From Wednesday, June 03 2009
To Friday, June 05 2009
Every day
For 20 years, this conference has served as the premier industry gathering for over 400 venture capitalists and limited partners.
Advisory Board Chairman:
Gary Morgenthaler
General Partner
Morgenthaler Ventures
Founding Advisory Board Members include: Richard Kramlich, Co-Founder & General Partner, New Enterprise Associates; Jim Swartz, General Partner, Accel; Brook Byers, General Partner, Kleiner Perkins Caufield & Byers; Irwin Federman, General Partner, U.S. Venture Partners; Paul Denning, Founder & CEO, Denning & Co.; Sandford Robertson, General Partner, Francisco Partners; Alan Patricof, General Partner, Greycroft Partners
Additional Advisory Board Members: ; Lip-Bu Tan, Chairman, Walden International; Todd Chaffee, General Partner, Institutional Venture Partners; Ajit Nazre, General Partner, Kleiner Perkins Caufield & Byers; Bob Grady, Managing Director, The Carlyle Group; Susan Mason, General Partner, Onset Ventures; Paul Denning, Founding Partner, Denning and Company; Mark Heesen, President, NVCA; Richard Hayes, Managing Partner, Oak Hill Investment Management; Craig Dauchy, Partner & Chair, Venture Capital Group, Cooley Godward Kronish; Rob Coneybeer, Managing Director, Shasta Ventures; Ira Ehrenpreis, General Partner, Technology Partners; Tracy T. Lefteroff, Global Managing Partner, Private Equity, PricewaterhouseCoopers; Jeff Kuhn, Managing Partner, FLG Partners, LLC
“Congratulations IBF on your 20th Annual VC conference! NVCA has consistently supported IBF’s venture conferences because IBF understands the venture community: we want thought provoking sessions which are efficiently run and moderated combined with networking opportunities with our peers in a quality location. Many groups have tried, and none have succeeded, in emulating IBF’s strategy for engaging the venture capital community. NVCA is happy to have been, and will continue to be, a major supporter of IBF.” -Mark Heesen, President, National Venture Capital Association*NVCA
IBF organized the first Venture Capital Investing Conference back in 1989 and it has continued to unite venture capitalists and limited partners each June. Set in San Francisco, this event is consistently regarded as the most important gathering of its kind, uniting hundreds of venture firms which paved the way for the expanded path of the industry. IBF is privileged to celebrate the 20th year for the community as a whole, as now more than ever, VC investors and limited partners need to address the changed landscape for investing due to global and economic conditions.
Audience Profile: Venture capitalists, institutional investors, corporate investors, limited partners, pension funds, endowments and foundations, fund of funds, family offices, investment bankers, and other private equity investors.
Event Schedule : At-A-Glance
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June 3rd : 2:00 pm - 7:00 pm (Pre-Conference Day to feature industry specific topics: Opening Panel Discussion, Workshop Sessions, Welcome Reception)
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June 4th: 7:00 am - 7:00 pm (Continental Breakfast, Opening Remarks, General Session, Fireside Chat, Luncheon Reception, Panel Discussions, and Cocktail Reception)
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June 5th: 7:00 am - 2:00 pm (Breakfast Sessions, Limited Partner Workshop, General Sessions)
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Wednesday, June 3, 2009 - (Pre-Conference Discussion Panels)
1:00 - 1:30 pm
Conference Registration
1:30 - 2:00 pm
Opening Remarks From Co-Chairman
2:00 - 2:45
Monitoring The Managers:
Performance Expectations In Today’s Market
• New rules for investing
• Setting realistic goals
• Rethinking returns: what can LPs expect in the next 12-18 months
• GP guidelines on how to ensure the success of your fund
• Relationship management to sustain LP trust
Georganne Perkins
Managing Director
Fisher Lynch
Anne Matlock
Director of Investments
The James Irvine Foundation
Panda Hershey
Director | Global Private Markets
TIAA-CREF
2:45 - 3:30
Moving Goalposts:
How Will Today’s VCs Shift The Required Milestones To Accelerate Portfolio Company Growth
• Strategies to secure additional rounds of financing
Moderator:
Jeff Kuhn
Co-Founder & Managing Partner
FLG Partners
Susan Mason
General Partner
Onset Ventures
Doug Pepper
General Partner
InterWest Partners
Howard Hartenbaum
General Partner
August Capital
David Porter
Managing Partner
Apposite Capital
Richard Couch
Chairman & Founder
DMG - Diablo Management Group
3:30 - 4:00
Afternoon Networking & Refreshment Break
Hosted by: Investment New Zealand
4:00 - 4:45
Concurrent Sessions
Session A:
Global Cowboys: Should U.S. VCs Continue To Tackle Emerging Markets
Emerging Markets have matured as investment destinations. We have witnessed an increased scale of investments in funds focused on these emerging markets. These markets were once considered remote and high risk. As we move into 2010, several frontier markets emerge which have the same underlying characteristics that the current emerging markets presented a decade ago. This panel will bring together leading global investors from current and potential emerging markets to discuss opportunities and concerns around investing in these geographies. They will also share their views on the market outlook and recommended steps needed to ensure a continued growth trajectory.
Neil Campbell
Senior Partner
Endeavour Capital
Peter N. Loukianoff
Managing Partner
Almaz Capital Partners
Carlos Perry
Chief Operating Officer
Emerging Markets Private Equity Association
Dr. Martin Haemmig
Adj. Prof. / Senior Advisor on Venture Capital Stanford University
APARC-SPRIE
Alex Bangash
Managing Director
The Rumson Group
Session B:
The Platform Revolution: A Look At Disruptive Technologies
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Defogging cloud computing: when is the right time to launch a cloud
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Social networking: investing in the killer application
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Next-gen infrastructure coming down the pike
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Mobility: the frontier ahead
Bryce T. Roberts
Managing Director and Co-Founder
O'Reilly AlphaTech Ventures
Claus Schmidt
Managing Director
Robert Bosch Venture Capital GmbH
Dan’l Lewin
Corporate VC, Strategic & Emerging Business
Microsoft
4:45 - 5:30
The Future Of Clean-Tech
• Who will be the winners
• Specific challenges to overcome
• Which investments will succeed
Moderator:
Ira Ehrenpreis
General Partner
Technology Partners
Panelists:
Jeff Adams
Managing Director
Goldman Sachs
Peter Hebert
Founder and Managing Partner
Lux Capital
Nancy Pfund
Managing Partner
DBL Investors
5:30 - 7:00
Welcome Reception
Hosted by: FLG Partners
Thursday, June 4, 2009 (Main Day)
7:45 - 8:45 AM
Continental Breakfast & Conference Reception
Hosted by SVB Capital
8:45 - 8:50
NVCA Briefing
Mark Heesen
President
NVCA*National Venture Capital Association
8:50 - 9:15
Opening Remarks From The Chairman
Dixon Doll
General Partner
DCM
9:15 - 9:45
2009 Lifetime Achievement Award Presentation
This honor is extended by IBF to investors who, during their lifetime and career, have made creative contributions of outstanding significance to the venture capital industry. Others who have been honored by this award include the following distinguished venture capitalists: David Morgenthaler, Irwin Federman, John Mumford, and Reid Dennis.
Award Recipent:
William H. Draper, III
General Partner
Draper Richards
Special presentation by Timothy Draper, Founder & Managing Director of Draper Fisher Jurvetson
With over forty years of experience, William H. Draper III is one of the West Coast's first venture capitalists. He is General Partner of Draper Richards L.P., a venture capital fund focusing on early-stage technology companies in the U.S., and Draper International, a venture capital fund investing in private companies with operations in the U.S. and India. Mr. Draper was founder of Sutter Hill Ventures in Palo Alto, California. During his twenty years as the senior partner of Sutter Hill, he helped to organize and finance several hundred high technology manufacturing companies. Mr. Draper served from 1981 to 1986 as President and Chairman of the Export-Import Bank of the United States. In 1986, he became the head of the world's largest source of multilateral development grant assistance, the United Nations Development Program. In addition to serving on many corporate boards of directors, Mr. Draper has served on the boards of the Atlantic Council, Draper Richards Foundation, Hoover Institution, Institute of International Studies at Stanford University, World Affairs Council of Northern California and the United Nations Association-USA. Mr. Draper formerly served as the Chairman of the World Affairs Council of Northern California, Chairman of the Institute of International Education, as a Trustee of Yale University and as Chairman of the Board of the American Conservatory Theatre in San Francisco; he was a former Board member of Population Action International, George Bush Library Foundation, the Advisory Council of the Stanford Graduate School of Business, and the World Rehabilitation Fund in New York. He is a member of the Council on Foreign Relations and the President's Council on International Activities at Yale University.
9:45 - 10:45
Opening Keynote Panel Discussion
Seasoned Views From The Valley: State of The Industry
• The resurrection of venture capital: is this the beginning of a new era for startups and the venture capitalist
• What are the most significant economic, market and competitive dynamics shaping your current investment strategies? How do you see the industry responding
• Can venture investing work effectively without a robust IPO market
• How does your view of the IPO market affect the types of investments you're making
• What will the dynamics of the VC industry be 4 years from today
• What changes will the industry have to make going forward
• What is your advice to the VC/PE-community today
Panel members:
Gary Morgenthaler
General Partner
Morgenthaler Ventures
Tim Draper
Managing Director
Draper Fisher Jurvetson
Yogen Dalal
Managing Director
Mayfield
Lip-Bu Tan
Chairman
Walden International
Moderator:
Craig Dauchy
Partner
Cooley Godward Kronish LLP
10:45 - 11:15
Coffee & Networking Break
11:15 - 12:00
Back To The Future: 1989-2009
Panelists from this the inaugural event will provide insight on the evolution of the VC industry over the past 20 years, along with changing market drivers, past industry trends, and defining points for the community .
Alan Patricof
Founder & General Partner
Greycroft Partners
Richard Kramlich
General Partner
New Enterprise Associates
Edwin Goodman
Co-Founder & Managing Partner
Milestone Venture Partners
Moderator:
Paul Denning
Founder & CEO
Denning & Co.
12:00 - 12:45
The Dawn Of A New Day:
What Can We Expect For The Next 12 - 18 Months
• The New Administration & industry goals
• Regional and national policies, regulations, and programs
• Is there any good news
• News from Capitol Hill
Mark Heesen
President
NVCA
Bob Grady
Managing Director
The Carlyle Group
Dixon Doll
General Partner
DCM
Paul Holland*
General Partner
Foundation Capital
12:45- 1:45
Luncheon Reception
Hosted by: Cooley Godward Kronish LLP
1:45 - 2:45
General Session
Exit Strategies In The Wake of The Demise of Wall Street:
Is There A Chance For Resurrection
The current financial market crisis is impacting the entire financial world and is affecting the venture capital industry. 2008 was a tumultuous year for the VC industry, with reports of fewer exits and M&A activity., Wall Street’s failures and the lack of consumers investing further dampens the return of a strong IPO market. How will VCs strengthen LP interests and portfolio company growth in light of these market conditions?
• M&A strategies
• Is there any chance that SOX will be overturned
• Is resurrection possible
• The banking perspective
• How are we getting to liquidity
Moderator:
Mike Selfridge
Head of Europe, Israel Regions and Global Products
SVB Capital
Cameron Lester
General Partner
Azure Capital Partners
Jim Fulton
Partner
Cooley Godward Kronish LLP
Adam Oliveri
Managing Director of the Private Company Market
SecondMarket, Inc.
2:45- 3:15
Afternoon Networking & Refreshment Break
3:15 - 4:00
Concurrent Sessions
Session A:
Surviving The Long Winter:
Leadership Approaches To Nurture and Grow
Portfolio Companies In An Economic Downturn
Moderator:
Tracy Lefteroff
Global Managing Partner, Private Equity
PricewaterhouseCoopers
Todd Dagres
General Partner
Spark Capital
Ajit Nzare
General Partner
Kleiner Perkins Caufield & Byers
Lisa Lambert
Managing Director
Intel Capital
Session B:
The Valuation Situation
Despite continued skepticism by a core group of GPs about the usefulness of interim valuations, the reality of FASB pronouncements and auditor pressure is making most GPs either adopt formally or inch toward mark-to-market portfolio valuations. In a post-FAS 157 era, GPs are now forced to adopt new valuation methodologies for standards and consistencies within venture capital. This panel will address the impact of conforming to 157, as well as tackle alternative approaches to valuation practices.
Moderator:
Jeff Kuhn
Co-Founder & Managing Partner
FLG Partners
Panelists:
Al Waxman
General Partner
Psilos
Vince Occhipinti
Managing Director
Woodside Fund
Jim Anderson, CFA
President of SVB Analytics
SVB Capital
William B. Beeson
Director of Southern California Valuation Services
Moss Adams LLP
4:00 - 5:00
Concurrent Panel Discussions
Session A:
Early Stage IP Opportunities and Risks
IP and other intangible assets are as valuable, if not more so, to early-stage start-ups as they are to the companies in the S&P 500. Evaluating the strength of these assets beyond the binary question of their presence can be critical to the success of any new venture. Just as important as the target company’s IP is an assessment of the risks posed by its competitors’ IP. The panel will discuss ways to identify and benefit from IP-specific opportunities, ways of assessing and valuing IP risks before investing, and ways of mitigating IP risks going forward.
Winston Fu
General Partner
U.S. Venture Partners
Bill Reichert
General Partner
Garage Technology Ventures
Eric Jensen
Partner
Cooley Godward Kronish
Andy Sheehan
Managing Director
Sutter Hill Ventures
Charlie Cheng*
CEO
Kilopass
Session B:
Later Stage Investing: What Has Changed
Todd Chaffee
General Partner
Institutional Venture Partners
Michael Millman
Managing Director
JPM Equity Capital Markets
JP Morgan
Phil Sanderson
Managing Director
IDG Ventures SF
5:00 - 7:00
Cocktail Reception
Friday, June 5, 2009 (Main Day 2)
7:45 - 9:00 AM
Continental Breakfast & Panel Discussion
8:00 - 9:00
The Changing VC Landscape
• Human Capital
o Generational transition, who leads the firm going forward? How are those decisions made?
o How do you right-size the investment dollars per GPs?
• Return Expectations.
o What returns can be expected from this asset class?
o Are the days of the grand slam home run gone?
o How does government intervention influence returns? Positive/negative
• Global investing
o Opportunity or retrenchment?
Moderator:
Doug Hamilton
Managing Director
SVB Capital
Panelists:
Brian Ascher
General Partner
Venrock
7:45 - 9:00
Special Networking Breakfast: ILPA Event
Closed Door LP Session
Hosted by: Institutional Limited Partners Association
9:00 - 10:00
General Session
Limited Partners Speak Out On The Survival VC Asset Class
• The impact of carried interest
• Venture Capital vs. Private Equity: LP Appetite
• Affects of the recent market gyrations on allocations to alternatives, particularly VC
• The impact of fewer commitments to new relationships
• What is the criterion for telling a current relationship that they are out? Has there been an adjustment in this criteria in the last 2 years, 6 months, 4 weeks
• LP skepticism regarding the future performance of VC as a class - thoughts and perspectives
• Will venture returns ever rebound to pre bubble era levels
• Expectations & future direction re clean-tech
• Is international VC investing still exciting (particularly China)
• Much has been said to adjust the fund size to align with the exit market. What is the ideal size in your mind for an early stage fund, multi-stage, or late stage fund
Bret Jepsen
Director of Venture Capital
Sterling Stamos
Judith Elsea
Co-Founder and Managing Director
Weathergage Capital
Richard Hayes
Managing Partner
Oak Hill Investment Management
Barry Gonder
General Partner
Grove Street Advisors
Stefan Hepp
CEO
SCM
Jim Tullis
Founder & CEO
Tullis Health Investors
Moderator:
Mark Tanoury
Partner
Cooley Godward Kronish LLP
10:00 - 10:30
Networking & Refreshment Break
10:30 - 11:15
Institutional Investor Views On The Changed Face of Venture Capital
Panel Facilitator:
Rob Coneybeer
General Partner
Shasta Ventures
11:15 - 11:30
Networking & Refreshment Break
11:30 - 12:15
Concurrent Sessions
Session A:
Fundraising: The New Criteria For Your Next Fund
From the LP:
• Issues that arise repeatedly when negotiating a limited partnership agreement
• Given the recent market turmoil and the slowdown in PE deals over the last 15 months, what effect are you seeing on fundraising by venture capital funds
• Stage preferences: early vs. later
• How does a VC fund differentiate itself to potential LPs from a larger, more well known fund, which is raising money from the same LPs
• What are the skills that a VC investor brings to the table that distinguishes them from other VCs
• The decision making process and how do we get to ‘yes’
• What are common mistakes made by GPs when meeting with prospective LPs
From the GP:
• Methods to determine which LPs to approach
• Pros and cons of a shotgun approach versus a rifle shot approach
• When is a placement agent a better option
• Size preference and how do you arrive at that number
• How will smaller funds compensate for the loss of the larger LPs
• What kind of information do LPs want to see in a neatly organized due diligence packet
• How do you present the track record, particularly in a post-FAS 157 era
Moderator:
Robert Ackerman
Managing Director & Co-Founder
Allegis Capital
Panelists:
Robert M. Hofeditz
Partner
Probitas Partners
Paul Newsome
Executive Director
Head of Investments
Private Equity
Unigestion (US), Ltd
David York
Co-Founder
Paul Capital Partners
Barry Schiffman
Executive Managing Director & Co-Founder
Globespan Capital Partners
Kim Kaplan-Gross
Partner
Cooley Godward Kronish LLP
Session B:
The Secondary Market
For potential sellers
• What you should know about liquidity options for your portfolio: from LP stake to direct investment portfolio disposals
• How the secondary direct market can help you manage your portfolio: single asset, block and full portfolio disposals.
• Who is selling and why (note: as per my previous discussions with Coller Capital, I believe that Joe would appreciate having this question asked of him, per their recent efforts and activity. Others are also welcome to counter comment)
• What it takes to effectively divest direct investment portfolios
• What a secondary direct buyer is looking for in a portfolio
• Managing an effective sales process
For potential investors
• LPs’ perspectives on the Secondary / Secondary Direct market
• The unique return profile of the Secondary Directs market
Moderator:
Joe Marks
Principal
Coller Capital
Panelists:
Hans Swildens
Founder and Principal
Industry Ventures
Sam Schwerin
Managing Partner
Millennium Technology Ventures
Jeff Bollerman
Director of Limited Partnership Interests Market
SecondMarket, Inc.
12:15 - 1:00
Closing Panel Discussion: General Session
LP Benchmarking & Performance Expectations
Chris Douvos
Co-Head, Private Equity
The Investment Fund for Foundations
George Arnold
Managing Principal
Knightsbridge Advisors
Anita Ng
Partner
Cambridge Associates
Location
The Palace Hotel | San Francisco, CA
