Question 1: Formatted: Font: (Default) Times New Roman

Give names of 3 institutional funds (angel, seed, VC, private equity or hedge fund) that are of
interest to you and
A) their URLs B) and their category across angel-seed venture- private equity- hedge Select
ONE of the above that that you want to join OR find interesting; Even if you are not interested
in a career in PE/VC, visualize that you are interested in one and think through the following
questions for your selection.

Answer:
● Y-Combinator (https://www.ycombinator.com/): Angel fund Formatted: Font: (Default) Times New Roman, 12 pt
● Nexus Venture Partners (https://nexusvp.com/ Caspian Impact (https://caspian.in/) ): VC Formatted: Font: (Default) Times New Roman
● CVC Capital Partners Antler (https://www.antler.co/) https://www.cvc.com/): Private Formatted: Font: (Default) Times New Roman
EquityVC
Formatted: Font: (Default) Times New Roman
Formatted: Font: (Default) Times New Roman, 12 pt
My selected Fund and URL: CVC Capital PartnersAntler (https://www.cvc.com/): Private
Formatted: Font: (Default) Times New Roman, 12 pt
EquityVC

Question 2:
Wearing your prospective intern's/employee lens:
a) Analyze the fund's strategy, portfolio, and exits, and list 3 points that strike you about how
they are different from others.
b) List 3 reasons as to why you would want to join them?
c) List 3 reasons as to why the fund should hire you as an intern/employee. (Think about
your skill sets and how it can add
value to the fund and its customers).

Answer:
2 (a)
● Gujarat Titans, one of CVC’s investments, had a clever auction strategy
particularly the trade involving Hardik Pandya that allowed CVC to earn
approximately 100 CR for a 15cr investment. Provided that Antler invests in
startups which are often risky, they have a rigorous due diligence process that
involves talking to the founders for more than 200 hours to understand their
mindset. Antler does this by giving plenty of opportunities for young people to
interact with them. An example of this is their Before Day Zero Community in
India that convenes like-minded individuals together. This helps harness &
build ideas.
● CVC can divert financial resources from its global vault towards a new-found
investment Antler’s attention on ESG considerations and impact investments Formatted: Font: (Default) Times New Roman, 12 pt
differentiates it from other venture capital firms. Their Sustainability Toolkit,
teaching platform, and ESG questionnaire for follow-on investments indicate that
they have a complete approach to responsible investing which is in line with global
sustainability goals and that may appeal to founders who also believe in the same. Formatted: Font: (Default) Times New Roman
● CVC has a climate-conscious investment approach that supports the green
 economy By using frameworks such as the Impact Management Project (IMP), Formatted: Font: (Default) Times New Roman, 12 pt
Antler has been able to enforce strict exclusion policies on specific industries
while engaging themselves in socially responsible investment. This is suggesting
that by incorporating impact criteria into investment decisions; Antler is adopting
a proactive approach to supporting firms addressing societal and environmental
issues hence making the company’s portfolio potentially more sustainable in the
long run. Formatted: Font: (Default) Times New Roman
2 (b)
● I like CVC’s emphasis on profit over perpetuity (Mandani) Antler’s global presence
allows an undergraduate student like me to navigate the VC landscape in a dynamic
manner.
● They have a diverse portfolio of well-known brands such as Gujarat Titans and QSR
brands. Close ties to student founders & industry experts would help me understand
whether I would like to go towards building a company in the future.
● I like their commitment to sustainability. Impact Investing is an area of interest for me so
working at Antler would provide me valuable experience in that space.
2 (c) Formatted: Font: (Default) Times New Roman

● Having written a research paper on the green economy and completed a

sustainability course at NTU, I believe that I can provide valuable insights into
sustainable investments. I have also worked in the market research of battery metals
in the U.S.
● I have a personal portfolio worth over 56,000 INR that I have maintained since 2020
with a CAGR of 15.9%.
● Given the fund is actively looking for opportunities in Asia, I believe that my
cultural background could help with this.

Question 3:
Wearing the lens of a prospective investor in that fund: (called limited partners in industry
parlance)
a) Analyze the fund's investors and state 3 reasons as to why they would invest your money
with them.
b) What would be 3 reasons they won’t invest your money with them

Answer:
3 (a)
● Antler boasts a global presence with offices in 21 cities, offering access to a diverse pool
of entrepreneurial talent and investment opportunities. With investments in over 450
portfolio companies spanning across 30 different industries, Antler demonstrates a robust
track record of identifying and nurturing high-potential startups worldwide. This
diversified portfolio mitigates risks associated with regional economic fluctuations and
industry-specific challenges, making Antler an attractive option for investors seeking
broad exposure to early-stage ventures. Formatted: Font: (Default) Times New Roman, 12 pt
● CVC encourages diverse financial resources Formatted: Font: (Default) Times New Roman
● CVC has partners and managing directors from India so they won’t be reluctant to
incorporate my money which is in INR.
● Only pre-seed fund in India to back companies from inception to Series D. This gives
Antler an edge over other VCs operating in India.
● I happen to have a personal connection with one of the CVC partners. Antler is more than
just a VC company as it provides networking opportunities. This improves the company’s
ability to identify investment opportunities which is an important differentiator.

3(b)
● CVC has a very limited number of partners (40) and employees (650) so it is
possible they won’t take my money. Antler’s Before Day Zero community is very
exclusive so the LPs need to be well known for Antler to tie up with them.
● CVC already boasts assets worth $152 billion so it doesn’t require more
investments. LPs might not align with Antler’s investment thesis that includes
aspects such as sustainability, impact, & early-stage companies. This could be
why they get rejected.
● With CVC having great capital mobility across its offices, it doesn’t have trouble
 arranging for new investments. This could be why they don’t accept my money. Antler
may not accept some investors because of space limits or the size of funds. It might
decline investment from certain limited partners if accepting more money would take
the fund to more than its capacity or impair its ability to efficiently put funds into
startups that are risky and have high prospects for growth, with a view to achieving the
best possible performance of the fund.

Citations:

Pri. “Antler: Engaging with Company Founders in Venture Capital.” PRI, PRI, 8 Apr. 2024,
www.unpri.org/case-studies-responsible-investment-in-venture-capital/antler-engaging-with-
company-founders-in-venture-capital/10176.article.

“Antler - Investments, Portfolio & Company Exits.” Crunchbase,

www.crunchbase.com/organization/antler-be9c/recent_investments. Accessed 11 May 2024.

Mandani, Rasesh. “CVC, Owners of New IPL Team Gujarat Titans, Target Profit over Formatted: Font: (Default) Times New Roman
Perpetuity: Wheeler.” Hindustan Times, 26 Feb. 2022,
www.hindustantimes.com/cricket/cvc-owners-of-new-ipl-team-gujarat-titans-target- profit- Formatted: Font: (Default) Times New Roman
over-perpetuity-wheeler-101645881453993.html.

Self Grading: A+
My Due Diligence process before was to glance over certain website to look at information
that satisfied my hypothesis. After attending several classes, my mindset has changed in that
I’m now looking at arguments that don’t agree with my investment hypothesis and checking
whether they are important enough to reject my hypothesis. This might appear to be a slight
change but it borne fruitful results. As shown above, instead of working for CVC Capital
Partners that drew my attention for owning an IPL team, I’m now more interested in Antler
for the growth path & career opportunities it creates for me. The course has given me more
clarity on what to look for, how long to look for & what are others doing about the
investment. This is why I am happy with my change in mindset.