MIF VC Meeting Marcus Regueira Buenos Aires – October, 2005 - PowerPoint PPT Presentation

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MIF VC Meeting Marcus Regueira Buenos Aires – October, 2005
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MIF VC Meeting Marcus Regueira Buenos Aires – October, 2005

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  1. MIF VC Meeting Marcus Regueira Buenos Aires – October, 2005

  2. about us ... • Founded 1999, Brazil • US$48 million under management • 18 Portfolio Companies in 3 Brazilian cities • 3 Exits (1999, 2002 and 2005) • 24 Associates – Senior Associates include native speakers of Portuguese, English, Italian, Spanish and German • Senior Associates hold advanced degrees (PhD, JD, LLM & MBA) from Carnegie Mellon, INSEAD, Northwestern, Stanford, UCLA, Wharton, and from top Brazilian schools • 14 pro-active Private Investors, successfull entrepreneurs themselves • Our DNA and upbringing for M&A and Entrepreneurial Partnerships • Guilherme Emrich & Marcus Regueira, Senior Partners

  3. IADB FundoTec I & II - Venture Capital Funds: FundoTec I R$ 30,000,000 MANAGED BY: FIR Capital Partners CLOSED: June 2001 LEAD INVESTORS: Sumitomo Corporation Inter-American Development Bank FundoTec II R$ 60,000,000 MANAGED BY: FIR Capital Partners CLOSE: December 2005 LEAD INVESTORS: FINEP PETROS (PETROBRAS)

  4. innova Portfolio: Information Technology Biotechnology Alvos

  5. Our Model = Tailored Involvement … becauseDistinct Investments have Distinct Needs. Senior Associates: Marketing & Sales Human Capital Financial / Tax / Fiscal General Counsel Corporate Controller Technology The Periscope R&D Partners Universities, Excellence Centers Corporate Management Training PAEX-Tec, Dom Cabral Company ... n Company 1 Company 2

  6. The Periscope, 24x7 scanning for: • Co-Investors • Strategic Partners • Competition, incl. as Potential Business Partners • Consolidation Plays • Technology & Market Trends, in Brazil & Abroad

  7. General Profile Prior to Investment: Generally Undefined Inadequate: • Product Format • Commercial Plan • Goals & Objectives • Financial Metrics • Dissonant Financial and Commercial Plans Corporate Governance Does Pay. Absolutely Essential. Inadequate: • Capital • Management • Managers • Financial Controls • Accounting • Market Intelligence Strategy The Company Structure Management Process Inadequate: • Processes to support Strategy • Cost Benefit Analysis • Communication between Management and Board / Shareholders

  8. Our Corporate Governance Model: Immediately Prior to Investing: • Adequate the Structure to the Avaliable Investment • Adequate the Structure to the Strategy THE FORMALITIES OF THE INVESTOR-INVESTEE RELATIONSHIP MUST BE ADHERED TO. AT THE SAME TIME, THE KIND OF OPEN BUSINESS ENVIRONMENT THAT IS CONDUCIVE TO INNOVATION MUST EXIST. PEOPLE • Align Vision and Values and Interests = Investors / Board / Managers • Hands-on Board • PAEX tec • Hire Controller and (at times) CEO • Controller: Strong Financial Background • CEO: Strong Management Background and (specially) Marketing&Sales STRUCTURE The Company • Efficient Communication = Mgmt / Board / Sharehldrs • Vision and Values Transparent to the Organization • ConsensusDriven Decision Making • GAAP and Independent Auditors • Proprietary Management Reporting System (SAE) • Formal Discipline Investor-Investee x Teamwork PROCESS

  9. FIR Capital Analyst The Company Fund Investors FIR Capital Controller Our Proprietary Reporting System (SAE): WEB BASED MANAGEMENT REPORTING (SAE) & INVESTOR RELATIONS

  10. Acquired by NovoNordisk 2002 Acquired by UOL Universo Online 1999 Successful Exits: Acquired by Google 2005

  11. Successful Exits Require: • a Flexible Strategy, Designed Prior to Entry, • Rigorous Execution from day one. In addition, • Entrepreneurs Focused on the Business in order to secure • Attractive Local Market Share and/or • World Class Technology • Our Analysis of our investment from Acquirer’s Viewpoint, • and, fundamentally, Adequate Corporate Governance.

  12. The Akwan Case:

  13. Akwan Investment Cycle: Sales Cumulative Cashflow “It wasn’t a question of choosing Brazil. We chose Akwan that happened to be in Brazil.” Alan Eustace VP de Engineering, Google (Exame/2005) Stock-options issued to engineers 2001 2000 2003 2005 Liquidity Event Product Creation FIR Capital

  14. Marcus Regueira - mregueira@fircapital.comTEL: 55 (31) 3074-0020please visit us @ www.fircapital.com