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The Business of Venture Capital: Insights from Leading Practitioners on the Art of Raising a Fund, Deal Structuring, Value Creation, and Exit Strategies Hardcover – October 25, 2011
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" If you read only one guide to becoming a successful VC, this is the one to read."
--Paul Maeder, Chairman, National Venture Capital Association (NVCA)
"Captures the LP mindset succinctly--any GP or aspiring VCs can benefit from this book."
--Timothy Recker, Chairman, Institutional Limited Partners Association (ILPA)
"An immensely useful and comprehensive guide" --Mark Florman, CEO, British Venture Capital Association (BVCA)
"a critical resource for the bookshelf of any practitioner or entrepreneur."
--Kelly M. Williams, Managing Director and Head of Customized Fund Investment Group, Credit Suisse, a fund-of-funds with $27 billion under management
" packs the insights and wisdom of those who have done it, not once but multiple times."
--Frank Caufield, cofounder, Kleiner Perkins Caufield and Byers, one of the world's leading venture firms
From the Inside Flap
The definitive guide to demystifying the venture capital business, The Business of Venture Capital covers the entire spectrum of this field, from raising funds and structuring investments to assessing exit pathways. It is the first book of its kind to focus on the four critical pillars of the venture capital business raising the fund, sourcing and structuring investments, creating value as a board member, and finally, leading investments to exits. Written by a practitioner for practitioners, the book provides the necessary breadth and depth, simplifies the jargon, and balances the analytical logic with experiential wisdom. Starting with a Foreword by Mark Heesen, President, National Venture Capital Association (NVCA), this important guide includes insights and perspectives from leading experts.
The Business of Venture Capital:
Covers the process of raising the venture fund, including identifying and assessing the Limited Partner universe; fund due-diligence criteria; and fund investment terms in Part One
Discusses the investment process, including sourcing investment opportunities; conducting due diligence and negotiating investment terms; adding value as a board member; and exploring exit pathways in Part Two
Offers insights, anecdotes, and wisdom from the experiences of best-in-class practitioners
Includes interviews conducted by Leading Limited Partners/Fund-of-Funds with Credit Suisse, Top Tier Capital Partners, Grove Street Advisors, Rho Capital, Pension Fund Managers, and Family Office Managers
Features the insights of over twenty-five leading venture capital practitioners, frequently featured on Forbes' Midas List of top venture capitalists, including Frank Caufield (cofounder, Kleiner Perkins Caufield and Byers), David Cowan (Bessemer Venture Partners), Todd Dagres (Spark Capital), Promod Haque (Norwest Venture Partners), Tim Draper (Draper Fisher Jurvetson), Brad Feld (Foundry Group), Mitch Lasky (Benchmark Capital), John Jarve (Menlo Ventures), Terry McGuire (Polaris Capital and former NVCA chair), Bryan Roberts (Venrock), and Bob Nelsen (ARCH Venture Partners)
Those aspiring to raise a fund, pursue a career in venture capital, or simply understand the art of investing can benefit from this book. The companion website offers various tools such as GP Fund Due Diligence Checklist, Investment Due Diligence Checklist, and more, as well as external links to industry white papers and other industry guidelines.
Author interviews, book reviews, editors picks, and more. Read it now
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A few months later Mahendra send me and my partner Seth Levine an early draft of the book. We each gave him a bunch of feedback. I was deep into writing Venture Deals: Be Smarter Than Your Lawyer and VC with one of my other partners - Jason Mendelson - and it was neat to see how Mahendra's book complimented ours. I also appreciated how much work a book like this was and tried to give substantive feedback.
In June 2011 Mahendra sent me and Seth a final draft of the book. I read through it and thought it was really good. When the book came out in October Mahendra sent us final copies. I turned the pages, smiled, and then went about my business.
I finally met Mahendra in Ann Arbor when Jason and I spent the day there in November, prompting my post College Is Like A Sandbox. Manendra and I spent some time talking about an idea he had for a new book and I agreed to help him with it (more on that later this week in another post.) In the mean time when I got home I dug up The Business of Venture Capital, put in on the top of my infinite pile of books to read, and figured I'd get to it soon enough.
If you are interested in becoming a VC, are a junior VC, an associate, a principal, or even a partner who is relatively inexperienced, this book is aimed directly at you. If you are an angel investor working with VCs, this book is for you. If you are an entrepreneur who wants to know a lot more about venture capital, this book is for you. It's thorough, covers all aspects of the venture capital business, has many interviews and pithy quotes and thoughts from a wide range of experienced VCs who were interviewed by Mahendra, and is incredibly readable for a 350 page book about "venture capital."
My review of it is really simple: "I wish I had this book in 1994 when I made my first angel investment, and then again in 1996 when I made my first VC investment. Wow - it would have saved me a lot of time, energy, confusion, and grief."
The book is expensive, but if you are a VC, you can afford it. It'll pay for itself many times over.
So it is with Mahendra Ramsinghani's "The Business of Venture Capital." At first glance, it is broad strokes trying to cover the arcane and often byzantine world of venture capital. But this is the work of an insider who has pulled back the veil to give the reader a glimpse of the financial alchemists at work; how they raise a fund, how they decide which project to fund, how they determine the entrepreneur's bona fides. It is not comprehensive with respect to the subject, but it is concise with respect to the aspects of venture capital as a process. As Ramsinghani says in the Preface, certain subjects are only briefly touched upon because of their extensive coverage by other authors. Ancillary subjects like taxes, regulations and accounting are also left to the experts; but what is included in this book is gold. The power of the piece lies within the author's choices in the details presented. This book should be required reading in every reputable MBA program and is a must read for anyone seeking to understand the VC funding process.
Enter The Business of Venture Capital -- a well-written deep dive into the details of fund formation and management. The author interviews leading VC practitioners From Tim Draper to Brad Feld to Frank Caufield to help the reader better understand what happens behind the VC curtain. I found this to be a very informative and educational read, and would recommend it to any curious entrepreneur.