The Business of Venture Capital : Insights from Leading Practitioners on the Art of Raising a Fund, Deal Structuring, Value Creation, and Exit Strateg

The Business of Venture Capital : Insights from Leading Practitioners on the Art of Raising a Fund, Deal Structuring, Value Creation, and Exit Strateg

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  • 製本 Hardcover:ハードカバー版/ページ数 392 p.
  • 言語 ENG
  • 商品コード 9780470874448
  • DDC分類 332.04154068

Table of Contents

Foreword                                           xiii
Preface xvii
Acknowledgments xxix
PART ONE Raising the Venture Fund 1 (152)
Chapter 1 The Universe of Limited Partners 5 (28)
An Overview of Alternative Assets 6 (4)
Sources of Capital 10 (19)
Comparison of Limited Partnerships 29 (1)
Summary 29 (4)
Chapter 2 Fund Due Diligence 33 (55)
Sourcing and First Screens 34 (2)
Fund Due Diligence: How LPs Evaluate 36 (3)
Venture Firms
Evaluating the Fund Managers 39 (14)
Emerging Managers: A Promise of the Future 53 (8)
The Quest for the Elusive Top Quartile 61 (6)
Managers
Fund Investment Strategy 67 (10)
Market Timing 77 (3)
Fund Size and Portfolio Construction 80 (5)
vis-a-vis Fund Strategy
Fit within the LP's Current Portfolio 85 (2)
Why LPs Terminate Existing Relationships 87 (1)
Summary 87 (1)
Chapter 3 Terms of Investment: The Limited 88 (25)
Partnership Agreement
Sample Terms in a Fund's PPM 90 (15)
Other LP-GP Terms 105 (5)
What Matters Most 110 (3)
Summary 110 (3)
Chapter 4 Fund Structure, Governance, and 113 (22)
Operations
Key Constituents of the GP Team 114 (11)
Finding Suitable Partners 125 (1)
Fund Governance and Economics 126 (1)
Governance of Management Services GP LLC 127 (7)
Summary 134 (1)
Chapter 5 Getting to the First Close 135 (18)
Build Your Target List of Investors 137 (4)
Fund Marketing Materials 141 (1)
Presentation Slides 142 (2)
Making the Presentation Pitch: Drink Your 144 (1)
Own Kool-Aid
Attracting the Lead Investor: Your "Nut" 144 (2)
Communicate, Create, and Maintain Momentum 146 (1)
Offering Sweeteners to Attract LPs: A 147 (1)
Double-Edged Sword
The Role of Placement Agents in 147 (4)
Fund-Raising
Caveat Emptor 151 (1)
Summary 152 (1)
PART TWO The Investment Process 153 (192)
Chapter 6 The Art of Sourcing Investment 155 (22)
Opportunities
The Best Source: The Network 157 (3)
The Fountainheads of Academia and Research 160 (1)
Corporate Research 161 (2)
Venture Events and Trade Conferences 163 (2)
Venture Farming 165 (2)
Angels and Pledge Funds 167 (4)
Business Plan Competitions 171 (1)
Cold Calling 172 (1)
You Win Some, You Miss Some 172 (2)
Summary 174 (3)
Chapter 7 The Art of Conducting Due 177 (31)
Diligence
What Is Important: Jockey, Horse, or 178 (1)
Markets?
Attributes of the Jockey 179 (4)
Serial Entrepreneurs versus First-Time 183 (1)
Entrepreneurs
What about Charisma? 184 (1)
Management Team Due Diligence: How to 185 (7)
Assess the Jockey
The Importance of Conducting Background 192 (2)
Investigations
Assessing the Market 194 (5)
Evaluating the Idea or Product 199 (2)
Reviewing the Business Model 201 (1)
Considering the Financial Projections 202 (1)
Weighing the Importance of Business Plans 203 (1)
The Due Diligence Checklist 203 (3)
Summary 206 (2)
Chapter 8 The Basics of Corporations, 208 (11)
Ownership, and Control
Authorized Shares and Issued Shares 211 (6)
Shareholder Rights 217 (1)
Role of the Board 217 (1)
Summary 218 (1)
Chapter 9 Valuation Methods and Other 219 (10)
Voodoo Arts
The Drivers of Valuation 220 (1)
The Simplified Form of the VC Method of 221 (3)
Valuation
Comparable Valuations of Similar 224 (2)
Investments (Comps)
Discounted Cash Flow Method 226 (2)
Summary 228 (1)
Chapter 10 Structuring Investment 229 (26)
Transactions
The Spirit of the Term Sheet 229 (1)
Negotiation Stress Points 230 (8)
Milestone-Based Financing: Risk 238 (1)
Mitigation or Distraction
Structuring Terms to Generate Target 239 (7)
Returns
Governance and Control: Protecting Your 246 (1)
Securities
Exit-Related Provisions 247 (1)
Other Terms 248 (2)
Toward a Simpler Term Sheet for Smaller 250 (1)
Investments
Syndicating Investments 251 (1)
The Closing Process: After the Term Sheet 252 (1)
Summary 253 (2)
Chapter 11 Behind Every Successful CEO 255 (26)
Stand a Few Good Board VCs
The Need for Director Education 256 (1)
Roles and Responsibilities of a Board 257 (4)
Member
Board Composition and Orientation 261 (2)
Board Practices 263 (2)
Get That Gavel: Overview of Robert's 265 (3)
Rules of Order
Value Creation: How to Support Your 268 (1)
Portfolio Company's CEO
The CEO's Perspective on Venture 269 (6)
Capitalist Value Add
Setting the Tone through Board Culture 275 (9)
Improving the Board Game 284 (5)
Summary 289 (2)
Chapter 12 Exit Strategies 291 (1)
Preconditions for an Exit 292 (5)
Acquisitions: The Primary Path to an Exit 297 (5)
The Sell Process 302 (5)
When an Acquirer Comes Knocking 307 (1)
The Buy-Side Acquisition Process 307 (3)
Deal Killers 310 (1)
Acquisition Case Study: Mint.com 310 (3)
Generates 5x Cash-on-Cash Return in Two
Years
Initial Public Offering 313 (11)
Private Exchanges: Necessity Drives 324 (3)
Liquidity Solutions
Summary 327 (2)
Chapter 13 Summing Up 329 (16)
Aptitudes and Attitudes of Successful 330 (8)
Practitioners
Drawbacks 338 (1)
What about Luck? 339 (1)
Key Takeaways for Practitioners 340 (4)
As You Go Forward 344 (1)
About the Companion Web Site 345 (2)
Notes 347 (28)
Suggested Reading 375 (4)
About the Author 379 (2)
Index 381