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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.
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Top Customer Reviews
The author does a superb job of being comprehensive while still providing just enough detail for a strong introductory level foundation. The anecdotes throughout the book also provide great real-world examples that make it incredibly easy to follow along with the topics discussed. Some of the content seemed so helpful that I found myself highlighting and bookmarking pages -something I rarely do.
When I finished, I even felt inclined to look up the author and find a way to thank him. He immediately responded and we ended up meeting when I visited San Francisco. Mahendra is a great guy and definitely taught me a lot both in the book and in person.
If you're on the fence, just buy the book. You won't regret it.
Budding vcs will find BVC as an invaluable reference. It details how to raise a fund, and walks through the investment process, regularly embedding war stories told directly by some of the most trusted investors in the game. Ramsinghani brings academic level analysis to the often impenetrable world of vc and makes it accessible to those without MBAs or who don't work in finance.
I've marked it up the way I would a coursekit, and have had to return many times over to dive in. So much information contained in his book isn't found in peer texts--it feels like you're playing "inside baseball."
While essentially structured as a comprehensive guide to the VC process, the author took pains not to make the style pedagogic & peppered it liberally with quotes, case-studies and his own witty one-liners that helped the overall learning process while not getting your goat. Even as I persisted through all chapters, I did realize that the composition of each chapter allows one to skip a chapter or two & still make sense of the flow.
The book ends with a quote by David Ogilvy "Don't bunt. Aim out of the ballpark. Aim for the company of immortals". Interestingly (for me at least...), the epilogue starts with the sentence, "At its core, VC is truly an apprenticeship business" - This seeming contradiction/ irony is what defines the approach taken by the author Mahendra Ramsinghani in establishing that a true venture professional is essentially a lifelong apprentice who nonetheless perpetually aims to challenge the boundaries of a conventional success.
Highly recommended for aspiring & established VCs and anyone else who fancies the `bucket' in whichever way!
This book provided me with a renewed perspective and appreciation for the business of venture capital, I wish this book was available few years ago - earlier on in my career of working in multiple technology startups in the Silicon Valley. I would recommend this book as a must-read for anyone who plans to work with or within the vast Venture Capital ecosystem consisting of limited partners, general partners, attorneys, angel investors, and entrepreneurs.