Differences Private VC cf. Corporate VC.pptx

Private Equity (Venture) in 90 seconds?The entrepreneur’s view of VC2Private Equity (Venture) in 90 seconds?The VC’s view of VC3Private Equity (Venture) in 90 seconds?The research institution’s view of VC4Private Equity (Venture) in 90 seconds?The attorney’s view of VC? VC syndicate will put $20-50+MM at risk for 5-7+ years to get 5-10X return (but 80% of the time they lose their shirts)? VCs demand an academic license broad enough to cover all therapeutic indications but want to pay reagent prices?Growing concern about the strategic value of university-IP, but they still want it?The second most important aspect of a university license is the ability of the newco to do early, high-value retention deals with pharma5What a VC would like to see in an academic license?Apportionment?Assignability?Field (broad)?Founder involvement and retention?Improvements (did you hear pipelining?)?Patent coverage?Pharma-friendly economic terms (generics/biosimilars, royalties)6Differences: Corporate VCcf. Institutional plementary with existing corporate programs vs. alignment with rest of portfolio?Corporate VC must keep in mind broad interests of shareholders vs interests of LPs?Level of governance?Level of risk-takingvs need for high IRR?Level of risk? Daunting in view of de