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Professor Claudia Zeisberger
Сингапур
Добавлен 26 май 2020
Author and Professor of Entrepreneurship & Family Enterprise at INSEAD and the Founder and Academic Director of its private equity centre (GPEI). Before joining INSEAD in 2005, Claudia Zeisberger spent 16 years in global investment banking, which shaped her thinking around risk management and turnaround situations.
By simplifying complexity, she helps corporate clients to ensure the resilience of their businesses or portfolios and has worked with institutional investors, Family Offices and SWF’s globally to improve their processes.
Professor Zeisberger devotes a significant amount of her time to advise early stage companies and is a mentor in the Google Startup Accelerator.
At INSEAD, she teaches the Private Equity & Venture Capital, Corporate Turnaround and Risk Management electives and has been awarded the “Dean’s Commendation for Excellence in Teaching at INSEAD” annually since 2008.
By simplifying complexity, she helps corporate clients to ensure the resilience of their businesses or portfolios and has worked with institutional investors, Family Offices and SWF’s globally to improve their processes.
Professor Zeisberger devotes a significant amount of her time to advise early stage companies and is a mentor in the Google Startup Accelerator.
At INSEAD, she teaches the Private Equity & Venture Capital, Corporate Turnaround and Risk Management electives and has been awarded the “Dean’s Commendation for Excellence in Teaching at INSEAD” annually since 2008.
Investing In Women, with Anne Kennedy & Gillian Muessig, Masters Fund
Masters Fund led by women who have invested in tech startups for 20 years, with 4 successful exits. "Today we are leading the 21st century evolution of venture capital. Our superpower is connecting and attracting well-versed partners, all experienced entrepreneurs and investors. - masters.vc/
Gillian Muessig; Managing Director
Start-up Development, corporate growth, M&A. Co-founder and CEO of Outlines Venture Group, Active entrepreneur, co-founded both Moz and brettapproved. Global thought leader in diversity venture capital and early stage corporate governance. Worldwide speaker on financial benefits of gender lens investing, equity in entrepreneurship, emerging entrepreneurial markets an...
Gillian Muessig; Managing Director
Start-up Development, corporate growth, M&A. Co-founder and CEO of Outlines Venture Group, Active entrepreneur, co-founded both Moz and brettapproved. Global thought leader in diversity venture capital and early stage corporate governance. Worldwide speaker on financial benefits of gender lens investing, equity in entrepreneurship, emerging entrepreneurial markets an...
Просмотров: 230
Видео
PE Is Not VC, with Kamal Hassan | Claudia Zeisberger - Fireside Chats
Просмотров 5552 месяца назад
A long-form conversation on why PE is not VC. For context go check my lecture: ruclips.net/video/nCgYRzuB8EI/видео.html About Kamal; Managing partner of Loyal VC. Loyal is the fund Kamal wished he had available during his 20 year career as an entrepreneurial CEO, and 15 years as an angel investor. It draws upon his professional and philanthropic experiences and networks formed as a Global Direc...
Private Capital Showdown in Mature & Emerging Markets | Magnitt Webinar with Claudia Zeisberger
Просмотров 3843 месяца назад
Emerging markets are quickly becoming a hotspot for private capital investment, fueled by rapid economic growth, a youthful, tech-savvy population, and increasing urbanization. A deep dive into questions around PE, VC & the importance of entrepreneurial ecosystems with Philip Bahoshy, Founder of Magnitt & senior alumnus at INSEAD. We started with the below bullets but went much deeper into the ...
The Road Ahead For Africa | INSEAD Africa Panel 2024
Просмотров 2603 месяца назад
How Asian Businesses Can Grow on the African Continent In a recent virtual panel discussion hosted by the INSEAD Africa Club, in collaboration with #Connect Africa and the Africa Initiative, a panel of industry experts gathered to provide insights into the multifaceted opportunities and challenges within the fast-growing African market for Asian businesses. We asked: 1. How can Asian businesses...
Fundraising for Origin AI - with Luke Ferris, CEO & Founder
Просмотров 3365 месяцев назад
Luke Ferris is Founder & CEO of The OriginAI and lives in Berlin. Before joining Bain, Luke Ferris founded and led laZook, an online distribution platform that enabled brands and distributors to sell products across the web without logistics, pricing, or customer support hassles. laZook was backed by top VC investors and sold to an industry player in 2017. He has 20 years of experience in digit...
Corporate Venturing & Innovation - road to success | Claudia Zeisberger
Просмотров 4206 месяцев назад
Corporate Venturing & Innovation - road to success The interview highlights the pitfalls when established corporations are looking to inject that entrepreneurial spirit back into their business to ensure relevance (survival?) for the coming decade. If you like to spend more time on the topic, let me know or explore our one week INSEAD workshop every year in Fontainebleau. www.insead.edu/executi...
PE is not VC - Understanding Private Capital Investing
Просмотров 1,3 тыс.6 месяцев назад
Venture Capital is not Private Equity (or Buyouts). Full report here: jada.com.sa/en/PublicationAndNews/VC_Valuation_in_MENA _august_2024.pdf When LPs talk about PE & VC as one asset class, I have to speak up; both have very different risk profiles and this video explains why. Further reading: a detailed research report created with JADA FoF in Riyadh which explores how VCs evaluate their portf...
From Seed To Exit - A Brazilian Start Up Story | TABAS
Просмотров 4616 месяцев назад
TABAS founders, Leonardo Morgatto and Simone Surdi (both '19D MBAs) on campus at INSEAD with Prof. Claudia Zeisberger, who heard their pitch in November 2019 while both were MBAs in her class and was the first Angel Investor to see the potential. Fast forward, 5 years later they re-unite in Fontainebleau and talk about the lessons learned and the recent acquisition of TABAS. More about TABAS he...
Understanding Valuation In Venture Capital | Part #2 - DCF
Просмотров 1,8 тыс.7 месяцев назад
Understanding Valuation In Venture Capital - DCF (Discounted Cash Flow Model) This is PART #2 of a series on Valuation Methodologies VC Funds use. PART #1 addresses the Methodology of Comparables, Checklist & Score Card & can be accessed here: ruclips.net/video/LhIU50Yh54M/видео.html Ever wondered how VCs arrive at Valuations for their portfolio companies - the startups they invest in? This is ...
Understanding Valuation In Venture Capital | Part#1| Comps, Checklists & Score Card
Просмотров 6 тыс.7 месяцев назад
Understanding Valuation In Venture Capital - Comparables, Checklist & Score Card Ever wondered how VCs arrive at Valuations for their portfolio companies - the startups they invest in? This is the series for you. I will discuss the various methodologies in a series of lectures; indeed there are few standards or benchmarks. Today, I will start off by looking at 3 methods used by VC funds when re...
ESG In Venture Capital | Jaclyn Seow
Просмотров 6217 месяцев назад
Claudia's Guest today: Jaclyn Seow, Director Openspace Ventures in Singapore Topic: ESG & Sustainability in Venture Capital Mre about OpenSpace Ventures below: - View Openspace’s ESG approach and annual sustainability reports at openspace.vc/responsibility - View “Reaping the Regional Dividend: The Coalesce Index”, a report done by Openspace in conjunction with Stripe, which assesses Southeast ...
Private Capital Trends - Status & Road Ahead
Просмотров 653Год назад
Private Capital Trends - Status & Road ahead Transcription Hello, and welcome back. Welcome back to our update on private equity and venture capital trends. I just returned from conversations with institutional investors in Switzerland. And I thought I should share a few of the conversation points that came up in those talks. So one of the question that was asked is time to allocate to private ...
Private Capital Update - Big Picture Investor Perspective
Просмотров 293Год назад
Private Capital update - Big Picture Investor Perspective Transcription Hello, and welcome back, it's time to take another look at private capital, a lot has happened in the last couple of months. So I thought we'll start off by taking a big picture look with an investor perspective. So a little bit of data first for prospective, private capital. And what I mean by that is not just venture grow...
Tough Times for Entrepreneurs - Or Opportunities for New Founders?
Просмотров 732Год назад
Tough Times for Entrepreneurs - or Opportunities for new Founders? This session takes a close look at the other side of the coin to my session on 'Tough times for Venture Capital". In the first half of 2023 fundraising became much harder as it had been in the last couple of years. So I ask: tough times for entrepreneurs or opportunities for new founders? As we know, fundraising for startups is ...
Tough Times in Venture Capital - Fund & LP (Investor) Perspective
Просмотров 1,5 тыс.Год назад
Tough Times in Venture Capital - Funds & LPs Time to have a closer look at venture capital, now that we are half way into 2023. Let's start off with the perspective of the venture capital funds, and the LPs, meaning the investors in the fund. As you know from my earlier sessions, venture capital has always been about outliers. What does that mean? As a reminder or if you are visiting for the fi...
Investors & Entrepreneurs should explore Demographics - Think AgeTech, Africa & India's Middle Class
Просмотров 590Год назад
Investors & Entrepreneurs should explore Demographics - Think AgeTech, Africa & India's Middle Class
ESG and Responsible AI - a theme to be championed by Investors | Google Inspire 2022
Просмотров 7822 года назад
ESG and Responsible AI - a theme to be championed by Investors | Google Inspire 2022
Fireside Chat 008 In The Weeds With ESG | Claudia Zeisberger
Просмотров 6742 года назад
Fireside Chat 008 In The Weeds With ESG | Claudia Zeisberger
Prof Claudia Z on SPACS- 102 | Claudia Zeisberger
Просмотров 5202 года назад
Prof Claudia Z on SPACS- 102 | Claudia Zeisberger
Prof Claudia Z on SPACS - 101 | Claudia Zeisberger
Просмотров 9382 года назад
Prof Claudia Z on SPACS - 101 | Claudia Zeisberger
Corporates Can Benefit From Startups - Without Investing! | Gregor Gimmy
Просмотров 7712 года назад
Corporates Can Benefit From Startups - Without Investing! | Gregor Gimmy
Do VCs have a higher sense of Purpose - beyond Profit? - with Mika Salmi, Lakestar Ventures
Просмотров 2572 года назад
Do VCs have a higher sense of Purpose - beyond Profit? - with Mika Salmi, Lakestar Ventures
Venture Trends - Europe vs Silicon Valley - with Mika Salmi, Lakestar @INSEAD's SF Hub
Просмотров 1,4 тыс.2 года назад
Venture Trends - Europe vs Silicon Valley - with Mika Salmi, Lakestar @INSEAD's SF Hub
Why Are You So Interested In Corporate Venturing ? | TDK Ventures | Claudia Zeisberger
Просмотров 5083 года назад
Why Are You So Interested In Corporate Venturing ? | TDK Ventures | Claudia Zeisberger
What Will Make Or Break A CVC ? | TDK Ventures | Claudia Zeisberger
Просмотров 6083 года назад
What Will Make Or Break A CVC ? | TDK Ventures | Claudia Zeisberger
Why Is There An Up-tick in Corporate Venture Projects ? | TDK Ventures | Claudia Zeisberger
Просмотров 3153 года назад
Why Is There An Up-tick in Corporate Venture Projects ? | TDK Ventures | Claudia Zeisberger
When Impact Investing Takes A Wrong Turn | Simon Clark | Fireside Chat
Просмотров 9283 года назад
When Impact Investing Takes A Wrong Turn | Simon Clark | Fireside Chat
Corporate Venturing with Nicolas Sauvage from TDK Ventures interviewing Prof Claudia | 500 Startups
Просмотров 8433 года назад
Corporate Venturing with Nicolas Sauvage from TDK Ventures interviewing Prof Claudia | 500 Startups
ESG & Impact Investing | Women In Finance | Claudia Zeisberger
Просмотров 4253 года назад
ESG & Impact Investing | Women In Finance | Claudia Zeisberger
Isn't 15% x 0.2 rather 0,03x instead of 0,07x?
Oh man - you are right - my fault. NICE catch, given that this slide had so many eye balls you win an award. Will take me a bit to re-record. in the meantime THANK YOU
Prof this is very important to me. Can I have a write up. or a book on this. Recommend please
Mastering Private Equity - check on amazon
Thank you professor for the wonderful insights. I agree that to diversify risk, a fund should increase the number of investments. You recommend a minimum of 100 but most funds at max average 10-15 deals a year! What I would like to know is your thoughts on the minimum size of the fund to achieve the capacity to diversify the risk exposure you have explained in your lecture. Wonderful lecture, thank you very much.
so - as an LP - you need > 20 funds , right?
funds dont diversify - LPs do by investing in many funds
What method, between the ones you want trough in all of the lectures, would you choose to use if during an interview at a VC firm they were to ask you to valuate a startup? Greatly explained by the way!!
i would ask them - What method you want me to use? - THere is no industry standard
glad it works - but no surprise ey? ;-)
Never really thought de-risking venture capital was possible. Very insightful as always.
Glad you found it helpful!
One of the best videos I have seen on this matter.
Thanks vm - check out the Report done with JADA FoF on Venture Valuations in MENA
In my opinion - A startup may take 8-15 years (or more) from start to reach a respectable scale and a valuation which makes sense for a VC investor in term of returns. Compounding plays a major role in wealth creation journey of a startup. So, any VC investor needs to find ways to maintain exposure to the company over a 8-15 year horizon (or more). A way to do it is to have parallel staggered funds which invest at different stages and managed by different teams (with different expertise of investing at different stages) under the same VC umbrella firm. Your views, Professor?
Logic is spot on - yet Funds are styll being raised for a 10 +1 + 1 period ..... so follow on investments are usually limited to 10- 20% of funds raised. Nevertheless - check out the discussions around 'Continuation Funds' - so some have started to raise them - yet as distinct vehicles with a different group of LPs .
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Thanks for the suggestion - I'll look into it.
@@claudiazeisberger Okk. Mam
@@claudiazeisberger Do you have any Social media Platforms where i Contract you
Great content Professor
thanks
3:19
ok?
Excellent talk, professor; it was filled with insights and made it very easy to understand.
thanks
Very Insightful, thank you.
Glad it was helpful!
How does valuation process work for a non revenue early stage startup?
ruclips.net/video/LhIU50Yh54M/видео.html Check out my series on VC Valuation part 1 & 2
Very informative. Thanks, Claudia!
Glad it was helpful!
Those wonderful memories of your classes on Corporate Venturing and Innovation are still fresh, Prof Claudia! I am highly motivated to go through your books on "Mastering Private Equity" and "Private Equity in Action".
super thx
Very much looking forward to more content on this topic 🙏
thx
Thank you, Professor. I thoroughly enjoyed this video. It got me thinking, however, about what the "valuation technique" should look like for a fund manager looking to invest in a PE/VC fund. My question arises from the recent increase in PE and VC funds in Africa, all of which seem to be emphasizing capital deployment, value addition, monitoring, impact, ESG, and %IRR for investors. What should be the deciding factor? How do we sift through the pipeline of investable funds?
.. as they should. THats a differnt story and this video does not address it
@@claudiazeisberger I will be looking forward to your lecture on that , Prof. thank you
you are the best claudia thanks so much for this lecturers
pleasure - glad it helped
Thank you professor for this Insight, Professor India and many south east countries have SME, MSME business or family Run business which are profitable from day one but no long term Horizon, but if digital transformation and growth, brand building is added they will become outliers and can change world. How do we categories these business -they are not large for PE but also not small to call them startups but failure rate is less, if these SME start investing on their growth - there EBIDTA gets squeezed Ps: Some day I will be in your class in Singapore ( its my dream ) working towards my dream :):)
ok
very helpful
thanks
Fantastic!
Thank you! Cheers!
Wow. Love this lecture. Thank you so much.
Glad you enjoyed it!
Absolutely incredible!
thanks
Congratulations
thanks
That was very helpful thanks
Glad it helped
What approach to exactly take for a very young company for that matter? Just Comps analysis or making a model based on relevant KPIs?
watch part 1 please
@@claudiazeisberger Thanks much, Professor.
thanks for uploading! looking forward to the next episode
just launched
Fantastic presentation, very well explained! 🙌
Glad you liked it! thanks
Great video, thanks! I understand that in the scorecard method you're using a median valuation for your column 3, but what is the "perfect valuation" in the checklist method? Hopefully, we'll be able to continue this discussion in class at Insead next year :)
Yes, correct - PERFECT is if a company gets the highestpossible score across all segments. (compared to peers)
@@claudiazeisberger Hi Claudia, I am very new to this concept but loved how well articulated this video is. I have the same doubt that @alexc344 has and that is how we decide the "perfect valuation". Is it something that we calculate from other metrics or financial ratios? PS: I am an Incoming INSEADer (25D) looking forward to engaging in depth during the classes.
Interesting! However whats important to note is that if you want to be compliant with the most used reporting guidelines (IPEV), you will be required to use probability-weighted expected return method (PWERM), option pricing method (OPM), current value method (CVM) or a hybrid of scenario-based methods and OPM. Also very important are the local GAAP valuation standards for the yearly financial statements.
we interviewed VC fiunds - so yes above thats the theory. The reality is most VCs need to manage scarce resources. And need ot be realistic on what makes sense or not. All above mathematically correct - but reality? You are dealing with startups - not LBOs
@@claudiazeisberger agreed, however the mentioned valuation standards are the agreed ones in the LPAs, terms that GP put in. Imo GPs need to spend more time on drafting LPAs and put valuation terms they can meet. I have seen LPs trying to sue GPs because they didn't stick to their agreed valuation terms. It's a breach of contract.
You might want to re-read the latest guidelines. Here's what IPEV has to say about selecting valuation methods: The Valuer should use one or more of the following Valuation Techniques as of each Measurement Date, taking into account Market Participant assumptions as to how Value would be determined: A. Market Approach a. Multiples (3.4) b. Industry Valuation Benchmarks (3.5) c. Available Market Prices (3.6) B. Income Approach a. Discounted Cash Flows (3.7, 3.8) C. Replacement Cost Approach a. Net Assets (3.9)
@@dngjr please also ready 3.10 onwards. There you will find what I am saying. It's for pre revenue companies as described in the video. Idk how to apply a DCF on a pre rev startup tbh. IPEV therefore is completely right to refer for different valuation methods. My point is that most GPs agree on the IPEV guidelines in their LPAs without understanding the implications instead of adding their own valuation approach.
@@philipps1956 You can take a look at the full Equidam methodology, which is IPEV compliant, here: www.equidam.com/resources/Equidam-Valuation-Methodology.pdf
So clear! Question: checklist or scorecard, how do VCs/PE (if the same) figure out the founder & team's ability to execute? Is track record more powerful than the KornFerry/GH Smart assessments? Would love to learn VC/PE PoV here. Thank you, Claudia.
track record leads - no doubt.
Very good and clear explanations! Thank you professor 🙏 There are so many questions and practices brought by wannabe angels, emerging fund managers but not only, and this is the one often asked.
Excellent
@@claudiazeisberger perhaps a full mini series of videos on such questions is to be considered for the future 🙏
Thank you. Prof. Zeisberger is the mother Teresa of VC & PE. Hoping to see more videos on VC valuation. If we can get a window into how VCs evaluate & interpret the outputs from the numbers that would be great.
ok
Professor Claudia, First of all thank you for taking out time and doing this series - really grateful and appreciate this . -Aloy. I have one question - Do VC Fund overall performance creates any impact on portfolio company valuations
not reallly related. INvestee companies are seen as standalone. LPs care about the overall fund performance.
Thank you!
Welcome!
Hi, regarding the catch up fees is it a 20% of the total distributed dollars in step 1 & step 2 (capital invested & hurdle) ? Or 20% of the hurdle distributed only?
after catchup everyone is on the same base in terms of distribution.
@@claudiazeisberger many thanks, actually my question is regarding the catch up fees it self and it is calculation. Is it from the dollar disturbed to LPs or only as % from the preferred distribution. Thanks :)
Excellent presentation, helped me a lot
glad it worked out
Totally Mesmerized with your content. Now I understand synergy between Dry powder and investment in pipeline. Some time it is good to buy undervalued stock, I started to follow you Mam Certainly you will turn my inquisitive mind into ignited mind. Thanks Mam again from core of my heart, Its puzzled me why your channel is so underrated.
Great to hear!
Hi. Min 2:48 states that investors look for the opportunity to make 5-10x. In what time frame? Thanks!
at the end of the fund
10y
Very clear and interesting. I finally understand SPACS!
Great to hear!
Pls make private equity master class
just did - for incoming MBAs in SIngapore
Thanks professor for theis playlist. Can you please make videos on career in private equity middle office and back office roles
ok
Excellent lecture, thank you Prof. Claudia
You are welcome!
Thank you professor
welcome
excellent
thanks
Very useful information! Thank you Professor!
You are welcome!
Great video, Can you also please make a video on the tactics (eg-LBO)which PE Fund follows to acquire
Will do soon
Your sessions are awesome. Thanks for this❤❤❤
Glad you like them!
Great
thanks
Thank you for the lecture Claudia!
Glad it was helpful!