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Risk Management Module 2

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Robertas Kurakovas
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The VC Industry

The VC Industry
Risk
Risk Management

Disposition

What is a VC? (1)

Cost of capital

Investment & decision rules

The Flow-of-Fund in the Venture Capital Cycle

What is a VC? (2)

VC is a segment of Private Equity

What is a VC? (3)

What is a VC? (4)

What is a VC? (5)

U.S. VC investment ($ billions )

Net growth in the Swedish IT industry by year

Stages of Growth

Investment by Stage

Swedish VC (SEK millions )

Investment by Industry

Investment by Industry (Sweden)

No. of Exits by Industry (Sweden, 2011)

U.S. VC Investment by Region (2008)*

Disposition

Some Important Terms

Who are the LPs?

Committed Capital by LP Type

Sources of Swedish VC investment

Investment by Stage

Example: Sierra Ventures

Performance varies greatly across vintage

Swedish average rate of returns compared

The key terms in VC partnership agreement

Fees: definitions

Example

Carried Interest: definition

Example

Carried interest

Carried Interest (cont’d)

Covenants on activities of the fund

Covenants on activities of the individual GPs

VC compensation (in$ thousands)

Problem 1:

Problem 1: Cont.

Problem 2:

Problem 2: Cont.

Problem 2: Cont.