Course dates
A 3-day intensive, practical financial training programme with real-life case-studies and team negotiation role plays
Delegates will learn:
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How to use venture capital to finance a company
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Company valuation from the perspective of the venture capitalist
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Investment process of a venture capital fund
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Due diligence and documentation
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Advanced investment structures and their application
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MBOs and MBIs
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Managing the venture capital portfolio
- Strategic investors and emerging markets
Course background
This 3-day venture capital training course has been designed to provide the participants with a complete overview of the venture capital industry and its workings. It is intended that participants will gain a thorough understanding of the role and operations of a venture capital fund, and the complex financial engineering methods it uses.
The course will emphasise the practical aspects through real-life case-studies, workshop sessions and negotiation simulations.
Who should attend?
In order to gain the full benefit of the course, participants should be numerate and be familiar with the basic elements of corporate finance, such as company valuation and financial forecasting. A basic understanding of the different types of financial instruments such as equities, bonds, debt, and so on is useful. Good English language skills are required.
This programme will be of interest to company executives involved in business development and acquisition work and professionals at all levels of seniority who wish to gain insight into venture capital, such as:
Day 1
Introduction to the venture capital industry
Review of valuation fundamentals
Valuation from the perspective of the venture capitalist
Case Study: Delegates will value a company using different valuation techniques highlighting the valuation approach of the venture capitalist and contrasting it to the other approaches.
Day 2
Organisation of a venture capital fund
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Types of investors and their sometimes different objectives
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Fund managers’ required skills and track record
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How a venture capital fund approaches potential investee companies
Investment process of a venture capital fund
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Target sectors for investment
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What kind of management does a venture capitalist look for?
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Exit strategy: reconciling the objectives of venture capital fund, other shareholders and management
Basic investment structures of a venture capital
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Fund
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Shareholding structures
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Equity instruments
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Debt instruments: bonds, convertibles
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Hybrid instruments: warrants, options
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Board of directors representation
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Protection mechanisms: veto and other rights
Due diligence and documentation
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Business due diligence
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Legal & financial due diligence
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Managing the costs
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The Term Sheet
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The other key agreements: sale and purchase agreement, shareholders agreement, debt agreements
Emerging market issues
Case Study: Delegates will form negotiating teams and divide into venture capital investors and sellers. The teams will value the potential investee company, negotiate a deal and agree a Term Sheet outlining the basic structure of the deal.
Day 3
Advanced investment structures and their application
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Different ranks of equity
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Mezzanine finance and subordinated debt
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Options, warrants and convertibles
MBOs and MBIs
Case study: Delegates will negotiate a more complex MBI transaction, by forming three teams per negotiation. They will value a company, agree between sellers, venture capital investor and management to produce a more complex Term Sheet.
Managing the venture capital portfolio
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Degree of venture capital involvement in management
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What can a venture capital bring apart from capital?
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Reporting on an investee company to fund investors
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Dealing with companies in difficulty
Strategic investors
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The main exit route for venture capital funds in emerging markets
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Co-investment and its problems
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How to maximise value on exit
Post investment monitoring and value enhancement
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Goal setting
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Reporting
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Action plans
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Value enhancement
Course summary and close
Centrally located hotel in Paris, Paris, France
This programme takes place on a non-residential basis at a hotel in central Paris. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.
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Jonathan Cooper
Jonathan Cooper is the Chief Investment Officer for the GroFin MENA Fund. Based in Dubai, GroFin MENA is a planned $200 million fund with offices throughout the Middle East and North Africa. Prior to joining GroFin, Jonathan was a Founder and Managing Partner of the Poteza Ventures Innovation and Growth Fund, a £40 million venture fund investing in southeast Europe.
From 2003 - 2006, Jonathan was the Founder and Managing Director of Ascendant Capital Advisors, a leading regional independent M&A advisory firm. Prior to Ascendant, he was the Chief Investment Officer for the SEAF Trans Balkan Fund, a $24 million private equity fund targeting southeast Europe. In this capacity Jonathan was responsible for investment policy and strategy in directing SEAF’s four regional offices and 20 investment staff.
Before relocating to Europe in 1996, he was a public equity analyst with Sterling Investments LP, a U.S. based investment fund, and an analyst with Key Equity Capital, a U.S. based leveraged buy-out firm.
Jonathan received his MBA from the Smeal School of Business at the Pennsylvania State University, and holds the Chartered Financial Analyst (CFA) designation.
Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.
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