Download or read book Equity Financing and Covenants in Venture Capital written by Karoline Jung-Senssfelder and published by Springer Science & Business Media. This book was released on 2007-12-08 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Karoline Jung-Senssfelder presents the first augmented contracting analysis, focusing on the interaction of both, financial instruments and covenants, in the creation of incentives to the contracting parties. With a focus on the German market, she integrates the findings of her model-based theoretical and survey-based empirical analyses to derive value-adding implications for an incentive-compatible contract design in the German venture capital market.
Download or read book Equity Finance written by Joseph W. Bartlett and published by Aspen Publishers. This book was released on 1995 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disks contain supplementary forms on disc and examples in RTF format.
Download or read book Private Equity written by Paul Gompers and published by Anthem Press. This book was released on 2019-03-15 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: ’Private Equity’ is an advanced applied corporate finance book with a mixture of chapters devoted to exploring a range of topics from a private equity investor’s perspective. The goal is to understand why and which practices are likely to deliver sustained profitability in the future. The book is a collection of cases based on actual investment decisions at different stages for process tackled by experienced industry professionals. The majority of the chapters deal with growth equity and buyout investments. However, a range of size targets and investments in different geographical markets are covered as well. These markets include several developed economies and emerging markets like China, Russia, Turkey, Egypt and Argentina. This compilation of cases is rich in institutional details, information about different markets, and segments of the industry as well as different players and their investment practices – it is a unique insight into the key alternative asset class.
Download or read book Venture Capital and Buyouts written by Brian Coyle and published by Psychology Press. This book was released on 2000 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 1998. Routledge is an imprint of Taylor & Francis, an informa company.
Download or read book The Handbook of Financing Growth written by Kenneth H. Marks and published by John Wiley & Sons. This book was released on 2005-05-31 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at the strategies, capital structure, and fund raising techniques for emerging growth and middle-market companies. Here is a comprehensive and practical guide to understanding and applying the basics of corporate finance to emerging growth and middle-market companies. Using empirical data and actual company cases to illustrate capital structures and financing approaches, the book provides a detailed discussion of the many funding instruments, from traditional bank loans and asset-based financing to different types of private equity and other creative solutions; the types of funding sources and their expected rates of returns; and typical deal terms.
Download or read book Venture Capital Private Equity and the Financing of Entrepreneurship written by Josh Lerner and published by John Wiley & Sons. This book was released on 2023-05-02 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the newly revised second edition of Venture Capital, Private Equity, and the Financing of Entrepreneurship, a dedicated team of researchers and professionals delivers an authoritative and comprehensive account of the world of active investing. This important work demonstrates how venture capitalists and private equity investors do business and create value for entrepreneurs, shareholders, and other stakeholders. The authors, drawing on decades of combined experience studying and participating in the private equity markets, discuss the players, dynamics, and the incentives that drive the industry. They also describe various possibilities for the future development of private equity. This latest edition is perfect for advanced undergraduate students of finance and business, as well as MBA students seeking an insightful and accessible textbook describing the private equity markets.
Download or read book Venture Capital Financing for Beginners How to Raise Equity Capital from Venture Capitalists and Angels written by Learn2succeed. com Incorporated and published by Productive Publications. This book was released on 2012 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Principal Agents in Venture Capital and Private Equity Contracting written by Steffen Schupp and published by GRIN Verlag. This book was released on 2006-10-25 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0, Technical University of Darmstadt (Department of Banking and Finance), course: Venture Capital and Private Equity, 53 entries in the bibliography, language: English, abstract: In the last decades venture capital has emerged as the major source of financing for young and innovative firms, replacing more and more bank credits, but also creating a new market niche for start-ups with a high risk of failure that may create substantial returns. With success stories of companies like Apple Computer, Intel, Federal Express, Microsoft, Sun Mircosystem, Compaq or SAP, this form of funding is meanwhile widely accepted. In the late 1970s the venture capital industry increased dramatically in the United States. In contrast, the venture capital sector in continental Europe used to be a very small market up to 1990. Figure 1 in the appendix shows the development of funds committed to independent US and European venture capital funds.1Today the venture fund market in Germany has reached a managed fund size of US$ 43 billion, an increase of 13.2 percent in regard to the previous year.2Therefore venture capital plays a crucial role in respect to innovation of an economy and has significant positive effects on society and a country’s economy. According to Sahlmann (1990) the term “venture capital” is defined as a “professional managed pool of capital that is invested in equity linked securities of private ventures at various stages in their development”. Gompers and Lerner (2001a) limit the definition to investments in privately held, high growth companies. Originally, the intent of venture capital is to finance young innovative companies. The term private equity describes the investment of equity in companies that are already established, e.g. companies in later stages of their life cycle. Today the two terms are often used as synonyms. In this paper we keep focusing on companies in early stages of life and thus use the term venture capital only. It should be mentioned that the focus of venture capital firms can be quite different. First venture capitalists can concentrate on different stages of companies (seed, start-up, first, second, third, fourth stage, bridge stage and liquidity stage financing) and second, venture capitalist can finance different industries or focus on a special group. The specialization has the advantage to gather deepened technological knowledge about an industry that can be used within the “venture cycle”. The innovative high-tech sectors, such as biotech or nanotech, would be good examples.
Download or read book Venture Capital and Private Equity Contracting written by Douglas J. Cumming and published by Academic Press. This book was released on 2009-04-02 with total page 786 pages. Available in PDF, EPUB and Kindle. Book excerpt: Other books present corporate finance approaches to the VC/PE industry, but many key decisions require an understanding of the ways that law and economics work together. Venture Capital and Private Equity Contracting is better than straight corporate finance textbooks because it offers broad perspectives and principles that enable readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. Explores the economic implications of contract terms for start-up firms in various industries Pairs international data with explanations and examples about differences in VC and PE national and regional markets Contains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreements Presents international datasets on limited partnership agreements between institutional investors and VC and PE funds
Download or read book A Venture Capital Primer for Small Business written by LaRue Tone Hosmer and published by . This book was released on 1978 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Handbook of Financing Growth written by Kenneth H. Marks and published by John Wiley & Sons. This book was released on 2009-08-07 with total page 934 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Second Edition of The Handbook of Financing Growth has been designed to help leaders and advisors gain a solid understanding of the financing strategies, sources, and transactions that will allow them to excel in such an unpredictable environment. Written by an experienced group of practitioners who operate within this dynamic market and fully updated to reflect new market realities this reliable resource outlines the full spectrum of funding alternatives currently available to emerging growth and middle-market companies and presents the practical strategies and techniques you need to be aware of when considering the capitalization, growth, or sale of your, or your client's, company. New material found in this Second Edition includes detailed discussions of positioning a business for value creation before the transaction and how your financing strategy fits into the overall plan for growing and raising capital as well as creating an exit. Among various techniques, the authors address buyouts and recapitalizations as two alternatives to create shareholder liquidity and potentially finance future growth. A new chapter on M&A addresses the acquisition process and how to fund acquisitions and external growth initiatives, while additional case studies highlight bank financing alternatives and growth equity.
Download or read book The Venture Capital Cycle written by Paul Alan Gompers and published by MIT Press. This book was released on 2004 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the venture capital process, from fund-raising through investing to exiting investments; a new edition with major revisions and six new chapters that reflect the latest research.
Download or read book The Venture Capital Cycle written by Paul A. Gompers and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Three principal aspects of venture capital (VC) are empirically explored: fundraising, investing, and exiting those investments. Despite the recent attention to VC, misconceptions abound that the authors attempt to correct. Throughout, the discussions are based on examinations of a large sample of firms, VC funds, and investments. Three themes are elaborated in the volume: (1) The great incentive and information problems venture capitalists must overcome; (2) the interrelatedness of each aspect of the VC process and how it proceeds through cycles; and that (3) the VC industry adjusts slowly to shifts in the supply of capital or the demand for financing. The VC partnership is the intermediary between investors and high-tech start-ups. The fundraising aspect is examined in terms of its structure, means of compensation, and the importance of the structure of the limited partnership form used by most VC funds. The need to provide incentives and shifts in relative negotiating power impact the terms of VC limited partnerships. Covenants and compensation align the incentives of VC funds with those of investors; covenants and restrictions limit conflicts among investors and venture capitalists. Supply and demand and costs of contracting determine contractual provisions. VC contracting may not always be efficient. During periods of high demand and capital flows, partners negotiate compensation premiums. The investing aspect is discussed in terms of why investments are staged, how VC firms oversee firms, and why VC firms syndicate investments. Four factors limit access to capital for firms: uncertainty, asymmetric information, nature of firm assets, and conditions in the financial and product markets. These factors determine a firm's financing choices. Asymmetries may persist longer in high-tech firms, thus increasing the value of delaying investment decisions. Exiting VC investments is examined, in regard to the market conditions that affect the decision to go public, whether reputation affects the decision to go public, why venture capitalists distribute shares, the performance of VC-backed firms, and the future of the VC cycle. Exiting investments affects every aspect of the investment cycle. Venture capitalists add value to the firms in which they invest. The VC cycle is a solution to information and inventive problems. (TNM).
Download or read book Angel Capital written by Gerald A. Benjamin and published by John Wiley & Sons. This book was released on 2005-02-18 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Get the business insight that has raised millions in capital funding for over 50,000 entrepreneurs. If you're an entrepreneur or own a small, fast-growing businesses, Angel Capital provides a complete toolkit for raising capital in today's challenging economic landscape. The authors, who manage the largest angel network in the U.S., offer real-world advice on how to find investors and take control of the private placement process. Using revolutionary typology and unmatched proprietary research, they explain all stages of raising capital, from valuation to negotiation to due diligence. In addition, you'll find a comprehensive directory of alternative capital resources, based on research of over 2,000 organizations, and a legal appendix that serves as a short course in exempt offerings and provides the skills needed to have success with any early-stage business venture or investment. Order your copy today.
Download or read book Venture Deals written by Brad Feld and published by John Wiley & Sons. This book was released on 2011-07-05 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: An engaging guide to excelling in today's venture capital arena Beginning in 2005, Brad Feld and Jason Mendelson, managing directors at Foundry Group, wrote a long series of blog posts describing all the parts of a typical venture capital Term Sheet: a document which outlines key financial and other terms of a proposed investment. Since this time, they've seen the series used as the basis for a number of college courses, and have been thanked by thousands of people who have used the information to gain a better understanding of the venture capital field. Drawn from the past work Feld and Mendelson have written about in their blog and augmented with newer material, Venture Capital Financings puts this discipline in perspective and lays out the strategies that allow entrepreneurs to excel in their start-up companies. Page by page, this book discusses all facets of the venture capital fundraising process. Along the way, Feld and Mendelson touch on everything from how valuations are set to what externalities venture capitalists face that factor into entrepreneurs' businesses. Includes a breakdown analysis of the mechanics of a Term Sheet and the tactics needed to negotiate Details the different stages of the venture capital process, from starting a venture and seeing it through to the later stages Explores the entire venture capital ecosystem including those who invest in venture capitalist Contain standard documents that are used in these transactions Written by two highly regarded experts in the world of venture capital The venture capital arena is a complex and competitive place, but with this book as your guide, you'll discover what it takes to make your way through it.
Download or read book Venture Capital and the Finance of Innovation written by Andrew Metrick and published by John Wiley & Sons. This book was released on 2021-04-13 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: An invaluable resource for current and aspiring technology investors, Venture Capital and the Finance of Innovation provides an in-depth understanding of the tools and models needed to succeed in this competitive and highly fluid business environment. Building on a comprehensive introduction to fundamental financial and investment principles, the text guides the reader toward a robust skill set using enterprise valuation and preferred stock valuation models, risk and reward, strategic finance, and other concepts central to any venture capital and growth equity investment. Two features of the book stand out from other sources on the subject. First, it pays special attention to the enterprise valuation methodology for high-growth companies. What drives the value of a company that has little physical assets, losing money now but has a small chance of achieving great success in several years? How do you create estimates for sales, profit and return on capital when little data is available? The book answers these questions using a discounted cash flow model that is tailor-made for technology companies (DCF.xlsx downloadable from the instructor website), and the comparables model. Second, it highlights the most valuation-relevant feature of VC term sheets, namely the use of convertible preferred stock. The book shows the reader how to use a user-friendly and automated valuation model of VC preferred stock (available at www.vcvtools.com) to value various types of preferred stock and to visualize how term sheets split the values of the firm between entrepreneurs and VCs. Accessible, comprehensive, and assuming only basic knowledge of venture capital, this text offers essential guidance for successful VC and growth equity investing in any market.
Download or read book Raising Capital written by Andrew J. Sherman and published by . This book was released on 2000 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher Fact Sheet Helps readers navigate the murky waters of entrepreneurial finance, from banks & "angels" to IPOs & vendor financing.
