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Table of Contents
1 Cover
5 Foreword
6 Preface WHY SHOULD YOU READ THIS BOOK? AND WHO AM I TO WRITE THIS BOOK? WHAT SHOULD YOU KNOW ABOUT THIS BUSINESS OF VENTURE CAPITAL? NOTES
8 Part One: The Making of a VC 1 The Business of Cash and Carry INTRODUCTION: AN OPERATIONAL PRIMER ROLES, RESPONSIBILITIES, AND COMPENSATION NOTE 2 Why Choose a Career in VC CREATIVE CONSTRUCTION INTELLECTUAL STIMULATION MENTOR CAPITALISTS ASYMMETRICAL REWARDS NOTES 3 Attributes of Successful VCs STRONG AWARENESS OF TECH TRENDS ABILITY TO PICK WINNERS OPTIMISM, PATIENCE, AND STABILITY ABILITY TO LEARN AND GROW AN INHERENT BIAS FOR ACTION 4 Welcome to the Land of Ad-Venture ROLES AND RESPONSIBILITIES OF A VC INTERNSHIPS AND CAMPUS RECRUITMENT THE FELLOWSHIP OF INVESTORS ADJACENT ENTRY POINTS GETTING LUCKY — WHEN OPPORTUNITY MEETS A PREPARED MIND NOTES 5 Developing Your Investment Career BUILDING YOUR STRENGTHS BEWARE: BIAS AND PSYCHOLOGY NOTES 6 A Business Where Enemies Accumulate CHALLENGES OF A VC CAREER VC CAREER AS A CALLING NOTES 7 Generational Transfer and Succession MANAGING SUCCESSION - NOW MY WORK IS DONE THE ART OF LETTING GO NOTE
9 Part Two: Raising Your Venture Fund 8 LP Universe PENSION FUNDS ENDOWMENTS AND FOUNDATIONS SOVEREIGN WEALTH FUNDS FINANCE AND INSURANCE COMPANIES FAMILY OFFICES AND HIGH-NET-WORTH INDIVIDUALS CORPORATE OPERATING FUNDS COMPARISON OF LIMITED PARTNERSHIPS NOTES 9 LPs of Choice: Fund of Funds ADVANTAGES OF A FUND OF FUNDS FUND OF FUNDS INVESTMENT STRATEGIES 10 How LPs Conduct Fund Due Diligence PRIMARY AND SECONDARY INVESTMENT CRITERIA FUND SELECTION CRITERIA NOTES 11 Defining Your Fund's Investment Strategy MARKET OPPORTUNITY COMPETITIVE ADVANTAGES CASE STUDY: SOLO GP GOES INSTITUTIONAL CASE STUDY: OVERSUBSCRIBED FIRST FUND — HOW A $30M FUND ENDED UP WITH OVER $100M IN COMMITMENTS CASE STUDY: STARTING ALL OVER… CASE STUDY: WHO HAS TIME FOR THIS? I DON'T NEED NO LPS ANYMORE… NOTES 12 Investment Team Diligence EVALUATING FUND MANAGERS
