Lesson 0 · Introduction to modelling in Excel

• Key principles: Main pillars of a good Excel file
• Visuals: The art of crafting easy to follow Excel sheets
• Robustness: Learning how to build a bulletproof workbook
• Tricks and tools: Small tips that will make your life easier

Lesson 1 · Introduction to Venture Capital

• What is a Venture Capital firm? What is a Venture Capital fund? Presentation of the main VC stakeholders: Managers, LPs, entrepreneurs.
• History of Venture Capital: origin and deep dive of its evolution in Spain.
• What companies do Venture Capital funds invest in. Examples.
• Life phases of startups and the role of investors in each phase: when do funds enter, with what amounts and what role do they play?
• Case study

Lesson 2 · Fund structure and operations I

• Classification of VC funds: Definitions and analyses by strategy, stage, geography, industry, etc
• VC team structure: Roles, responsibilities, time allocation and tech stack
• Case study: VC deck analysis of Susa

Lesson 3 · Fund structure and operations II

• Fund life cycle: Capital calls and distributions, investment and divestment periods and concatenation
• Incentive structure: Expected returns from LPs and compensation of GPs and management
• KPIs and benchmarks: Measurements and distribution of funds’ performance
• Cash flows: Detailed examples of cash flow distributions in VCs
• Case study: VC fund modeling at eCapital

Lesson 4 · Dealflow

• Investment process: What is the process from first meeting until the investment is done
• Origination and funnel: Where and how do VCs source their own dealflow
• Analysis of potential transactions: Main things that VCs due diligence to get conviction for an investment
• Case study: Investment process at Sequoia South Europe

Lesson 5 · Startup valuation

• Traditional valuation methods: DCF, multiples on profit, book value
• Startup valuation methods: Dilution analysis, multiples over business metrics, VC method
• Examples: Practice and analysis of real examples
• Case study: Valuation at Graphext

Lesson 6 · Execution of a Venture Capital transaction

• Key terms in deal execution: Dilution, valuation, cap table, phantoms, convertibles, equity evolution…
• Term sheet and SHA: Main concepts and example documents review
• Due diligence: Players, timeline, covered topics…
• Case study: ACME’s almost real cap table evolution

Lesson 7 · Portfolio management

• Portfolio performance: Expected returns, power law, unicorns vs camels
• Follow-on strategy: Fund allocation, good vs bad follow-on
• Contribution to portfolio companies: Board dynamics, value-add, platform
• Case study: Follow-on strategy at eCapital

Lesson 8 · Exits

• Types of exits: M&A, IPO, Acquihire, Secondaries
• Exit clauses: Earn-out, lock-in, other clauses
• Waterfall: Enterprise Value, Equity Value, Equity Waterfall
• Case study: Exit waterfall at Mya Systems

Lesson 9 · Financing of a VC fund

• Fundraising process: Timeline, sources, costs, evolution of candidacies
• Selling points: LPs’ points of interest, GPs’ team, track record, market, investment thesis
• Types of LPs: Institutional, public entities, corporates, HNWI
• Indebtment: How some funds use debt to enhance their ROI
• Case study: Fundraising of a VC fund

Lesson 10 · Reporting from GPs to LPs

• GP/LP Relationship: GPs’ strategy and alignment with LPs’ motivations
• Reporting: Key metrics and tools for effective reporting
• Discussion topics: Addressing common challenges
• Cadence: Determining reporting frequency and the importance of regular meetings
• Case study: Reporting of a VC fund

THEORY

• Pre-read: Introductory materials (news, documents, book chapters…) related to each topic
• Theory videos: Recorded sessions explaining all relevant concepts of the topic
• Slides: Theory in “slides” format to follow the recorded videos and complete the practical case

PRACTICE