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Training Course Summary:

This course provides a comprehensive review of the different aspects of venture capital investment and the venture capital industry. It examines how venture capitalists decide on which businesses to invest in, the different processes which they may deploy in terms of their participation in the financing of the companies in which they invest, the procedures involved in making the investment and the methods in which they might recover their investment at a later date. The seminar includes exercises, case studies and many references to past investments.
Delegates will be required to bring a laptop with a CD-Rom to the seminar.

Training Course Overview/Content:

Introduction
What is venture capital?
The history of venture capital in the UK and Europe
Venture capital investment - successes and failures
A global perspective on venture capital

Investment Theory
Entry valuation
The IRR model
Alternative techniques

Venture Capital Firm Structure
Closed and open ended funds
UK venture capital trusts
Corporate venturing
Role of bank debt
Investment strategies

The Selection Process
How the venture capitalists think
Winners and losers

Venture Capital Intelligence
Investees: technology / life science companies
Management buy-outs
The business plan
Venture capital marketplaces

The Investment Process
Due diligence
The offer letter
The investment agreement
Accountancy and tax issues
Venture capital participation in management
Further stage funding

Venture Capital Exits
Best practices for VC funded companies
Exit alternatives: flotation, trade sale, MBO, second round buyout
Evidence from VC markets worldwide