Presented by:Frances Cheng, CFA, MBA (Finance), CAIA, FRM, CFP
   Venture Capital (VC) Funds     Progressive technology or fast-growing sectors     Seed, start-up, and expansion    ...
   Venture Capital (VC) Funds   Buyout Funds     Established industry focus     Stable and mature growth     Corporat...
 Venture Capital (VC) Funds Buyout Funds   Mezzanine Funds     Established privately held and/or below      investment...
VC FUNDS   Small capital in a large    number of new    businesses.   Few successes, many    write-offs
VC FUNDS                        BUYOUTS   Small capital in a large       Small number of large    number of new business...
VC FUNDS   Equity financing   Limited due    diligence –    product/sector   Syndications / IPO
VC FUNDS                 BUYOUTS   Equity financing        Debt financing   Limited due             Extensive due    d...
VC FUNDS Traditional techniques. Existing market  multiples, not on CF. Overvaluation. No outside oversight. Financin...
VC FUNDS                    BUYOUTS Traditional techniques.      CF projections. Existing market              Leverage...
VC FUNDS   GP – key drivers,    entrepreneurs.   LP
VC FUNDS                BUYOUTS   GP – key drivers,      Buyout managers    entrepreneurs.   LP                     LP...
Private Equity Market Landscape
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Private Equity Market Landscape

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Private Equity Market Landscape

  1. 1. Presented by:Frances Cheng, CFA, MBA (Finance), CAIA, FRM, CFP
  2. 2.  Venture Capital (VC) Funds  Progressive technology or fast-growing sectors  Seed, start-up, and expansion  Industry know-how, product development, and commercialization.  Company building & finding follow-on investors
  3. 3.  Venture Capital (VC) Funds Buyout Funds  Established industry focus  Stable and mature growth  Corporate restructuring, financial engineering.  Company building and leverage
  4. 4.  Venture Capital (VC) Funds Buyout Funds Mezzanine Funds  Established privately held and/or below investment grade  Subordinated debt, warrants/rights
  5. 5. VC FUNDS Small capital in a large number of new businesses. Few successes, many write-offs
  6. 6. VC FUNDS BUYOUTS Small capital in a large  Small number of large number of new businesses. investments in established businesses. Few successes, many  High successes, limited write-offs write-offs
  7. 7. VC FUNDS Equity financing Limited due diligence – product/sector Syndications / IPO
  8. 8. VC FUNDS BUYOUTS Equity financing  Debt financing Limited due  Extensive due diligence diligence Syndications / IPO
  9. 9. VC FUNDS Traditional techniques. Existing market multiples, not on CF. Overvaluation. No outside oversight. Financing: limited investment, several rounds
  10. 10. VC FUNDS BUYOUTS Traditional techniques.  CF projections. Existing market  Leverage. multiples, not on CF. Overvaluation. No outside oversight.  Oversight by lenders. Financing: limited  Large investment, club investment, several deals. rounds
  11. 11. VC FUNDS GP – key drivers, entrepreneurs. LP
  12. 12. VC FUNDS BUYOUTS GP – key drivers,  Buyout managers entrepreneurs. LP  LP – investors, little influence

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