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AFTER: The value of the company would be roughly equal to the value of all stocks being held, minus debt, plus cash.BEFORE: The value of the company would be roughly equal to the value of all startups being held, minus debt, plus cash.The method you would use to value TURN will consequently change as follows:
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Anyone remember TINY? Valuing a Public VC FirmĪnyone who has been a Nanalyze reader since back in the day knows the story of Harris and Harris Group ( now called 180 Degree Capital) which used to be a publicly traded venture capital firm that invested in nanotechnology startups and now trades under the ticker TURN. The idea of owning a portfolio of startups sounds really exciting, but when it comes to performance, the company has fallen flat. More recently they’ve shifted their strategy from a publicly traded venture capital firm to a business development company ( BDC) representing a closed-end fund that invests in small-cap public companies with a “constructive activist approach.” In other words, they want to move from holding a collection of startups to holding a collection of small-cap stocks. Who wants to deal with all that extra paperwork? Still, there are some. Very few venture capital firms are publicly traded. As for the alternatives, there aren’t many. Credit: National Venture Capital Associationįor retail investors, the venture capital domain has largely been off limits. In order to become a “limited partner” and place money with a venture capital firm to invest, you need to be wealthy and connected. Since then, the venture capital industry has thrived with more than 1,000 venture capital firms managing in excess of $400 billion. Doriot is also considered to be the father of venture capital when in 1957 he invested $70,000 for a 70% share of DEC which was later acquired for $9.6 billion – the largest merger in the history of the computer industry at the time. The man who founded INSEAD, Georges Frédéric Doriot, had a knack for figuring out where to make a buck. Yet more than 58,000 people have done just that to go through the INSEAD MBA program in hopes of taking their careers to a new level. If you think plunking down $98,192 for ten months of education sounds a bit extreme, you’re not alone.