Chapter 14 Entrepreneurial Finance, Smith and Kiholm Smith Venture Capital

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Chapter 14Entrepreneurial Finance, Smith and
Kiholm SmithVenture Capital
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Historical Development of Venture Capital as an
Institution
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Venture Capital New Commitments
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Sources of Venture Capital Funds
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Organizational Structure of Venture Capital
Investment
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Summary of TermsVenture Capital Limited
Partnership Agreement
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Allocation of Venture Capitalist Time
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The Venture Capital Investment Process
Development of Fund Concept
Secure Commitments from Investors
Generate Deal Flow
Closing of Fund First Capital Call
Year 0
2-3 years
4-5 years
2-3 years or more
7-10 years plus extensions
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Key Covenant Classes of Venture Capital Limited
Partnerships