11:30 a.m. to 12:30 p.m.
Luncheon
on the Veranda
12:30 p.m. – 12:45 p.m.
Agenda
Review and Introductions
12:45 p.m. – 2:30 p.m.
INVESTMENT PACE
What is the pace of investing for each fund? How many deals have
you completed in the last six months? In the past year? Briefly
discuss the valuations and stage for each of your fund’s
last three deals. What do you think of the current quality of
deals in the market?
COMPETITION AND VALUATIONS
What is the competitive climate for seed and early stage deals?
What kind of valuations are you seeing? What strategies are you
employing to cope with the competitive environment?
• Due Diligence: Do you have enough time to do a thorough
evaluation?
• Deal Capture: How do you secure an opportunity?
• Syndication: When is the right time to start the syndication
process? What do you look for in a syndicate partner? What are
your views of a “fully funded” syndicate?
CURRENT INVESTMENT FOCUS
• In what areas are you spending time looking for investments?
What is the investment thesis for these areas?
• Do you have a framework for evaluating new potential areas
of interest? How do funds identify new areas of investment? Do
you do extensive sector analysis?
CREATIVE STRATEGIES
• What creative strategies does your fund use? For deal
flow? Deal review? Portfolio management? Fund operations? Other?
• How do you differentiate your fund? What makes your fund
unique to the entrepreneur? The limited partner? The syndicate
partner?
GLOBALIZATION OF VENTURE CAPITAL
• Outsourcing: Do you have a systematic approach for start-ups
or is it a case-by-case evaluation? What percentage of your companies
are outsourcing or doing offshore development? Do you have a consistent
strategy? What is the impact on capital efficiency and cost reduction?
• Revenue: How many of your companies are looking for markets
outside the US? When do your companies consider global markets?
What are the implications on cost, management, time, communication,
etc.? What are some creative strategies used to deal with selling
into global markets?
• Offshore Investing: How many of you have made an offshore
investment where the entire operation is abroad? If you have invested
abroad, what other models have you employed? What is your short-term,
long-term offshore investment strategy, if any?
2:30 p.m. – 2:45 p.m.
Break
2:45 p.m. – 3:30 p.m.
THE ENTERPRISE SALES LEARNING CURVE
Mark Leslie
Managing
Director, Leslie Ventures
Former
Chairman and CEO, Veritas Software
3:30 p.m. – 2:45 p.m.
LIQUIDITY AND DISTRIBUTIONS
• Are there are signs that the markets are strengthening?
What are the implications for exit options?
• How do you see the IPO market over the next few years?
Has SOX compliance taken a toll on IPOs as an exit option?
• What is the current M&A climate? Who is buying? How
do you drive competition and value when you are pursuing an M&A
exit?
• What best practices do you use to manage exits?
• Are there any creative exit strategies that you have employed?
LIMITED PARTNER RELATIONS
• How many recently raised a new fund? How many are planning
to raise a new fund this year?
• What is the fundraising environment today? How much time
is required to raise a new fund?
• Given that fund sizes are shrinking, how do you determine
which limited partners are invited to invest in the next fund?
• What changes are you seeing in limited partner behavior?
• What types of limited partners do you look for when attracting
new investors? What are the pros and cons of working with Funds
of Funds? Which ones have you enjoyed working with, and which
ones have been difficult? What about pension funds, endowments,
and family offices? Are you placing any restrictions on public
pension funds with potential disclosure issues?
4:45 p.m. – 5:00 p.m.
Wrap
up
5:00 p.m. – 6:00 p.m.
Cocktail
Reception |
