|
|
@@ -256,57 +256,6 @@ M Ventures — Merck’s venture arm has invested in a broad range of startups f
|
|
|
* Are you willing to commit resources for a long-term fund (at least 10 years)?
|
|
|
|
|
|
|
|
|
-### **6. Co-GP fund or strategic LP-participation (Redstone Model)**
|
|
|
-
|
|
|
-This is a structure where an external VC dealmaking partner works closely with the corporate, taking advantage of their in-house expertise. Either the corporate takes the role as GP and LP together with external professional VC service providers of corporate invests together with a group of 3-5 peers with similar strategic interest.
|
|
|
-
|
|
|
-**Advantages:**
|
|
|
-
|
|
|
-* The VC investor brings a good track record and know-how to mitigate the risk of failure.
|
|
|
-
|
|
|
-* The VC investor as an independent professional investment manager provides necessary neutrality to manage interests of multiple corporate LP-investors.
|
|
|
-
|
|
|
-* The corporate, as a GP, has strong influence in the investment focus of the fund.
|
|
|
-
|
|
|
-* Corporate LPs strongly benefit bespoke from data and service offering of professional VC investment manager.
|
|
|
-
|
|
|
-* Both sides actively engage in decision-making through participation in the investment committee.
|
|
|
-
|
|
|
-* The corporate can contribute their industrial expertise.
|
|
|
-
|
|
|
-* You can define a clear investment thesis and have a data-driven evidence-based decision-making process.
|
|
|
-
|
|
|
-* Potential to share management fees.
|
|
|
-
|
|
|
-* You can share risks and write larger tickets.
|
|
|
-
|
|
|
-* The corporate can learn from the expertise of external partner.
|
|
|
-
|
|
|
-* Corporate can support startups to scale.
|
|
|
-
|
|
|
-**Disadvantages:**
|
|
|
-
|
|
|
-* You will need to collaborate with an external partner.
|
|
|
-
|
|
|
-* Potential conflict of interest with other peers during exit.
|
|
|
-
|
|
|
-**Who does this:**
|
|
|
-
|
|
|
-* Future Industry Ventures — this is a co-GP fund between SBI Holdings, the financial services company and Redstone VC
|
|
|
-
|
|
|
-* VR Ventures is a single GP fund of Berliner Volksbank actively co-managed by Redstone with more than 25 other LPs as co-investors
|
|
|
-
|
|
|
-* Tane, the co-GP Fund between KauriCab and Redstone VC
|
|
|
-
|
|
|
-**Questions to ask:**
|
|
|
-
|
|
|
-* How important are financial returns?
|
|
|
-
|
|
|
-* Would you allow the CVC unit to have independent branding?
|
|
|
-
|
|
|
-* Are you willing to commit resources for a long-term fund (at least 10 years)?
|
|
|
-
|
|
|
-
|
|
|
### 6. Co-GP fund or strategic LP-participation (Redstone Model)
|
|
|
|
|
|
This is a structure where an external VC dealmaking partner works closely with the corporate, taking advantage of their in-house expertise. Either the corporate takes the role as GP and LP together with external professional VC service providers of corporate invests together with a group of 3-5 peers with similar strategic interest.
|
