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venture capital exam 1 with verified solutions
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venture capital exam 1 with verified solutions
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venture capital exam 1Yale investment philosophy - correct answer ✔✔active oversight on 3rd party managers, believe in
equities, tactical asset allocation, prefers separately managed account vs pooled assets, top tier PE
funds, understand PE market.
U.S Public equity - correct answer ✔✔pros- very liquid, more information available (ease of monitoring),
could help diversify out of illiquid sectors, easy to build hedging ( risk-management) strategies
cons- many analysts(more efficient, no advantage as info is public), many managers in this investment
space, may have to mid-cap or small-cap for inefficiencies, smaller ownership in a public situation,
perhaps less opportunity for returns- fairly efficient.
U.S Private equity - correct answer ✔✔pros- historically high returns, diversification/ low correlation,
already in best funds (may not be able to get back if leave), use some new firms that are "hungry" (but
risk here too)
cons- high risk(standard deviance) already a lot invested here, PE oversaturated with BO deals, illiquid,
Boom+Bust cycles (can the returns last?), some funds adding services
foreign equity (both public and private) - correct answer ✔✔pros- diversification potential, emerging
markets could be a new area for high returns, inefficiencies.
cons- few managers that are independent (Europe), emerging markets could be dangerous and volatile,
can Yale apply current oversight skills?
fixed income securities - correct answer ✔✔pros- liquid, less risk, cushion/ diversification
cons- lower returns, manager fees eat in already, may not hedge against inflation.
, hedge funds (absolute return) - correct answer ✔✔pros- high returns possible, another inefficient
investment space, leverage can help!
cons- derivative products can be misused, black box, leverage can hurt!, how to benchmark?, already
have large investment in space.
real assets - correct answer ✔✔pros- diversification, some value spaced ventures that aren't pure
exploration, may be able to back new partnerships, more control
cons- manager fee structure historically different (transaction fees), aggressive market thing in real
estate, already have large investment.
characteristics to exist in Yale PE Funds. - correct answer ✔✔independent (non-institutional) ownership -
did not want fund to have to share profits with institution that owned them and management team
leaves, clearly defined process, co-investment from GPs, incentive tied to performance- rather give more
in performance on back end than in mgmt fee).
private equity as an overall portfolio construction decision. - correct answer ✔✔high performance
potential, diversification (low correlation to other assets, how else to beat out peers?), performance.
mayfield's proposal - correct answer ✔✔partnership amendment whereby much of the clawback would
be paid by charging limited partners the difference between what they had paid in management fees,
and the 2.5% maximum that they could have been charged; asking for a cumulative payment (fee-for-
clawback exchange). They had been looking for a 2.5% fee (no more budgets) and a 30% carried interest
structure. for funds 8 and 9, calculated the amount of fees that could have been charged the vintage
year and exchange that amount against the clawback payment.
Typical compensation for Buyout and VC Funds. - correct answer ✔✔management fee + carried interest.
Larger funds could generate higher fees and could manage several funds. Reputation a key factor in
determining pay. venture capital: 2.5%+30%, buyouts: 2%+20%.
management fee - correct answer ✔✔LP-friendly, usually paid quarterly, supported a firm's daily
operations, usually calculated as a % of committed capital. LPs liked budget based fees due to
transparency but few VC firms willing to disclose expenses that would be required, typically less than
what asset-based fee would be.
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