Dates                                                                                 
 
  
24 November 2008
22 April 2009
25 September 2009

Course Overview

This course provides a detailed study of current developments in private equity investment and the venture capital industry in the UK and Europe.

It examines best practice for the structure of VC investments, the different processes which they may deploy in terms of their participation in the valuation, financing and monitoring of the companies in which they invest, as well as the current state of the market, exits, and the future of the industry as a whole.

The course includes exercises, case studies and many references to past investments.

Each participant will be required to bring a laptop running Microsoft Office with a USB Port to the seminar.

Course Content

Introduction
What is venture capital?
The history of venture capital in the UK and Europe
Venture capital investment - successes and failures
A global perspective on venture capital

Investment Theory
Entry valuation
The IRR model
Alternative techniques

Venture Capital Firm Structure
Closed and open ended funds
UK venture capital trusts
VC prospectuses
Corporate venturing
Role of bank debt
Investment strategies
The relationship between the limited and the general partner

The Selection Process
How the venture capitalists think
Winners and losers

Venture Capital Intelligence
Investees: technology / life science companies
Management buy-outs
The business plan
Venture capital marketplaces

The Investment Process
Due diligence
The offer letter
The investment agreement
Accountancy and tax issues
Venture capital participation in management
Further stage funding
Monitoring the investment

Venture Capital Exits
Best practices for VC funded companies
Exit alternatives: flotation, trade sale, MBO, second round buyout
Evidence from VC markets worldwide
How to make a successful exit (including the role of lock-ins and other
  incentive measures)
What makes a successful VC investment?