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Fin 394.14 Man 385.14 Venture Fellows Program Fall Semester 2009 Class Time: Tuesday 6:30-9:00, MSB Conference Room Professor: Jim Nolen Office: GSB 4.126G Phone: 471-5798 office 699-1803 cell E-mail: [email protected] Course Description: The program involves a practicum (internship) with a commercial firm or other organization operating in the private equity market and weekly lectures. The practicum is arranged with local venture capital or buyout firms, Austin Technology Incubator (ATI), Clean Energy Incubator (CEI), or an agent or advisor in the private equity market. Students are not limited to local organizations if the responsibilities of the practicum allow for remote completion of assignments to the satisfaction of the partner firm and the professor. The weekly lecturers are provided by McCombs faculty or guest lecturers and cover topics related to identifying investment opportunities, researching industries, screening business plans, negotiating and structuring investments, managing portfolio companies, raising capital for a fund or exiting investments. The lecture schedule for the fall and previous spring semester is included in this syllabus. The course is student led in which the officers and director of venture fellows help select lecture topics and speakers, match internships with venture fellow student’s interests, and interview and select the succeeding venture fellows class in the fall of each year. Course Objectives: The primary objective of the course is to introduce students to cross-functional concepts important to the investment decision-making process and management of business enterprises. Students are also provided with an opportunity to apply these concepts in actual investment decisions and management of businesses. The course provides the student with an opportunity to integrate and apply the concepts from the major functional areas in business. Because the content varies each semester (later stage private equity in the fall and earlier stage venture capital in the spring), the course may be taken multiple times. Course Requirements: The practicum activities typically require a minimum of 10 hours per week internship at a partner firm and are based on a schedule set by the students and the sponsor firm. The weekly lecture is typically scheduled for 2-3 hours and will meet this semester in the 6th floor MSB conference room starting at 6:30 each Tuesday evening during the fall semester. Students are expected to actively participate in the practicum that they registered for and to attend the weekly lectures. A course packet is produced in the spring semester of readings that will also pertain to the fall semester course as well. The number of students admitted to the practicum is limited by the number of sponsoring firms for the practicum, typically 15-20 positions per semester. First year MBAs are invited to apply to the Venture Fellows program and are selected by the current second-year Venture Fellows through a competitive format that includes interviews and a case analysis. Once selected in the fall semester, new Venture Fellows will begin their practicum in the following spring semester (second semester of their first year) and will continue the practicum in the fall semester (first semester of their second year). Grading Policy: Grading for the course is based on an evaluation of each student’s activities in the practicum this is completed at the end of the semester by managers at the sponsoring firm and a presentation or written report on the activities of the student’s practicum. The presentation or report provides students with the opportunity to share with classmates and to demonstrate mastery of concepts that have been covered in the weekly lectures. The Venture Fellow’s Director will also provide a peer review of each Fellows’ attendance at weekly lectures and other Venture Fellow’s activities including recruiting and screening new fellows, community outreach programs and fellowship activities. PRIVATE EQUITY FALL 2009 Date 1-Sep-09 8-Sep-09 15-Sep-09 22-Sep-09 29-Sep-09 Topic Private Equity Overview - Fund Structures, Candidate Selection, Operations, and Incentives Private Equity Fund Raising/Transaction Execution Venture Fellows Recruiting Evening Capital Markets Leveraged Finance, Mezzanine Debt, and Private Placements Expertise Diversification; Target Capital Structure; Hedging Commodity Risk; Problem Investments; Strategies for Growth Title Firm Robert Parrino Professor of Finance McCombs School of Business Jack Cardwell Partner Blue Sage Jim Nolen, Moderator: Speakers Professor Jeff Tusa Lathrop Smith Mccombs School Hunt PE Group Focus Strategies Devon Russell Managing Director Madison Capital Funding LLC Jason Downie (former VF) Partner HM Capital Partners Chief Executive Officer Homeaway MIDTERMS 6-Oct-09 13-Oct-09 Speaker Growing and Operating a PEBacked Business Brian Sharples 20-Oct-09 Financial Modeling Ryan Foley (Former VF) Vice President Westlake Securities 27-Oct-09 Restructuring Brian Cejka & Chris Sears (Former VF) Managing Director, Vice President Alvarez Marsal 3-Nov-09 Sector Focused PE David Miller Partner & CoFounder ENCAP 10-Nov-09 Key Terms for VC Investing Matt Lyons Partner Andrews Kurth 17-Nov-09 Mock Term Sheet Negotiation Andrews Kurth Partners & VCs Andrews Kurth 24-Nov-09 TBD Thanksgiving Week 1-Dec-09 Risk Management Tom Meredith Founder & General Partner, Former CFO: Dell & MOT Meritage Capital, L.P.; MFI Venture Capital Spring Semester 2009 28-Jan-09 VC from the Entreprenuer's Perspective / Seeking Funding Joe Liemandt, CEO, Founder of Trilogy Software 4-Feb-09 Angel Investing Jamie Rhodes, Perceptive Sciences; CTAN 11-Feb-09 How to Evaluate Potential Investments Rudy Garza, G51 Capital 18-Feb-09 VC: The Fund Raising Process and Managing LPs Jay Campion, Access Venture Partners 25-Feb-09 Roles and Responsibilites at a VC Firm Charlie Dean, Silverton Partners 4-Mar-09 Sweat Equity: How Sweet Is It? Clayton Christopher, Sweet Leaf Tea Founder 25-Mar-09 Governing & Working w/ Portfolio Companies in VC Investing Bill Wood, Silverton Partners 2-Apr-09 Kauffman Fellowship Stephen Straus, Texas Ventures 9-Apr-09 War Stores and other Ramblings with the Admiral Admiral B.R. Inman, Limestone Ventures 16-Apr-09 Forming an Emerging Company / Legal Aspects of Entrepreneurship Matt Lyons, Andrews Kurth 23-Apr-09 Founders Formation Negotiation Andrews Kurth 30-Apr-09 Structuring the Cap Table and related Issues Tom Ball, Austin Ventures 7-May-09 Exit Strategies Robert Parrino, Professor of Finance, McCombs School of Business