I still remember arriving in Oxford for the first time.
The cobbled streets and quiet hum of academic life instantly transported me to a place where history and knowledge seemed to converge. I was about to begin the Valuation of Private Assets Programme, a course uniquely designed to explore the nuances of valuing private assets across sectors—a topic that rarely offers simple answers.
When I decided to enroll in the course at Oxford’s Saïd Business School, my goal was to delve deeper into the world of private assets. Unlike many courses that focus on specific sectors like private equity, venture capital, or real estate, this programme stands out for its holistic approach—showcasing how valuations across these asset classes interconnect.
Valuation, on the surface, is a technical exercise—numbers, formulas, and models. Yet, as I was quickly reminded, its true complexity lies in the interplay of human behavior, market dynamics, and subjective judgment. This tension between the mathematical precision of valuation and the unpredictability of human decisions became a recurring theme during my time in Oxford.
In this blog, I’ll reflect on the programme’s key lessons, the engaging discussions it sparked, and how it has shaped my professional growth.
Overview of the programme
The programme itself was a blend of rigorous content and real-world application. Over five days, we explored private equity, venture capital, real estate, and infrastructure through a combination of lectures and case studies. One standout session was led by Professor Anna Koscielecka, where we tackled a real case of a Buy & Build valuation in the HVAC sector.
Divided into teams representing private equity firms and operating companies, we engaged in a heated negotiation that blurred the lines between classroom and reality. The lively discussions were engaging — one moment, you’re debating the fine points of enterprise value; the next, you’re navigating the emotional complexities that influence human decision-making.
Adding to this technical depth were the discussions led by Professor Ludovic Phalippou, whose thought-provoking teaching exemplified Oxford’s approach. Through the Socratic method, he prompted us to question assumptions, analyze logic, and explore alternatives. It wasn’t about presenting solutions; it was about sharpening our ability to think critically.
This approach extended to every session, whether we were unpacking valuation disputes with Min Shi or delving into advanced methodologies with Mathias Schumacher. The emphasis was not on memorizing formulas but on cultivating a mindset of inquiry—a skill that is both timeless and indispensable.
The Oxford experience
Outside the classroom, Oxford provided an inspiring scenario. We dined in the historic halls of Queen’s College, where centuries-old traditions met lively discussions about markets, asset allocation, and valuation.
Walking through the city after a day of study, I often reflected on the insights from class. Oxford’s quiet charm combined with its intellectual legacy, created the perfect environment for introspection. Even the smallest moments—sharing a coffee with a colleague or exchanging ideas during a group exercise—seemed to carry the weight of something more profound.
Broader insights: the art behind the numbers
What stood out most was the programme’s ability to illuminate the dual nature of valuation. While its technical aspects are rooted in precision and analysis, its application is shaped by the complexities of human behavior—whether it’s the motivations of a founder, the biases of an investor, or the unpredictable twists of a negotiation.
This duality came to life through the interplay between the faculty and the students. Oxford brought together a diverse group of professionals—private equity investors, infrastructure specialists, entrepreneurs, and family office representatives. Their varied perspectives enriched every discussion, adding layers of depth to the technical content. At the same time, professors like Professor Ludovic ensured that no assumption went unchallenged, encouraging us to approach valuation with both analytical rigor and creativity.
On a personal level, the programme broadened my perspective. It revealed how different techniques could be adapted to suit various contexts, whether evaluating a startup or assessing infrastructure investments.
Professionally, I left with not just a deeper understanding of valuation but also a sharper sense of the human dynamics that shape it. Whether I’m navigating a complex deal or advising on strategy, the lessons from course remain a constant guide.
Conclusion
Oxford Valuation of Private Assets Programme was much more than an academic exercise; it was an exploration of the connection between numbers and narratives, logic and intuition. The experience reaffirmed the timeless relevance of critical thinking in a world that often prioritizes speed over depth.
As I look back, I realize that what I gained most from Oxford wasn’t just knowledge—it was a renewed sense of curiosity, a commitment to questioning the obvious, and an appreciation for the balance between art and science.
If you’re considering this programme, my advice is simple: come prepared to challenge your assumptions, embrace the discomfort of uncertainty, and immerse yourself in a city that continues to inspire generations of thinkers.