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1、ABeginnersGuidetoVentureCapitalTheNutsandBoltsofBusinessPlansMITCourse15.975entrepreneurship.mitedu15975JoeHadzimaHTS8.MLS.nWensgensntarardtanSeniorLecturerMISloanSchoolManagingDieclorMainSteetPatnersLLCjhGaumumiedu1ABeginnersGuidetoVentureCapital*WhereDoesVentureCapitalMoneyComeFrom?“HowareVentureC
2、apitalFundsOrganized?HowdoVentureCapitalistsmakemoneyPersonally?TheWobandqlsofbushesstns-WMTCoune5875JosdimsABeginnersGuidetoVentureCapital*WhereDoesVentureCapitalMoneyComeFrom,ProfessionalVentureCapitalFirmsraisemoneyfromInsuranceCompanies,EducationalEndowments,PensionFundsandWealthyIndividuals:,Th
3、eseorganizationshaveaninvestmentportfoliowhichtheyallocatetovariousassetclassessuchaSstocks(equities,bonds,realestateel0.,Oneoftheassetsclassesiscalled“AlternativeInvestments“-venturecapitalissuchaninvestment,Perhaps5%to10%oftheportfoliomightbeallocatedtoAlternativeInvestments,Theportfolioownersseek
4、toobtainhighreturnsfromthesemoreriskyAlternativeInvestments.TheWobandqlsofbushesstns-WMTCoune5875Josldima3ABeginnersGuidetoVentureCapital*HowareVentureCapitalFundsOrganized?,MostVentureCapitalFundsareLimitedPartnerships:TheseareheWertureCaplalstsyouwildaalGeneralPartnerswih,TheymayhavebeenEntepreneu
5、rsinapfiorlfeortheymightbefnanckltypesTheCenelPatneruseanoferngVentureCapitalWenonndumtoniseatundofagvenstefromtheinitedPatietciyconvincingthemhatiheFundGPeiaveaunialestategyorexperiseina一一一广PaticulrseclororsectorsofthemartetFundIrisingcantakeayearormosLimitedPartnersIftheCPsarsuccessfultheyWilconin
6、ceenoughLiniedPannerstoinvestenoughPensionFundsEducationalEndowmentsmoneytoachiewethestefundofledtFoundationsInsuranceCompanies,Wealthy|MhenthishappenstheelsafisteloserafIndividualsITheWobandqlsofbushesstns-WTCoune15g75E4ABeginnersGuidetoVentureCapital*WhatDoVentureCapitalistsDo?“SourceDeals“TheGPsh
7、aveto“source“deals.Le.findinvestmentopportuniies.,Thisisdoneinavarietyofways-referralsffomtrustedsources(otherfunds,entrepreneurstheyhaveinvestedinbefore,lawyers,accountantsetcJ*MakeInvestmentDecisions“FronitheopportuniiesijentifiedtheGPspickia6nsstheythinkwillbethe“winaetsTieyiightlook吴500100opport
8、uniiesforeachonetheyinvestinTheWobandqlsofbushessetns-WMTCoune5875JosldimsABeginnersGuidetoVentureCapital。WhatDoVentureCapitalistsDo?*ManageTheInvestment,TheGPWCshaveafiduciarydutytotheLPsto“manage“theinvestment.ThismeanstheyusuallysitontheBoardofDirectors,GiventhistimecommitmentaVCmightonlybeableto
9、handie6to10portfolioinvestmentcompaniesatatime:*HarvestTheInyestiment“youwilsse许theiolowingslidesihsSPJVCswiacnlyiftheycangettheirmoneyoutoftheinvestmenttharvesttheinvestment,ThisusualytakestheformofanacquisitionoftheportfoliocompanyortakingtheportfoliocompanypublicinanInitialPublicOffering(IPOj,Not
10、e:eventhemostsuccessfulfundsrarelyhaveeven113oftheirportfolioinvestmentsbecomesuccessful-ieevenwithcarefulvetting20utof3investmentsarenotwins.TheWobanddlsofbushesstns-WMCoune5875JosldimaABeginnersGuidetoVentureCapital*EconomicsoftheVentureCapitalFund-CAPITAL*CapitalCommitments。TheLimitedPartnersdono
11、tactuallyinvestmoneyintheFundattheclosing.Theylegallycommittoprovideacertainamountofcapitalwhentheyarecalledupon,ThisiscalledaLimitedPartnersCapitalCommitment,CapitalCalls“WhenheGnaralPartnersifdwhal朱ey作iak认3506investmertopportuitytheymiakea4CaptalCalo8thetinitedFarthers,Example:aFundhas$500Mofcapit
12、alandtheGPNCswhattomakeaninvestmentof$10MALimitedPartnerwithaCapitalCommitmentof$50MwilberequiredtosendStMtotheGeneralPartners;50M/500M=10%times10M=$1MTheWobandqlsofbushesetns-WMCoune5875JosldimaABeginnersGuidetoVentureCapital*EconomicsoftheVentureCapitalFund-VCCompensation“ManagementFees“TheGeneral
13、PartnersreceiveanannualManagementFee,whichisusually3percentageoftheCapitalCommitmentstotheFund.,Atypicalfeeis2.5%,Ona400Mfundthis$10Mperyear:“TheManagementFeeisusedbytheGeneralPartnerstoruntheFundbusiness-e5.iPaysth8salaricsiftheCeneralPafthers,theAssociates,theSupportStaiandtheiosrent*NumberofGener
14、alPartners,ThenumberofGPNCsinaFundisafunctionofthesizeoftheFundandthesizeofinvestmetstheFundmakes,Forexample$500MFundmighthave5GPWNCs,eachinvesting100MoftheFundsCapitalTheWobandqlsofbushesstns-WMTCoune5875Josldima3ABeginnersGuidetoVentureCapital。EconomicsoftheVentureCapitalFund-VCCompensation,Splitt
15、ingtheReturns“TheGPWCsmakeinvestmentsandtheyhopefultyharvestsomeofthose.,ThereturmsfromtheinvestmentarespltbetweentheLimitedPartnersandtheGeneralPartners,Atypicalarrangementisa5follows:,TheLimitedPartnersreceve99%ofallthereturmsandtheGPNCsfecsiye%cfalleturfisatiltheLimftedPartnerseceveback100%ofthsi
16、rCapiial(plus记Somecasesinterssin力itCapital|,Thereafterthesplitsgo80%totheLimitedPartnersand20%totheGPNCs,This20%partiscalledtheGPs“CariedInterest“VentureCapitalistswithagreattrackecordWillreceyeahigherCariedIntereste.g.30%TheWobandqlsofbushesslns-WMTCoune5875JosldimaABeginnersGuidetoVentureCapital*E
17、conomicsoftheVentureCapitalFund-VCCompensation*CompensationDrivesBehavior“TheSplitFormulaprovidesaheavyincentivefortheGPNCstoinvestinsSituationsthatcanbeBigHits,Reason:TheydonttmakemoneyuniesstheyreturnBigRetumnstotheLimitedPartners.*Examples“AssumtheFundiasnyested3400Iin2compafiss以20Mpercompanyonavefag89j“AssumethateachoftheFundsinvestmentprovidesitwitha50%ownershipinterestinaportfoliocompany、“Assumethat25%ofthecompaniesareSuccessfulandtheFundcanharvestthoseinvestments-ie.5ofthe20companiesaresuccessfuLTheWobandqlsofbushesstns-WMTCoune5875Josldima园
