Venture Capital

Program Experience

Highlights and Key Outcomes

In Venture Capital, you will:

Learn how VC funds are structured, how they operate, and why organizational structure matters to limited partners, general partners, and even founders

Understand how to raise capital from limited partners, including the design of partnership agreements that enable effective relationships

Develop a systematic way to screen, analyze, and value high-growth investment opportunities in nascent industries

Discover effective ways to manage innovative processes

Acquire a framework to negotiate, price, and structure the best investor terms

Learn how to best navigate the shareholder’s agreement to avoid costly mistakes

Identify how and when to exit the investment

Experience & Impact

Adjunct Professor David Wessels on some potential obstacles

Venture capitalists generally take a leap of faith with a business idea or founder when choosing to invest in a start-up. They have to value a company whose future financial success hinges on an unproven technology or product that hasn’t been fully commercialized or has yet to generate any revenue. And because of the longer time horizon to profitability and a greater degree of uncertainty of achieving success, VC has a risk-return profile that is significantly different from that of a conventional, established business with predictable revenues. As a result, the tools and valuation methods venture capitalists use to assess a business without any tangible assets are different, too.

Venture Capital starts with a discussion of how VC funds are organized, how investments are selected, and how due diligence is conducted. Participants will examine case studies that detail a transaction from beginning to end. In this manner, participants will see how a deal is structured, learn more about the differing incentives of a VC fund and entrepreneurs, and gain a deeper understanding of venture investing. This program will provide participants with a rigorous framework both to evaluate investment opportunities and to manage a multi-stage investment process in an innovative firm.

Key Takeaways: Adjunct Professor David Wessels on what participants will learn.

Session topics may include:

Limited Partner/General Partner Negotiation and Contracting

The VC Business Model: Sourcing, Screening, and Selection

Venture Capital Valuation Method

Term Sheets: The Venture Capitalist's and Entrepreneur's perspectives

Deal Sourcing

Managing Innovative Processes

Later-Round Financing

Preferred Stock Valuation

Exit Strategies

Guest Speakers

A highlight of Venture Capital is a series of guest speakers who bring real world experience and a holistic understanding of today’s VC world to the classroom. There are normally two to three distinguished thought leaders invited to speak during the program and they provide a range of different perspectives as it relates to venture capital. Leaders of some of the world’s most successful VC firms and funds discuss how they evaluate and select potential investments, as well as current best practices and trends. Wharton alumni who are business founders provide their unique perspective as entrepreneurs, innovators, and disrupters who have worked with VC firms. Corporate attorneys share their expertise in negotiating, structuring, and executing deals.

The speakers vary for each running of the program, but the roster typically includes managing partners and managing directors of VC firms, company founders, and corporate attorneys. Some of the firms and organizations that have sent representatives to speak in the past include: HSB, Munich Re (Group), New Springs Capital, Philadelphia Alliance for Capital Technologies, and Hogan Lovells.

Listen to the Audio Clip:

Wharton’s David Wessels and University of Florida’s Jay Ritter discuss why Spotify chose a direct listing to go public

Convince Your Supervisor

Here’s a justification letter you can edit and send to your supervisor to help you make the case for attending this Wharton program.

Due to our application review period, applications submitted after 12:00  ET on Friday for programs beginning the following Monday may not be processed in time to grant admission. Applicants will be contacted by a member of our Client Relations Team to discuss options for future programs and dates.

Disruptive Technologies and Venture Capital

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IFC supports technology ventures that are creating new opportunities in emerging markets, transforming industries, and driving inclusive growth while realizing strong returns. By investing in best-in-class entrepreneurs and partnering with top-tier venture capital (VC) funds, we support the creation of a tech-enabled venture asset class across emerging markets that fosters private sector growth.

IFC takes a holistic approach—from ecosystem building to investing directly in ventures and VC funds—with combinations of commercial and concessional capital, and technical advisory services—to identify, incubate, and scale business models that can have significant impact. Our current portfolio focuses on in high-impact sectors, including Health Tech, Agtech, Climate Tech, EdTech and HR Tech, e-Commerce, e-Logistics and Mobility, and e-Supply Chains.

IFC has expanded its support to tech ecosystems with a new VC platform that in the next three years will invest up to $225 million in startups across Africa, Middle East, Central Asia, and Pakistan. Furthermore, IFC Startup Catalysts invests in seed funds, accelerators, and incubators in emerging markets that help early-stage companies grow and become ready for later-stage investment.

With one of the largest footprints in emerging markets, IFC is uniquely positioned to help tech startups scale by offering growth and expansion capital, sector knowledge, understanding of local markets and regulations, as well as connections to a global network of clients and partners.

Key Numbers IFC's Venture Capital Investments* $ 1.7 BILLION COMMITTED TO DATE

COMMITTED TO DATE 65 INVESTMENTS IN TECH COMPANIES (Active)

IN TECH COMPANIES (Active) 75 INVESTMENTS IN VC FUNDS, SEED FUNDS & ACCELERATORS (Active)

IN VC FUNDS, SEED FUNDS & ACCELERATORS (Active) 30+ COUNTRIES REACHED *Data as of October 2022 Note: Data does not include IFC’s VC investments in fintech. Learn more about IFC’s work in the fintech sector.

A company or entrepreneur seeking to establish a new venture or expand an existing enterprise can reach out to IFC directly. Click below for more information on how to submit an investment proposal.

California Infrastructure and Economic Development Bank (IBank)

Fariba Khoie

Bond Unit Manager

Email Fariba, HERE

Fariba Khoie is the Bond Program Manager at California Infrastructure and Economic Development Bank (IBank). She joined IBank in 2014. Fariba is responsible for IBank conduit bonds sales, including Industrial Development Bonds, Exempt Facility Bonds, 501 (c) (3) Bonds, Public Agency Revenue Bonds, and Infrastructure State Revenue Fund Bonds. In addition, she manages continuing disclosure reports; reviews and monitors tax arbitrage reports and prepares annual surveillance reports to rating agencies.

Fariba brings vast experience to IBank from the State Treasurer’s Office where she served as a Treasury Program Manager. While there, she managed various municipal bonds sales, including Economic Recovery Bonds, General Obligation and Revenue Bonds for the Department of Veterans Affairs and Public Works Board. Fariba also managed Pooled Money Investment Account loans and Guaranteed Investment Agreements among other responsibilities. Before that, Fariba worked at the Department of Water Resources with Power Bonds and the Swap Portfolio. At the Department of Transportation she performed various accounting and fiscal duties. Fariba also has a wealth of experience in banking and financial analysis.

Fariba holds an MBA Degree in Finance from California State University Sacramento as well as a Bachelor’s of Science Degree in Statistics from Shiraz University in Iran. She is a member of National Federation of Municipal Analysts.