs
for clients including Morgan Stanley, Credit Suisse, Raymond James, Stifel Nicolaus, FBR Capital Markets, Sagent
Advisors, Giuliani Capital Advisors, JP Morgan, Cerberus, Wharton Business School, London Business School,
Kellogg, Booth, Stern (NYU), and Cornell. Prior to founding Wall Street Prep, Matan served in several capacities
on Wall Street — first as an Analyst in Chase Manhattan Bank’s Mergers & Acquisitions Group in New York, and
subsequently as an Associate within JP Morgan’s Equity Research Group, covering Food & Drug Retail Equities.

Zach Freeman
Zach is a Senior Private Equity Instructor at Wall Street Prep. Prior to joining Wall Street Prep, Zack was an
associate at Bernhard Capital, an energy services private equity firm where he focused on evaluating investments,
building valuation models, conducting financial analysis, diligence and managing portfolio companies within the
energy services space. Before Bernhard Capital, Zack was an associate at Goldman Sachs in the TMT Investment
Banking Group. Zack majored in Math at Duke University.

Jessica Holton
Jessica is a Senior Instructor with Wall Street Prep and the Co-Founder & Co-CEO of Ours, a relationship wellness
company. Prior to Wall Street Prep and Ours, Jessica was an associate in the Carlyle Group’s U.S. Buyout Consumer
& Retail group, where she focused on evaluating investments, building valuation models, conducting financial
analysis and diligence and managing portfolio companies within the consumer and retail space. Before Carlyle,
Jessica was an analyst in the Financial Sponsors Group at Morgan Stanley. She majored in finance and accounting at
Georgetown and earned an MBA from Stanford’s Graduate School of Business.

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Marc Howland
Marc Howland’s experience spans investment banking advisory, private equity buyout, minority investing and
capital raising across various industries and transaction types and sizes. While at Goldman Sachs and The Carlyle
Group in New York City, Marc helped execute $70 billion worth of global M&A and financing transactions in the
technology, media, telecom, infrastructure and sports facility finance markets. He earned his M.B.A., with Honors,
from Harvard Business School and his B.A. in Business Economics, Magna Cum Laude, from Brown University.

Arkady Libman
Arkady co-authored many of Wall Street Prep’s training materials and has conducted corporate training for many
of Wall Street Prep’s clients, including Enogex, Rosetta Resources, Hess Corporation, Silicon Valley Bank, RBC
Capital Markets, Stifel Nicolaus, and FBR Capital Markets. In addition, Arkady conducts training programs at top
business schools across the world, including Wharton, MIT Sloan, Wharton, Tuck, INSEAD, London Business
School, and University of Michigan. Prior to joining Wall Street Prep, Arkady was an Associate within the Energy
& Natural Resources of the Equity Research Group at FBR Capital Markets.

Adam McGowan
Adam is a Senior Instructor with Wall Street Prep. Adam’s diverse career in finance includes investment banking,
corporate finance and transaction advisory services consulting. Adam has held senior corporate strategy
and transaction advisory positions at Cisco, Capgemini and C&S. Prior to Wall Street Prep, Adam was a Vice
President at McNamee Lawrence & Co., a technology boutique investment bank, where he specialized in M&A
and private financings. Adam was also a Senior Financial Analyst at one of the top 10 largest private companies
where he assisted the company with its first debt offering. Adam has consulted numerous senior management
teams and boards of directors on their M&A strategies. Adam holds Series 7 and Series 63 licenses. Adam
received an MBA from Yale, a Master’s of Engineering from MIT and a BS from Virginia Tech.

Lidia Napier
With over 15 years of valuation experience, Lidia specializes in the valuation of businesses, intangible assets, and
equity securities for financial and tax reporting, M&A, and litigation support purposes. Before joining CFGI, Lidia
was a Manager in the Transaction Services practice of PwC. She was a leading advisor to clients on valuation
principles, methodologies, and assumptions used in the valuation of debt and equity securities, complex
instruments, inventory, customer relationships, technology, IPR&D, and trade names. Lidia has extensive
experience working with Big 4 auditors and possesses the ability to anticipate expected concerns presented by
the audit review process and offers pro-active solutions prior to the review stages of an engagement.

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Zach Ranen
Zach is a Private Equity Instructor with Wall Street Prep and the Founder and CEO of RAIZE, an online bakery
for healthy, gluten-free desserts. Prior to joining Wall Street Prep and founding RAIZE, Zach was an associate
at Warburg Pincus in the Industrial & Business Services group where he focused on evaluating investments,
building valuation models, conducting financial analysis, and managing portfolio companies. Zach is an alumnus
of The University of Pennsylvania Wharton School where he graduated Summa Cum Laude and Beta Gamma
Sigma with a B.S. in Finance and Economics.

Chris Reilly
Christopher Reilly is a Denver-based M&A and FP&A Contractor and finance course creator. He began his career
with FTI Consulting, Inc. and focused on Bankruptcy and Restructuring, then worked at Hilton Worldwide in its
Corporate Finance and Treasury Departments, and then spent several years in Middle Market Private Equity
before starting his own Contractor and Education business in 2020. Chris is a 2009 graduate of the Villanova
School of Business.

Michael Stack
Michael is currently the Chief of Staff at DICK’S Sporting Goods and Founder of Bokeh Partners, a boutique
financial advisory firm. Prior to DICK’S, Michael was a Senior Private Equity Instructor at Wall Street Prep. Prior
to Wall Street Prep, Michael was Director of Product Development at DICK’S Sporting Goods, Inc. Prior to
attending business school, he was an Associate at Warburg Pincus, a global private equity firm with more than
$44 billion in assets under management. He began his career at PJ Solomon, a boutique investment bank, as an
analyst advising clients primarily on M&A transactions. He is a graduate of the University of Pennsylvania and
holds an MBA from Harvard Business School.

Alex Stoyanov
Alex is a Senior Private Equity Instructor with Wall Street Prep. Alex has 13 years of investment banking
experience, with a main focus on mergers and acquisitions and the oil & gas sector. Alex began his career at
Lehman Brothers in New York (later acquired by Barclays), before moving to Goldman Sachs in their Houston
and London offices. Currently, Alex is focused on investing in growth companies across various sectors,
including cryptocurrencies, real estate, healthcare, and technology. Alex has graduated with an MBA from
Columbia Business School in New York and is a CFA charterholder.

Private Equity Investing

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PROGRAM TUITION

Tuition and payment options

PROGRAM TUITION

$4,800
$200 Application Fee waived
for enrollments before April 1.

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Private Equity Investing

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Frequently asked questions
What will I learn from taking this program? How do I register for this program?
The Private Equity Investing Certificate Program To register, simply enroll at wallstreetprep.wharton.
will teach learners how to analyze private equity upenn.edu/pe-certificate.
investments, blending investment theory with real
world analysis as it is done at the world’s leading How much does the program cost?
private equity investment firms. The program costs $4,800 for early enrollments
before April 1 ($200 application fee is waived) and
How often are programs offered? $5,000 for enrollments after April 1.
Programs will be offered approximately every
quarter. Is tution assistance offered?
Tuition assistance is offered on a limited basis. Please
How much time will it take to complete this see our website for more information.
certificate?
The course will run for 8 weeks, with around 8 hours What is the program refund policy?
of lectures, live sessions, and assignments per week. This program is non-refundable.

What languages will the program be Who can I contact for additional questions?
offered in?
If you have any additional questions, please reach
This program is offered in English only. out to our enrollment team at enrollment@wharton.
wallstreetprep.com.

Private Equity Investing

Certificate Program