风险投资公司的不同形态(英文).ppt

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 it shigher 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 alatefeeischargedconditiononLP ssharetransfers TheagreementofPEpartnership 3 Managementofthefundsizeonanyoneinvestment preventGPfromattemptingtosalvageapoorlymanagedinvestmentGPcannothaveanysharebeforeLPgetbacktheiroriginalcapital GPshareasacalloptionpercentageofthefundcanbeinvestedinonedeallimitGP sattempttoleveragethefund limitthedebttoapercentagelimitGPtocoinvestbetweenfunds GP sattempttosalvagethetroubledinvestmentlimitGPtoreinvestprofits 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 othersasdebtgovernmentprovidesloansthreetimesofSBIC spaidincapitalfourtimesofitiftheyareMESBIC 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 ThesestartupsfeelthattheVCsdon tunderstandtheirtechnology 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 familyfinancialmanagers 3 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 yale sendowmentdeclinedby46 Yaleinvestmentsoffice 199