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The new edition of the definitive guide for venture capital practitioners—covers the entire process of venture firm formation & management, fund-raising, portfolio construction, value creation, and exit strategies
Since its initial publication, The Business of Venture Capital has been hailed as the definitive, most comprehensive book on the subject. Now in its third edition, this market-leading text explains the multiple facets of the business of venture capital, from raising venture funds, to structuring investments, to generating consistent returns, to evaluating exit strategies. Author and VC Mahendra Ramsinghani who has invested in startups and venture funds for over a decade, offers best practices from experts on the front lines of this business.
This fully-updated edition includes fresh perspectives on the Softbank effect, career paths for young professionals, case studies and cultural disasters, investment models, epic failures, and more. Readers are guided through each stage of the VC process, supported by a companion website containing tools such as the LP-GP Fund Due Diligence Checklist, the Investment Due Diligence Checklist, an Investment Summary format, and links to white papers and other industry guidelines. Designed for experienced practitioners, angels, devils, and novices alike, this valuable resource:
Identifies the key attributes of a VC professional and the arc of an investor's career
Covers the art of raising a venture fund, identifying anchor investors, fund due diligence, negotiating fund investment terms with limited partners, and more
Examines the distinct aspects of portfolio construction and value creation
Balances technical analyses and real-world insights
Features interviews, personal stories, anecdotes, and wisdom from leading venture capitalists
The Business of Venture Capital, Third Edition is a must-read book for anyone seeking to raise a venture fund or pursue a career in venture capital, as well as practicing venture capitalists, angel investors or devils alike, limited partners, attorneys, start-up entrepreneurs, and MBA students.
Contents
Foreword xiii
Preface xv
Acknowledgments xxvii
Part One The Making of a VC
1 The Business of Cash and Carry 3
2 Why Choose a Career in VC 11
3 Attributes of Successful VCs 15
4 Welcome to the Land of Ad-Venture 21
5 Developing Your Investment Career 41
6 A Business Where Enemies Accumulate 57
7 Generational Transfer and Succession 63
Part Two Raising Your Venture Fund
8 LP Universe 73
9 LPs of Choice: Fund of Funds 89
10 How LPs Conduct Fund Due Diligence 95
11 Defining Your Fund's Investment Strategy 99
12 Investment Team Diligence 119
13 Fund Size and Portfolio Construction 129
14 Performance Analysis 137
15 Terms of Fund Investment 155
16 The Venture Firm's Ethos, Culture, and Values 173
17 Raising Your First Fund 193
18 The Fundraising Roadshow 205
19 Why LPs Seek First-Time Funds 221
20 Sourcing Investment Opportunities 229
Part Three Building Your Portfolio
21 Due Diligence Cheat Sheet 255
22 Diligence 259
23 Management Team Diligence: Assessing the Intangible 269
24 Market, Product, and Business Model Analysis 293
25 Terms and Conditions Apply 303
26 Structure of the Term Sheet 309
27 Buy Low, Sell High 317
28 The Closing Process 353
Part Four The Art of Value Creation
29 Serving on Boards 357
30 Board Culture and Orientation 367
31 Let Me Know How I Can Be Helpful: Value Creation 377
32 Challenges in the Boardroom 391
Part Five Exits: Liquidity Events and Champagne
33 Exit Strategies 407
34 Acquisitions 417
35 Initial Public Offering 435
36 Secondary Sales 449
Notes 451
Index 485
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