ICADE Architectural Line Trace

Bridging top
academic talent
with Private Markets.

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Who We Are & What We Do

Dedicated to helping university students explore, learn, and build careers in private markets.

01

Industry Events & Office Visits

Direct access and keynote discussions with senior investment leaders from top PE and VC firms, combined with closed-door corporate headquarters sessions.

02

Hands-on Deal Experience

The Deal Analyst Program: small cohorts conducting end-to-end buyout and venture transaction analysis, financial modeling, and investment committee defense.

03

Public Financial Education

Open courses including Private Markets 101 (10 sessions, 180+ slides) and VC 201: The Deal Room, technical study guides, and free learning resources.

04

Networking & Career Access

Connecting ambitious students across engineering and business with motivated peers, alumni in high finance, and recruitment pipelines via partner platforms.

Impact & Community

Our journey began in 2024. And we are just getting started.

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Community Members

Passionate engineering and business students across ICAI and ICADE.

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Trained Analysts

Formed across 4 completed cohorts of the Deal Analyst Program.

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Deals Analyzed

Real-world buyout, venture, and growth transaction case studies.

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Collaborating Firms

Leading global PE, VC, and asset management partner institutions.

Industry Network & Collaborations
Cinven • Alantra • Crescenta • AltamarCAM • Seaya Ventures • MCH Private Equity • Forged Finance • Hult International • Kibo Ventures • Mundi Ventures • Cinven • Alantra • Crescenta • AltamarCAM • Seaya Ventures • MCH Private Equity • Forged Finance • Hult International • Kibo Ventures • Mundi Ventures •

Deal Analyst Program:
Hands-on Dealmaking.

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Analyze. Model. Pitch. In Teams.

How the 1–2 Week Sprint Projects work.

1

New Batches Every 1–2 Weeks

New projects are released across multiple topics. You sign up for what interests you most and can pause during exam periods. Complete flexibility to learn at your own pace.

2

Small Teams, Guided by Mentors

Work in agile cohorts of 4–5 analysts with direct guidance from a mentor who will help in every step. Work with teammates and learn together.

3

Deliverable & Next Rotation

Submit a report, investment memo or financial model with your team, receive feedback, and pick your next project when the upcoming batch launches.

Project topics & coverage.

Transaction & Deal Analysis

End-to-end analysis of landmark buyouts, growth equity rounds, and venture investments.

PE Firms & Fund Economics

How top GPs operate: investment theses, management fees, carried interest, and portfolio governance.

Valuation & LBO Modeling

Financial modeling in Excel from scratch: DCF valuation, trading comps, debt waterfalls, and returns sensitivity.

Interview & Technical Preparation

Paper LBOs, financial modeling tests, and case-study drills designed to clear recruitment rounds in high finance.

Thematic Focus Groups

Specialized research tracks in emerging verticals: Asset Tokenization, Private Credit, Energy, and Infrastructure.

Application Process

How to apply as an Analyst.

No prior finance background is required. We evaluate intellectual curiosity, motivation, and the willingness to learn in team environments.

01

Select a Deal

Pick any real PE or VC transaction (historical or recent) that genuinely sparks your interest.

02

Analyze the Core

Research the macro context, key players, transaction rationale, and strategic value creation. It is essential that you thoroughly understand the business and deal mechanics.

03

Complete the Report

Follow the provided template below. No need to maintain aesthetics, just follow the structure. Include a short motivation note: Why do you want to join the club? (Don't use AI for this one!)

04

Submit Application

Upload your report via the form below before Friday Sept 18th 11:59pm. if you have any doubts.

Fall 2026/27 Intake

Ready to apply for the Q1 2026/27 Cohort?

Applications open on Wednesday, September 9th, 2026 · Deadline: Friday, September 18th at 23:59h.

Download Template
Applications Open Sept 9th, 2026

Resources & Curriculum.

Academic Curriculum

Our Courses

Private Markets 101

The complete foundational program covering the alternative asset ecosystem: Private Equity, Venture Capital, Private Credit, Real Estate and Infrastructure Investing.

Venture Capital 201: The Deal Room

Deep immersion into early-stage and growth tech investing: cap tables, SAFE / convertible notes, term sheet negotiations, liquidation preferences, and Investment Committee defense memos.

Coming Fall 2026
Institutional Intelligence

Research & Reports

Analyst Insights & Deal Briefs

Deal analyses and reports prepared by our analysts, offering insights into real-world transactions and market trends.

Industry & Sector Reports

Access top-tier reports from Bain, McKinsey, BCG, and more, covering key insights and performance benchmarks to understand private markets.

Specialized External Reports

Playbooks, due diligence templates, and additional learning materials from leading industry sources, expanding your professional toolkit.

Interactive Toolkits

Proprietary Tools & Simulators

Purple Institute: CAIA Study App

Proprietary active-recall study platform and question bank tailored to alternative investment foundations and CAIA exam preparation.

Launch App

Debt Structure Simulator

Interactive financial modeling tool to simulate senior, mezzanine, and PIK tranches, debt covenants, and cash sweep waterfalls in LBO transactions.

Launch Simulator

Private Markets 101

The structured syllabus covering PE, VC, Private Credit, Real Estate & Infrastructure. Download each module below.

Curriculum Breakdown & Slide Decks

0.1

Course Introduction

How to use this course: objectives, structure, progress tracking, and recommended study flow.

Download Module
01

Private Markets

Overview of private markets: asset classes, capital formation, risk/return, and the role in diversified portfolios.

Download Module
2.1

Private Equity

PE landscape and value creation: sourcing, underwriting, operational levers, and exit pathways.

Download Module
2.2

Fund Structure & Investment Lifecycle

GP-LP structure, fees & carry, governance, cash flows, and the end-to-end investment lifecycle.

Download Module
2.3

PE Strategies

Buyout, growth, turnaround, secondaries & co-investments. Targets, value creation and key risks.

Download Module
2.4

Understanding Legal

Core legal docs and concepts: LPA, SHA/SPA, governance provisions, reps & warranties, closing mechanics.

Download Module
2.5

Sustainability in PE

ESG integration in diligence and ownership, regulatory drivers, reporting frameworks, and value creation.

Download Module
2.6

LBO Model

LBO fundamentals: capital structure, sources & uses, value drivers, MOIC/IRR and a starter modeling workflow.

Download Module
03

Venture Capital

VC economics and process: stages, term sheets, cap tables & dilution, portfolio construction, exits.

Download Module
04

Private Credit

Instrument types (senior, unitranche, mezz), covenants, underwriting, risk management, and return profile.

Download Module
05

Infrastructure & Real Estate

Real asset fundamentals, core vs core-plus infrastructure, project finance basics, revenue models, risk allocation.

Download Module

Analyst Insights & Deal Briefs

Deal analyses and reports prepared by our analysts, offering insights into real-world transactions and market trends.

Idealista Comillas PE&VC Coverage

Analysis of the secondary buyouts of Idealista and its private equity journey, evaluating valuation multiples, debt financing, and sponsor returns.

Download Report (PDF)

Premier Padel & Sports PE

Strategic breakdown on private equity capital entering professional sports leagues, media rights monetization, and global franchise consolidation.

Download Report (PDF)

Spotify Journey Report

End-to-end journey from early venture funding rounds to growth equity staging and its landmark direct listing on the NYSE.

Download Report (PDF)

Industry & Sector Reports

Access top-tier reports from Bain, McKinsey, BCG, and more, covering key insights and performance benchmarks to understand private markets.

2026 Reports

Bain & Company · 2026

Global PE Report 2026

Flagship global buyout, fund returns, and exit trends.

Download Report (PDF)
McKinsey & Co · 2026

Global Private Markets 2026

AUM growth, dry powder, and macroeconomic asset allocation.

Download Report (PDF)

2025 Reports

Bain & Company · 2025

Global PE Report 2025

Valuations, exit environment, and LP liquidity dynamics.

Download Report (PDF)
McKinsey & Co · 2025

Global Private Markets 2025

Capital raising, infrastructure investments, and GP strategies.

Download Report (PDF)
PwC · 2025

Global PE & M&A 2025

Dealmaking velocity, corporate carve-outs, and regulatory outlook.

Download Report (PDF)

Other Reports

Bain & Co · Sector

PE Healthcare Report

Healthcare provider consolidation and medtech.

Download PDF
McKinsey · Tech

Tech Investments

SaaS unit economics and software buyouts.

Download PDF
BCG · Alternative Debt

Private Credit

Non-bank lending and unitranche facilities.

Download PDF
CB Insights · Venture

State of Venture 2024

Global tech funding and unicorn valuations.

Download PDF

Specialized External Reports

Playbooks, due diligence templates, and additional learning materials from leading industry sources, expanding your professional toolkit.

Private Equity

McKinsey & Company

Maximizing Value in Private Equity Portfolios

Value creation strategies, operational improvement playbooks, EBITDA growth levers, and portfolio governance frameworks.

Download PDF
Industry Primer

Private Equity 101 Primer

Core buyout mechanics, fund structure, GP/LP dynamics, debt tranches, and investment underwriting foundations.

Download PDF
PRI & PwC

ESG & Responsible Investing in Private Equity

Integrating environmental, social, and governance factors into deal screening, commercial due diligence, and ownership.

Download PDF
Invest Europe

Growth Capital & Early-Stage PE Frameworks

Structuring growth capital investments, minority protections, scaling operational platforms, and liquidity rights.

Download PDF

Venture Capital

HSBC Innovation Banking

Venture Capital Term Sheet Guide

Clause-by-clause breakdown of standard VC term sheets: liquidation preferences, anti-dilution, and founder vesting.

Download PDF
NVCA Legal Guidelines

Comprehensive VC Term Sheet Primer & Mechanics

Detailed legal terms, governance rights, protective provisions, board representation, and drag-along covenants.

Download PDF
IVP

The Big Book of Venture Capital

Complete industry handbook on venture capital fund economics, sourcing, deal evaluation, and portfolio construction.

Download PDF
Harvard Business Review

How Venture Capital Works

The inner workings of VC partnerships, risk profile, power-law return distributions, and staging rounds.

Download PDF
European Super Angels

Startup Valuation Methodologies

Practical early-stage valuation frameworks: Scorecard method, Berkus method, and Risk Factor summation.

Download PDF
KPMG Corporate Finance

Startup Valuation & Multiples Analysis

DCF modifications for startups, comparable VC round transaction multiples, and VC method calculations.

Download PDF
CFA Institute

Valuing Pre-Revenue Companies & Early Tech

Advanced valuation methodologies for pre-revenue tech startups, milestone-based pricing, and option pricing models.

Download PDF
Bain & Company

Corporate Venture Capital (CVC) Playbook

Strategic vs financial returns in CVC, parent corporation synergies, and corporate investment structures.

Download PDF
Startup Genome

Venture Capital: The Beginner’s Guide

Foundational guide to startup funding stages from pre-seed angel syndicates to Series A/B rounds.

Download PDF
Sequoia Capital Frameworks

Raising Capital & Pitch Deck Architecture

Frameworks for crafting investor materials, dataroom preparation, narrative architecture, and fundraising timelines.

Download PDF
Oxford Saïd Business School

Capital Sources for Tech Entrepreneurs

Comparative analysis of SAFEs, convertible debt, venture debt, revenue-based financing, and priced equity.

Download PDF
Stanford University GSB

VC Syndicate Networks & Investment Performance

Empirical research on how syndication networks, GP co-investing, and deal sharing affect venture returns.

Download PDF

Get in Touch.

Contact us for partnerships, events, opportunities or just to chat!

Email

comillaspevcclub@comillas.edu

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Comillas PE&VC Club · Institutional network

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Instagram

@comillaspevcclub

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C/ de Alberto Aguilera, 23, Chamberí, 28015 Madrid, Spain

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Legal Notice & Disclaimers.

Comillas Private Equity & Venture Capital Club · Academic Year 2026/27

Independence Disclaimer

This club and all materials on this website have been developed as an independent educational initiative led by students. While developed within the academic environment of Universidad Pontificia Comillas, Madrid, the institution has not participated in the design, supervision or validation of the content. Responsibility of all materials lies solely with the student creators.

Educational Use Only

All materials on this website have been developed using publicly available resources and institutional presentations for academic use. All content is used with educational intent and without commercial purposes. By using any material for educational purposes, Comillas Private Equity and Venture Capital Club does not by any means authorize the use of the content for any commercial purpose.

Financial Disclaimer

Any material on this website is intended for educational purposes only. The information contained should not be construed as financial, legal or investment advice. No part of this content constitutes a recommendation to buy, sell, or hold any financial instrument or strategy. The creators disclaim responsibility for any decisions made by users based on website content.