Mahendra Ramsinghani, managing director of MVCA member Invest Detroit’s First Step Fund, published his book The Business of Venture Capital: Insights from Leading Practitioners on the Art of Raising a Fund, Deal Structuring, Value Creation, and Exit Strategies.

The Business of Venture Capital covers the various aspects of venture investment spectrum, from raising funds and structuring investments to assessing exit pathways.  It is the first book of its kind to focus on the four critical pillars of the venture capital business—raising the fund, sourcing and structuring investments, creating value as a board member and finally, leading investments to exits.

Written by a practitioner for practitioners, the book provides the necessary breadth and depth, simplifies the jargon and balances the analytical logic with experiential wisdom. Starting with a Foreword by Mark Heesen, President, National Venture Capital Association (NVCA), this guide includes insights and perspectives from leading experts.

• Part One covers the process of raising the venture fund including:

-   Identifying and assessing the Limited Partner universe

-   Fund due-diligence criteria

-   Fund investment terms

• Part Two covers the investment process including:

-   Sourcing investment opportunities

-   Conducting due diligence and negotiating investment terms

-   Adding value as a board member

-   Exploring exit pathways

With insights, anecdotes and wisdom from the experiences of best-in-class practitioners, this guide can help the reader to understand the dynamics of this business.

Leading Limited Partners / Fund-of-Funds interviewed include Credit Suisse, Top Tier Capital Partners, Grove Street Advisors, Rho Capital, Pension Fund Managers and Family Office Managers.

Insights of over twenty five leading venture capital practitioners, frequently featured on Forbes Midas list of top venture capitalists including Frank Caufield (Co-founder, Kleiner Perkins Caufield and Byers) David Cowan (Bessemer Venture Partners) Todd Dagres (Spark Capital) Promod Haque (Norwest Venture Partners) Tim Draper (Draper Fisher Jurvestson) Brad Feld (Foundry Group) Mitch Lasky (Benchmark Capital) John Jarve (Menlo Ventures) Terry McGuire (Polaris Capital and former NVCA Chair) Bryan Roberts (Venrock) and Bob Nelsen (ARCH Venture Partners).  MVCA member firms mentioned include Arboretum Ventures, TGap, Dow Ventures, RPM Ventures, Northcoast Ventures, Renaissance Venture Fund, Venture Investors, and Hopen Life Sciences Fund.

Members of the MVCA Talent Committee are preparing for a busy 2011.  Among the group’s initiatives–sustaining the EIR/CEO Placement program, creating a new MVCA Fellowship program aimed at recent advanced degree graduates of in-state universities, and continuing the popular “Super HotShots” talent recruiting night.

MVCA Talent Committee Members Jim Adox, Amy Cell and Tim Petersen

The committee members include:  Jim Adox, Venture Investors; Amy Cell, Ann Arbor SPARK; Tim Petersen, Arboretum Ventures; and Jeff Barry, Plymouth Management Partners.

ANN ARBOR, Mich.—Celebrating “A Year of Exits”, the Michigan Venture Capital Association held its annual awards dinner for its members and guests November 15 in Ann Arbor.  The statewide membership organization honored several Michigan venture firms as well as venture capital recipient companies for their successes:

• MVCA “Michigan 100” Award winner Cerenis Therapeutics of Ann Arbor, for raising over $100 million in venture capital;
• Michigan’s new venture firms: Huron River Ventures, Michigan Accelerator Fund Management, and Resonant Ventures;
• Multiple venture capital investment exits, both non-Michigan companies with Michigan venture investors and Michigan-based companies:

o   LenSx Lasers (Venture Investors)

o   Greenplum (EDF Ventures)

o   ZyStor (Apjohn Ventures & Venture Investors)

o   CardioMEMS (Arboretum Ventures)

o   Ikano Therapeutics (Apjohn Ventures)

o   Arbor Networks (EDF Ventures)

o   HandyLab (EDF Ventures, Wolverine Venture Fund, Arboretum Ventures, Ardesta Capital, Dow Venture Capital)

Jeff Williams, former CEO of HandyLab and current CEO of venture-backed Accuri Cytometers, was named MVCA Entrepreneur of the Year.

“The wind is in our sails,” stated LeAnn Auer, Executive Director of the MVCA, in her remarks before the dinner.  “It’s been a year of exits, as many of our venture capital firms have successfully exited portfolio companies located both here in Michigan and elsewhere.  In addition, venture capital financings have already exceeded 2009 levels.  These successes bode well for future growth in our community.  I’m looking forward to this year’s celebration.”

The Michigan Venture Capital Association will also announce its 2011 Board of Directors:

• Ron Reed (Chairman), Managing Director, Seneca Partners
• Tom Kinnear (Vice-Chairman/Treasurer), Managing Director, Zell Lurie Institute at U-M Ross School of Business
• Tim Petersen (Vice Chairman/Chairman-Elect), Managing Director, Arboretum Ventures
• Uzma Ahmad (Board Secretary), Attorney, Dykema Gossett PLLC
• Jim Adox, Managing Director, Venture Investors
• Jeff Bocan, Managing Director, Beringea
• Hugo Braun, Co-Founder, North Coast Technology Investors
• Greg Main, President & CEO, Michigan Economic Development Corporation
• John McIlwraith, Managing Director, Allos Ventures
• Chris Rizik, CEO & Fund Manager, Renaissance Venture Capital Fund
• Skip Simms, Managing Director, Ann Arbor SPARK
• Mina Sooch Partner, Triathlon Medical Ventures; Managing Director, Apjohn Ventures
• Jody Vanderwel, President, Grand Angels
• Ken Van Heel, Director, Alternative Investments & Venture Capital, Dow Chemical Company
• Donald Walker, Managing Director, Arbor Partners

About the MVCA

The MVCA is a trade organization designed to bring together venture capital industry participants in the state of Michigan.  The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan.  Membership includes private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants.  The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan’s venture capital industry.  www.michiganvca.org