Overview:
Overview: I am launching a new course focused on complex deal structures in venture and growth-stage investing. The course will cover how to think through the benefits and trade-offs of various deal structures and provide examples of how to model these structures clearly and concisely.
Target Student: This is an advanced course. This course is designed for individuals who need to negotiate, navigate, and model complex deal structures. Most likely, you are between Sr. Associate and Partner level, with previous finance experience either in your current role or before this role.
Format: The class is two ninety-minute sessions per week for two weeks (four sessions in total). The sessions are taught live and are not recorded.
Application Link: Link
Course Schedule:
Week 1: Convertible Note and SAFE-Based Structures
We will cover various convertible note structures. This includes notes with a sliding scale for interest and / or a discount at conversion, unique change of control preferences, and additional terms like warrants and / or pay-to-plays. We also talk about thinking through and modeling out stacked convertible scenarios.
Week 2: Pay-to-Play Models and Start-up Merger Models
We will cover different approaches to pay-to-play. This will include various ways to structure pull-throughs, leveraging warrants, changing the security type as part of the pull-through (even if it is not being converted to common), and integrating tranche structures.
Additionally, we will cover different approaches to combining two (or more) start-ups. The primary focus will be on equity-based transactions and transactions where there is a merger followed by a fundraise done by the combined entity.