CDVCA 2008 Introductory Workshop and Annual Conference Agenda
An Introduction to Community Development Venture Capital
Wednesday, March 26, 2008
8:00 – 8:30 am
Breakfast & Check-in
8:30 – 9:00 am
Overview of the CDVC Industry [PowerPoint]
Kerwin Tesdell, CDVCA
9:00 – 10:15 am
Equity and Near-Equity: Investments: Negotiating and Structuring Deals [PowerPoint]
Alan Bernstein, Carter Ledyar & Milburn
10:15 – 10:30 am
Break
10:30 – 12:00 pm
DVCRF Ventures Case
Prof. Gregory B. Fairchild, University of Virginia, Darden School of Business - FairchildG(at)darden(dot)virginia(dot)edu [Case]
Noon – 1:45 pm
Lunch
2:00 – 3:00 pm
Getting Started: Fund Formation, Fundraising, Deal Sourcing, and
Measuring Social Impact [PowerPoint]
Nat Henshaw, CEI Ventures
3:00 – 4:00 pm
Investment Practices: Assessing Financial and Social Returns, Due Diligence, Structuring Investments and Negotiating Terms [PowerPoint]
Catherine Lockhart, Meridian Management Group
4:00 – 5:00 pm
Creating and Managing Portfolios: Structuring Investments, Adding Value to Companies, and Exiting Investments [PowerPoint]
Ray Moncrief, Kentucky Highlands Investment Corporation, Southern Appalachian Fund, and Meritus Ventures
5:00 – 5:45 pm
Panel Discussion: Questions & Answers
Thursday, March 27, 2008
8:30 – 8:45 am
Welcome
Ray Moncrief, Board Chair, CDVCA
8:45 – 10:15 am
Adding Value to Portfolio Companies
Perhaps as important as the money venture capitalists bring to the table is their ability to add value to their portfolio companies. This is particularly true of CDVC funds, which have developed techniques to add both financial and social value to the companies in which they invest. Hear from CDVC fund managers about the ways in which they add value to their portfolio companies, from sitting on boards of directors and lining up additional financing to more specialized methods, such as expending Operational Assistance money provided by the SBA, working with a not-for-profit affiliate to increase wealth and provide workforce development services to employees, and linking companies to a variety of state and local programs.
MODERATOR: Kerwin Tesdell, CDVCA
SPEAKERS:
Grady Vanderhoofven, Southern Appalachian Fund and Meritus Ventures [PowerPoint]Cory Nettles, Generation Growth Capital [PowerPoint]Anne Claire Broughton, SJF Ventures I & II[PowerPoint]
10:15 – 10:30 am
Break
10:30 – 12:00 pm
Breakout I: Concurrent Sessions
New Markets Venture Capital (NMVC) and Rural Business Investment Company (RBIC) Programs
The Small Business Administration (SBA) operates two programs that facilitate the creation of specialized venture capital funds that serve low-income or underinvested rural areas. Representatives of the SBA will share how these two programs work and their place within the larger context of the SBA’s Investment Division. Then fund managers of NMVC and RBIC funds will share real world examples of what their funds have accomplished.
MODERATOR: Joel Steiker, Murex Investments
SPEAKERS: Harry Haskins, Deputy Associate Administrator, Investment Division, SBA [PowerPoint]Louis Cupp, New Markets Policy Analyst, Investment Division, SBA [PowerPoint]Ray Moncrief, Kentucky Highlands Investment Company, Southern Appalachian Fund and Meritus Ventures [PowerPoint]Mark Grovic, New Markets Growth Fund
CDVC Exits and the Creation of Social Value
Some have argued that CDVC is flawed as an economic development strategy because jobs and other social outcomes created by investments tend to be destroyed at the time of exit. Hear about two research efforts that have examined this question closely. (Preview: they found the opposite is true.)
MODERATOR: Kerwin Tesdell, CDVCA
SPEAKERS: Anne Claire Broughton, SJF Advisory Services [PowerPoint]Hattie Silberberg, MIT, working with CDVCA [PowerPoint]
12:00 – 12:30 pm
Break
12:30 – 1:45 pm
Luncheon & Keynote Address
Joseph Bartlett literally wrote the book on venture capital, as the author of the leading treatise on venture capital transactions. In addition to being a respected venture capital attorney, he is Founder and Chairman of VC Experts, the leading website focused on venture capital investment. Mr. Bartlett will share the wisdom and insight he has gained in 40 years in the VC business, looking both backward and forward at the traditional VC industry and placing CDVC in that context. [PowerPoint]
INTRODUCTION: Nat Henshaw, CEI Ventures I & II
1:45 – 3:15 pm
Breakout II: Concurrent Sessions
Working Together: Keeping the Interests of Companies and CDVC Funds Aligned
It is vital that a CDVC fund and company management work together to achieve positive results for all parties. Learn how to keep both the financial and the social interests of companies and funds aligned, from the initial structuring of the investment relationship, to the company-building stage, through management changes and exit. Hear from fund managers about both successful strategies and pitfalls.
MODERATOR: Tom Loy, MetaFund
SPEAKERS: Ray Moncrief, Kentucky Highlands Investment Company, Southern Appalachian Fund, and Meritus Ventures [PowerPoint]Mark Kaplan, CEI Ventures I & II [PowerPoint]Phil Thomas, Advantage Capital
CDVC and Minority-Owned Enterprises
Most CDVC funds include financing minority-owned enterprises among their social goals, but some specialize in this sector. Three experienced fund managers that follow this investment strategy will tell us about their funds and how they seek to increase minority ownership in the nation's economy.
MODERATOR: Gloria Bromell Tinubu, Bromell Tinubu Group LLC
SPEAKERS: Catherine Lockhart, Meridian Management Group [PowerPoint]Richard Venegar, Milestone Growth Fund [PowerPoint]Cory Nettles, Generation Growth Capital [PowerPoint]
3:15 – 3:30 pm
Break
3:30pm – 5:00pm
CDVC Fund InvestorsA panel of experienced investors in the community development venture capital industry will discuss their approach to investment and their views of the industry. Learn about their investment criteria and how they approach due diligence. Hear what they look for in their post-investment relationship with the funds in which they have invested.
MODERATOR: Catherine Lockhart, Meridian Management Group
SPEAKERS: Jerry Huang, John D. and Catherine T. MacArthur FoundationChristopher Memoli, HSBCJohn Kinghorn, Prudential Foundation
6:00pm – 8:00pm
Evening Reception
Friday, March 28, 2008
8:00 – 9:00 am
Networking Breakfast
9:00 – 9:15 am
Break
9:15 – 10:45 am
Dressed for Exit: Preparing Companies for Sale
Anyone can make a CDVC investment; the challenge is getting your money back. Learn from an experienced venture capital and mergers and acquisitions attorney with experience in the CDVC industry how to prepare a company for a successful exit. Hear about the real life experience of a VC fund manager who has sold several companies successfully.
SPEAKERS: Alan Bernstein, Partner, Carter Ledyard & MilburnNat Henshaw, CEI Ventures
10:45 – 11:00 am
Break
11:00 – 12:30 pm
Current Trends in Transactional Structure: “Industry Standard” Deal Terms
Learn about legal and economic terms and structures of venture financings in light of recent legislation, custom and usage in the industry from an expert in the field. Find out what deal terms are currently “industry standard” based on survey data and hear an analysis of legal and financial trends in term sheet negotiation and deal structure.
SPEAKER: Joseph Bartlett, Esq, Sonnenschein Nath & Rosenthal LLP; VC Experts [PowerPoint]
12:45 – 2:00 pm
Lunch
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