风险投资公司的不同形态(英文).ppt
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风险投资公司的不同形态(英文).ppt
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PrivateEquityandVentureCapital,Lecture2:
differenttypesofVCfirms,VCfirmsandotherinvestors,Thereareatotalof7differenttypesofVCfirmsinadditionaltoangelinvestors:
privateindependentventurecapitalpartnershipsprivatesmallbusinessinvestmentcompaniespublicventurecapitalcompaniesventurecapitalsubsidiariesoflargecorporationsstateventurecapitalfundsuniversityrelatedincubators&privatesectorincubatorsinvestmentbankingfirms,PrivateindependentVCpartnership,Limitedpartnership:
taxbenefits10yearslife,2yearextensionTwotypesofPIP:
wealthyfamilies-venrockassociates,institutionalinvestors-KPCB,twotypesoffunds:
usually$2-5milliontraditionalvcfunds-investinginseed,orstartupsturnaroundorLBOs,VCfirmsandVCfunds,VCFirm,VCfund,VCfund,VCfund,VCfund,VCfund,VClimitedpartnership,LP,GP,GeneralPartners:
HowtheirIncomestructured,Angelinvestors:
managingandinvestingtheirownmoneyVentureCapitalists-GPs:
managingandinvestingothersmoneyGPincome:
managementfees:
1.5-2.5%ofthemoneytheymanaged,offices,telephones,computers,othercostsCarriage:
carriers-20/80.Now,itshigher:
25/75common.Even30/70,VCfirmsandVCfunds,VCFirm,VCfund,VCfund,VCfund,PC-2,PC-3,PC-4,Pc-1,PC-5,TheagreementofPEpartnership-1,Fundsizes,investmentmaximumandminimum.Numberofinvestors,GPcontributionstakedownschedule:
bothGPandLPdonotliketopaythecommittedcapitalimmediatelyfirstamounttobedisbursedatclosing:
10-33%,thedatesofthesubsequentpaymentsmaybesetintheagreement.,TheagreementofPEpartnership-2,ThecontrolofLP:
if51%+LPagreecanreplaceaGPGPcannotinvestinareabeyondtheirexpertisenofaultdivorcethecontrolofGP:
ifLPpaylate,alatefeeischargedconditiononLPssharetransfers,TheagreementofPEpartnership-3,Managementofthefundsizeonanyoneinvestment,preventGPfromattemptingtosalvageapoorlymanagedinvestmentGPcannothaveanysharebeforeLPgetbacktheiroriginalcapital,GPshareasacalloptionpercentageofthefundcanbeinvestedinonedeallimitGPsattempttoleveragethefund,limitthedebttoapercentagelimitGPtocoinvestbetweenfunds.GPsattempttosalvagethetroubledinvestmentlimitGPtoreinvestprofits,TheagreementofPEpartnership-4,GPactivities-5restrictions1.RestrictGPtoinvestpersonalfundintothefirm,maypaymoreattention,maynotliketopulloutifnecessary2.RestrictonGPtoselltheirsharesofthefundtoothers,reducetheincentiveoftheGPtomonitor3.Restrictonfuturefundraisinguntila%offundinvested:
additionalfundrequireadditionalattentionoftheGP4.RestrictonGPfortheirotheractivities5.RestrictonhiringnewGPwithlessexperiences,TheagreementofPEpartnership-5,TypesofinvestmentlimitedsizeinanygiveninvestmentclasscannotinvestintopublicsecuritiescannotinvestintootherPEfundscannotinvestintoareaswithlittleexpertiserestrictionsonforeigninvestmentrestrictionsonLBO,SBICs,Createdin1958,licensedandregulatedbySBAinvestedcompanies,ie.Apple,federalexpress,intel,crayresearch,etc.becauseofSBA,investmentfromSBICismorerestrictivethanotherVCsomeoftheSBICinvestasequity,othersasdebtgovernmentprovidesloansthreetimesofSBICspaidincapitalfourtimesofitiftheyareMESBIC-minorityenterprisesmallbusinessinvestmentcompanies,Publicventurecapitalcompanies,Publicvsprivatecompanies-differentconceptsSomeBigpublicvcfirmscalledBDC-businessdevelopmentcompaniessomeareSBICsbecauseoftheyarepubliccompanies;differenttaxtreatmentthanotherVChavetoconcerntheirstockpricespubliclyavailableinformation,BenefitstocorpVCsubsidiary-1,Characteristics:
onlyOneLP!
Deriveattractivefinancialreturnsdeveloptechnologylicensees,manufacturingrights,supplieragreementscontrolsupplieruncertaintyidentifyflourishingindustriesspinoffbusinessesgeneratenewproductslearnthedynamicsofaparticularmarketplacegainexposuretonewmarketsandtechnologies,Benefitstothecorpvcsubsidiary2,Productmarketingrights:
smallfirmsareoftenhappytohavelargercorpselltheirproducts.Acquisitioncandidates:
GEwantedtoacquireaCAD/CAMco,butbitlow,later,itacquiredasimilarco.awindowontechnologythemostnotablebenefitthatlargecorpinvestinsmallfirmisthewindowtogainnewtechnologicaldevelopmentthelastdecade,thebiggest10AUSelectronicscorpdidthis.,Benefitstothecorpvcsubsidiary3,Motorolafocusonlookingfortechnologiesthataregoingtohaveamajorimpactonourcorebusinesses.JustasCiscotendstoacquireentireproducts,wetendtolookattechnologysuppliers.ThesestartupsfeelthattheVCsdontunderstandtheirtechnology.Hightechcompanies,ontheotherhand,maybeabletounderstandthegeniusofwhattheentrepreneursaredoing.Thesecompanieshavetheirownengineerswhoareexpertsinthefield.,Benefitsofcorpvctoinvesteeco,Anestablishedcustomerbasecredibilitywithcustomersandsupplierscredibilitywithbankersandotherfinancialsourcesgeneralassistanceinmanagingthebusinessamergerpartneradditionalcapitalaflexiblefinancingpackageinvestinginitsemployeestostarttheirownco.signacollaborativeresearchcontract,Problemsincorpvcsubsidiary,Contradictoryinvgoalsofthevcandthepresentcorpunwillingnessonthepartofthevctoinvestin7-10yrs.Conflictsofinterestandlegalproblemsinconsistentgoalsofthecorpandtheentrepreneurofthenewco.limitedinvestmentopportunitiesthedifficultyofacquiringthefundedcompanycomplicationinvolvedinobtainingtechfromthefundedcompanydifferencesbetweenorganizationalrequirementforthecorpandtheinvestmentportfolio.,Stateventurecapitalfunds,OriginallyfromMassachusetts,(suchasCDFC-communitydevelopmentfinancialcorporation)Connecticut,laterotherstatesstatefundedtopromotehightech,startups,andothersociallybeneficialprojectsstategovernmentpromotetheprogramsbyprivatesourceswillgettaxbenefitsstatemoneypromotions,Universityrelatedincubators,Incubators:
providelowcostlaboratoryandofficespace,state-of-the-arttechnicalexpertiseandequipment,administrativesupports,computerandlibraryfacilities.Contactswiththevc,bankers,governmentofficials.Sharingideasandcontactamongentrepreneurs1984,40incubatorsinthestates,nowabout400,especiallyinPA,IL,NY.I.e.UniversitycitysciencecenterinPhiladelphia.Affiliatedwith28universitiesandcollegesinPA.Tohouse100smallcoinitsImillionsquftspace.,Investmentbanksandboutiques,Investmentbanksusuallyinvestinlargeamountsboutiquesinasmallerscales:
$1-10millioncommonlyusedarrangementinequitytransactionsistheso-calledlehmanformula-5-4-3-2-1:
5%forthefirstmilliondollarsofcapitalraised,4%ofthenext,andsoon.Ex.Thefeesfora$3milliondealwouldequalto$120,000,FVP:
background,Theexistenceofintermediariesb/wGP,LPAngelsinvesting$20-30billionVentureCapitalPartnershipswhyfamilieswouldlikethisidea:
taxbenefits:
39%incometax,but28%capitalgaintax,14%ifinvestedintosmallbusinessandlongtermfederalinheritancetaxes,50%onindividuals$18millionassets.Giftstochildren$1million1992,3%ofthefamilieswith$1millionnetassetscontrol44%ofUShouseholdfinancialassets,FoxventurePartners,A$100millionfund:
fundoffundconceptsourcesoffund:
wealthyfamilieshavetocommitatleast$2millionwhyvclikethisidea:
1.TheLPsmaybevaluableinformationsource2.Avoidingvcdependenttooheavilyoninstitutionalinvestors3.Lessrestrictivetermsfromfamilies4.Wanttoinvolveinsubsequentroundofinvestments,FoxVenturePartners,FVPintendedtoinvest$5MMeachin20funds35%wellknownfunds40%specifiedbyregionorindustry20%newfunds5%internationalfundsthisisdifferentfrombuyoutfunds($20MMinminimum)1994,100.4billioninPE,$32billioninVC,therest:
5%mezzanine,2%distresseddebtpurchase362fundinPE,amongthem,194VC,FVP:
historyoffundoffund,Gatekeepersmanaged$18billionofPEfunds,about18%ofthetotaltheyprovideadvisoryservicestosomeclientstheyserveaslinkagebetweentheVCsandthestartupsprovidingthefirstscreeningfortheventurecapitalfirms,chargeaservicefees,TheConceptofFundofFund,VCFirm,VCfund,VCfund,VCfund,VC-2,VC-3,VC-4,VC-1,VC-5,FoxVenturePartners,Theresistancefromthewealthyfamilies:
1.Informationasymmetries,theonewhoneedtheservicemaynotappreciateit.2.Agencyproblems,familyfinancialmanagers3.Lackofresources,notusingaleadinvestor,limitedresourcetomarkettheidea.4.Ineffectivemarketing.Notshowtheirtrackrecords5.Thestructureoftheproposedincentivescheme.Thesizeoftheproposedcompensation.,FoxVenturePartners,ThechallengesthatFVPfaces:
theeducationalrole:
theFVPwillteachthefamiliesaboutthefundspotentialcompetitorsarelots:
ontheconceptoffundsoffundssincefamiliesnowhiredtheirfinancialmanagers,thesimilaragencyproblemsintheinstitutionalinvestorsappearedaswell,YaleUniversityendowmentorigin,Yalewasestablishedin1701by10Connecticutclergymen.Theendowmentstarted1818,divinityschooltooffertheologicalinstruction,severalalumnimadelargegifts.Yaleusethemoneyonlandandbuilding,andtoinvestincorp,railroadbond,equitiesby1899,theendowmentreached$5million,YaleU.endowmenthistory,1930,yaleendowheld42%inequity,otherUhadonly11%later1930,thentreasurer,Tighedecidedtoreduceequity%butstockmarketboomingin1950-60,endof1960,thetrusteewantedtoincreasetheequityportionandtocontractouttheportfoliomanagementtoanoutsideadvisorbybearmarket:
1969-1979,yalesendowmentdeclinedby46%,Yaleinvestmentsoffice-1997,Davidswensen:
15employeeofficeinvestmentphilosophy:
differentfromotherU.DavidlikesKeynesmaxim:
worldlywisdomteachesusthatitisbetterforreputationtofa
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