Today’s Uncertainty, Tomorrow’s Opportunity. Getting It Right: Balancing Risk & Reward THE 15TH ANNUAL COLUMBIA BUSINESS SCHOOL PRIVATE EQUITY & VENTURE CAPITAL CONFERENCE JANUARY 30, 2009 ALFRED LERNER HALL AT COLUMBIA UNIVERSITY NEW YORK, NEW YORK www.cbspevcconference.com 15TH ANNUAL COLUMBIA BUSINESS SCHOOL PRIVATE EQUITY & VENTURE CAPITAL CONFERENCE FRIDAY, JANUARY 30, 2009 ALFRED LERNER HALL AT COLUMBIA UNIVERSITY PRESENTED BY: COLUMBIA BUSINESS SCHOOL PRIVATE EQUITY & VENTURE CAPITAL CLUB AND COLUMBIA BUSINESS SCHOOL PRIVATE EQUITY PROGRAM SPONSORS: 15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009 2 LETTER FROM THE CONFERENCE CO-CHAIRS On behalf of Columbia Business School’s Private Equity and Venture Capital Club and The Private Equity Program, we are delighted to welcome you to our 15th annual Private Equity & Venture Capital Conference. This year, our conference will draw some 700 alumni, professionals, and students to Lerner Hall, for informative discussions on emerging trends in the private equity and venture capital communities. The purpose of our confer- ence is to educate and provide a forum for interaction among those active in private equity and venture capital. In addition, as the club’s largest annual event, the conference seeks to highlight Columbia Business School’s commitment to private equity and venture capital and its position as one of the leading mentors to the next gen- eration of industry talent. We are pleased to be offering for the first time three panels featuring case studies exploring the fruitful relation- ships that can exist between management and their private equity and venture capital financial sponsors, as well as third party advisors. By including representatives from management, the financial sponsor and advisors, our goal is to present interesting perspectives from all sides of each partnership. Since last year’s conference, we have experienced a period of dramatic uncertainty and rapid consolidation that has resulted from turbulence within the credit markets. We feel that this year’s speakers will offer unique insights into the opportunities that currently exist despite these conditions, lending credence to our theme of “Today’s Uncertainty, Tomorrow’s Opportunity.” We are extremely grateful for the participation of each of our keynote speak- ers and panelists, and for the guidance from Professor Laura Resnikoff, Director of the Private Equity Program. Regards, William Dick Michael Sand Nadeja Zaets VP - Marketing VP - External Relations VP - Logistics CO-PRESIDENTS AND CONFERENCE COMMITTEE Co-Presidents, PEVC Club AVP Conference, PEVC Club Jason Mueller ’09 Rinat Becher ’10 Ben Siscovick ’09 Ross Clark ’10 Jacob Furst ’10 Sarah Gale ’10 VP Conference, PEVC Club Ryan McGovern ’10 Patrick O’Grady ’10 William Dick ’09 Jade Opper ’10 Michael Sand ’09 Robert Schneider ’10 Nadeja Zaets ’09 Diana Stastny ’10 15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009 3 TABLE OF CONTENTS PRIVATE EQUITY & VENTURE CAPITAL CLUB 65 VENTURE CAPITAL INVESTMENT COMPETITION 65 SPRING INTERNSHIP PROGRAM 65 PRIVATE EQUITY & VENTURE CAPITAL ACTIVITIES 76 DFJ EAST COAST VENTURE CHALLENGE 76 THE CARRIED INTEREST 76 PRIVATE EQUITY PROGRAM 87 CAREER MANAGEMENT CENTER 1110 PRIVATE EQUITY & VENTURE CAPITAL CONFERENCE 1312 CONFERENCE AGENDA 1312 KEYNOTE SPEAKERS 1413 PANEL DISCUSSIONS 1615 SPEAKERS 1817 SPONSORS 2827 CHAIRMAN’S CIRCLE SPONSORS 2827 CHAIRMAN’S CIRCLE MEDIA SPONSORS 2827 PARTNER’S CIRCLE SPONSORS 2928 SUPPORTER’S CIRCLE SPONSORS 2928 SPECIAL CONTRIBUTORS 2928 MEDIA FRIENDS 2928 15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009 4 PRIVATE EQUITY & VENTURE CAPITAL CLUB Columbia Business School attracts growing numbers of students with prior experience in private equity and venture capital as well as students who are interested in entering the industry upon graduation. The club continues to be one of the largest on campus, with over 600 members. The club provides opportunities for members to stay engaged in current developments within the private equity and venture capital industry, network with industry professionals, continue their careers in the indus- try and meet fellow students and alumni who share similar interests. In addition to hosting the annual Private Equity and Venture Capital Conference, the club offers students a full range of programs throughout the academic year. These programs focus on real time issues and transactions as well as industry fundamentals and include guest speakers and case studies presented by firms. The Private Equity and Venture Capital Club initiatives include: Involvement with various case competitions Spring semester internship program Educational and networking events For more information, please visit the club website: www.cbspevc.com VENTURE CAPITAL INVESTMENT COMPETITION & SOCIAL VENTURE CAPITAL INVESTMENT COMPETITION The Venture Capital Investment Competition (VCIC) and the Social Venture Capital Investment Competition (SVCIC) are na- tional events which allow students to compete in the role of venture capitalists analyzing real business plans from entrepre- neurs and social entrepreneurs seeking venture funding. Columbia Business School’s internal VCIC and SVCIC will be held on February 29, 2008. The winners of the internal competitions will represent Columbia and compete against other top MBA programs at the respective national competitions in March and April. SPRING INTERNSHIP PROGRAM The program provides current Columbia MBA students who are members of the Private Equity and Venture Capital Club with internship opportunities at New York City area private equity and venture capital firms. The objectives of the program are (i) to provide Columbia Business School students experience in the PEVC industry and (ii) to provide firms with access to a pool of highly-motivated and skilled students who are interested in internships. Student interns agree to work pro bono the equivalent of 10 full working days (typically one day per week over the spring semester) at participating firms during the 2009 Spring Semester. 1BSUJDJQBUJOH'JSNT)BWF*ODMVEFE$BBOBO1BSUOFSTr$IBSU7FOUVSF1BSUOFSTr$JSDMF1FBL$BQJUBMr%SBQFS'JTIFS+VSWFUTPO (PUIBN7FOUVSFTr(SFZDSPGU1BSUOFSTr*OWFTDPr,JFS(MPCBM--$r-VY$BQJUBMr.JMMFOJVN5FDIOPMPHZ1BSUOFSTr1JOFCSPPL 1BSUOFST r 33& 7FOUVSFT r 4JMJDPO "MMFZ 4FFE *OWFTUPST r 4JMJDPO "MMFZ 7FOUVSF 1BSUOFST r 4JMWFSMJOF 1BSUOFST 4UBS7FTU 1BSUOFST-1r5IF8BMOVU(SPVQr6QEBUB1BSUOFSTr7FOUVSJ'9r8JDLT(SPVQPG$PNQBOJFT If your firm is interested in learning more about the Spring Internship Program, please contact the VP of Career Development, Pete Henderson at [email protected]. 15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009 5 PRIVATE EQUITY AND VENTURE CAPITAL CLUB ACTIVITIES DFJ EAST COAST VENTURE CHALLENGE The Draper Fisher Jurvetson Gotham Ventures East Coast Venture Challenge, co-sponsored by Columbia Business School, is a “best of the best” student business plan competition where the best student entrepreneurs from each Ivy League school, NYU and Carnegie Mellon compete for $250,000 in seed stage funding, one of the largest venture purses in the country. For more information, please visit http://www.dfj.com/eastcoastvc/. THE CARRIED INTEREST Coverage of the 2009 Private Equity and Venture Capital Conference will be published in The Carried Interest, a publication targeted to Columbia Business School alumni and professionals in the private equity and venture capital communities. To be added to the Carried Interest distribution list, please contact Angelo Rufino at [email protected]. 15th Annual Columbia Business School Private Equity & Venture Capital Conference | January 30, 2009 6 PRIVATE EQUITY PROGRAM A Message from Professor Laura Resnikoff Now in its second year, the Private Equity Program has touched each of its constituent groups with innovative offerings that promote learning, with career development and with the Columbia Business School community in this industry. Here are some of the highlights for the 2008–09 academic year. Private Equity in the Classroom During the 2009 spring semester, I am offering another new private equity course, an elective block-week for the Executive MBA population, to be held in Dubai: Investment Evolution and Opportunities in the MENA (Middle Eastern and North African) Region. Our alumni in this region, current EMBA students and Columbia Business School friends have been extraordinarily generous in providing introductions to outstanding business, political and social leaders in Dubai. This inaugural course rep- resents a significant potential for Columbia Business School’s longer-term, broad-scale development in the MENA region. Also in this upcoming spring semester, JPMorgan Chase & Co. fixed-income researcher Margaret Cannella ’76 is again of- fering an elective about private equity and the capital markets. Based upon a biennial survey of all of Columbia Business School’s cohorts’ course offerings in the private equity, venture capital and restructuring areas, this was a novel course when it was introduced in spring 2008, and I am pleased to see it continue this year. Planning ahead for fall semester 2009, Roger Leeds, Professor and Director, Center for International Business and Public Policy Johns Hopkins University (SAIS) and Chairman, Emerging Markets Private Equity Association will offer an elective