Stephan Dolezalak TheChangingFaceofInnovationFinanceinCleantech
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Transcript of Stephan Dolezalak TheChangingFaceofInnovationFinanceinCleantech
The Changing Face of
Innovation Finance in Cleantech
Panelists:
Anup Jacob, Partner, Virgin Green Fund
J. Christopher Moran, Vice President, General Manager, Applied Ventures LLC
Kevin Genieser, Managing Director, Morgan Stanley
Todd Jaquez-Fissori, Managing Director, Hercules Technology Growth Capital
Tom Martin, Senior Vice President, PCG Asset Management, LLC
Moderator:
Stephan Dolezalek, Managing Director & Group Leader, CleanTech, VantagePoint Venture Partners
Financial Resources Corporate Strategic Partners
Sector-Focused Investment
Approach
• Proprietary Research and Sector Thesis
• McKinsey as Special Strategic Advisor
$4.5B of committed capital
>$1B dedicated to CleanTech
Sector-Focused Investment Strategy Deep Expertise and Experience
Thorough, expert-driven sector theses
Build the best company in each sector
Largest global (U.S., China & Europe)
team in CleanTech – 28 total
Technical, operating, investing experience
Portfolio of Transformative Companies
CleanTech at VantagePoint Venture Partners
Cleantech VC investing in 2009 (background data)
Drop in global cleantech VC investment in 2009
Note: “Deal” = investment round. In 2009, North America accounted for 64% of global cleantech VC investments, and 54% of all deals completed.
Increase in follow-on vs. early-stage deals during 2009
Note: “Early-stage” refers to angel/seed money or initial VC investment.
Average round sizes dropped from 2008 to 2009
Note: “Early-stage” refers to angel/seed money or initial VC investment.
Very small number of leading players in cleantech VC
Eight firms globally completed more than 10 deals (alphabetically):
Draper Fisher Jurvetson, Element Partners, Khosla Ventures, Kleiner Perkins Caufield & Byers, NGEN Partners, RockPort Capital Partners, SAIL
Venture Partners, VantagePoint Venture Partners
Note: “Deal” = investment round.
Top 90 cleantech investors drove investment in 2009
50%
12%
67%
Global Cleantech VC Investments in 2009
Note: “Deal” = investment round. “Top 90” defined by total number of deals completed during 2009.
Varying reactions from top firms to 2009 environment
Note: “Deal” = investment round. “Top Investors” based on number of investment rounds completed during 2007-2009.
Varying reactions from top firms (cont’d)
4 firms completed more rounds 4 firms completed fewer rounds 4 firms completed the same number
Note: “Deal” = investment round. These 12 firms are the “Top Investors” based on number of investment rounds completed during 2007-2009.
3/9/2010
Clean Technology Investment Banking
Leading advisor to clean tech companies in M&A transactions
Leading underwriter in clean tech equity and debt offerings
Multi-disciplinary team with experience in technology and power and utilities
Recent key transactions include
Other Clean Technology Focused Businesses
Environment, Social Finance and Community Reinvestment Group
$2 Billion Clean Technology Tax Equity Portfolio
Project Finance Expertise
Clean Energy / Carbon Solutions via Commodities Group
Principal Investment Group
Government Affairs Group
NGEN Venture Capital Partnership
Morgan Stanley is a global financial services firm and a market leader in securities, asset management and
credit services
Morgan Stanley has more than 61,000 employees in 1,200 offices in 37 countries
Our business lines include: Institutional Securities, Global Wealth Management and Asset Management
Unique
Global
Platform
Clean
Technology
ExpertiseUS$400MM Sale
US$75MM
Private PlacementUS$438MM IPO
US$340MM
Sale to MEMC
US$100MM
Private Placement
US$2.15Bn
Investment in AESUS$2.6Bn IPOFiled – In Process IPO Filed – In Process IPO
$350MM Acquisition of
EverPower Wind
Morgan Stanley Overview
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INVESTOR PRESENTATION – Q1 2010
Hercules Technology Growth Capital (NASDAQ:HTGC)
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• A specialty finance company with a national footprint
• We provide capital leverage to high growth equity backed companies in technology and life sciences
• We are a lifecycle financing partner taking companies from Series A all the way
through IPO and beyond
• Customized debt capital rounds-everything from growth capital, equipment
loans, AR financing, acquisition financing, cash flow financing, and public
company investments
• Business is built on three pillars of success:
• Commitment– we are committed to providing only the best service, products, and support to our
portfolio customers
• Cooperation– we provide access to an expansion network of other companies, potential customers,
and service providers to help you build your business
• Character– we have built a brand name as the largest and most successful non-bank debt provider in
the market- we are your dedicated capital provider
Hercules is the growth capital provider of choice for venture capital
and private equity-sponsored companies
with over $1.5 billion in closed commitments in over 150 companies
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Services and Solutions
Advisory Mandates
•Primary and secondary fund
investments
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•Portfolio restructuring, risk
management and other analytics
Investment Capabilities
Research and Transactional
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and direct investment expertise
Portfolio Management
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allocation and portfolio rebalancing
Monitoring and Reporting
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analytics
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investments
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Funds of Funds
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investments
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Sector Focused Mandates:
$200 MM CalPERS Environmental Technology
Program
•Advisory role, focus on partnership investments
$100 MM Advanced Energy Technology
Initiative – National Oil Company
•Advisory role, focus on partnership investments
and direct investments
$600 MM PCG Clean Energy & Technology Fund
•Fund of funds vehicle, focus on partnership
investments and co-investments
Connecting world-class investors with innovative and customized solutions.
We have committed or advised upon the commitment of over $42 billion since the establishment of our private equity program in 1989.
The Changing Face of
Innovation Finance in Cleantech
Panelists:
Anup Jacob, Partner, Virgin Green Fund
J. Christopher Moran, Vice President, General Manager, Applied Ventures LLC
Kevin Genieser, Managing Director, Morgan Stanley
Todd Jaquez-Fissori, Managing Director, Hercules Technology Growth Capital
Tom Martin, Senior Vice President, PCG Asset Management, LLC
Moderator:
Stephan Dolezalek, Managing Director & Group Leader, CleanTech, VantagePoint Venture Partners