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Venture Capital Club 2003/2004 Introduction September 10, 2003
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Proprietary & Confidential Agenda Introduction of Board Club Events and Initiatives VC Overview Internship Panel Membership Q&A
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Proprietary & Confidential 2003/2004 VC Club Board & Advisor Board Kevin Carpenter kcarpent@andrew.cmu.edu kcarpent@andrew.cmu.edu Amar Kapadia akapadia@cmu.edu akapadia@cmu.edu Sujal Shah sashah@andrew.cmu.edu sashah@andrew.cmu.edu Advisor Frank Demmler – Associate Professor GSIA fd0n@andrew.cmu.edu
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Proprietary & Confidential Mission & Benefits The CMU Venture Capital Club is committed to providing its members with career and educational opportunities in the venture capital and private equity sectors Interact with some of the key players Distinguished speaker series Hear distinguished venture capitalists and private equity investors speak on campus Venture Capital Investment Challenge Business Plan Competition Social Events with the Pittsburgh Venture Capital Association (other events TBA)
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Proprietary & Confidential Distinguished Speaker Series Topics: Introduction to Venture Capital Sourcing and Evaluating a Deal How to Structure a Deal Investment Philosophy Leveraged Buy-Outs (LBOs) and Mezzanine Investing Career Panel How to Incubate a Start-up Angel and Seed Investing Biotech Investing Exit Plan
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Proprietary & Confidential How are funds structured? Private limited partnerships General Partner – Individual managers of a fund Limited Partner – Individual and institutional investors General Partner draws down capital as needed for investments Investment period 5-7 years Partnership term 10-12 years At which time remaining holdings in portfolio are liquidated and cash and stock are distributed to the LPs
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Proprietary & Confidential How are Fund Managers Compensated? Two main sources of income – annual management fee and carried interest Annual management fee Calculated as a % of total capital commitments to a fund Typically in the 1.5% - 2.5% range Carried interest – share of the profits Typically 20%
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Proprietary & Confidential Job Description / Qualifications Job Description: MBA’s typically enter as associates Screen incoming business plans and ideas Perform due diligence on potential investments Assist portfolio companies in developing their businesses Qualifications: Leadership, interpersonal skills, strategic thinking ability, initiative, creative problem solving skills, and an ability to work in an unstructured environment MBA’s, doctors, lawyers, PhD’s and other various professionals have made their way into venture capital
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Proprietary & Confidential Job Advice Determine your stage preference Thoroughly research the firms Decide on an industry focus Use your networks Start the process early Get involved with the venture capital club Read industry publications to stay abreast of developments in the industry Be geographically flexible
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Proprietary & Confidential Membership Dues First Years: $25 Second Years: $20 Checks should be made payable to: Carnegie Mellon University Drop checks in Sujal Shah’s mailbox Include email address
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Proprietary & Confidential Q&A
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Proprietary & Confidential Tentative Schedule – Fall 2003 Mini 1 Kick-off Meeting (9/10) Distinguished Speaker: Frank Demmler, Professor GSIA Topic: Introduction to Venture Capital Distinguished Speaker: GP Techno Venture Management Topic: Biotech investing Mini 2 Distinguished Speaker: TBA Topic: How to source and evaluate a deal Distinguished Speaker: Joel Adams, Adams Capital Management (TBA) Topic: Investment strategy Distinguished Speaker: TBA Topic: Leveraged Buy-Outs Career Panel: TBA
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Proprietary & Confidential Tentative Schedule – Spring 2004 Mini 1 Kick-off Meeting (9/10) Distinguished Speaker: Frank Demmler, Professor GSIA Topic: Introduction to Venture Captial Distinguished Speaker: GP Techno Venture Management Topic: Biotech investing Mini 2 Distinguished Speaker: TBA Topic: How to source and evaluate a deal Distinguished Speaker: Joel Adams, Adams Capital Management (TBA) Topic: Investment strategy Distinguished Speaker: TBA Topic: Leveraged Buy-Outs Career Panel: TBA Mini 3 Silicon Valley Trip A joint trip with the High-Tech Club Venture Capital Investment Challenge, Northeast Regional, Babson College Distinguished Speaker: Frank Demmler, Professor GSIA Topic: Introduction to Venture Captial Distinguished Speaker: GP Techno Venture Management Topic: Biotech investing Mini 4 Distinguished Speaker: TBA Topic: How to source and evaluate a deal Distinguished Speaker: Joel Adams, Adams Capital Management (TBA) Topic: Investment strategy Distinguished Speaker: TBA Topic: Leveraged Buy-Outs Career Panel: TBA
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