2024/2025
Венчурное инвестирование
Статус:
Маго-лего
Кто читает:
Банковский институт
Когда читается:
4 модуль
Охват аудитории:
для своего кампуса
Преподаватели:
Шпунтов Антон Борисович
Язык:
английский
Кредиты:
3
Course Syllabus
Abstract
The course gives general overview of venture investments as one of the types of alternative investments, widely expanding asset class in last decades. During the course covered will be the history of venture industry, its role in economics and innovations, current state of affairs and dynamic. The course discovers how venture capital industry works, its inherent upsides and downsides, basics of investment process and valuation techniques, goals of the VC players and other equally important aspects.
Learning Objectives
- The main goal of the course is to provide students with a wide, however, general knowledge of Venture Capital Industry and with tools and resources to track it and self-develop to the level sufficient for participation in venture capital fundraising and analysis of potential investments into venture companies. The objective of this course is to survey the venture capital industry and to provide students with an understanding of the origination, valuation, execution, monitoring, and realization of venture capital transactions and of the process of investing in venture capital funds. Students should be able to demonstrate a working knowledge of venture capital as a part of private equity, as well as major characteristics of the asset class: low liquidity, low transparency and disclosure, role of the investor as a limited partner in the partnerships used to finance venture investments, complex legal structures and performance-based compensation arrangements
Expected Learning Outcomes
- • Calculate management fee, carried interest, net asset value, distributed to paid in (DPI), residual to paid in (RVPI), total value to paid in (TVPI), gross and net IRR;
- • Calculate pre-money valuation, post-money valuation, ownership fraction, price per share applying different valuation methods for a cases with single and multiple financing rounds;
- • Describe fee structures and performance compensation arrangements, interpret management fee and carried interest;
- • Describe terms sheet, major aspects of a deal structuring and legal instruments used by venture investors and start-ups in it.
- • Describe valuation issues in venture capital transactions and reporting to investors;
- • Describe venture capital and its potential benefits and risks in the investment portfolio;
- • Distinguish between the characteristics of buyout and venture capital investments;
- • Explain how venture capital firms align their interests with those of the managers of portfolio companies;
- • Explain venture capital fund structures, terms, valuation and due diligence steps;
- • Interpret and compare financial performance of venture capital funds from the perspective of an investor;
- describe place of venture capital in private equity universe;
- The students shall understand main aspects of and be able to participate in the due diligence, valuation, deal structuring and know differences among VC and other Alternative Investments
Course Contents
- The first section will cover the basics and history of VC Industry
- The second part will examine the industry from the perspective of the venture capital firms investing into portfolio companies (the general partners or "GP"s)
- The third section of the course will examine the venture capital industry from the perspective of the institutions investing in venture capital funds (the limited partners or "LP"s).
Assessment Elements
- attendance and active participation in classes
- mid-term test
- homework and tasksHomework assignments will include a series of problem-solving blocks on the topic, featuring text-based questions and calculation tasks, both multiple-choice and requiring the indication of the correct answer. There will be a group project—a case study where students will need to divide into groups, receive the case, solve it, and present a brief description of their chosen solution regarding whether or not to make an investment.
- Final examThe exam consists of approximately 50-60 questions; most are multiple-choice, but there are a few open-ended tasks at the end that require calculations and providing the correct answers. These tasks may consist of several interrelated calculation questions (due to the complexity of the task). The duration is two actual hours.
Interim Assessment
- 2024/2025 4th module0.5 * Final exam + 0.125 * attendance and active participation in classes + 0.25 * homework and tasks + 0.125 * mid-term test
Bibliography
Recommended Core Bibliography
- Höll-Steier, A. (2011). Venture Capital : Fund Certification, Performance Prediction and Learnings From the Past. Frankfurt am Main: Peter Lang GmbH, Internationaler Verlag der Wissenschaften. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=488084
- Rin, M. D., Hellmann, T., & Puri, M. (2013). A Survey of Venture Capital Research. Handbook of the Economics of Finance, 573. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.h.eee.finchp.2.a.573.648
Recommended Additional Bibliography
- Green, M. B. (2012). Venture Capital : International Comparions. Hoboken: Routledge. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=506715
- Leong, K., Leong, E., & Tan, W. (2014). Venture Capital : How to Raise Funds for Your Business. Singapore: Marshall Cavendish International [Asia] Pte Ltd. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=836107