风险投资课程02资料.pdfVIP

Private Equity and Venture Capital Lecture 2: different types of VC firms What ‘Venture’ means in English • The word venture means the following: – a : an undertaking involving chance, risk, or danger; esp : a speculative business enterprise – b : a venturesome act – c : something (as money or property) at hazard in a speculative venture – d : to expose to hazard : risk, gamble – e : to undertake the risk and dangers of : Brave (ventured the stormy sea) – f : to offer at the risk of rebuff, rejection or censure – g : to proceed esp. in the face of danger Three models comparison VC and/or PE firms • There are a total of 7 different types of VC firms in additional to angel investors: – private independent venture capital partnerships – private small business investment companies – public venture capital companies – venture capital subsidiaries of large corporations – state venture capital funds – university related incubators private sector incubators – investment banking firms Other Forms • Angels or small investors find it hard to get into top tier fund. • Other forms of VCs: – investment advisor ‘gatekeepers’ – fund of fund – companion fund ‘friends of fund’ – consulting firms – private placement agencies • Other Private Equity funds, not VCs – LBO funds – MBO and LBO VC new innovations Anti Terrorism VCs • Patriot Ventures, specializes in anti-terrorism technologies for businesses--things like network security, surveillance, and bioterrorism detection. • Patriot aims to raise $25 million from LPs and match it with $50 million from SBIC. The firm will invest in 15 to 20 early-stage deals over three