Collection
How and why emerging companies raise venture capital. This track covers the main VC funding stages, documents associated with each stage, the structure and role of VC firms, and their relationships with clients.
A discussion of the different types of debt financing used in private equity, including senior debt, subordinated debt, and high-yield debt.
A framework for understanding your private equity client’s business in order to help protect their interests. This course discusses what PE clients are concerned with during three stages of an investment—the acquisition phase, the holding period, and the divestment phase. It looks at valuing a target, maximizing returns, operational improvements, and exit strategies.
A walkthrough of an equity commitment letter, as well as an examination of their role in securing financing commitments and their specific implications in private equity mergers and acquisitions.
A company goes through several funding stages as it moves from formation to exit. This course takes a look at each of them and their impact on a company and its founders.
A look at how emerging companies raise venture capital, from finding and pitching investors to closing a deal.
A high-level overview of private equity and venture capital firms, including the major types of firms, their investors, how they make money, competition and the largest firms in the industry.
Convertible debt financings are a common alternative to priced equity rounds. This course explains convertible debt financings and their most common form, convertible notes. It also describes alternatives to notes, such as SAFEs and KISSes.
A discussion of the perspective of companies and investors on the main economic and control rights negotiated in a venture financing term sheet. Includes liquidation preference, anti-dilution provisions, board rights and employment matters.
The key financial concepts in emerging companies practice, including initial startup issues and the financial and accounting issues involved in debt and equity financings.
A walkthrough of a typical Voting Agreement, including explanations of its main provisions.
Cap tables and pro forma cap tables are used before, during and after a deal. This course uses Excel examples to explain their structure, content and uses.
An explanation of how PE funds work by exploring the roles of the key participants in a limited partnership, including the general partner, limited partners, deal professionals, portfolio companies, and holding companies.
A summary of the business and legal due diligence that parties conduct in a venture financing deal. Includes what to look for when reviewing key areas such as corporate governance and intellectual property, as well as an explanation of a cap table tie-out.
A walkthrough of an Amended and Restated Certificate of Incorporation (also called the Amended and Restated Charter) used in a venture capital transaction, with a focus on the sections governing preferred stock.
This course describes how VC firms are structured, who works at them and how they make investment decisions.
Brad Feld and Jason Mendelson of Foundry Group talk about how founders should think about valuation and control when raising venture capital.
A walkthrough of a typical Preferred Stock Purchase Agreement, including the related Schedule of Exceptions.
An overview of the main types of PE deals an M&A associate would encounter, including buyouts (with a focus on leveraged buyouts), carveouts, and minority investments. This course also discusses rollover equity, buy-and-build, co-investments, and growth equity.
A walkthrough of a typical Investor Rights Agreement, including explanations of its main provisions.
A walkthrough of a typical Right of First Refusal and Co-Sale Agreement, including explanations of its main provisions.
Venture financing deals include several ancillary documents, in addition to the principal deal documents, that cover important legal and business issues. This course describes the ones most commonly used.
The key differences between private equity M&A and strategic M&A, including investment goals, sources of funding, deal complexity, management retention, and break-up fees.
An overview of common private equity fund investment strategies such as growth equity and leveraged buyouts (LBOs). The course also covers alternative strategies including private debt, real assets, and funds of funds.
This course outlines the four stages of a typical private equity or venture capital fund's life cycle, from marketing the fund to potential investors to dissolution.
Brad Feld and Jason Mendelson of Foundry Group on the issues founders should consider when raising venture capital for the first time, including when to raise money, picking the right venture partner and how to think about the economic and control rights at stake.
Management incentives used in private equity mergers and acquisitions, covering both equity and non-equity incentives, and looking at how the various incentives motivate key personnel in portfolio companies after the acquisition. The course discusses incentive units, RSUs, rollover equity, deferred compensation, SARs, phantom units, and change of control bonuses.
After the main financial terms of a venture deal are agreed, it’s usually up to the lawyers to work out the actual price per share. This course explains how these calculations work, and suggests a couple of useful Excel tips.
Jason Mendelson of Foundry Group shares his perspective on what makes venture lawyers effective for their clients.
An explanation of the closing process for venture capital deals, including preparing for and managing a closing, typical closing documents and post-closing requirements.
How to calculate dividends and liquidation preference in a venture financing deal.
How to calculate the conversion of a convertible note into preferred stock when the note has a discount, a valuation cap or both.
How to calculate the investment amount and number of shares to be issued in accordance with an investor’s pro rata right.
Once the financial terms of a venture deal are set, the lawyers need to work out exactly how much each investor is investing and how many shares they’ll be issued. This course explains the calculations involved.
Introduces summer associates to corporate practice, with a focus on M&A, securities, and commercial lending work.
Covers due diligence for venture finance deals and the main economic and control rights negotiated in venture finance term sheets, plus how to make key calculations such as cap tables, pro forma cap tables, prices per share, pro rata rights, note conversions, dividends, and liquidation preferences.
Explains the main documents involved in venture financing deals, including key legal and business points and considerations for drafting and reviewing the documents. Documents covered include amended and restated certificates of incorporation, stock purchase agreements, voting agreements, convertible notes, and more.