风险投资公司的不同形态(英文).ppt

风险投资公司的不同形态(英文).ppt

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PrivateEquityandVentureCapitalLecture2:

differenttypesofVCfirmsVCfirmsandotherinvestorsThereareatotalof7differenttypesofVCfirmsinadditionaltoangelinvestors:

privateindependentventurecapitalpartnershipsprivatesmallbusinessinvestmentcompaniespublicventurecapitalcompaniesventurecapitalsubsidiariesoflargecorporationsstateventurecapitalfundsuniversityrelatedincubators&privatesectorincubatorsinvestmentbankingfirmsPrivateindependentVCpartnershipLimitedpartnership:

taxbenefits10yearslife,2yearextensionTwotypesofPIP:

wealthyfamilies-venrockassociates,institutionalinvestors-KPCB,twotypesoffunds:

usually$2-5milliontraditionalvcfunds-investinginseed,orstartupsturnaroundorLBOsVCfirmsandVCfundsVCFirmVCfundVCfundVCfundVCfundVCfundVClimitedpartnershipLPGPGeneralPartners:

HowtheirIncomestructuredAngelinvestors:

managingandinvestingtheirownmoneyVentureCapitalists-GPs:

managingandinvestingothersmoneyGPincome:

managementfees:

1.5-2.5%ofthemoneytheymanaged,offices,telephones,computers,othercostsCarriage:

carriers-20/80.Now,itshigher:

25/75common.Even30/70VCfirmsandVCfundsVCFirmVCfundVCfundVCfundPC-2PC-3PC-4Pc-1PC-5TheagreementofPEpartnership-1Fundsizes,investmentmaximumandminimum.Numberofinvestors,GPcontributionstakedownschedule:

bothGPandLPdonotliketopaythecommittedcapitalimmediatelyfirstamounttobedisbursedatclosing:

10-33%,thedatesofthesubsequentpaymentsmaybesetintheagreement.TheagreementofPEpartnership-2ThecontrolofLP:

if51%+LPagreecanreplaceaGPGPcannotinvestinareabeyondtheirexpertisenofaultdivorcethecontrolofGP:

ifLPpaylate,alatefeeischargedconditiononLPssharetransfersTheagreementofPEpartnership-3Managementofthefundsizeonanyoneinvestment,preventGPfromattemptingtosalvageapoorlymanagedinvestmentGPcannothaveanysharebeforeLPgetbacktheiroriginalcapital,GPshareasacalloptionpercentageofthefundcanbeinvestedinonedeallimitGPsattempttoleveragethefund,limitthedebttoapercentagelimitGPtocoinvestbetweenfunds.GPsattempttosalvagethetroubledinvestmentlimitGPtoreinvestprofitsTheagreementofPEpartnership-4GPactivities-5restrictions1.RestrictGPtoinvestpersonalfundintothefirm,maypaymoreattention,maynotliketopulloutifnecessary2.RestrictonGPtoselltheirsharesofthefundtoothers,reducetheincentiveoftheGPtomonitor3.Restrictonfuturefundraisinguntila%offundinvested:

additionalfundrequireadditionalattentionoftheGP4.RestrictonGPfortheirotheractivities5.RestrictonhiringnewGPwithlessexperiencesTheagreementofPEpartnership-5TypesofinvestmentlimitedsizeinanygiveninvestmentclasscannotinvestintopublicsecuritiescannotinvestintootherPEfundscannotinvestintoareaswithlittleexpertiserestrictionsonforeigninvestmentrestrictionsonLBOSBICsCreatedin1958,licensedandregulatedbySBAinvestedcompanies,ie.Apple,federalexpress,intel,crayresearch,etc.becauseofSBA,investmentfromSBICismorerestrictivethanotherVCsomeoftheSBICinvestasequity,othersasdebtgovernmentprovidesloansthreetimesofSBICspaidincapitalfourtimesofitiftheyareMESBIC-minorityenterprisesmallbusinessinvestmentcompaniesPublicventurecapitalcompaniesPublicvsprivatecompanies-differentconceptsSomeBigpublicvcfirmscalledBDC-businessdevelopmentcompaniessomeareSBICsbecauseoftheyarepubliccompanies;differenttaxtreatmentthanotherVChavetoconcerntheirstockpricespubliclyavailableinformationBenefitstocorpVCsubsidiary-1Characteristics:

onlyOneLP!

Deriveattractivefinancialreturnsdeveloptechnologylicensees,manufacturingrights,supplieragreementscontrolsupplieruncertaintyidentifyflourishingindustriesspinoffbusinessesgeneratenewproductslearnthedynamicsofaparticularmarketplacegainexposuretonewmarketsandtechnologiesBenefitstothecorpvcsubsidiary2Productmarketingrights:

smallfirmsareoftenhappytohavelargercorpselltheirproducts.Acquisitioncandidates:

GEwantedtoacquireaCAD/CAMco,butbitlow,later,itacquiredasimilarco.awindowontechnologythemostnotablebenefitthatlargecorpinvestinsmallfirmisthewindowtogainnewtechnologicaldevelopmentthelastdecade,thebiggest10AUSelectronicscorpdidthis.Benefitstothecorpvcsubsidiary3Motorolafocusonlookingfortechnologiesthataregoingtohaveamajorimpactonourcorebusinesses.JustasCiscotendstoacquireentireproducts,wetendtolookattechnologysuppliers.ThesestartupsfeelthattheVCsdontunderstandtheirtechnology.Hightechcompanies,ontheotherhand,maybeabletounderstandthegeniusofwhattheentrepreneursaredoing.Thesecompanieshavetheirownengineerswhoareexpertsinthefield.BenefitsofcorpvctoinvesteecoAnestablishedcustomerbasecredibilitywithcustomersandsupplie