Education Series

PE Due Diligence: Intangible Asset Assessment

10 lessons covering intangible asset identification, valuation, and risk assessment for private equity transactions. Follow Horizon Healthcare — an £80M healthtech platform — through a complete PE due diligence.

The Due Diligence Journey

From understanding why intangible assets matter in PE to assessing regulatory risk and protecting value post-acquisition. Each lesson builds on the last, with practical scenarios using Horizon Healthcare as your worked example.

Attribute Detail
CompanyHorizon Healthcare Ltd
Acquisition Price£80M
SectorHealthtech (diagnostic platform)
Revenue£24M ARR
IP Portfolio4 patents, 8 trademarks, proprietary ML algorithms
Data Assets2M patient records, 5 years of outcome data
RegulatoryMHRA Class IIa medical device classification
ScenarioPE fund acquisition with £25M goodwill
Interactive

DD Risk Radar

Explore the six intangible risk categories in a PE due diligence. Watch how Horizon Healthcare's risk profile evolves as the DD progresses.

DD phase: Initial Screening
Overall risk level: Unknown

Your Lessons

10 lessons. Scroll to explore, or jump to the topic that matters most to you.

Intangible Assets in PE Due Diligence
1
Foundations

Intangible Assets in PE Due Diligence

Why intangible assets are the most overlooked risk in private equity transactions. How to frame an intangible-first due diligence approach and avoid the hidden value traps.

Intangible gap, PE deal cycle, due diligence framework, value drivers Start Lesson
The Intangible Asset Diligence Checklist
2
Frameworks

The Intangible Asset Diligence Checklist

A structured checklist for evaluating intangible assets across all six CHS categories. How to prioritise, score, and flag risks before committing capital.

DD checklist, CHS categories, IFRS 3 classes, risk matrix Start Lesson
Assessing Intellectual Property in PE Due Diligence
3
Asset Assessment

Assessing Intellectual Property in PE Due Diligence

How to conduct an IP audit during PE due diligence. Covers patent strength, ownership chains, licensing risks, freedom-to-operate analysis, and IP valuation methodologies.

Patent portfolios, IP ownership, freedom-to-operate, IP valuation Start Lesson
Evaluating Talent and Retention Risk
4
Asset Assessment

Evaluating Talent and Retention Risk

How to identify, quantify, and mitigate human capital risks in PE acquisitions. Covers key person dependencies, retention mechanisms, cultural due diligence, and workforce valuation.

Key person risk, retention strategies, organisational capital, assembled workforce Start Lesson
Valuing Customer Relationships and Revenue Concentration
5
Asset Assessment

Valuing Customer Relationships and Revenue Concentration

How to assess customer relationship quality and revenue durability during PE due diligence. Covers concentration risk, lifetime value analysis, MPEEM valuation, and churn drivers.

Customer concentration, CLV, MPEEM, churn analysis, revenue quality Start Lesson
Technology and Product Quality Assessment
6
Asset Assessment

Technology and Product Quality Assessment

How to evaluate technology assets and platform quality in PE due diligence. Covers technical debt, code ownership, architecture scalability, data asset value, and build-versus-buy analysis.

Technical debt, code quality, architecture review, data assets, platform scalability Start Lesson
Goodwill Impairment Risk Analysis
7
Risk & Compliance

Goodwill Impairment Risk Analysis

How goodwill impairment risk affects PE returns. Covers IAS 36 testing, CGU allocation, impairment triggers, sensitivity analysis, and strategies to protect against post-acquisition write-downs.

Goodwill impairment, IAS 36, CGU testing, PE exit multiples, write-down triggers Start Lesson
Regulatory and Compliance Intangible Liabilities
8
Risk & Compliance

Regulatory and Compliance Intangible Liabilities

How to identify and quantify regulatory and compliance intangible liabilities during PE due diligence. Covers licence dependencies, data protection obligations, sector-specific approvals, and contingent liabilities.

Regulatory approvals, data protection, compliance risk, GDPR, licence dependencies Start Lesson
Post-Deal Integration: Protecting Intangible Assets
9
Post-Deal

Post-Deal Integration: Protecting Intangible Assets

How to protect intangible asset value during post-acquisition integration. Covers the first 100 days, talent retention strategies, brand continuity, customer relationship handovers, and intangible asset monitoring frameworks.

Integration planning, talent retention, brand protection, intangible KPIs, 100-day plan Start Lesson
Real-World PE Due Diligence Case Studies
10
Post-Deal

Real-World PE Due Diligence Case Studies

Real-world case studies applying intangible asset due diligence frameworks. Covers revenue concentration risk, retention rate manipulation, investment committee scorecards, and building a dedicated intangible asset workstream across the deal lifecycle.

Case studies, revenue concentration, retention manipulation, scorecard frameworks, intangible workstreams Start Lesson
Scroll to see all 10 lessons →
The Learning Path

From Screening to Completion

Each lesson mirrors a stage in the PE due diligence process — starting with the investment thesis, through asset-level deep-dives, to risk analysis and regulatory compliance.

Foundations

Why intangible DD matters and the structured checklist approach

Lessons 1-2
Asset Assessment

Deep-dive into IP, talent, customers, and technology

Lessons 3-6
Risk & Compliance

Goodwill impairment risk and regulatory intangible liabilities

Lessons 7-8
Post-Deal

Integration planning and real-world case studies

Lessons 9-10
Your Progress

DD IQ

Complete the quiz at the end of each lesson to track your DD IQ. Score 0/40

Lesson 1
Foundations
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Lesson 2
Checklist
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Lesson 3
IP Audit
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Lesson 4
Talent Risk
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Lesson 5
Customer DD
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Lesson 6
Tech DD
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Lesson 7
Goodwill Risk
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Lesson 8
Regulatory DD
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Lesson 9
Integration
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Lesson 10
Case Studies
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