Frankfurt Institute for Private Equity and M&A (FIPEMA)

The Frankfurt Institute for Private Equity and M&A was founded in 2008 at Frankfurt School to provide a forum to promote networking, research and education in the areas of private equity and mergers & acquisitions. Since 2020 the Institute’s mission has broadened to encompass equity financing more generally.

Fipema builds on Frankfurt School’s world-class faculty in order to generate insights from the connection between practice and theory. Our expertise feeds into executive education offerings as well as degree programmes with a focus on equity financing and M&A.

Prof. Dr. Christoph Schalast

Director

Prof. Dr. Michael H. Grote

Director

Partner

Prof. Dr. Christoph Schalast is the editor of M&A Review, a leading German journal on M&A trends and transactions, and the official publication outlet of the Bundesverband Mergers & Acquisitions e.V. (www.bm-a.de), the German Association of M&A professionals.

News

If you like to stay informed about news, jobs and events at Fipema, please sign up for our newsletter here.

22. Dec 2020	Frankfurt School and therefore Fipema enter briefly into hibernation mode. We will be back beginning of January and look forward to further collaboration and events. Everything has been said about this year, but not from everyone: Fipema wishes you happy holidays and a good start into a healthy and happy New Year!
8. Dec 2020	The Financial Times ranked Frankfurt School #26 of all European Business Schools. We are a top 30 school in Europe! This underlines our European impact and aspiration and is a great motivation for the future.
27. Nov 2020	Prof. Dr. Michael Grote commented on the future of London and other financial centers in Europe after Brexit - not much will change - in the New York Times (paywall).
27. Nov 2020	Several newspapers report on the findings of the NPL Forum 2020 and quote Prof. Dr. Christoph Schalast saying there will be no banking crisis because of Covid-19 due to the current low level of non-performing loans and the general health of the banking sector (see the report of Süddeutsche Zeitung here; link to BZ here - in German, paywall).
20. Nov 2020	Prof. Dr. Christoph Schalast commented on the acquisition of ISS by Deutsche Börse "Expansion in der Krise", fittingly in the Börsenzeitung (link to BZ here - in German, paywall).
17. Nov 2020	Frankfurt School’s Non-Performing Loans - NPL Forum 2020 will start next week. Due to the latest Corona developments, it will take place as an online event only. It is the 15th anniversary of the forum, which is a must-see (and, in other times, must-be-there) event for the industry. The first keynote will be delivered by State Secretary Dr. Jörg Kukies. We are looking forward to his and many other super-interesting presentations and discussions!
27. Oct 2020	The countdown is running: Only a couple of days left until the 15th intake of the Master M&A of the Frankfurt School of Finance & Management starts. Welcome Class 2022! The first week will be exhausting, but also varied and exciting. Michael Drill, CEO at Lincoln International will explain the changes in the private equity market during Covid-19, a preview of which was given at the Frankfurt School Verlag M&A 2020 conference. Jasmin Koelbl-Vogt, CEO of Citigroup, will present current developments in corporate governance and the regulatory framework for transactions in the financial sector. In this area we will certainly see some deals in the coming months. Other topics include company valuation with Dr. Anke Nestler, Dr. Marc Umber and Wolfgang Kniest, deal flow with Ralf A. Dr. Pampel and Team, Bankhaus Metzler and M&A communication with Alex Seiler of HERING SCHUPPENER. The increasingly important topic of data protection in transactions is dealt with by Dr. Ole Schröder, Parliamentary State Secretary (retired). Of course, anyone who has now developed an appetite for a part-time M&A Master's degree is welcome to contact us at any time.
20. Oct 2020	Daniel Schex, an FS student in the Master of Finance, blogs on his experiences in private equity at the multi family office Harald Quandt Industriebeteiligungen (HQIB) here (in German).
14. Oct 2020	Prof. Dr. Zacharias Sautner talks with CNBC about trends in ESG investing. Link here.
6. Oct 2020	Finn Jankowiak, a Frankfurt School student, writes about his internship at the Berlin-based M&A fintech boutique Carl. Please find the blog entry here (in German).
29. Sep 2020	The M&A and Private Equity Conference 2020 saw, among many other highlights, an interesting panel discussion on Covid-19 as a game changer for M&A, moderated by Prof. Dr. Christoph Schalast. Michael Drill of Lincoln International sees some signs for stabilization of the market: liquidity is here, auctions work and multiples are not down, at least in the mid-cap segment. Lukas Stepanek of Ardian Private Debt points to interesting options, but advises caution for risky deals. A growing number of non-performing loans will become visible in banks' balance sheets early next year, reckons Prof. Dr. Bernhard Schwetzler of HHL Leipzig Graduate School of Management.
24. Sep 2020	Prof. Dr. Christoph Schalast comments the Hensoldt IPO in the Süddeutsche Zeitung (in German)
17. Sep 2020	Prof. Dr. Michael Grote talks about the state as a shareholder in HR2 - Der Tag (German)
26. Aug 2020	Prof. Dr. Christoph Schalast writes about IPOs in times of Corona (in German) in the M&A Review
25. Aug 2020	FS Prof. Dr. Laurence van Lent has developed a new way of measuring political risk and its effects on firms
29. July 2020	Prof. Dr. Michael Grote talks about responsibilities in the Wirecard case in Deutsche Welle’s “Der Tag”. (German)
20. July 2020	Prof. Dr. Sascha Steffen, Professor of Finance at Frankfurt School, writes about the possibility of a credit crunch.
5. July 2020	Karin Reuschenbach-Coutinho, FS’ head of Career Center talks with Business Insider about jobs in Investment Banking and the Corona crisis. (German)
2. July 2020	Prof. Dr. Michael H. Grote talks at an alumni event about the development of the DAX vs. COVID-19. (German)
30. June 2020	Prof. Dr. Michael Grote speaks on Bayern 2’s radio talk show on “Investing after Wirecard”. (German).
29. June 2020	The Economist ranks Frankfurt School’s Executive MBA Programme in the top 50 globally.
2. June 2020	Prof. Dr. Julia Redenius-Hövermann, Professor of Corporate Law at FS together with Prof. Dr. Christina E. Bannier, Professor of Banking & Finance at Justus-Liebig-Universität Gießen, assess the legal structures for virtual annual meetings. The article (in German) can be downloaded here. A short version appeared in the FAZ, available here .
29. May 2020	Prof. Dr. Christoph Schalast comments on n-tv on JDE Peet’s IPO. (German)
28. May 2020	Dr. Andreas Walter, Lecturer at FS and partner of Schalast & Partner, assesses the new European restructuring guidelines in a video. (German)
22. May 2020	Prof. Dr. Christoph Schalast talks about changes in the M&A market due to the Corona crisis in a video. (German)
18. May 2020	Menno Branger, a Master of Finance student at Frankfurt School, writes about his internship as a private equity analyst at Gain.pro
11. May 2020	The Financial Times ranks Frankfurt School’s Executive Education in the top 50 globally.
20. March 2020	Manager-Magazin ranks Frankfurt School the #1 university for auditors in Germany.
4. March 2020	Frank Rechtern, Lecturer at Frankfurt School, writes about the art of financial modelling and Frankfurt School’s respective offer. (German)
27. Jan 2020	FS Alumnus Chris Bartz, CEO and co-founder of Elinvar, gives a talk at FS. He is an advocate for the benefits of digitalization and a strong ecosystem for fintech and digital banking. Chris Bartz is Chairman of the FinTechRat of the Federal Ministry of Finance. The talk will be on Tuesday, 18. February 2020, 06:30 pm. More information.
23. Jan 2020	Frankfurt School welcomed around 200 invited guests from the worlds of politics, business and civic society to the business school’s annual New Year’s Dinner.

Education & Events

Frankfurt School is ranked by the Financial Times’ 2020 among the top 50 executive education providers globally. The School offers courses on M&A, financial modelling and corporate finance.

M&A Professional – Zertifikatsstudiengang	The course runs ca. six weeks with five days on campus on the foundations of M&A. (German)
Online training: Mergers and Acquisitions	A short (~10h) introductory online format which gives you a comprehensive overview of the steps in an M&A process using case studies.
Financial Modeling with Excel – program your own financial model	The course runs roughly half a year with four days on campus and turns you into an expert modeler. (German)
Corporate Finance – financial management in firms	The course runs roughly half a year with eight days on campus and covers all the important aspects of financing and investment decisions in firms. (German)

Conferences

Under the direction of Christoph Schalast, director of Fipema, Frankfurt School hosts two major annual conferences that each year attract several hundred industry specialists:

The M&A and Private Equity conference covers market trends, corporate development and advancements in transaction processes. The 14. annual conference took place on September 29, 2020 in a hybrid (online and presence) format. The main language was German.

We are looking forward to the M&A and Private Equity conference 2021!

The NPL - Non-Performing Loans Forum focuses on credit and risk management, financial stability and industry trends. It is organized in co-operation with the Bundesvereinigung Kreditankauf und Servicing e. V. (BKS), the main industry association. The 15. annual conference took place on November 25, 2020 in an online format. The main language was German.

We are looking forward to the NPL Forum 2021!

Programmes

Frankfurt School is accredited by the three largest and most influential business school accreditation organizations, AACSB, EQUIS - EFMD, and AMBA. This “triple crown” accreditation is held by only 100 business schools - i.e., less than 1% of all business schools world-wide.

Frankfurt School runs three programmes with emphasis on corporate finance and faculty who are also part of Fipema’s team.

Master of Mergers & Acquisitions (LL.M.)	This programme is specifically designed for ambitious young professionals, who want to accelerate their career in M&A while staying fully employed. The curriculum is oriented on the M&A process and puts a strong focus on the legal aspects. The course runs four semesters and ends with a Master of Laws (LL.M.) degree. Course language is German (mostly).
Master in Corporate Performance & Restructuring	This programme, too, allows young professionals to stay fully employed. In order to become a master in changing corporations, the curriculum covers Performance Measurement, Value Improvement, Change- und Turnaround Management, Strategy and Restructuring, amongst others. Course language is German (mostly).
Master of Finance	This is Frankfurt School’s flagship programme. It requires only a first university degree; its flexible programme structure allows part-time employment. With a focus on valuation methods, M&A, investment banking and financial intermediation, the corporate finance concentration prepares students for handling the interaction between financial markets and corporates.

Job Market

Fipema provides a job market for internships and graduate jobs related to corporate finance, consulting and (occasionally) business law. This could be of interest for students and graduates with a finance and a legal studies background, respectively.
(Frankfurt School students have access to FS jobteaser that covers other industries, too.)

The service is free. To place an ad here, please contact m.grote@fs.de.

The description indicates whether a financial, economics, accounting or similar background is required (FIN), or a background in legal studies (LAW). An internship is indicated with (INT), and a graduate job with (GRAD).

Date	Who
01-21	FIN-GRAD, FIN-INT Belgravia & Co., an M&A and corporate finance advisory based in Cologne, is looking for analysts and interns for their M&A practice.
01-21	FIN-GRAD Rothschild & Co is looking for analysts in their debt advisory & restructuring unit in Frankfurt.
01-21	FIN-GRAD, FIN-INT IMAP - International M&A Partners, a large international network of firms focussing on mid-cap M&A, is looking for graduates and interns for their offices in Mannheim, Frankfurt or Munich.
01-21	CONSULTANT, FIN-GRAD, FIN-INT BDO, a global accounting and advisory firm, has a couple of positions open in their Corporate Finance / M&A practice in Germany: a (senior) consultant position based in Hamburg or Frankfurt, a (senior) consultant focusing on financial services firms in Frankfurt, Düsseldorf or Hamburg, a consultant in Frankfurt or Berlin, and internship positions in several German offices.
01-21	FIN-GRAD DZ Bank, Germany's second largest bank, is looking for a trainee in their capital markets trading division in Frankfurt.
01-21	FIN-INT Delphi Advisors, an M&A boutique with a focus on cross-border transactions based in Frankfurt, is looking for an intern.
01-21	LAW-GRAD Rödl & Partner, an international law and accounting firm based in Nürnberg (Nuremberg) with 5000+ employees, is looking for an experienced lawyer in their M&A practice and a junior lawyer in their real estate transaction practice.
12-20	FIN-INT M.M. Warburg & Co., a private bank based in Hamburg, is looking for an intern in their Corporate Finance practice, focussing on mid-market M&A advisory and investment banking.
12-20	FIN-INT Montis Corporate Finance, a mid-market M&A advisory firm located in and close to Frankfurt, is looking for an intern.
12-20	MANAGER, FIN-GRAD, FIN-INT Carl Finance in Berlin, a platform technology provider for mid-market M&A transactions, has several openings in M&A: manager, analyst, intern in execution, intern in origination, as well as an intern in business development.
12-20	FIN-INT IEG Investment Bank Group, an M&A advisory in Berlin focused on technology firms, is looking for an intern.
12-20	FIN-GRAD, FIN-INT Carlsquare, an M&A advisory focused on mid-market transactions, is looking for an analyst (first to third year) and an intern, several locations are feasible.
12-20	FIN-INT SEB, a large Swedish bank, is looking for an intern in their Frankfurt leveraged finance team.
11-20	FIN-INT Walter Fries Consulting in Aschaffenburg, a corporate finance and M&A consultancy specializing on the German Mittelstand, is looking for an intern.
11-20	FIN-INT DBR-Holding, the Deutsche Betriebsrenten Holding, is a startup specialized on taking over pension liabilities of large firms in Germany. They are looking for a working student in Frankfurt.
11-20	FIN-INT LGT Capital Partners, a leading alternative investment specialist, is looking for a six-month Intern in their Private Debt Investment Team in Frankfurt.
11-20	FIN-INT Proventis, a mid-market M&A advisor, is looking for an intern for summer 2021 in their Hamburg office.
11-20	FIN-INT Blackrock is looking for tech-savvy students for the summer-analyst program in their Aladdin Client Services team in London or Edinburgh.
11-20	FIN-INT One Square Advisors, a financial restructuring advisory, is looking for interns in their Munich and Frankfurt offices.
11-20	LAW-GRAD PwC legal is looking for law graduates in company law for their M&A units in Germany, and also for law graduates in public commercial law, again for their M&A units.
10-20	FIN-INT Perella Weinberg Partners, a legendary advisor, is looking for off-cycle interns (6 months, starting January 2021) and for summer interns, both in their Munich office.
10-20	FIN-INT Hauck & Aufhäuser, a private bank, is looking for interns in their Alternative Investments / Private Equity practice for their Munich office.
10-20	FIN-INT mayerhöfer & co, a well-known corporate finance boutique in Frankfurt, is looking for interns.
10-20	FIN-GRAD, FIN-INT Markus Partners, a boutique M&A advisory in Frankfurt, is looking for graduates and interns.
09-20	FIN-INT Avedon Capital Partners, a private equity firm in Düsseldorf, is looking for interns.
09-20	FIN-INT Montis, an M&A boutique in Frankfurt, is looking for interns.
09-20	FIN-INT Coch&Cie in Frankfurt, a corporate finance consultancy, is looking for interns.
09-20	FIN-GRAD, FIN-INT Sigma Corporate Finance is looking for Associates and Analysts in Frankfurt, and offers internships, too.
08-20	FIN-INT Lazard offers internships in M&A in Frankfurt.
08-20	FIN-INT Moelis is looking for interns in their M&A practice in Frankfurt.
08-20	LAW-INT Rothschild in Frankfurt seeks interns for their wealth management unit.
08-20	FIN-INT FCM Frédéric Capital Management, a private equity investor in Düsseldorf, seeks interns.
08-20	FIN-INT Union Investment Real Estate in Frankfurt is looking for interns for their hotel / hospitality investment devision.
08-20	FIN-INT HKCF, a corporate finance advisory in Cologne, seeks interns.
08-20	FIN-GRAD; FIN-INT Deloitte, seeks graduates in Germany in audit and assurance. And interns, too.
08-20	FIN-INT Victoriapartners, an investment banking / M&A boutique in the real estate sector is looking for interns.
08-20	FIN-GRAD LPA, a quantitative consultancy, is looking for graduates in Frankfurt.
07-20	FIN-INT Taurus Advisory in Bad Soden near Frankfurt is looking for interns.
07-20	FIN-INT Deutsche Cleantech, a corporate finance consultancy in Frankfurt, is looking for interns.
07-20	FIN-INT Allert & Co in Mannheim, a corporate finance boutique, is looking for interns.

Publications

2020	Bannier, C., Redenius-Hövermann, J., 2020. Die virtuelle Hauptversammlung: Chancen, Risiken und Herausforderungen für eine gute Corporate Governance, Aufsichtsrat (Themen-Dossier 2020) S. 8-13.
	Cremers, M., Pareek, A., Sautner, Z., 2020. Short-Term Investors, Long-Term Investments, and Firm Value: Evidence from Index Inclusions, Management Science. (forthcoming)
	Ecker, F., Francis, J., Olsson, P., Schipper, K., 2020. Non-Random Sampling and Association Tests on Realized Returns and Risk Proxies, Review of Accounting Studies. (forthcoming)
	Ilhan, E., Sautner, Z., Vilkov, G., 2020. Carbon Tail Risk, Review of Financial Studies. (forthcoming)
	Krueger, P., Sautner, Z., Starks, L., 2020. The Importance of Climate Risks for Institutional Investors, Review of Financial Studies. (forthcoming)
	Ladika, T., Sautner, Z., 2020. Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting, Review of Finance. (forthcoming)
	Lerner, D., Alkærsig, L., Fitza, M., Lomberg, C. and Johnson, S., 2020. Nothing Ventured, Nothing Gained: Parasite Infection is Associated with Entrepreneurial Initiation, Engagement and Performance. Entrepreneurship Theory and Practice, forthcoming.
	Redenius-Hövermann, J., Henkel, E., 2020. Eine empirische Bestandsaufnahme zur Aktionärsklage nach § 148 AktG, Aktiengesellschaft (10) S. 349-367.
	Redenius-Hövermann, J., Schmidt, H., Heinen, V., Juschus, A., 2020. Auswertung der Governance-Qualität im DAX und MDAX: Ergebnisse unter Anwendung der DVFA Corporate Governance Scorecard, Zeitschrift für Corporate Governance (2) S. 71-78.
	Redenius-Hövermann, J., Siemens, P., 2020. Die Herabsetzung der Vorstandsvergütung gem. § 87 II AktG - Jetzt oder nie?!, Zeitschrift für Wirtschaftsrecht. (forthcoming)
	Redenius-Hövermann, J., Strenger, C., Reuter, A., 2020. Das Unternehmenssanktionsrecht trifft die Falschen!: Stellungnahme zum Entwurf eines "Gesetzes zur Stärkung der Integrität in der Wirtschaft" aus gesellschaftsrechtlicher Sicht», Zeitschrift für Wirtschaftsrecht. (forthcoming)
	Redenius-Hövermann, J., 2020, Rechtsschutzmöglichkeiten bei Umwandlungsvorgängen, in: Umwandlungsrecht, 2. Aufl., Tübingen: Mohr Siebeck.
	Siemens, P., Redenius-Hövermann, J., 2020. Die Entlastung in der Aktiengesellschaft: Reformgedanken zur Entlastung als wirksames Mittel der Einflussnahme durch Aktionäre, Aufsichtsrat (4) S. 52-54.
	Sohl, T., Vroom, G., Fitza, M., 2020. How much does business model matter for firm performance?: a variance decomposition analysis, Academy of Management Discoveries. (forthcoming)
	Welch, X., Pavicevic, S., Keil, T., Lamaanen, T., 2020. The pre-deal phase of mergers and acquisitions: a review and research agenda, Journal of Management 46 (6), 843-878.
	Zook, M. and Grote, M., 2020. Initial Coin Offerings: Linking Technology and Financialization, Environment and Planning A, forthcoming

2019

2019	Gleich, R., Tobias, S., 2019. Controlling von Start-Ups & Start-Up-Initiativen: Leitfaden für Manager und Controller für den richtigen Umgang mit jungen Unternehmen, Freiburg et al.: Haufe-Lexware.
	Gleich, R., Tobias, S., Losbichler, H., Gänßlen, S., 2020. Management der aktuellen Krise: Sonderquarterly Ideenwerkstatt des Internationalen Controller-Vereins, Wörthsee: ICV.
	Grote, M., Ebert, S., Laudenbach, S.. „Zum Rätsel der Aktienmarktteilnahme in Deutschland“, Report for Deutsche Börse AG, 2019
	Horváth, P., Gleich, R., Seiter, M., 2020. Controlling, 14., komplett überarb. Aufl., München: Vahlen.
	Pavicevic, S., Haleblian, JM, Keil, T., 2019. The Target-Side Acquisition Process: Active Boards and Value-Enhancing Negotiation Decisions, Academy of Management Proceedings (1), 10394
	Redenius-Hövermann, J., Denecke, F., 2019. Arbeitnehmervertreter im Aufsichtsrat einer GmbH: Status und Rechtsfolgen, Aufsichtsrat Jg. 16(6), S. 88-90.
	Redenius-Hövermann, J., 2019. Beratungsverträge mit Aufsichtsratsmitgliedern, Aufsichtsrat (10) S. 144-146.
	Redenius-Hövermann, J., Denecke, F., 2019. Bildung eines paritätisch besetzten Aufsichtsrats in der GmbH, Aufsichtsrat Jg. 16(4), S. 56-57.
	Redenius-Hövermann, J., 2019, Unternehmensrecht bei M&A-Transaktionen: Strategie, Recht, Steuern, in: Christoph Schalast, Lutz R. Raettig (Hrsg.): Grundlagen des M&A-Geschäftes, 2. Aufl., Frankfurt am Main: Frankfurt School-Verl., S. 321-382.
	Schalast, C., 2019. Die Bayer-Monsanto-Lehre: Greife niemals in ein fallendes Messer, M & A Review Jg. 30(6), S. 4.
	Schalast, C., 2019. Kabel-Wiedervereinigung: Vodafone schluckt Unitymedia, M & A Review Jg. 30(9), S. 6.
	Schalast, C., 2019. Staatsanleihenankauf der EZB zwischen EuGH und BVerfG - Ultra Vires II, Recht der Finanzinstrumente (1) S. 27-32.
	Schalast, C., Musil, A., 2019, Due Diligence, in: Grundlagen des M&A-Geschäftes - Strategie - Recht - Steuern, Frankfurt am Main: Frankfurt School-Verl., S. 107-136.
	Schalast, C., 2019, M&A Markt und M&A Studium, in: Grundlagen des M&A-Geschäftes - Strategie - Recht - Steuern, 2. Aufl., Frankfurt am Main: Frankfurt School-Verl., S. 1-16.
	Schalast, C., Wedell, G., 2019, Private Equity, in: Grundlagen des M&A-Geschäftes - Strategie - Recht - Steuern, Frankfurt am Main: Frankfurt School-Verl., S. 171-206.
	Vedula, S. and Fitza, M., 2019. Regional Recipes: A Configurational Analysis of the Regional Entrepreneurial Ecosystem for U.S. Venture Capital Backed Start ups. Strategy Science, 4(1).
	Walter, A., 2019. Bitcoin, Libra und sonstige Kryptowährungen aus zivilrechtlicher Sicht, in: Neue Juristische Wochenschrift (NJW), 2019, S. 3609.