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Risk and return management of venture capital companies in the post-investment phaseStranz, Wiebke 31 May 2017 (has links)
Risk and return management is one of the core competencies of venture capital companies (VCCs) as they invest in young, innovative firms with a high return potential, but also high risk potential. Due to the liability of smallness, newness and financial constraints young, innovative firms are constantly under the threat of failure. In the scope of this dissertation are four related studies – three empirical studies and one literature review – analyzing the risk and return management of VCCs. In particular, risk assessment and risk management and value adding activities in the post investment phase were examined. In the first article, authors analyze which risks are relevant over the whole venture capital (VC) investment process and show how VCCs assess and documents risks in their deal documents. The second article studies risk management practices of VCCs. We show that the experience and the skills of the corresponding investment manager have a significantly negative impact on the failure risk of a venture. Article three analyzes value creation measures applied by VCCs. The results suggest that VCCs are highly engaged in supporting ventures in financial and human capital issues as well as in establishing strong governance mechanisms. The fourth article also deals with the foregone topic. This paper provides a literature analysis on value adding activity measures in VC investments, synthesizes the variables measuring the main levers of value adding and identifies directions for improvement in terms of data, variables and methods.:1. Introduction
2. The entire research project
3. Risk and return management of venture capital companies in the post-investment phase
3.1 Risk types and risk assessment in venture capital investments: A content analysis of investors´ original documents
3.2 Risk management in the venture capital industry: Managing risk in portfolio companies
3.3. Value adding activities of venture capital companies: A content analysis of investor´s original documents in Germany
3.4 Value adding activities in venture capital literature: A review on data, variables and methods
4. Further research in the venture capital field
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ESG ett verktyg för Venture Capital-bolag : ESG:s betydelse som värdedrivareinom de olika investeringsfaser / ESG a tool for Venture Capital firmsESG a tool for Venture Capital firms : The importance of the ESG as a value driverin the various investment phasesMehinovic, Almedin, Schäfer, Simeon January 2021 (has links)
Bakgrund: Riskkapital är en betydande finansieringsmetod för unga företag. Riskkapital tillhandahålls av Venture Capital-bolag som har en betydande inverkan på det investerade företaget. Venture Capital-bolagens fokus under den period som de är investerade i portföljbolagen ligger på tillförsel av värde och övervakning. Trycket för företag att arbeta mer med hållbarhetsfrågor har ökat. Vilket öppnar frågan om hur de kan använda ESG för att öka värdet i sina portföljbolag. Mål: Syftet med denna studie är att ge förståelse för hur svenska Venture Capital-bolag arbetar med ESG som ett verktyg längs alla investeringsfaser för att kunna tillföra värde till sina portföljbolag. Metod: För att besvara frågeställningen samt uppnå syftet av studien har semistrukturerade intervjuer genomförts. Det har genomförts sex intervjuer där fem av respondenterna arbetade på ett Venture Capital-bolag och en respondent arbetade på en intresseorganisation. Resultaten av intervjuerna jämfördes med tidigare separerade resultat till ämnena ESG och Venture Capital. Slutsats: Betydelsen av ESG i portföljföretag kan variera på grund av bristande standard inom branschen. Några monetära värdeökningar har inte kunnat fastställas däremot är en del av respondenterna eniga om att ESG bidrar till värdeökning genom mjukavärden. Alla respondenter tror att ESG kommer ha en betydande roll i framtiden för branschen. Vidare har det kunnat observeras att respondenter tror på att ESG bidrar till riskminimering som enligt teorin tillför värde i bolag. / Background: Venture Capital is a significant financing method for young companies. Venture capital is provided by Venture Capital companies that have a significant impact on the invested company. The focus of the Venture Capital companies during the period in which they are invested in the portfolio companies is on the supply of value and supervision. The pressure for companies to work more with sustainability issues has increased. Which opens the question of how they can use ESG to increase the value of their portfolio companies. Objective: The aim of this study is to provide understanding how Swedish Venture Capital are working with ESG as a toll along all investment phases to be able to add value to their portfolio companies. Methodology: To answer the question and achieve the purpose of the study, semistructured interviews were conducted. Six interviews were conducted in which five of the respondents worked at a Venture Capital company and one respondent worked at an interest group. The results of the interviews were compared with previously separated results for the topics ESG and Venture Capital. Conclusion: The importance of ESG in portfolio companies may vary due to lack of industry standards. No monetary value increases could be determined, however, some of the respondents agree that ESG contributes to value increases through soft values. All respondents believe that ESG will play a significant role in the future of the industry. Furthermore, it has been observed that respondents believe that ESG contributes to risk minimization, which according to the theory adds value in companies.
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