Raising Venture Capital

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John Wiley & Sons, Feb 22, 2006 - Business & Economics - 258 pages
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Offering a deep insight into the venture capital deal-making process, Raising Venture Capital also provides valuable introduction to the subject. The book is practical in focus but based on sound academic theory, research and teaching materials gathered over the last 4 years at Tanaka Business School.

Part one covers the history of the venture capital industry, shows why entrepreneurs need venture capital finance, and looks at how venture capitals raise and structure their funds. It also covers valuation methods for venture capital investments, and portfolio management.

Part two illustrates how successful entrepreneurs raise finance from venture capitals, and gives details on how to approach venture capitals, how to choose the right venture capital firm, and how venture capitals and  entrepreneurs work together after the deal is done.

Part three gives a blow-by-blow account of the structure of a venture capital deal.

 

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Contents

1 Entrepreneurs and Venture Capitalists
3
2 Other Peoples Money
9
3 The Limited Partnership
15
4 The Competitive Environment
25
5 The VCs Investment Model
31
Part II Accessing Venture Capital
49
6 Introduction to Part II
51
7 Is Venture Capital the Right Option?
53
13 Business Valuation
121
14 Investment Structure
123
15 Syndication
125
16 Investment Milestones
129
17 Corporate Governance
139
18 Equity Participation
147
19 Share Incentives
169
20 Share Vesting
175

8 Choosing a VC Firm
59
9 The Entry Point
65
10 The Investment Process
71
11 Preparing for the Investment Process
81
Part III The VC Term Sheet
99
12 Introduction to Term Sheets
101
21 Preemption Rights on Securities Issues
185
22 Antidilution Rights
191
23 Provisions Relating to Share Transfers
203
24 Deal Management Terms
219
Index
229
Copyright

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About the author (2006)

RUPERT PEARCE joined Inmarsat in 2005 as Group General Counsel. Inmarsat is the world’s leading mobile satellite communications provider and recently underwent a $1,500 million leveraged buy-out by Apax and Permira and subsequent $3,000 million IPO on the London Stock Exchange. Inmarsat is now well-established in the FTSE 250. Prior to joining Inmarsat, Rupert was a General Partner at Atlas Venture, the leading transatlantic venture firm, responsible for corporate finance, mergers & acquisitions and special situations. He also served as Atlas Venture’s European COO. Prior to Atlas Venture, Rupert was a partner at the international law firm Linklaters, specializing in corporate finance, mergers & acquisitions, technology and private equity. Rupert has therefore experienced private equity and venture capital transactions from the perspectives of investor, adviser and member of management. As a founder of Out-Take Limited, an on-line publisher, he has also dabbled in entrepreneurship.
Rupert holds a First Class MA in Modern History from Oxford University and won the 1995 Fullbright Fellowship in US Securities Laws, studying at Georgetown Law Centre, Washington DC.

SIMON BARNES is Director of the Entrepreneurship Centre, and Deputy Director of the Full Time MBA programme at the Tanaka Business School, Imperial College London. He teaches electives in new venture creation and venture capital finance on the MBA, MSc Finance and MSc Health Management as well as courses for the faculty of Imperial College’s science and technology departments. His research at Imperial focuses on technology entrepreneurship and venture capital, with an emphasis on the development of university spin outs and technology ventures. Simon has six years of hands on experience in the venture capital industry, first with the transatlantic firm Atlas Venture and most recently with GIMV Venture Capital where he invested in early stage biotechnology companies. He has been a board director of several VC backed ventures, and lived through two M&A transactions at board level.
Simon received a first class honours degree and a PhD from The University of Cambridge. He holds an MBA with Distinction from the Tanaka Business School, Imperial College London, and was the winner of the European MBA Business Plan of the Year Competition in 1998.

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