Resources for those interested in venture capital and private equity
PE and VC resources
This list of resources is intended for the students in Chicago Booth’s Private Equity and Venture Capital lab as an augmentation to the class. It is designed to assist less experienced students learn more about the industry and for advanced students the ability to go deeper on topics of interest.
Email Newsletters and Blogs:
PE and VC:
- Dealbook (NY Times)
- Axios Pro Rata
- Termsheet (Fortune)
- Daily Pitch (Pitchbook): Choose from daily newsletters focused on PE or VC or both
- Buyouts (Reuters)
- PE Hub (occassionally mixes in VC news)
- Private Equity News (Dow Jones)
- The Deal: M&A in general, includes private equity
- Private Equity International
- A VC: Blog of Fred Wilson of Union Square Ventures in NYC.
- StrictlyVC: Regular newsletter covering VC industry and deals.
- Ask the VC: Started out as a blog by VCs to answer questions from entrepreneurs. Eventually evolved into the book Venture Deals. Still updated from time to time, archive very useful for specific questions. Long list of VC’s blogs on the right side of the page.
- Kauffman Fellows Journal: Content from Kauffman Fellows. Has a tilt toward LP content packaged for VCs.
- Feld’s Thoughts: Brad Feld of Foundry Group and Techstars. One of the authors of Venture Deals, so if you like that style, you’ll like this blog.
- Venture Evolved: Professor Heltzer’s blog on touching on getting a job in VC and the VC business and startups from the perspective of a former software engineer.
- Mattermark: Good digest of posts around the VC/entrepreneurial ecosytem
- Techcrunch: Covers technology companies, including startups and venture firms
- Crunchbase Daily: Daily roundup of VC deals
- Both sides of the table: Blog by LA-based entrepreneur turned VC, Mark Suster (Booth grad)
- Startup Digest. Published by the Kauffman Foundation. Good event calendars in major entrepreneurial hubs. Regular newsletter on startups based on geography.
- Venturebeat: Similar to Techcrunch
- Venture Capital Journal (Thompson Reuters)
- Pando Daily. Paid site. Self-proclaimed “the site of record for Silicon Valley”
I put together these curated Twitter lists so you can get up to the minute information on the industry. They are by no means comprehensive but is a great place to start. Consider using Tweetdeck to separate these from your normal feed.
- PE Resources (various news resources covering PE)
- PE Firms (official twitter feeds for esteemed PE firms)
- VC Resources (various news resources covering VC and emerging technology)
- VC People (personal twitter accounts for esteemed VC’s)
- VC Firms (official twitter feeds for esteemed VC firms)
- Entrepreneurs (personal twitter accounts of esteemed entrepreneurs)
Many of these lists include folks on RepIQ’s list, but not all.
- Startup: Podcast about an entrepreneur starting a podcast company (so meta). Totally behind the scenes and unfiltered. It’s fabulous and a must for entrepreneurs and those interested in VC.
- Masters of Scale: Podcast by Reid Hoffman, Linkedin Co-founder and partner at Greylock. Interviews Silicon Valley founders/execs.
- The Pitch: A realistic Shark Tank format with real companies and real VCs.
- This Week in Startups: Hosted by Jason Calacanis, Founder and CEO of Mahalo and former EIR at Sequoia. Longer format.
- A16z:Published by Andreessen Horowitz. Covers wide range of topics mostly focused on various industry trends
- The Full Ratchet: Devoted to angel and VC investing, with interviews with prominent VCs, tech companies on how deals got put together, why companies started, etc.
- How to Start a Startup: Series of lectures (videos) from CS 183b at Stanford. Includes luminaries like Peter Thiel, Sam Altman, Ben Horowitz and others. Useful advice for entrepreneurs and VCs who want to better understand how to build a company.
- 52 Founders: Interviews with founders with host Crissy Costa (former Booth student)
Trade Associations/Industry Data
These two trade associations are great sources of industry news, statistics and listing of member firms. Both also provide industry background publications, although from a biased point of view.
- American Investment Council. Industry association for PE.
- National Venture Capital Association. Industry association for VC. Publishes VERY helpful yearbook each year.
- Prequin. Company focused on data and intelligence for the alternatives assets industry. Tends to focus on PE and not VC. Frequently publishes useful free data/reports as marketing pieces.
- Moneytree Survey. Reports on VC investing and fundraising each quarter.
- Pitchbook. Company also focused on PE data. Free reports in the Library (most done with McGladrey) can be useful.
Interesting News Stories
Due Diligence Resources:
- Crunchbase: crowdsourced database of venture backed companies, venture financings and VC firms.
- Wayback Machine: shows websites as of a given time in the past. Great to see how management team, messaging, customers, and a lot more has changed over time.
- Patent Search: USPTO Patent search.
- HireRight: Inexpensive, pay as you go, background checks.
Internet Traffic/Mobile App Download Tools:
- Quantcast: Best tool available for estimating traffic to a specific site. Note that the site uses a statistical extrapolation and often is off significantly, but can give you a good sense.
- Alexa: Similar to Quantcast but less accurate.
- Google Adwords Volume Estimator: This tool will estimate how many monthly searches are performed on keywords you specify. Dividing by Google 60% marketshare will estimate total monthly searches on the Internet. Helpful for judging marketshare.
- AppAnnie: mobile app analytics
- SensorTower: Data for mobile app ecosystem
- AppFollow: Data on mobile app stores
Paid Databases/Reports (many available through Booth):
- Capital IQ. Great for information about funds and their portfolios.
- Prequin. Includes information about LPs.
- Pitchbook. Good for information about portfolio companies and funds’ portfolios. One of the few that has valuation data/estimates.
- Mattermark. Tailored to venture firms
- Datafox. Newer company focused on intelligence and data on businesses, primarily for prospecting
- D&B Hoovers. Good to get competitors and industry financial data.
- Investment bank research. Usually requires that you get to know analysts and show some credibility in the industry. Great for comps and competitive data.
Background Reading and Videos:
- Private Equity Primer. Very good overview of industry told from an institutional LP perspective (via State of Nevada)
- Venture Capital Glossary. Good reference on industry lingo (via CB Insights)
- Capital Structure of an LBO. Good high-level overview of the various tranches/flavors of debt and their role in an LBO.
- Raising venture capital for a startup. Excellent overview of the mechanics of a venture deal for those with little or no experience (video via Khan Academy).
- Getting a seed round from a VC. Excellent overview of the mechanics of a seed deal for those with little or no experience (video via Khan Academy)
- Board of Directors: Roles and Responsibilities. Thoughtful post from Fred Wilson that is helpful for those who have not held a board seat.
- VC Firm Genealogy. An interactive history of how venture funds are related, starting from the 1940s
- Startup resources compendium. An extensive list of useful resources geared for entrepreneurs curated by former Belly founder and Techstars Chicago leader, Logan LaHive.
How to Raise Venture Capital:
- How to Raise Money. Incredibly detailed and sage advice for entrepreneurs on how to raise venture money by super angel Paul Graham. However it is also extremely useful for aspiring VCs as it points out what makes a VC attractive or unattractive. It exposes some venture capitalists’ strategies on negotiation and getting into deals. Long post but worth the time to read it.
- How an Internet/SaaS business works. Exceptional overview of the metrics that drive an Internet business (via For Entrepreneurs blog). You can also read the original post.
- SaaS Survey. Knowing what a SaaS metric means is the first step. This post goes further to help understand what numbers are good and which are bad so can better calibrate the health of a SaaS business. One word of caution– the survey includes successful and not successful companies, so use with a grain of salt.
- a16z’s startup metrics vol 1 and vol 2
- 10 Factors to Consider when Evaluating Digital Marketplaces: classic post from Bill Gurley of Benchmark
- Marketplace Calculator. A template to evaluate marketplace business models.
- Famous startup pitch decks: actual decks from successful companies
- Conversion Rate Optimization. Good (and humorous) flowchart for optimizing online conversion. Includes list of software tools for each step (via SEOgadget).
- Eight ways to go Viral. Distilled hierarchy of how to make a product viral from Uzi Shmilovici (’11) (via Techcrunch).
- 10 Laws of e-Commerce. Composed by Bessemer Venture Partners, which has a stellar record in Internet retail investments.
- What’s the shrewdest, smartest maneuver you’ve seen in business? Ridiculously enjoyable and insightful responses to this question on Quora.
- The Masters of Private Equity and Venture Capital. Series of anecdotes/profiles covering deals and building PE/VC firms from respected investors.
- Done Deals. A little dated, but a series of deal anecdotes from some esteemed VCs.
- The New Financial Capitalists: Kohlberg Kravis Roberts and the Creation of Corporate Value
- Creative Capital: Georges Doriot and the Birth of Venture Capital. Historical account of Georges Doriot, the French immigrant who became an American General in the army and later is credited with starting modern VC business. His firm was eventually shut down by the SEC.
- King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwartzman and Blackstone. Blackstone was one of the first PE funds to go public.
- Venture Deals. Written for entrepreneurs, this is a good guide to provide a basic understanding of the various terms in an early stage termsheet and how early stage deals get negotiated.
- Venture Capital and Private Equity: A Casebook. Very good introductory (and brief) history of VC and PE by Josh Lerner. Includes “Notes” we use in class and many other cases.
- Valuation:Measuring and Managing the Value of Companies. The “McKinsey Valuation Book”, espouses an valuation approach of isolating sources of value creation within a company. Becoming more important as leverage and structure are commoditized and not sources of value creation anymore.
- Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions. Includes several sections on LBOs. A good reference textbook.
- Structuring Venture Capital Transactions. Seminal legal volume on legal structuring of BOTH PE and VC transactions. Reads more interesting than you might suspect. By U of C law professor and Kirkland & Ellis partner Jack Levin. Make sure to read his bio in the book for a good laugh.
- Barbarians at the Gate. Novel about KKR’s buyout of RJR Nabisco, considered the epitome of the mega buyout boom of the 1980s. Believe it or not, also a movie with James Garner.
- John Gannon’s blog includes collect of VC jobs and resources, including his email list.
- GRP Excited to add Sam Rosen to Its Ranks. How Did He Get the Role? Hustle. Here’s the Story. (Mark Suster, Booth grad). Great post on what it takes to break into VC.
- Venture Evolved: Getting a VC Job. Category of multiple posts from Professor Heltzer on getting a job in venture capital.
- PE and VC recruiting process (video via Jason Heltzer. Password=catapult)
- How to get a job in VC Part I: Mostly good advice here (via Seth Levine).
- How to get a job in VC Part II. These are the most common methods, but does not preclude others.
- How to get a PE job in 2550 words. We do not agree with the “recruiters only” approach, but otherwise useful content.
- How to break into PE. Identifies the prominent recruiting firms in PE.
- 2017 Compensation Survey from Heidrick & Struggles. Includes cash and equity comp. PE and VC combined.
Deals and Terms:
- Venture Dealr Dilution Illustrated: A great visual example of the effect of dilution over time
- Cooley deal trends: an interactive graph of current deal terms. Excellent resource to know “what’s market”
- Fenwick and West VC Terms market survey: also a good source for “Market” for venture terms.
- Y-Combinator Startup documents. More founder-friendly and “lighter” and more common in seed deals.
- NVCA model legal documents. If you are familiar with termsheets, consider reading through these legal documents to see how termsheets get fleshed out and get a deep understanding of mechanics of deals and capital structures. Updated Feb 2018.
- Techstars model seed legal documents. Same as above, noting these are more entrepreneur-friendly and “lighter duty” than NVCA documents.
- Letter of Intent Series. Series of blog entries that go into depth on various terms in an LOI. Told from the seller’s perspective but very useful for buyers.
- A16Z’s response to WSJ article suggesting A16Z’s performance was trailing. This is an excellent explanation about the inherent imprecision of valuing a VC portfolio and difficulties benchmarking.
- Prequin Investor Outlook: Private Equity Outlook The opinions of 100 leading LPs on the Market and their plans for the next 12 months
- Cambridge Associates PE and VC benchmarks. Published quarterly by Cambridge Associates, a respected gatekeeper to many institutional LPs.
- ABCs of non-listed BDCs. Regulations and structure of business development corporations, funds that can raise capital from the public
- Example Private Placement Memoranda (PPMs) for VC funds. PPMs are essentially business plans for funds. Here’s a google search that finds PPMs mistakenly exposed on the Internet!
- Institutional Limited Partners Association (ILPA). Industry association for large LPs.
- ILPA “principles”. This is a set of terms suggested by LPs for GPs to consider for their funds.
- This survey of VC tech stacks is super helpful if you ever want to start your own fund or you wind up at a fund that needs more infrastructure.
- ILPA reporting guidelines. Consider this a wish list from LPs. Also includes several helpful templates.
- FAS 157 (as ammended). Full rules regarding Financial Accounting Standard 157: Fair Value Measurements. Not for the faint of heart.
- SBIC form 468. Annual report form which must be submitted by SBICs to the SBA each year.
- Form ADV. SEC form required for exempt funds and those funds subject to full reporting requirements.
- Form PF. SEC form required for larger funds.
- Built in Chicago. Social network/blog platform/event listing aggregator for the entrepreneurial ecosystem in Chicago.
- Chicagoland Entrepreneurial Center. CEC runs 1871, the large and successful co-working space in the Merchandise Mart. The CEC promotes and helps grow Chicago companies, mostly startups.
- Chicago Inno. Covers startup scene in Chicago (and also city-specific publishing in other cities)
- Techcocktail (also in other cities). Large networking events focused on startups.
- Association for Corporate Growth (ACG) (also in other cities). Focused on conferences and events for middle-market growth companies and investors
- Crains Chicago. Local business newspaper published weekly.
- TiE Midwest. Originally an organization of Indian entrepreneurs in Silicon Valley, now greatly expanded.
- Built in NYC: Job platform and event listing aggregator for the entrepreneurial ecosystem in New York
- AlleyWatch: newspaper that publishes mostly New York specific startup funding news and interviews with VC along with a daily newsletter
- This is going to be Big: weekly newsletter of NYC tech events and commentary