Private equity and private credit markets have grown into one of the largest segments of the financial system, with more than $10 trillion in assets under management globally. An increasing number of companies are choosing to remain private, growing through privately arranged equity and debt financing. At the same time, regulators and asset managers are debating whether to broaden access to private markets for retail investors, raising important questions about liquidity, transparency, investor protection, and the democratization of returns that have historically been available only to large institutional investors and high-net-worth-individuals. The objective of this course is to provide students with a broad understanding of private markets. The course exposes students to the opportunities and challenges of this industry, and it equips them with the institutional knowledge, valuation methods, and data analysis skills needed to operate in private markets. Students will also be introduced to new analytical tools, including artificial intelligence, for deal sourcing and valuation. The course is built around an individual project. During the quarter, each student develops an original investment thesis, identifies a sector niche, screens real targets, and builds a deal pipeline, mirroring the process that defines how specialized PE funds invest. Ideally, students emerge from the class with a broad institutional knowledge of the industry, a training in valuation frameworks, an exposure to how AI can improve their workflow, and a first experience in designing an investment thesis.