Fin 394.14
Venture Fellows Program
Fall Semester 2011
Class Time: Wednesdays 6:30-9:00, MSB 6th Floor Conference Room
Professor: Jim Nolen
Office: GSB 4.126G
Phone: 471-5798 office
699-1803 cell
E-mail: james.nolen@mccombs.utexas.edu
Course Description:
The program involves a practicum (internship) with a commercial firm or other organization operating in
the private equity market and weekly lectures. The practicum is arranged with local venture capital or
buyout firms, Austin Technology Incubator (ATI), Clean Energy Incubator (CEI), or an agent or advisor in
the private equity market. Students are not limited to local organizations if the responsibilities of the
practicum allow for remote completion of assignments to the satisfaction of the partner firm and the
professor. The weekly lecturers are provided by McCombs faculty or guest lecturers and cover topics
related to identifying investment opportunities, researching industries, screening business plans,
negotiating and structuring investments, managing portfolio companies, raising capital for a fund or
exiting investments. The lecture schedule for the fall and previous spring semester is included in this
syllabus. The course is student led in which the officers and director of venture fellows help select
lecture topics and speakers, match internships with venture fellow student’s interests, and interview
and select the succeeding venture fellows class in the fall of each year.
Course Objectives:
The primary objective of the course is to introduce students to cross-functional concepts important to
the investment decision-making process and management of venture firms, private equity firms, and
early stage companies. Students are also provided with an opportunity to apply these concepts in actual
investment decisions and management of businesses through their internship with local VC, PE or
portfolio companies.
The course provides the student with an opportunity to integrate and apply the concepts from the
major functional areas in business. Because the content varies each semester (later stage private
equity in the fall and earlier stage venture capital in the spring), the course may be taken multiple times.
Course Requirements:
The practicum activities typically require a minimum of 10-12 hours per week internship at a partner
firm and are based on a schedule set by the students and the sponsor firm. The weekly lecture is
typically scheduled for 2-3 hours and will meet this semester in the 6th floor MSB conference room
starting at 6:30 each Wednesday evening during the spring and fall semesters. Students are expected to
actively participate in the practicum that they registered for and to attend the weekly lectures. A course
packet is produced in the spring semester of readings that will also pertain to the fall semester course as
well.
The number of students admitted to the practicum is limited by the number of sponsoring firms for the
practicum, typically 15-20 positions per semester. First year MBAs are invited to apply to the Venture
Fellows program and are selected by the current second-year Venture Fellows through a competitive
format that includes interviews and a case analysis. Once selected in the fall semester, new Venture
Fellows will begin their practicum in the following spring semester (second semester of their first year)
and will continue the practicum in the fall semester (first semester of their second year).
Grading Policy:
Grading for the course is based on an evaluation of each student’s activities in the practicum this is
completed at the end of the semester by managers at the sponsoring firm and a presentation or written
report on the activities of the student’s practicum. The presentation or report provides students with
the opportunity to share with classmates and to demonstrate mastery of concepts that have been
covered in the weekly lectures. The Venture Fellow’s Director will also provide a peer review of each
Fellows’ attendance at weekly lectures and other Venture Fellow’s activities including recruiting and
screening new fellows, placement of fellows at partner firms and community outreach programs and
fellowship activities.
Private Equity Capital
Fall Semester 2011
All Speaker Meetings are from 6:30-8:00 PM
Date
Topic
Wednesday
August 31, 2011
Overview of PE and LBO’s
Speaker
Professor Bob Parrino
Wednesday, PE Market Overview- From the
September 7, 2011 Top
Joe Aragona, Austin Ventures
Wednesday, Role of Growth Equity & Small
September 14, 2011 Buyout
Ben Moss , Greenridge Equity
Wednesday, AT&T Speaker Panel with VF 2012
September 21, 2011 Applicants
TBA
Wednesday,
September 28, 2011 PE Math – LBO Modeling
Nate Robinson, Virgo Capital
Wednesday, Middle-Market Buyouts – Latest
October 5, 2011 Trends and Recent Deals
Wednesday,
October 12, 2011
VF 2012 Selection
Wednesday, PE Investors – Portfolio Company
October 19, 2011 Perspective
Wednesday, Debt Capital Market, Mezz &
October 26, 2011 Leveraged Finance
Dwayne Hyzak, Main Street
Capital
No Speaker
Brett Hurt, Bazaarvoice
& Others (Panel)
Brian Crabb, Fifth Third Bank
Brad Parrish, DE Shaw
(Panel)
Wednesday, Distressed Investing & Special
November 2, 2011 Situations (Turnarounds)
Brian Hegi, Prophet Equity
Wednesday, Andrews Kurth Mock Term Sheet
November 9, 2011 Negotiation
Matt Lyons, Partner
Andrews Kurth
Wednesday, Regulatory Environment for PE
November 16, 2011 Investors (Dodd-Frank)
Jim Montgomery, DLA Piper
Kyle Fox, Vinson & Elkins
Wednesday,
November 23, 2011
No Class Thanksgiving Holiday
No Speaker
Wednesday,
November 30, 2011
Fundraising – Process * Current
Envronment
Wednesday,
December 7, 2011
No Class – Final Exam
Wednesday,
December 14, 2011
Boot Camp For VF 2012
Peter Huff and Jim McBride, Blue
Sage Capital
No Speaker
Various
Fall Internship Placements
First
Last
Firm
Alex
Alex
Alison
Blakeley
Caroline
Chase
Chris
Eric
Erik
Fernando
John
Jonathan
Katie
Natalie
Ryan
Tapan
Travis
Melzer
Niebrugge
Biers
McCracken
Jennings
Briggs
Joseph
Danzinger
Norwood
Laureano
Shaddix
Spillman
Hollingshead
Barnard
Black
Modi
Skelly
Trevor
Nohe
Daylight Ventures
Limestone Ventures
S3 Ventures
Emergent Capital
Wild Basin Investments
Texas Growth Fund
Republic Holdings
Greenridge Equity
S3 Ventures
Virgo Capital
Emergent Capital
G51 Capital
Owner Resource Group
DFJ Mercury
Daylight Ventures
Blue Sage Capital
TBD
EdgeHill Capital
Partners
Spring 2011 Placements
First Name
Natalie
Alison
Ryan
Chase
Eric
Katie
Caroline
Chris
Fernando
Blakeley
Alex
Tapan
Alex
Trevor
Erik
John
Travis
Jonathan
Last Name
Barnard
Biers
Black
Briggs
Danziger
Hollingshead
Jennings
Joseph
Laureano
McCracken
Melzer
Modi
Niebrugge
Nohe
Norwood
Shaddix
Skelly
Spillman
Placement
DFJ
S3
Daylight
TGF
AV
ORG
G-51
Republic
Virgo
Emergent
Daylight
Blue Sage
Limestone
Virgo
S3
Emergent
Sentient
G-51