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Abstract:
In fall 2008, a venture lender must decide whether to make a loan to Avid, a small but promising venture-backed life sciences firm. In reviewing her proposal, Cristy Barnes considers the company's characteristics and how they differ from a typical investment. At the same time, the CEO and the venture capitalist are exploring the true costs and benefits of taking the loan, particularly in the uncertain economic climate of the time.

Abstract:
Facing the downturn in late 2008, the partners in the West-Coast-based corporate venturing arm of a Taiwanese electronics manufacturer are trying to decide how to manage their portfolio companies and whether to make new investments. Not only must they consider the particulars of each company individually, but they must also think about how to manage the entire firm's portfolio.

Abstract:
Paul Feltcher, the CEO of Actis, a leading private equity investor in emerging markets, is preparing for an executive retreat at which the management team will consider how best to position the firm for the future. Actis could move in a number of different directions, by expanding into new geographies, asset classes, or deal sizes. Choices made along these dimensions all have different implications for the degree of cohesion between the regions and the headquarters in London, the types of funds the firm will raise, and the skills required of employees. One of the final challenges is whether Actis, which has produced a very good track record, even needs to change its business model at this point.

Abstract:
Two entrepreneurs have just been told by their venture capital backer to prepare a list of possible cuts to help them weather the 2008-2009 economic downturn. The impact on each firm is very different: one is a later-stage company with revenues in excess of $100 million; the other a pre-revenue company trying to raise its first institutional round. The entrepreneurs must consider their options and the impact on their companies' growth and, perhaps, survival.

Abstract:
SUBJECT AREAS: Careers & career planning, Finance, Negotiations, Private equity

CASE SETTINGS: United States; Private equity; 500 employees; 2005

Tad O'Malley, a new associate at Empire Investment Group, a top-tier leveraged buyout firm, must evaluate three different deals and recommend which should receive additional resources for further investigation. He must consider the specifics of each company and each deal as well as the resources or restrictions of the firm's offices that would handle the project.

Abstract:
SUBJECT AREAS: Emerging markets, Fraud, Partnerships, Private equity

CASE SETTINGS: Global; United Kingdom; Private equity; 200 employees; 2004

The senior managing partner of Actis, a leading private equity investor in emerging markets, must decide whether to go into the market to raise money. Actis was spun out of CDC, a 50-year-old division of the U.K.'s Department for International Development, and is guaranteed a substantial flow of capital under the terms of the demerger agreement. Actis management has to decide whether to focus on developing relationships with its chief limited partner and honing its internal processes or to go out into the market to raise funds.

Abstract:
SUBJECT AREAS: Emerging markets, Entrepreneurial finance, Entrepreneurship, IPO, Telecommunications

CASE SETTINGS: Africa; Telecommunications industry; $1 billion revenues; 3,000 employees; 2004

Depicts the options facing Mohammed Ibrahim, founder and chairman of Celtel International, the largest pan African wireless telecommunications provider, as he tries to position his company for further growth. Should the firm, which has reached $1 billion in revenues in six years, strive for an IPO, trade a sale, or continue as an independent for a few more years? Outlines the company's success and challenges thus far, the benefits and disadvantages of each option, and future funding possibilities.

Abstract:
SUBJECT AREAS: Emerging markets, Entrepreneurial finance, Entrepreneurship, IPO, Telecommunications

CASE SETTINGS: Africa; Telecommunications industry

Supplements the (A) case. A rewritten version of an earlier case.

Abstract:
SUBJECT AREAS: Entrepreneurial finance, Entrepreneurship, IPO, Telecommunications

CASE SETTINGS: Africa; Telecommunications industry; $1 billion revenues; 3,000 employees; 2004

Mo Ibrahim, chairman of Celtel International, the largest provider of cellular services in sub-Saharan Africa, must decide on his company's future. After an amazing six years that took it from minority positions in three countries to nearly $1 billion in revenues and 14 operations in 13 countries, the company has three options: to attempt an IPO, to find a merger partner, or to continue as an independent entity. Ibrahim must consider the company's track record, its current situation, and the implications of each option.

Abstract:
SUBJECT AREAS: Entrepreneurial finance, Investments, IPO, Venture capital

CASE SETTINGS: Asia; China; 20 employees; 2002-2004

The Softbank Asia Infrastructure Fund (SAIF) team has just learned that the price at which its portfolio company, the Chinese gaming firm Shanda, was planning to go public must be reduced. As a result, the partners think through the entire genesis of the deal and the differences between doing venture capital in China and in the United States. Illustrates the intricacies of strategic venture investing.

Abstract:
SUBJECT AREAS: Emerging markets, Fraud, Investments, Venture capital

CASE SETTINGS: China; 8 employees; 2004

The general partners of Gobi Partners, a venture fund located in Shanghai, are trying to decide the best way to raise money for their first fund. Their strategy of investing in early-stage digital media companies in China was well-received by strategic investors - IBM and NTT DoCoMo are cornerstone investors in the fund - but classic institutional investors are wary of such a targeted approach, despite the team's successful track record with different private equity groups. Over a year after their first closing at $30 million, the limited partners are urging Gobi to raise the balance of its $100 million fund. But how, without either abandoning the strategy that has won them a measure of success in such a short time or bringing on more strategic investors with goals that might conflict with those currently in the fund?

Abstract:
SUBJECT AREAS: Decision making, Financing, Leveraged buyouts, Multinational corporations

CASE SETTINGS: United States; Paper industry

In 2002, Apax Partners had to decide whether to accept a less-than-perfect offer for one of its portfolio companies or to refinance it. This company, a maker of paper industry consumables with a global presence, had been purchased in 1999 and performed extremely well since then. Despite being a solid, cash-generative operation, it didn't excite a lot of interest in the market. An early exit at a good multiple would be helpful for Apax's current fund and future fund-raising efforts, whereas refinancing would allow Apax to take some money off the table and share in future upsides. Which is the better choice?

Abstract:
SUBJECT AREAS: Entrepreneurial finance, Equity capital, Government agencies, Venture capital

CASE SETTINGS: Arlington, VA; Government & regulatory; 40 employees; 2003

The Central Intelligence Agency establishes a venture-enabled fund, In-Q-Tel, to allow it to access cutting-edge technologies. Fund managers face a variety of difficulties, some similar to those facing other institutionally affiliated venture funds and some unique.

Abstract:
SUBJECT AREAS: Financial strategy, Intangible assets, Negotiations, Subsidiaries

CASE SETTINGS: United Kingdom; 25 employees; 2002-2003

Describes the dilemma facing Chris Masterson, the head of HSBC's private equity division, in negotiating this team's buyout of its organization from HSBC, its corporate parent since 1992. Discusses the pros and cons of being a captive fund and the delicate balance among many interests - limited partners, team members, the parent, and the investee companies - that must be maintained.

Abstract:
SUBJECT AREAS: Banks, Fraud, Venture capital

CASE SETTINGS: United States; Finance; 10 employees; 2003

David Fischer is trying to raise $200 million for a first-time venture debt fund that will be affiliated with Silicon Valley Bank, a major technology lender. Despite his lengthy experience in venture lending, the process is proving difficult. He and his partners are considering whether to continue trying to raise the full amount or to close a smaller sum that is readily available and prove the model before trying to raise a larger fund. In making their decision, the partners must consider the structure of the fund and the value added by their links to the bank as well as how to counter conflict of interest concerns raised by the potential limited partners.

Abstract:
SUBJECT AREAS: Equity financing, Investments, Limited partnerships

CASE SETTINGS: Massachusetts; 24 employees; 2003

Grove Street Advisors, a manager of customized private equity investment products, has been very successful in its first five years. To grow, the group must decide whether to target smaller organizations, revive its coinvestment efforts, or enter the highly competitive fund-of-funds market.

Abstract:
SUBJECT AREAS: Capital markets, International business, Investments, Shareholders relations, Venture capital

CASE SETTINGS: Europe; $1.5 billion revenues; 1,000 employees; 2002

Brian Larcombe, CEO of 3i Group, one of the world's largest private equity firms and one of the few publicly listed ones, is deciding how best to use his firm's international network to deliver superior returns to shareholders. This case presents 3i's history and international strategy.

Abstract:
SUBJECT AREAS: Decision making, Equity financing, Expansion, International business, Investments, Partnerships, Venture capital

CASE SETTINGS: United Kingdom; Securities & investing; 30 employees; 2001

In spring 2001, with the venture market crashing all around, the London office of Accel Partners, a major west coast venture capital firm, needs to make a decision about investing in an Irish software company. As the first investment of the new European operation, the decision will serve as a proof of concept for the process that the organization has set up. This case presents Accel's strategy in moving into Europe and staying there even as many other firms shuttered or reduced their overseas' operations. In addition, the protagonists must decide how to structure a term sheet and whether to include another venture firm in the deal.

Abstract:
SUBJECT AREAS: Distribution, Entrepreneurial finance, Stocks, Valuation, Venture capital

Introduces the issues attendant to valuing privately held portfolios and distributing thinly traded stock. Although they have existed since the beginning of the formal venture capital industry, they have received increasing amounts of attention as the money invested in private equity has grown. Presents the perspectives of the many participants in the industry.

Abstract:
SUBJECT AREAS: Due diligence, Negotiations

CASE SETTINGS: United Kingdom; Software industry; Venture capital firms; 33 million British pounds; 500 employees; 2002

A U.S. venture capital firm has just learned that the deal structure for purchasing an illiquid U.K. software firm is unacceptable to institutional investors. Discusses whether the group still wants to go through with the deal. The key to that is whether the due diligence has uncovered all the issues that would affect the price that the investors will pay for the company and the amount they need to provide to get it back on its feet.

Abstract:
SUBJECT AREAS: Entrepreneurial finance, Fraud, Investments, Strategic planning, Venture capital

CASE SETTINGS: Pittsburg, PA; Securities & investing; 12 employees; 2002

In March 2002, the five partners of Adams Capital Management (ACM), a venture capital firm investing in information technology telecommunications with $700 million under management, gathered to discuss whether they should change their strategy in view of the prolonged downturn in both the economy and their targeted investment sectors. Since its founding in 1993, ACM had followed a distinct strategy of targeting particular markets of interest, investing within these, and managing the portfolio companies through a defined process to liquidity. ACM's first fund had performed extremely well; its second was looking good; and the third, albeit only a year into its life, was not performing as well. ACM is considering three options: investing in companies producing more fundamental products, hiring more associates or investing in more markets, or taking bigger positions in companies in its traditional sectors. Each has its own possibilities and drawbacks. A rewritten version of an earlier case.

Abstract:
SUBJECT AREAS: Organization, Venture capital

CASE SETTINGS: Massachusetts; Securities & investing; 67 employees; 2001

Todd Dagres, general partner of Battery Ventures, reflects on his firm's organization and it's effectiveness in one particular deal. One of the perennial challenges of venture capital is the scaling of the firm. Usually regarded as a craft industry, venture firms tend to have fewer than ten deal-makers. Battery has undertaken a particular approach to this problem, instituting a career path that begins at a very low level, progressing to general partner. Examining Battery making a deal demonstrates the advantages and disadvantages of this structure.

Abstract:
SUBJECT AREAS: Due diligence, Leveraged buyouts, Negotiations, Recapitalization, Valuation

CASE SETTINGS: Texas; 6 employees; 2001

The partners of a new midmarket buyout fund are working on a buyout of a closely held modular building company. Although originally structured as a stock deal, they have realized that an asset deal would be preferable from their point of view and are trying to determine what benefits it might hold for the sellers, whose continuing involvement in the company is essential for success. This case describes the process of the deal's due diligence and the state of the LBO industry in the early 21st century.

Abstract:
SUBJECT AREAS: Entrepreneurial finance, Financing, Software, Venture capital

CASE SETTINGS: Massachusetts; Software industry; 50 employees; 2001

Steve Papa, CEO of Endeca Technologies, must decide among two term sheets raising the same amount of badly needed money for his young software company. One deal is led by insiders and, is offered at a lower price. It continues a board that has worked very well and shares a common vision. It also is likely to involve a very important potential customer. The second offer comes from a group with which Papa does not have history. Although it carries a higher price, it will change the board structure and also requires that the closing be delayed a week, from September 7, 2001, to September 14. The company has cash only into October so, if anything goes wrong, Papa is unlikely to be able to arrange alternate financing. Discusses which option he should accept.

Abstract:
SUBJECT AREAS: Entrepreneurial finance, Financing, Software, Venture capital

Supplements the (A) case, available at http://ssrn.com/abstract=954271.

Abstract:
SUBJECT AREAS: Entrepreneurship, Mergers, Venture capital

CASE SETTINGS: China; Internet & online services industries; RMB 12 million revenues; 70 employees; 2001

Bo Feng, cofounder and principal in Chengwei Ventures, one of the first sovereign venture capital firms in China, is trying to decide on the proper business model for hdt, the product of a merger between two portfolio companies. This case discusses the best way for the new company, which designs Web sites and provides customer relationship management and ad-serving software, to prosper in China's changing market.

Abstract:
SUBJECT AREAS: Careers & career planning, Entrepreneurial finance, Financial strategy, Investments, Leveraged buyouts, Venture capital

CASE SETTINGS: New York, NY; 20 employees; 2002

Martin Smith, a recent HBS graduate, has just begun working with a leveraged buyout firm. His first assignment is to evaluate three different deals and make recommendations to the partners. As he studies the deals, he realizes that each has different merits and drawbacks and that his recommendation must take into account not only the specifics of each target company but also the situation of his firm. Also, he must consider the stage of his career and that of the senior partner.

Abstract:
SUBJECT AREAS: Emerging markets, Privatization, Venture capital

CASE SETTINGS: London; Securities & investing; 300 employees; 2000-2001

In 2001, CDC Capital Partners is facing the greatest challenge in its 53-year history. Founded as part of the U.K. government's post-war colonial reconstruction, it had operated as a developmental finance institution, largely issuing debt to the world's poorest countries. Now, however, it must transform itself to become a public-private partnership (PPP) dealing in private equity projects, but still restricted to the world's poorest countries. Can CDC succeed?