Center for Corporate Transactions and Private Equity

Overview

Academic Director

  • Prof. Dr. Bernhard Schwetzler

Executive Director

  • Dr. Benjamin Hammer

Research Associates

  • Jan Hendrik Degner
  • Renata Lavrova
  • Silke Pettkus

Research Areas

  • Private equity
  • Mergers & acquisitions
  • Valuation

Supporters

Andersch AG; AssetMetrix; Astorius; Börsen-Zeitung (WM Gruppe); CARLSQUARE; EY; Neuberger Berman; Nordic Capital; Palero; Skadden, Arps, Slate, Meagher & Flom; The Boston Consulting Group; ValueTrust

What we do

In recent years, the importance of private equity (PE) as an asset class has rapidly increased and deal activity has surged to record levels. Still it is understudied academically and success factors of PE investments are not yet fully understood. The Center for Corporate Transactions and Private Equity (CCTPE) is a think tank for private equity buyouts that aims at closing this gap. The purpose of the Center is to foster high quality research output, and provide a platform for renowned scholars and industry professionals at HHL Leipzig Graduate School of Management – one of the leading business schools in Europe. Over the past years, a team of renowned and experienced scholars has created a competitive database on PE buyouts and received considerable media attention as well as several scientific awards for its research. Several high-profile companies and individuals are partnering with us to further expand our database and research. We gratefully acknowledge support by Andersch AG; AssetMetrix; Astorius; Börsen-Zeitung (WM Gruppe); CARLSQUARE; EY; Neuberger Berman; Nordic Capital; Palero; Skadden, Arps, Slate, Meagher & Flom; The Boston Consulting Group and ValueTrust as well as by an HHL alumnus.

Our Mission

Methodological Excellence

It is the mission of the CCTPE to provide reliable results for every-day financial decision-making. All our research focuses on high quality academic journals and the most renowned conferences in the profession.

Practical Orientation

It is the mission of the CCTPE to work on impact topics that are close to the zeitgeist of the industry.

International Network

It is the mission of the CCTPE to provide a platform for renowned international scholars and professionals and boundary-crossing research.

Prof. Dr. Bernhard Schwetzler, Academic Director and Dr. Benjamin Hammer, Executive Director

Research

PE Buyout Database

Our database covers global private equity buyouts since 1997.
We use various commercial data providers as the basis and consolidate the data as well as add hand-collected information.
The database is constantly maintained and expanded by a group of  doctoral students.

Academic Papers

We regularly publish in leading peer-reviewed academic journals. Some topics that we currently work on:

  • Buy and Build strategies
  • Cross-border buyouts
  • Secondary buyouts
  • Specialist vs. generalist funds
  • Buyouts in the SME segment
  • Gender and skill diversity
  • PE-backed IPOs

Benjamin Hammer, Alexander Knauer, Magnus Pflücke, Bernhard Schwetzler: Inorganic growth strategies and the evolution of the private equity business model

White Papers

We regularly join forces with opinion leaders to provide decision-makers with state of the art analyses on hot topics in the private equity industry. Recent papers:

  • How to attract a premium listing multiple (joint research with The Boston Consulting Group)
  • Cracking the code in private equity software deals (joint research with The Boston Consulting Group)
  • The power of buy and build – How private equity firms fuel next-level value creation (joint research with The Boston Consulting Group)

Call for Applications

The Center for Corporate Transactions & Private Equity (CCTPE) at HHL is a leading think tank for private equity research. It is the mission of the CCTPE to provide reliable research results for everyday decision-making in the private equity industry. We are looking forward to applications for the Palero Capital Award and the CCTPE Private Equity Scholarship:

Palero Capital Award - Best HHL Master Thesis in Private Equity

Palero Capital, the exclusive advisor of an independent private equity fund in Luxemburg, was co-founded by HHL alumna Conny Wuppermann and the first supporter of the CCTPE. The call for submissions for the Best Master Thesis in Private Equity honors Palero Capital for its trust in establishing the #1 Think Tank for Private Equity Research at HHL. The award is endowed with EUR 500. Decisions will be made by a review committee including experts from academia and practice.

Winner of the Palero Capital Award – Best HHL Master Thesis in Private Equity 2020

Jan Hendrik Degner, master thesis topic: “Turning the football field upside down: Empirical evidence of private equity investors’ abilities to outprice strategic acquirers in M&A transactions”

CCTPE Private Equity Scholarship for Collaborative Research with Fund of Funds (Doctoral Program)

The CCTPE aims at expanding its cooperation with Fund of Funds, which have been an engine for cutting-edge research on private equity in recent years. To achieve this goal and attract suitable candidates for the doctoral program, HHL offers the Private Equity Scholarship for Collaborative Research with Fund of Funds. Successful candidates will receive a 50% waiver for the tuition fees for the doctoral program at HHL Leipzig Graduate School of Management.

Awards

HHL Research Award 2018

Dr. Heiko Hinrichs (left in the picture above, right HHL Dean Prof. Dr. Stephan Stubner)
Awarded as best research associate at HHL in 2018

ZKB Best Paper Award 2018

Dr. Robert Loos (picture) and Prof. Dr. Bernhard Schwetzler: “Fueling the buyout machine: Fundraising in private equity”
Awarded for the best article on a subject of high practical relevance by the journal Financial Markets and Portfolio Management

BAI Science Prize in Alternative Investments 2018

Dr. Benjamin Hammer (picture above from left to right: Prof. Dr. Rolf Tilmes, Dr. Benjamin Hammer, Prof. Dr. Mark Mietzner) was awarded with the BAI Science Prize in Alternative Investments 2018 for his dissertation “Three Essays on Buy-and-Build Strategies and Default Probabilities in the Private Equity Industry”, which he completed in April 2017 at HHL under the supervision of Prof. Dr. Bernhard Schwetzler.

Other awards

Larry Lang Corporate Finance Best Paper Award 2015

Dr. Benjamin Hammer, Dr. Robert Loos and Prof. Dr. Bernhard Schwetzler: “Exit through exitus in private equity buyouts”
Awarded for the best corporate finance paper presented at the annual meeting 2015 of the European Financial Management Association

Our Alumni – A Growing Network

Dr. Robert Loos
Private Equity Investment Professional at EQT, Alumnus Doctoral Program

As an alumnus of HHL’s Chair of Financial Management, I am proud and happy to see the successful launch of the Center for Corporate Transactions and Private Equity. After having myself moved from academia back to business as a private equity investment professional, I strongly second CCPTE’s focus on high quality research while maintaining close ties to the practical world of investing and deal making at the same time.

Dr. Sven Mettner
Engagement Manager, McKinsey & Company, Alumnus Doctoral Program

At the CCPTE, I experienced the perfectly suited conditions for qualitative academic and practically relevant research – with access to a strong network of practitioners, a unique PE database and experienced academics. The feedback, we got from renowned conferences and academic journals affirms this.

Dr. Nils Janssen
Senior Consultant, McKinsey & Company, Alumnus Doctoral Program

As a doctoral candidate at the Center for Corporate Transactions and Private Equity I was able to work on the forefront of academic research on private equity and develop knowledge relevant for both academia and practice.

Dr. Nils Härtel
Consultant, Boston Consulting Group, Alumnus Doctoral Program

My doctorate at the CCTPE was personally enriching in several ways: exploring my interests in private equity research, gaining deeper insights into scientific work, discussing and partnering with other researchers (at conferences) around the world – and by doing so meaningfully linking theory and practice.

Dr. Heiko Hinrichs
Private Equity Investment Professional, Bencis Capital Partners, Alumnus Doctoral Program

The CCTPE is excellently positioned both in academia and practice. During my time at the Center, we presented our work at renowned conferences, published in high-quality academic journals and joined forces with key opinion leaders to solve practical problems.

Our Guest Speakers

Dr. Thomas A. Jesch, LL.M. Taxation (Georgetown)
Managing Board Member, bii. German Association of Institutional Investors

Private equity is a promising asset class. Fund managers and investors alike can only tap its potential if they have the appropriate know-how. HHL offers a unique combination of theoretical and empirical depth blended with cases studies and industry dialogue. I am pleased to be able to make a small contribution as a guest speaker.

Michael Moritz
Managing Partner, Carlsquare GmbH

Carlsquare truly appreciates the cooperation with the Center for Corporate Transactions and Private Equity, which gives us the opportunity to share and discuss our insights from the midcap M&A practice with an interested student audience.

Michael Kunz
Market Segment Leader PE GSA, EY

Despite the changing market environment, the relevance of PE will increase and certainly will be one of the catalysts to transform business models. For us, working with HHL means strengthening our market position, achieving the best possible combination of theory and practice and attracting the best talents with a diverse mindset. Therefore, we are looking forward to partnering with HHL and jointly being part of this transformation and process.

Meet us

Together with the German finance branch newspaper Börsen-Zeitung, the CCTPE is co-organizing the following conferences in 2019. We invite you to take part:

 

Our Supporters

The CCTPE will be supported by various high-profile companies and individuals: AssetMetrix; Astorius; Börsen-Zeitung (WM Gruppe); CARLSQUARE; EY; Neuberger Berman; Nordic Capital; Palero; Skadden, Arps, Slate, Meagher & Flom; The Boston Consulting Group; ValueTrust, as well an anonymous HHL alumnus.

Our Team

Prof. Dr. Bernhard Schwetzler
Academic Director
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Dr. Benjamin Hammer
Executive Director
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Jan Hendrik Degner
Research Associate
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Renata Lavrova
Research Associate
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Silke Pettkus
Research Associate
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Vera Götz
Team Assistant
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Axel Dickenbrok
External Doctoral Candidate
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Ludwig Dobmeier
External Doctoral Candidate
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David Franke
External Doctoral Candidate
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Philipp Heisig
External Doctoral Candidate
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Julian Kaboth
External Doctoral Candidate
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Suleiman Naiem
External Doctoral Candidate
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Norbert Wünsche
External Doctoral Candidate
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