Find Courses > Private Equity Mastery

Private Equity Mastery #298726

Course Overview

Credit

Amount

CPA

IAR/FINRA

Course Author: Robert Foye-CPA-CFA-CMA Field of Study (CPA): Specialized Knowledge Field of Study (IAR): Products and Practice

Course Description

Publish/Revision date: This course was published on 9/28/2026.

Whether you’re an executive, investor, or advisor, Private Equity Mastery gives you the clarity, strategy, and practical insight to navigate this powerful asset class.

This course will explain how to:

See the world the way private equity sees it. Master the financial, strategic, and psychological drivers behind PE decisions
Evaluate opportunities with confidence. Understand fees, returns, risks, and incentives – without needing a finance background
Excel under PE ownership. Communicate effectively, align with investor expectations, and lead teams through dramatic change
Protect yourself in every deal scenario. From contracts to exits, learn the tools that safeguard your career and financial future.

Table of Contents

Preface1

Why I Wrote This Book

Introduction4

The Power To Play On Your Terms	5
What You'll Learn	5
Beyond the Chapter	8

Chapter 1 What PE Firms Are and What They Want10

A Short Primer On Private Equity	10
The Fundraising-Returns Feedback Loop	11
The Machine Behind The Money	11
The Aggressive Hunt: From Capital To Exit	11
The Metrics That Really Matter	12
When Great Performance Doesn't Matter	12
The Timing Trap: When Vision Meets Reality	13
Running A Marathon At A Sprint's Pace	13
Mastering Both Sides Of The Equation	14
Alternatives Landscape Comparison	16
Beyond the Chapter	18
Chapter Review	20

Chapter 2 The Anatomy of a PE Deal (And Where It Can Fall Apart)21

Regulatory Risks That Destroy Value Overnight	21
The Technology Trap: When Legacy Systems Become Capital Drains	21
When Market Drift Destroys Beloved Brands	22
Beyond the Chapter	27
Chapter Review	29

Chapter 3 Deal Flow to Exit—What Really Drives PE Strategy30

Financial Engineering Over Operational Excellence	30
The Tyranny Of The Ticking Clock	31
Speed As Competitive Advantage	31
The Engineered Flip Playbook	32
Beyond the Chapter	35
Chapter Review	36

Chapter 4 The Silent Deal Killers—ESG, Regulation, and Tech37

Mapping The Regulatory Minefield	37
Reading The Legislative Tea Leaves	38
ESG As A Profit Driver, Not Theater	38
The Tech Multiplier Effect	40
Beyond the Chapter	43
Chapter Review	44

Chapter 5 The Top Quartile Illusion—Understanding Private Equity Returns45

The Top-Quartile Illusion	45
Fee Fog: The High Cost Structure Reality	46
Transparency Issues: Mapping The True Cost Of Private Equity	46
When Institutional Giants Retreat	47
Approximate Distribution of US Private Equity Fund Returns vs. US Public Equity Markets: Very Long Term (50+ years)	51
Beyond the Chapter	53
Chapter Review	55

Chapter 6 How Deals Get Done (And Where They Go Wrong)57

The Speed Trap: When Urgency Overrides Due Diligence	57
Communication Collapse: Why Silence Kills Deals Faster Than Sabotage	58
Financial Engineering Over Operational Reality	58
The Math Only Works If The Machine Does	60
Beyond the Chapter	62
Chapter Review	63

Chapter 7 From Price to Pitfall—Cracking PE Valuation and Due Diligence64

Start Valuation And Due Diligence Assuming The Worst	64
The Model Follows The Motive	64
Beyond The Comparable Multiple Trap	65
Diligence Or Decoration	65
EBITDA Games And Financial Sleight of Hand	66
The Prettiest Pitch Decks Hide The Messiest Truths	67
Beyond the Chapter	78
Chapter Review	79

Chapter 8 Assembling a Winning Team (Before the PE Firm Assembles You)80

Build Your Team Before The Deal Closes	80
Clarify And Manage Operating Partners	81
The CFO As Your Strategic Shield	82
The Three Non-Negotiable Cultural Requirements	82
Protecting Culture Under Compressed Timelines	83
Compensation As Your Leadership Armor	83
Beyond the Chapter	87
Chapter Review	89

Chapter 9 Welcome to the Machine—Thriving After a PE Takeover90

The Root Cause Forcing Immediate Culture Reset	90
The Immediate Transformation: When PE Takes Control	91
The End Of Management Autonomy	91
Balancing Efficiency With Organizational Survival	92
Beyond the Chapter	95
Chapter Review	97

Chapter 10 Value or Bust—How PE Firms Force Performance in Portfolio Companies98

The Value-Creation Gameplan: Getting Ahead Of PE Expectations	98
When The Numbers Don't Add Up: The Performance Pressure Cooker	98
The Reporting Gauntlet: Surviving Data Demands	99
The Mirage Of Value Creation: When Short-Term Wins Become Long-Term Disasters	100
Sustainable Value Vs. Financial Theater	101
The Harsh Reality of PE Ownership	102
Beyond the Chapter	108
Chapter Review	109

Chapter 11 Exit Like a Pro—3 Factors that Make or Break Your Deal110

The Interconnected Dynamics Of Exit Success	110
Timing As The Ultimate Value Multiplier	110
The Narrative Machine: Selling The Story Behind The Numbers	112
The Nerve Factor: Maintaining Discipline When Plans Derail	114
Beyond the Chapter	120
Chapter Review	122

Chapter 12 What Institutional and Retail Investors Wish They Knew Before Investing in PE124

The Four Pillars Of Private Equity Evaluation	124
The Fee Fog Problem	125
The Liquidity Myth	125
Hidden Operational Risks	126
Why Some Sophisticated Institutions Are Stepping Back	126
Private Equity Allocation Guidelines for Individual Investors	129
Beyond the Chapter	131
Chapter Review	133

Chapter 13 How to Sell Your Business to PE (Without Regret)134

The Fundamental Shift: Your Company Is No Longer Yours	134
Protecting Your Position And Equity	134
The Brutal Reality: A Founder's Cautionary Tale	135
When PE Logic Clashes With Founder Intuition	135
The Power Dynamics Founders Don't See Coming	137
The Ultimate Due Diligence: Interview Their Portfolio CEOs	137
Beyond the Chapter	139
Chapter Review	140

Chapter 14 The Red Flags Most Sellers Miss141

Predators vs. Partners	141
The Termination Trap That Waits In The Fine Print	142
When Your Equity Becomes A Mirage	142
The Nightmare Of Becoming A Sidelined Founder	143
When The Grind Becomes Survival Mode	143
Beyond the Chapter	145
Chapter Review	147

Chapter 15 The Rise of Private Credit (And Why It Matters to You)148

A Short Primer On Private Credit	148
The New Power Brokers Of Private Equity	149
The Illiquidity Illusion	150
When Distress Triggers The Kingmaker Shift	150
The Management Team Reset	150
The Hidden Risks Of Financial Restructuring	151
The Convergence Trap	151
Reported Returns vs. Default Rates	154
Beyond the Chapter	156
Chapter Review	157

Chapter 16 30 Enduring Lessons for Investors, Executives, and Entrepreneurs158

Chapter Review

160

Conclusion161

Beyond the Chapter

162

Chapter Review Answers and Explanations164

Acknowledgments180

Bibliography and Further Reading181

Private Equity Glossary of Terms183

About the Author188

Course Details

Author: Robert Foye CPA, CFA, CMA

Robert Foye is the former Chief Executive Officer (CEO) of Accolade Wines, the largest Australian wine company, which was owned by the Carlyle Private Equity Group. He also previously served as the global Chief Operating Officer (COO) of Treasury Wine Estates, the world’s largest publicly traded wine company, headquartered in Australia. Prior to that, he spent twenty-two years with The Coca-Cola Company, working across Asia, Europe, and the United States. He also has worked for Deloitte & Touche as a general management consultant and for Warburg Pincus as an advisor. He has been a passionate investor for more than thirty years, with particular interest and experience in private equity. Mr. Foye graduated from Rice University in Houston, Texas, earning a BA in Political Science in 1988 and an MBA in Finance and Accounting in 1990. He has also earned CPA, CFA, and CMA designations. He currently teaches a second-year MBA course on private equity at the University of Houston’s Bauer College of Business. Robert grew up in Houston, Texas, and West Point, New York. He previously lived overseas in Asia, Europe, and Australia for twenty-three years. He is an avid basketball player, weightlifter, and tennis enthusiast. His other interests include reading, watching movies and TV series, and traveling. A devoted wine lover, he is married to Kristianna and they have four children: Robert, William, Meredith, and Annabel. He currently resides in Houston, Texas.

Publication/Revision Date: 9/28/2026

Course Exam Questions (online): 50 (multiple-choice)

Program Delivery Method: Self-Study (NASBA QAS Self-Study)

Available Formats of Course Text: PDF or PDF plus printed copy sent in the mail

Course Level, Prerequisites, and Advance Preparation Requirements

License	Course Level	Prerequisites	Advance Preparation Requirements
CPA	Intermediate	Familiarity with investing and business finance	None
CFP^®	Intermediate	Familiarity with investing and business finance	None
IAR	Intermediate	Familiarity with investing and business finance	None

Sponsor ID Numbers

National Registry of CPE Sponsors ID: 107615

CFP Board Sponsor ID: 1008 — Course ID: 352599

NASAA Sponsor ID: S17460 — Course ID: C82347

State CPA Board Sponsor ID Numbers (where applicable)

Florida Division of Certified Public Accounting: 0004761

Hawaii Board of Public Accountancy: 14003

New York State Board for Public Accountancy: 002146

Ohio Accountancy Board: CPE .51 PSR

Pennsylvania State Board of Accountancy: PX178025

Texas State Board of Public Accountancy: 009349

Learning Objectives

As a result of studying the course material, you should be able to meet the objectives listed below:

Understand why private equity is no longer a niche.
Know what PE really is and how it operates across a full investment cycle.
Understand what PE firms really want and what they don't care about.
Cite how deals are structured, negotiated, and sometimes unraveled.
Recognize how to position you and your team before PE does it for you.
Describe how to negotiate better compensation terms and improved management equity plans (MEPs) if you join a PE-owned firm.
Recall what drives PE firm behavior post-close and how to adapt fast.
Determine how to spot and avoid the traps hidden in valuation, due diligence, and term sheets.
Understand what private equity means for investors at every level, from institutions to individuals.
Specify how to invest in private equity sensibly.
Cite how to increase your chances of success when selling your business to private equity, in terms of the valuation and your future role, equity, and earnout.
Understand why private credit is becoming the new PE and why it matters so much when dealing with PE.