The second part of this course involves modeling out early stage investment securities' waterfalls. When investing in earlier stage companies, whether start-up, growth or mezzanine stage investing, there is a fine balance between incentivizing the newest round of investors injecting capital and providing enough returns for earlier round investors, while still motivating management to strive for mutual alignment of economic interests. Investors desire downside protection while craving equity upside. Thus, the participating preference securities evolved from a blend of common stock with equity upside & voting rights to debt with accruing interest and priority of liquidation. In this course, learn how to structure, and model out such hybrid securities commonly used in VC and earlier stage investing.
Specifically, in our liquidation waterfall modeling, we will model out:
Please note that this is a financial modeling class, not a legal class
Basic proficiency using Excel, a solid grasp of basic accounting fundamentals and an understanding of basic finance & valuation principles are required.
Bring your PC laptop with a working USB slot and Microsoft Excel installed. Macs may not be as effective
Course fee :
CFA Singapore member :
S$880* per module (Early bird fee) / S$1,080* per module (Standard fee)
S$1,080* per module (Early bird fee) / S$1,280* per module (Standard fee)
*Price subject to 7% GST
*10% off for signup of 2 or more modules per delegate
* Early bird fee valid till 28 February 2018
Course fee includes :
Course materials, lunch & refreshments