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Venture Capital MasterClass Education Program
The VC MasterClass Program 2024 is an immersive educational program designed to provide comprehensive insights into the art, science, and business of venture capital. It will consist of a series of sessions led by experienced VC practitioners and external speakers, covering various facets of venture capital and innovation.
The program is held online and in Luxembourg for a duration of a minimum of three months.
The first edition will take place in 2024. Participants will engage in hands-on tasks and peer assessments, with high performers having the opportunity for internships at partnering VC funds.
Created by:
The program is delivered by the LPEA.
About the Masterclass & modules
Program Objective
The primary objective of the VC MasterClass Program is to educate individuals interested in understanding the workings of venture capital. The program aims to provide an in-depth understanding of the daily activities of VC professionals, including investment sourcing, due diligence, legal negotiation, portfolio management, and board governance. It will also cover aspects of fund management, such as fund setup, structuring, investor relations, and operations.
Additionally, the program will feature sessions by specialist VC practitioners, delving into the nuances of specific focus areas, including but not limited to FinTech, B2B SaaS, Space, BioTech/ HealthTech…
Mangrove Capital Partners, Expon Capital and MiddleGame Ventures are the founding VC participants.
Experienced VC practitioners from the following VC funds will also participate as lecturers:
- Promus Ventures
- Vesalius Biocapital
- Catalpa Venture
- Cycle Group
- Fidelity International
- Strategic Ventures
- Encevo
- Multiple Capital
- LBAN
Pricing & Delivery
The entire course will cost 2.000,00 euros.
There is a possibility of obtaining a scholarship via the LPEA for selected applicants. Between 30 and 40 courses total.
Online courses to be delivered in September 2024. The courses will be conducted via Zoom, three times per week for a duration of two hours. In-person training sessions may be provided if all participants are based in Luxembourg
Grading
The program will be graded. The founding VC firms delivering the bulk of the program. Their combined grade will count for 80% of the final grade and will be based on class participation (50%) and deliverables such as home work or special projects (50%). The remaining 20% of the final grade will be peer delivered – each participant will grade all other participants.
For whom?
Graduating students (business, finance…)
Early-career professionals in the financial services industry (funds services, venture capital…)
Individuals seeking a career transition into venture capital
Startup Entrepreneurs with a successful exit
How to apply
Participants will be selected based on criteria such as academic performance, work experience, and extracurricular projects.
Submit your complete application before July 31st!!
Program Curriculum
Program Content
Module 1 - Introduction
Weeks 1 & 2
Introduction:
- Definition and History / delivered
- Why Venture Capital / delivered
- VC today and future trends / delivered by Mangrove
- VC Economics (economics, power laws…) / delivered by Expon
- What is a Startup, life of a Startup / delivered by MGV
Delivery for module 1: class participation
Module 2 - Venture Investments
Weeks 3 to 6 Sourcing and Origination
- Due Diligence
- Investment Memos
- Valuation Methodologies
- Exits
- Term Sheets and Legal Documentation
- Portfolio Management and VC Value Addition
- Board/LP Governance
- Risks and risk management
- A VC team
- Specialist VS vs Generalists VCs + size
- VC tools and data
Delivery for module 2: class participation for 30%, special project for 70%, special project is a written presentation of an investment memo and its associated term sheet.
Module 3 - Fund Management Modules
Weeks 7 to 9
- Fund Set up and Structuring (in Luxembourg)
- Fund Modelling
- Fund raising (strategy and operations)
- Investor Relations
- Fund Operations and Fund Accounting
- Life of a fund
Delivery for module 3: class participation for 30%, special project for 70%. Special project is a written presentation of the fund you choose to raise, with explanations for why and how.
Module 4 - Vertical Specific Modules
Weeks 10 to 13
- Direct to Consumer
- B2B models
- PreSeed & Seed
- Series A to Series B
- Series C and Beyond
- SaaS Venture Investing
- Bio Tech/Health Tech
- Deep Tech
- Space Tech
- Fintech
Delivery for module 4: class participation for 30%, special projet for 70%. As a Special project, participants will choose a vertical of their liking, do research on their own and deliver a written presentation for why this vertical is the most promising from a venture pov.
The LPEA is also partnering with:
Faculty
Jérôme Wittamer
Managing Partner – Expon Capital
A venture capitalist with a dual entrepreneurial/investment experience going back 3 decades. He co-founded Expon Capital to invest in the next wave of tech innovation, focusing on sectors that matter: Climate, Energy, Health, Finance using the tools of the era: internet, mobile, cloud and of course AI.
Jerome has built a long experience bringing technology to market at scale (B2B). He invested early in companies that became category leaders (globally or in Europe) like Spire, Salonkee, NextGateTech, refurbed, Pliops, Glovo, M-Systems… and developed a deep expertise in helping founders go from seed to Series B. Jerome is active in educational non-profits, previously chaired the Luxembourg Private Equity & Venture Capital Association and has been on its Executive Committee since 2010.
Alain Rodermann
Founding and Managing Partner, Expon Capital
He is a senior Venture Capitalist, an entrepreneur and a former technical leader in global corporations. He spent the first eight years of his career in technical positions, leveraging his studies in mathematics, electrical engineering and computer science. He understood in 1995 that Internet Technologies would revolutionize the entire IT industry and decided to be part of this revolution by joining the startup ecosystem.After an MBA in 1997 he joined Innovacom, the Venture Arm of France Telecom, as an Investment Director where he invested in companies and had notable successes with the IPOs of Netvalue, Integra and Lastminute.com, a company that generated $3 billion in yearly revenues just 6 years after inception.
He co-founded ExponCapital in 2005 which has in its portfolio companies with stellar growth like Glovo, Catalyte, Spire. He received a Master of Science in Electrical Engineering from Supélec, and graduated summa cum laude from Institutd’EtudesPolitiques de Paris (Sciences Po) where he obtained an MBA.
Yannick Oswald
Partner, Mangrove Capital Partners
Yannick Oswald is a Partner at the leading European and Israeli venture capital firm Mangrove Capital Partners, best known for being the first investor in companies such as Wix, Skype, Flo, Walkme, Sifflet, K Health, and The Bank of London.
To date, the firm has backed 6 unicorns at the seed stage. In 2020, he launched his blog www.yannickoswald.com, with the tagline Opportunities Everywhere, which has become Europe’s most-read VC blog.
Previously, Yannick launched a successful software startup and did two stints in a PE and VC firm respectively. Yannick grew up in Luxembourg City, has worked in several European countries and the US, and graduated in industrial engineering in Belgium (Solvay) and Argentina (San Andres).
Hans-Jürgen Schmitz
Managing Partner, Mangrove Capital Partners
Hans-Jürgen is co-founder and partner at the leading European and Israeli venture capital firm Mangrove Capital Partners, best known for being the first investor in companies such as Wix, Skype, Flo, Walkme, Sifflet, K Health, and The Bank of London.
He has been a venture investor for 25 years, focussing his investing activity on ecommerce, marketplaces and B2B software. He helped structure and launch all of the six Mangrove funds.
Passionate about mentoring young talents he is one of the founders and members of the faculty of Included VC, one of Europe’s most recognized platforms to provide individuals from diverse backgrounds access into the world of venture capital.
German by origin and a 35 year resident of Luxembourg, he participates actively in the development of the financial industry. He is a member of an industry advisory body to the Luxembourg Finance Ministry and the founding chairman of the Luxembourg Private Equity and Venture Capital Association in 2010, today counting over 500 members.
Hans-Jürgen is a graduate of the University of St.Gallen.
Clelia Beck
Clelia Beck, is Managing Director (MD) of Cycle Investments Sarl, and a successful serial entrepreneur and Asia specialist. As Co-Founder of Cycle she focuses on internationalisation support of portfolio companies, investor relations and operations.
With a decade of hands-on experience in Asia, Clelia has honed her skills in building and managing businesses. During her tenure in Hong Kong, she established multiple successful ventures in garment manufacturing and fashion, alongside operating a consultancy specialising in internationalisation.
Clelia brings invaluable expertise to the Cycle team, leveraging her deep understanding of the Asian market and her proven track record in business management. Her contributions
have been instrumental in guiding the growth and success of both Cycle Fund and its portfolio companies. She is board member of Cycle’s portfolio company Evercomm.
Nicolas Milerioux
Head of Venture Capital, Encevo
Nicolas leads the Venture Capital activities at Encevo, a regional, integrated power utility. He is expert in energy transition related investments, particularly investments in Series A in Europe. To date, Encevo has performed 6 hand-picked opportunities out of nearly 8,000 reviewed companies.
Prior to Encevo, Nicolas has gained experience in Venture Capital at GGM Capital and prior to GGM Capital has capitalised M&A financial analysis and strategy experience at firms like KPMG, Volkwagen Bank and PSA Peugeot Citroen (now Stellantis)
Michel Rzonzef
C-suit Executive and officer at a Fortune 500 Company with over 15 years of experience in international board governance, Michel has proven track record in driving sustained growth in Emerging Markets as well as in rejuvenating mature business models across economic cycles.
Highly agile, visionary leader, designing and implementing disruptive strategies through customer-centric transformation. Michel has a strong interpersonal and cross-cultural skills, with particular empathy for people development.
Kanishk Walia
Partner, MiddleGame Ventures
Kanishk Walia is a Partner at MiddleGame Ventures, focused on investing in FinTech and Digital Asset start-ups across Europe. He joined the co-founders in 2020 as the first hire, after having worked in a similar role for a technology focused growth capital and private equity fund.
Prior to making the transition to investing, Kanishk was the co-founder and CEO of a venture backed, B2B fintech start-up building SME focused credit risk assessment software for banks and insurance companies.
In addition to his experience as an entrepreneur, he spent four years in corporate finance advising small to mid-cap companies on capital raising and M&A transactions. He is a graduate of the London School of Economics and Political Science with a degree in Economics.
Pascal Bouvier
Managing Partner & co-founder, MiddleGame Ventures
Pascal Bouvier is the Managing Partner and co-founder of MiddleGame Ventures, a Luxembourg based venture investor specialized in fintech and deep tech. Pascal has been investing in venture capital for the past 15 years in the United States and Europe.
Pascal is also a former entrepreneur having worked with startups and SMEs specialized in enterprise software, software services and financial services. Pascal holds an MBA from the University of Virginia’s Darden Business School and is a Chartered Financial Analyst.
Michael Rabinowicz
Michael is a Partner and General Counsel at Mangrove Capital Partners, a leading early-stage venture capital firm, where he manages the firm’s operations and legal and regulatory affairs. He also heads up the firm’s risk and AML/CTF functions, having previously led the firm’s compliance function. On the transactional side, Michael is responsible for fund structuring and the structuring, negotiation and execution of portfolio investments and exits.
Michael is a member of the Alternative Investment Funds Committee of the Institut Luxembourgeois des Administrateurs (ILA) and regularly teaches modules of the ILA Fund Governance and Crisis Management Masterclasses.
Prior to joining Mangrove, Michael was a corporate lawyer at Baker & McKenzie in London, where he advised clients on domestic and cross border private equity, M&A, joint venture and capital markets transactions.
Michael grew up in Sweden and the United Kingdom and, after spells studying or working in the United States, the United Kingdom and Hong Kong, has been living in Luxembourg since 2014.
Michael is admitted as a Solicitor of the Superior Courts of England and Wales and holds a BA in International Relations and German (magna cum laude) from Tufts University and an MA in Law from the University of Bristol.
Dr. Fabienne Roussel
Dr. Fabienne Roussel is an experienced healthcare specialist with more than 20 years of experience in managing innovation in life sciences.
She joins Vesalius Biocapital IV as Partner, having served as an Analyst for VBC III. Prior to this, she held Technology Transfer positions at several research institutions in Belgium and Luxembourg, where she designed the innovation management strategy, managed the institutional intellectual property portfolios, and accompanied spin-off company creation. She gained her professional recognition through the title of Registered Technology Transfer Professional.
This experience came on the heel of a specialization as Patent Agent in the US, first in a reputable law firm (Arnold, White & Durkee, LLP, now Winston & Strawn) and then a biotech company (Human Genome Sciences, acquired by GlaxoSmithKline in 2012).
Fabienne holds a PhD from Université Paris VII – Denis Diderot, where her work focused on the ontogeny of drug metabolizing enzymes and its importance in adapting drug regimens to each individual. She developed that theme in a post-doctoral experience at Pfizer, then the University of Arizona and University of Texas Medical Branch.
Lindsay Tulloch
Lindsay Tulloch has over twenty years of experience in structuring and setting up alternative investment funds and assisting with their investments, principally in private equity and venture capital, but also in real estate and media.
She is used to advising on international and multi-national corporate structures.
James Devlin
James Devlin is a Venture Capitalist and a co-founder of Fidelity International Strategic Ventures. He has backed over twenty fintech companies in North America, Europe and Asia across Retirement, Employee Benefits, Capital Markets, Brokerage, Digital Assets, RegTech and Wealth Management.
These include regional and product category leaders that went on to exit to major strategic buyers. He was previously at Eight Roads a global venture and investment firm and Fidelity International.
Catherine Pogorzelski
Catherine Pogorzelski has significant experience of advising fund managers and investors on structuring, forming and investing into alternative investment funds, particularly within the private equity, real estate and debt fund sectors.
Catherine is the Global Co-Chair for the Investment Management & Funds sector. She was previously the Luxembourg Managing Partner for 10 years. She combines excellent technical knowledge of the local legal environment and global market practice with a solution-driven approach.
Catherine also helps clients with fund distribution, regulatory matters such as SFDR (sustainability and ESG compliance requirements), general corporate law and, in particular, transactional work relating to investment funds and investment management related financial services.
She assists on all legal aspects impacting alternative investment fund managers, fund management entities and their service providers. These include fund and investment management operator structuring, regulatory compliance and ongoing activities.
Catherine has written and co-authored publications and is a regular speaker and lecturer on fund structuring and formation, private equity and AIFMD related topics (House of Trainings, LPEA and ALFI).
Prior to joining DLA Piper as a partner in 2014, she worked for a top-tier law firm in Luxembourg, and in the New York and Luxembourg offices of a leading Benelux law firm.
Catherine serves as co-chair of LPEA’s legal committee. She is also a founding member and member of the board of directors for Dress for Success Luxembourg ASBL, a not-for-profit organisation that provides suits and accessories to disadvantaged women returning to or entering the workforce.
Choon Dan
Dan Choon, is Founder and Managing Director of Cycle Management Sarl, a Venture Capital fund house investing in sustainable technology. Cycle is specialised in energy, deeptech, and sustainability related technology investments.
The Cycle funds leverage on the teams ability to source most competitive technologies early on, and support growth opportunities in international markets to generate top financial returns and environmental benefits.
Dan is director of the Cycle Management Sarl, the General Partner to the Fund Cycle S.C.A. SICAV-RAIF and it’s investment advisory arm based in Luxembourg. Cycle aligns strategic interests of European and Asian investors and scales technology internationally.
Dan is Cycle’s technology expert, visionary, strategist, and cooperation enhancer. He leads the DeepTech strategy, corporate technology development of Cycle and takes care of strategic portfolio support and cooperations.
Dan currently holds board positions at Element 3-5 GmbH (epitaxy technology for semiconductor manufacturing), Blue World Technologies ASA (PEM Fuel Cells for decarbonising shipping), Nuventura GmbH (SF6-free switchgear to decarbonise electricity grids). He is also an independent advisory board member for DeepTech of European latestage growth fund AltoVC.
Before, Dan co-founded Venionaire Investment GmbH, a Venture Capital Fund Manager, based in Vienna investing in high-tech startup companies in Europe.
Earlier, Dan founded a technology M&A boutique, performing technical due diligence and technology consulting, developing investment strategies for international customers, analysing opportunities in Europe.
Ertan Can
Ertan is a venture capital fund of funds pioneer in Europe, and Founder and Managing Partner of Multiple Capital.
He has a combined 20 years of experience in the fund of funds, Venture Capital, asset management, and information technology operating roles.
In 2013 he launched Multiple Capital, Europe’s first tech-focused fund of micro funds, with a portfolio of over 1000 companies. His driving ambition is to democratise diversified access to early-stage tech funds from all over the continent. He is an unorthodox and influential investor, keynote speaker and lecturer.
Ertan completed an International Finance and Law degree in Frankfurt and London and has an MBA from ESCP in Paris.
Lily Wang
Lily is a partner at Expon Capital, a VC based in Luxembourg investing across Europe from Seed to Series B stages.
