Hands-on. Private Equity Practice.

PRIVATE EQUITY PRACTICE


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About the course

A hands-on course built on real cases


PEP – Private Equity Practice – is a hands-on, problem-based course focused on preparing young professionals for a career in private equity investing.

Throughout the course, students are trained to analyze real cases involving financial statements, accounting and financial due diligence, market analysis and due diligence, the legal aspects of a private equity transaction, financial modeling and supporting analyses. Students also build relationships with a range of professionals across the private equity investment “ecosystem”, including senior management of portfolio companies, consultants, financial advisors, lawyers and, naturally, professionals from the PE industry.

PEP is affiliated with four leading educational institutions in Brazil and has partnerships with fourteen private equity and venture capital firms, giving its students a significant advantage in recruiting.

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PEP students during a course session
40
Alumni
14
PE and VC partner firms
4
Affiliated institutions

Alumni

PEP's mission is to prepare talent for the private equity industry


40 professionals have been through the course. See where they are today.

  • Portrait of Giovanna Massaro

    Giovanna Massaro

    Giovanna studied Business Administration at FGV. She took part in the 2018 summer internship program at Bank of America Merrill Lynch, working in Investment Banking. Giovanna attended the 2018 edition of PEP and was a mentor in 2019. Having previously worked at the private equity funds Stratus and General Atlantic, she is currently an associate at Itaú Private Bank.

  • Portrait of Isadora Barbosa

    Isadora Barbosa

    Isadora is studying Business Administration at Insper. She took part in InFinance, Insper's finance club, in the M&A and Private Equity groups. She completed a summer internship in Investment Banking at BR Partners. She attended the 2022 edition of PEP and is currently part of the VC team at KPTL.

  • Portrait of Nicholas Mardegan

    Nicholas Mardegan

    Nicholas studied Industrial Engineering at Poli-USP. He was part of the leadership of Poli Finance, the finance club at Poli-USP, and won the 2018 CFA Challenge Brazil. He attended PEP as a student in 2018 and later served as a mentor and instructor in subsequent editions. Nicholas is currently an Associate in Private Equity at Advent International.

  • Portrait of Gabriel Kon

    Gabriel Kon

    Gabriel graduated in Economics from FEA-USP and served as partnerships director of the finance club. He attended the 2017 edition of PEP and was a mentor in 2018. He created the blog www.mfporumjovem.com. He worked in Private Equity at Pátria Investimentos and Siguler Guff, and is currently an analyst at the IFC – International Finance Corporation.

  • Portrait of Carolina Lunardelli

    Carolina Lunardelli

    Carolina is studying Business Administration at FGV EAESP. At university she was part of CJE, FGV's finance junior enterprise, where she coordinated the Trainee Cycle and was part of the macroeconomics team of the Investment Committee, in addition to working in the People Management and Sales areas. She is currently an intern at Kamaroopin. Carolina attended PEP in 2022.

  • Portrait of Marcella Ungaretti

    Marcella Ungaretti

    Marcella studied Business Administration at FEA-USP. At university she was part of the Finance Club as partnerships director. During 2018 she worked at Bank of America Merrill Lynch in Equity Research, and is now a partner at XP Investimentos, leading the ESG Research area. She helped create PEP, attending the 2017 edition, and was a mentor the following year.

  • Portrait of Michel Portas

    Michel Portas

    Michel graduated Magna Cum Laude and First in Class in Civil-Aeronautical Engineering from Instituto Tecnológico de Aeronáutica (ITA), with a period at the Massachusetts Institute of Technology (MIT). He was a student in the 2017 edition of the Private Equity course. He currently works as a Brazil Equities Analyst at Verde Asset Management.

  • Portrait of Sarah Silva

    Sarah Silva

    Sarah is studying Economics at FEA-USP, expected to graduate in December 2023. She was part of FEA Finance, the finance club at FEA-USP. In 2021 she was an Equity Research intern at UBS, covering Oil and Gas for Latin America. She is currently an Infrastructure intern at Pátria. Sarah attended PEP in 2022.

  • Portrait of Arnaldo Sima

    Arnaldo Sima

    Arnaldo is studying Industrial Engineering at Poli-USP, expected to graduate in December 2020. He was president of Poli Finance, the finance club at Poli-USP, and won the Brazilian stage of the 2018 CFA Challenge and the 2017 BTG Pactual Experiente. He attended the 2019 edition of PEP. He worked in Investment Banking at Morgan Stanley and Bank of America, and currently works in Private Equity at EIG.

  • Portrait of Laura Mendonça

    Laura Mendonça

    Laura studied Business Administration at FGV. She was part of her university's finance junior enterprise, Consultoria Júnior de Economia, serving as finance director. Laura attended the 2019 edition of PEP and worked at Bradesco Private Equity. She is currently on the Product team at Nubank.

  • Portrait of Isabella Dainez

    Isabella Dainez

    Isabella is studying Economics at FGV-EESP, expected to graduate in December 2023. At university she was part of FGV Finance, FGV's finance club. She took part in Goldman Sachs' 2022 summer internship program in Investment Banking. Isabella attended PEP in 2022 and is currently part of the investment team at Brookfield.

  • Portrait of Caio Bessa

    Caio Bessa

    Caio studied Economics at Insper. In 2018 he won the Credit Suisse, Bank of America Merrill Lynch and BTG Pactual challenges. In 2019 he took part in the summer internship programs at BTG Pactual in Credit Risk and at Bank of America Merrill Lynch in Investment Banking. He attended the 2019 edition of PEP. He worked at Bank of America and Point Break, and is currently part of the team at Fitpart.

  • Portrait of Victória Caporal

    Victória Caporal

    Victoria studied Business Administration at FEA-USP. She was part of the FEA-USP Finance Club. She attended the first edition of PEP in 2017. Between 2017 and 2019 she worked at J.P. Morgan, and is currently part of the IR team at Ibiúna Investimentos.

  • Portrait of Ana Flávia Andrade

    Ana Flávia Andrade

    Ana Flávia is studying Business Administration at FGV-EAESP, where she was part of CJE. She holds a certificate in Finance from UCLA Extension. She interned at Pragma Gestão de Patrimônio and Solstic Advisors. She is currently an investment analyst at Élis Energia. Ana Flávia attended PEP in 2022.

  • Portrait of Pedro Mendonça

    Pedro Mendonça

    Pedro studied Business Administration at Fundação Getulio Vargas and spent an exchange term at ESADE Business School. He was president of Consultoria Júnior de Economia, FGV's finance junior enterprise. He worked at Vinci Partners and Bank of America before joining J.P. Morgan, where he currently works. Pedro attended the 2019 edition of PEP.

  • Portrait of Priscilla Veras

    Priscilla Veras

    Priscilla Veras was a full-scholarship student in Economics at Insper, with an exchange term at Universitat Pompeu Fabra in Barcelona. She was a Private Equity member of the university's finance club, Infinance. She worked at BTG Pactual's private equity funds, at StoneCo and at Pátria. She is currently part of the value creation team at Warburg Pincus. She also won the Credit Suisse Equity Research competition, the CS Award.

  • Portrait of Juliana Peres

    Juliana Peres

    Juliana is studying Economics at FEA-USP. She interned in Credit Risk at Bank of America Merrill Lynch and in Equity Research at Morgan Stanley. She is currently an Investment Solutions analyst at Vinci Partners. Juliana attended PEP in 2022.

  • Portrait of Luciano Oliveira

    Luciano Oliveira

    Luciano studied Mechanical Engineering at ITA and attended PEP in 2018. He was a summer intern in finance at Ambev and worked at Oria Capital, a private equity fund investing in B2B-focused technology companies. He is currently an M&A associate at Ártica Investimentos.

  • Portrait of Maria Vitória Barros

    Maria Vitória Barros

    Maria Vitória graduated in Industrial Engineering from Poli-USP. She interned at Morgan Stanley in Equity Research and on the analysis team at Miles Capital. She is currently part of the investment team at Núcleo Capital. She attended the 2019 edition of PEP.

  • Portrait of Milena Sato

    Milena Sato

    Milena is studying Economics at Unicamp, expected to graduate in December 2024. She was part of Unicamp's Financial Markets Group (GMF), where she led the “Mentoria Feminina” project, aimed at attracting more women to financial markets. She was part of the 2021 class of the Dn'A Women program. Milena attended PEP in 2022 and is currently an FP&A intern at Citi Brasil.

  • Portrait of Luis Bastos

    Luis Bastos

    Luis Bastos graduated in Economics from FEA-USP. He was an Equity Research intern at Bank of America Merrill Lynch and worked in Private Equity at Franklin Templeton. He is currently part of the Credit Research team at Bradesco Asset Management. Luis was part of the second edition of PEP, in 2018.

  • Portrait of Jaqueline Tortora

    Jaqueline Tortora

    Jaqueline studied Civil-Aeronautical Engineering at ITA. She worked at Stone and Somos Educação. She interned at Núcleo Capital and at Bank of America Merrill Lynch in 2017, in Investment Banking. Jaqueline attended PEP in 2019. She worked at Goldman Sachs in Investment Banking and is currently a Private Equity associate at XP.

  • Portrait of Caroline Gaal

    Caroline Gaal

    Caroline is studying Business Administration at Insper, expected to graduate in December 2024. She is currently a business and engineering project coordinator at Insper Jr, Insper's consulting junior enterprise. She completed summer internships at a multi-family office, BTG Pactual and Grupo Jereissati. Caroline Gaal attended PEP in 2022.

  • Portrait of Fábio Bassan

    Fábio Bassan

    Fábio studied Accounting at FEA-USP. He was part of the Finance Club and attended the first edition of PEP, in 2017. He interned in Fixed Income and Multi-Strategy management at Safra Asset and is currently an Equity Portfolio Manager at Bradesco Asset.

  • Portrait of Bruno Cirne

    Bruno Cirne

    Bruno studied Mechanical-Aeronautical Engineering at Instituto Tecnológico de Aeronáutica. He was vice-president of ITA Júnior and completed summer internships at BTG Pactual and in Investment Banking at Bank of America Merrill Lynch. He attended the 2019 edition of PEP and is currently an investment analyst at Point Break.

  • Portrait of Carolina Lauriano

    Carolina Lauriano

    Carolina holds a technical degree in Accounting and is studying Economics at FEA-USP, expected to graduate in December 2025. She was part of the FEA-USP Finance Club, working in Marketing. Carolina won the 2022 Geo Challenge, the second edition of the global equities analysis competition. She is currently a Project Finance intern at BNP Paribas. Carolina attended PEP in 2022.

  • Portrait of Fernando Pupo Nogueira

    Fernando Pupo Nogueira

    Fernando studied Business Administration at FGV. He was part of the Venture Capital and Infrastructure team during a summer internship at Garín Investimentos. He was also a Director of FGV Finance, FGV's finance club. He attended PEP in 2019. He worked on SoftBank's investment team and is currently part of the team at Warburg Pincus.

  • Portrait of Gabriel Auler

    Gabriel Auler

    Gabriel studied Industrial Engineering at Poli-USP. He was a director at Poli Finance, the finance club at Poli-USP. He has interned at BTG's PE fund, at Prisma Capital and at Partners Group, and was also an Investment Banking analyst at Bank of America. He is currently an Associate at Dixie Capital. Gabriel attended the 2019 edition of PEP.

  • Portrait of Isabelle Bogari

    Isabelle Bogari

    Isabelle is studying Business Administration at Insper, expected to graduate in 2024. She was part of Insper Asset, a student finance club, serving as marketing director. Isabelle attended PEP in 2022 and is currently part of the M&A team at igc.

  • Portrait of Bruno Latorre

    Bruno Latorre

    Bruno studied Industrial Engineering at Poli-USP. He was part of Poli Júnior, the junior enterprise at Poli-USP, was a semifinalist in the BTG Pactual Experience and attended the 2019 edition of PEP. He was an Equity Research intern at J.P. Morgan and an analyst at Crescera. He is currently an Infrastructure Associate at GIC.

  • Portrait of Gabriel Mahfuz

    Gabriel Mahfuz

    Gabriel studied Economics at FEA-USP, entering in 2017. He attended the 2018 edition of PEP. He spent an exchange term at the University of Zaragoza in Spain. He interned at Itaú BBA and currently works in Investment Banking at Bank of America.

  • Portrait of Giovanna Sá

    Giovanna Sá

    Giovanna graduated in Economics from FGV-EESP. She was projects director at CJE, FGV's finance junior enterprise, and was a finalist in the 2022 Constellation Challenge. She is currently part of the investment team at Warburg Pincus. Giovanna attended PEP in 2022.

  • Portrait of Beatriz Papoti

    Beatriz Papoti

    Beatriz is studying Chemical Engineering at Poli-USP and, in 2021, spent an exchange term at Hasselt University in Belgium. She took part in the 2nd edition of CFA Society Brazil's Young Women in Investment program and interned at Julius Baer. She is currently an analyst at Oria Capital. Beatriz attended PEP in 2022.

  • Portrait of Nathália Pinho

    Nathália Pinho

    Nathália is studying Economics at FGV-EESP. She was a director of FGV's Consultoria Júnior de Economia, a finalist in the Constellation Challenge, and interned at Morgan Stanley and 23S Capital. She is currently part of the team at Advent.

  • Portrait of Marcelo Hamburger

    Marcelo Hamburger

    Marcelo studied Industrial Engineering at Poli-USP. He was part of Poli Finance, the finance club at Poli-USP, and won the Brazilian stage of the 2018 CFA Challenge. He attended the 2018 edition of PEP. He is currently a Private Equity associate at Warburg Pincus LLC.

  • Portrait of Stella La Regina

    Stella La Regina

    Stella is studying Law at FGV-EDESP. In early 2022 she was part of the Global Banking team during a summer internship at UBS BB. She took part in the Private Equity group at FGV Finance, FGV's finance club, and is currently an intern at Pereira Neto | Macedo | Rocco Advogados. She attended the 2022 edition of PEP.

  • Portrait of Rafaele Aoyama

    Rafaele Aoyama

    Rafaele studied Business Administration at FEA-USP and spent an exchange term at Zhejiang University in China. Rafaele attended the first edition of the course in 2017 as a student and was a mentor in the following years. She completed a summer job in Santander's treasury, was a Private Equity analyst at Oria Capital and currently works in Marketing Strategy at Zenvia.

  • Portrait of Guilherme Polho

    Guilherme Polho

    Guilherme studied Industrial Engineering at Poli-USP. He was part of Poli Finance, the finance club at Poli-USP, and won the Brazilian stage of the 2018 CFA Challenge. He attended the 2018 edition of PEP. He interned in Private Equity at Península, was an associate at Teman Capital and is currently an investment professional at Kamaroopin.

  • Portrait of Isadora Padovani

    Isadora Padovani

    Isadora is studying Business Administration at FGV EAESP, expected to graduate in December 2024. At university she was part of FGV's finance junior enterprise (CJE FGV). She also completed summer jobs at BTG Pactual in Offshore Funds (2021) and at Aqua Wealth Management (2022). She is currently a Project Finance intern at J.P. Morgan. Isadora attended the PEP program in 2022.

  • Portrait of Isabella Fonseca

    Isabella Fonseca

    Isabella studied Economics at FEA-USP. She was part of the FEA-USP Finance Club, serving as Partnerships Director. Isabella was a finalist in the 2018 Constellation Challenge. She was an equity analyst at Apex Capital and is currently an equity analyst at Navi. She attended the 2018 edition of PEP.

The Course

A TRUE PREPARATION FOR THE PRIVATE EQUITY INDUSTRY


We believe that investing — especially in private equity — is not something you learn from theory alone. That is why we bring PEP students as close as possible to real investment cases and financial analysis, so that they structure and pitch transactions a PE fund could actually execute. Practice is fundamental. Hence the name Private Equity Practice.

A PEP class in a working session

IN-DEPTH, PRACTICAL CONTENT WITH INDIVIDUAL FEEDBACK

PEP classes are small, which lets the instructor and mentors follow each student's work closely. In every module, students are asked to produce real analytical and financial modeling work, which is critiqued individually by the course organizers. The feedback is detailed rather than broad and generic — every line of every Excel model is reviewed.

Upcoming Classes

UPCOMING CLASSES


Dates for the next class will be announced soon. Get in touch to be notified when applications open.

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Program

  1. Introduction to the Private Equity Industry
  2. Overview of the Private Equity Cycle and Case Studies
  3. Financial Statement Analysis
  4. Cash Flow Analysis from a Private Equity Perspective
  5. The First PE Model
  6. Accounting and Financial Due Diligence
  7. Legal Due Diligence and Key Contracts (SPA/SHA)
  8. Market Due Diligence and Working with a Strategy Consultancy
  9. PE from the Perspective of a Portfolio Company Executive. Case Study
  10. Final Presentation of an Investment Case to PE Professionals

Team

Who builds and teaches PEP


Portrait of Alfredo Sandes

Alfredo Sandes

PEP Founder

Alfredo Sandes is an Operations Advisor at Advent, where he has worked since 2014, and the founder of Dixie Capital. During his time at Advent, Alfredo has been primarily involved in investments in Education, Education Technology and Consumer, as well as in the management of portfolio companies in those sectors. Over his career at Advent he has taken part in transactions including YDUQS, FSG, Easynvest, Nubank and Grupo CRM, among others. Previously, Alfredo worked in the Investment Banking division at Goldman Sachs and in the Equity Research division at Credit Suisse. Alfredo holds the CFA designation and graduated with honors in Electronic Engineering from ITA, and holds a Master's in Education from Stanford University.

  • Portrait of Rodrigo Queiroz

    Rodrigo Queiroz

    PEP 2024 Instructor

  • Portrait of Nathalia Pinho

    Nathalia Pinho

    PEP Instructor

  • Portrait of Fernando Varella

    Fernando Varella

    PEP 2024 Instructor

  • Portrait of Fernando Maia

    Fernando Maia

    PEP Instructor

  • Portrait of Sofia Diniz

    Sofia Diniz

    PEP Instructor

Contact

Get in touch


Questions about the course, upcoming classes or partnerships? Send a message to the PEP team.