Funding sources throughout business lifecycle

Transcription

1 Funding sources throughout business lifecycle Dmitry Kovalev Director, Advisory Deals, Russia 18 October 2012

2 You have plenty of opportunities and they keep evolving as you grow Company Size Start-Up Growth Maturity Decline Exit Self-financing/ Grants/ VC Strategic investors Financial investors IPO Bank Loans/ Lines of Credit Bonds Leasing Project Financing Mezzanine Financing Phase of Business Cycle 2

3 Solutions for Young Businesses You Can Get More Than You Expect Start-Up Growth Self-financing Grants for small businesses Start-up incubators Angel investors Venture capital Financial investors (PE funds, family offices) Financial investors (venture capital, PE funds, family offices, state funds, development institutions) IPO Banks loans (domestic banks still dominating) Project financing (structured via separate SPV to implement large scale projects) Mezzanine financing (can be structured as subordinated debt or preferred stock) 3

4 Solutions for Mature Businesses There is a Room to Continue Growth Maturity Decline Exit Financial investors (PE funds, family offices, state funds, development institutions) IPO Banks loans (both domestic and international banks) Project financing (structured via separate SPV to implement large scale projects), may include multilateral financing and ECA covered loans Financial investors (PE funds, family offices, state funds, development institutions) Banks loans (both domestic and international banks) 4

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