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<2010 July>
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Recent Entries
Sep. 22: Where are the Deals? Private Equity and Venture Capital Funds' Best Practices in Deal Origination
Lead Generation 2.0: How Entrepreneurs are Fueling the Next Wave of Innovation in Internet Marketing
Underleveraged talent pool: the unemployed and underemployed
Leveraging the talents of the autistic/creating a new business
Raising Fund X: Trends in Private Equity Fundraising and Fund Evaluation
Visit to SF Bay Area May 5-8: Wharton & Columbia Business School Alumni Clubs
Integrity Research Names Evalueserve Circle of Experts 2008 Top Pick as Asia/ Emerging Market Specialist Expert Network
On Sourcing Deals for Private Equity Funds
 Friday, 12 September 2008
Sep. 22: Where are the Deals? Private Equity and Venture Capital Funds' Best Practices in Deal Origination

I hope you can join us on Sep. 22 evening for a presentation on "Where are the Deals?  Private Equity and Venture Capital Funds' Best Practices in Deal Origination ".  We'll be discussing preliminary findings from a white paper we're writing on this topic.  I'd like to thank our hosts, the Columbia Business School Alumni Club of New York .

Here's the ad:

The quality of the deals you source is one of the greatest drivers of your success as an investor. What are you doing to improve your deal flow?

David Teten will discuss:

  • How are you positioning yourself to become your target's preferred investor?
  • What does research on deal-origination indicate are the primary sources of deal flow for institutional investors?
  • What are you doing to identify companies that might be interested in being approached?
  • What are the earmarks of a potential investment opportunity?
  • How are you systematically identifying industries/situations in which you may be able to create new companies, rather than find existing companies?
  • How can you use Web 2.0 tools to identify appropriate investments?
  • How do you increase your inflow of useful referrals?
  • What is the best way to make warm cold calls?

David Teten is a Managing Director of Evalueserve, the world's largest knowledge process outsourcing company.  Founded in 2000, the company has over 2,400 employees.  Among its 1,100 clients are 6 of the top 10 investment banks and 10 of the top 15 strategy consulting firms.  David joined Evalueserve when the firm acquired his company, the Circle of Experts.  He leads Evalueserve's services in helping institutional investors originate investments.  David was formerly CEO of Teten Executive Recruiting, which he sold to Accolo, #42 on the 2007 Inc. 500 list.  Previously, he was CEO of GoldNames, an investment bank serving the internet domain name asset class.  He worked with Bear Stearns' Investment Banking division as a member of their technology/defense M&A team, and was a strategy consultant with Mars & Co.  David is lead author of The Virtual Handshake: Opening Doors and Closing Deals Online, the first book on how businesses can use online networks and other "Web 2.0" technologies to originate deals, raise capital, win new clients, recruit star employees, and market their firm.  He holds a Harvard MBA and a Yale BA, both with honors.   David is a member of the Advisory Board for Accolo, Grouply, and the Word of Mouth Marketing Association.   He is a frequent keynote speaker to finance and technology conferences

Monday, September 22nd

6:00 - 6:30 PM Registration
6:30 - 8:00 PM Program & Reception

Cresa Partners

100 Park Avenue, [between 40th and 41st Street] 24th floor

CBSAC/NY Members $25
Non-members $35
Pre-registration recommended. $10 surcharge added to day-of-event registrations
To become a member click here

To purchase tickets click here: Click here to buy tickets!!!
Space is limited and will fill up quickly.

Reception includes bottled water, soft drinks and hot & cold hors d’oeuvres

We are grateful to Gene Kenny and Frank Graziano (CBS '82) of the Private Equity Committee for organizing this event

Author: David Teten
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 Thursday, 11 September 2008
Lead Generation 2.0: How Entrepreneurs are Fueling the Next Wave of Innovation in Internet Marketing

Following are my notes on last night's MIT Enterprise Forum event: "Lead Generation 2.0: How Entrepreneurs are Fueling the Next Wave of Innovation in Internet Marketing"



Moderator: Brian Hirsch, Managing Director, Greenhill SAVP

Brian Hirsch is a Managing Director of Greenhill SAVP and a Co-Chairman of the Fund`s Investment Committee.  Prior to joining SAVP in 2004, Mr. Hirsch was a Principal at Sterling Venture Partners and led the firm`s investments in technology-related companies. Mr. Hirsch is currently a board member of BDMetrics, BestContractors, FTRANS, iKobo, Pontiflex and Serious.  Brian previously sat on the board of YellowJacket (acquired by the Intercontinental Exchange, NYSE:ICE) and KnowledgeStorm (acquired by TechTarget, NASDAQ:TTGT).   Prior to joining Sterling Venture Partners, Mr. Hirsch was a vice president at ABN AMRO Private Equity (AAPE”), the U.S. venture capital group of ABN AMRO N.V., one of the world`s largest banks. Before joining AAPE, Mr. Hirsch worked as a senior consultant at KPMG in the Information, Communications & Entertainment (ICE) practice, where his clients included General Electric, CBS/Westinghouse and the Tribune Company.



Hirsch: We're very excited about lead-gen.  2007 Sales : $1.3b.  Twice growth rate of search or email marketing.  $2b in 2008

Have backed 4 lead gen companies in the last space


Drew Patterson, VP of Marketing, Kayak.com

Drew Patterson is responsible for product marketing and lead generation through Kayak`s travel suppliers and distribution partners. Kayak is the world's largest travel search engine and was co-founded by founders of Orbitz, Expedia, and Travelocity. Kayak.com's investors include General Catalyst Partners, Sequoia Capital, America Online and London-based Accel Partners.

Prior to joining Kayak, Drew held a number of positions at Starwood Hotels. As Director Pricing for Starwood, Drew was responsible for Starwood`s Pricing group, which develops and executes Starwood`s pricing and revenue management strategies. This includes management of the Starwood rate structure, analysis to identify effective pricing strategies, observations on company revenue performance and trends, and training for the field revenue management organization.

As Director, Distribution Strategy, Drew was responsible for the development and implementation of Starwood`s distribution strategy, including leading Starwood`s Best Rate Guarantee in 2002 and developing TravelWeb, the hospitality industry`s response to the independent lodging discount websites. Drew joined Starwood in 1999 as Manager of Business Development, responsible for developing partnerships and new business opportunities. Drew graduated from Harvard and received his MBA from Columbia University`s Graduate School of Business. He resides in New York City.


Patterson: We're both a vendor and a buyer of leads. 



Suaad H. Sait, Chief Executive Officer, ReachForce.com

Suaad Sait is CEO of ReachForce. ReachForce, based in Austin, Texas, provides data and software solutions that enable B2B companies to laser target marketing and sales initiatives at the right person in the right company, every time.  As an entrepreneur and high tech industry executive, Suaad has played leadership roles at start-up companies as well as large publicly traded firms. Mr. Sait is the driving force positioning the company as a leader in the emerging marketing and sales force automation segments of the CRM OnDemand market.

Prior to ReachForce, Suaad was the vice president and general manager of Products & Markets at Pervasive Software (PVSW) with world-wide P&L responsibility of the entire product line. Suaad served as the Chief Marketing Officer and COO of Liaison Technology (acquired by Forest Express) repositioning the company into a software platform for supplier catalog content management. Before Liaison, Suaad served as vice president of product marketing at Motive Communications (MOTV). He was on the founding team for Ventix Systems and served as the vice president and general manager of the enterprise business and vice president of marketing. Suaad has also held leadership positions at DAZEL Corporation (acquired by Hewlett Packard), InConcert Software (acquired by TIBCO), CAP Ventures and Xerox Corporation. Suaad earned his Master of Science in Business Administration (MBA) from the University of Rochester and a Bachelor of Science in electrical and computer engineering at the State University of New York at Buffalo.

Suaad has served as a Mentor for the New Venture Creation program at the McCombs School of Business - The University of Texas at Austin since the Fall of 2005. He also currently serves as an Executive Advisory Board Member of the Austin Chapter of the American Marketing Association. In, addition Suaad serves as a board member of the Austin Technology Entrepreneurs' eXchange ("Texchange").


Sait: Our founding team was tired of 'spray and pray' marketing.  We developed analytics around your sales funnel.  We'll custom-build leads databases for you. 



Brad Powers, CEO Active Response Group 

We're getting 100,000 registrations/day.  Strictly paid on performance. 


Zephrin Lasker, Chief Executive Officer, Pontiflex.com

Zephrin Lasker is CEO of Pontiflex. Pontiflex, based in Brooklyn, NY, is the first open data transfer network connecting publishers, advertisers and agencies. The company allows advertisers and publishers to reach the entire lead generation market, find partners, make deals and transfer lead data through a single online platform.

Zephrin has been involved with online marketing since its inception more than a decade ago. Zephrin is also a serial entrepreneur, having successfully launched two start-ups prior to Pontiflex. Pontiflex is backed by New Atlantic Ventures and Greenhill SAVP.

In the course of his career, Zephrin has played a key role in shaping campaign successes for a variety of clients such as Sprint, Cendant, Earthlink, and eFax, helping them acquire over 8 million new customers.  Prior to co-founding Pontiflex, Zephrin founded The North Road Group, an interactive agency. He has also worked as Vice President of Business Development at i33 Communications, where he managed sales and technical teams to help deliver new customers, launch state-of-the-art websites and deploy cutting edge marketing initiatives.

Prior to i33, Zephrin worked at Commerce One Global Services managing Sprint's new web initiatives. He has also co-founded the e-commerce company Beautility, where he served as Chief Operating Officer.

Zephrin has a background in corporate finance. He has worked for Dresdner Kleinwort Benson in the areas of corporate finance and mergers and acquisitions. Zephrin began his career as an Equity Analyst at Creditanstalt in Prague. He is an avid fly fisherman and is currently learning how to spray cast. He has a BA degree from Reed College.


Lasker: Central place to buy leads. 




Hirsch: Define lead generation

Powers: Permission-based expression of interest.

Zephrin: Any media that can be sold on a cost-per-lead basis

Sait: Identifying the right buyer is important. 


Hirsch: Distinguish b2b and b2c. 

Sait: In B2B, Target person is often hidden within the organization.  In B2C, it's much clearer who the buyer is. 


Hirsch: Distinguish marketing leads vs. sales leads

Lasker: We're focused on ' marketing leads', which we think of as generic rather than specific.  A marketing lead is brand-specific.  A marketing lead usually has fewer fields (just name, zip), whereas a sales lead will often have more data (FICO score, etc.)


Hirsch: How should a marketer think about allocating his budget?

Powers: First think about your maximum permissible cost per sale/cost per lead. 

Lasker: lead-gen is half the puzzle; email marketing is the other half.  Have a good CRM program, good KPIs set up.  Follow your open rate. 

Lasker: How do you define success?  Leads are the lifeblood of business.  A lot of people look at conversion. 

Sait: Do as much experimentation as possible.  It's cheap.

Powers: We came up with some guidelines for data transfer for the IAB. 

Lasker: We started as the Paypal of lead-gen---an easy way to transfer leads between advertisers and publishers.


Hirsch: What legal issues should you be monitoring?

Powers: we have many consumer-facing sites, and are very diligent about making sure we're compliant.  We're dealing with PII (personally identifiable information) so you have to encrypt everything.  In the EU, anyone providing you leads must be Safe Harbor certified.  I.e., you're recognized as having secure data and procedures.  Also, must be compliant with DNC (Do Not Call) list.  Lead-gen can create an implied business relationship with end consumer, so you don’t have to check against the Do Not Call list. 


Hirsch: Where will lead-gen grow?  Which verticals?

Patterson: search engines don't like lead-gen arbitrage sites (i.e., direct navigation).  We prefer sites (like Kayak) which add value to the funnel. 

Powers: one month our #1 offer was prepaid funerals.  I almost fired my VP of Sales for signing them, and it paid for a chunk of my kid's college education.  A big area of growth is building on-demand hyperqualified lists. 


Hirsch: Where does Google sit in the lead-gen universe?

Powers: There's a finite amount of search ads available at a productive cost.  It can get expensive very quickly. 

Sait: For clients way out in the long tail, with very niche sites, Google is very good.  


Question: How do you assign a value for a lead?

Answer: Depends on what you're seeking


Question: Compare quality of leads from Microsoft, Yahoo, Google?  And how does ROI compare on display vs. PPA?

Answer: Google has better conversion but higher  prices.  So on a net basis, the ROI is comparable to the competition.


We have not figured out how to measure the value of display ads. 

Powers: tail end of social network inventory is almost unmonetizable. 

Lasker: we just rolled out a lead-gen box in a banner, so you get both the branding and the lead-gen benefit.


Company Presentation



Vitals was created to give consumers the tools -- for the first time -- to make intelligent, informed decisions about which doctor to choose. The Vitals.com web site offers consumers a variety of ways to help in their choice of the right doctor. And it allows physicians to keep track of what others are saying, gives them the opportunity to let consumers know about their work, and lets them make sure their profile is complete and accurate. Vitals' business plan will be presented by Mitchel Rothschild, Founder and CEO.


30m people per month search doctors by name or by location/specialty.


3 big issues: location, specialty, and insurance network

Then other criteria are on the softer side: gender, languages, bedside manner, ethnicity


Background data:

30% increase in 'excellent' rating when people rate people of the same ethnic affinity.

What people want in a doctor: takes time; honest & direct; eye contact


First, we built a database of the 720K doctors in the US

We then mapped the healthweb.  Found 20,000 sources of data about doctors: hospital websites, board certs, licenses, publications.  We extracted all that and applied it to our database. 


Three parts of wheel clients use in judging a doctor:

1. Quality: education, special expertise (22% of drs. are not board-certified.)

Current profile:

2. Add in consumer ratings from various sites (TripAdvisor as model)

3. Peer reviews: Partnered with Castle Connolly. Over 200K peer evaluations


Went live in January.  We have millions of home pages which match up with the search that you're making.  We've spent $8K so far on lead gen.  1M visitors currently.  Great search engine optimization.


Sources of Revenue


  1. We're a media property
  2. Data leasing.  We'll reskin our site for various health plans and employers.  Most health plans built their directory back in 1998, and haven't updated since.  We get 15-20 commercial users per day, usually hospitals, medical centers, etc. 
  3. Three basic human emotions: Greed, fear and ego.  Because doctors have lots of ego, we'll help doctors fill out the wall of fame in their offices.  Doctors will also pay a lot for this.  
  4. Lead-gen: personalized search. Appointment-setting thru hospitals.  Elective care procedures.  Expected cost of visit.  Patient advocate for reimbursement with health insurer.  Choice of hospital for procedure.  Purchase of needed equipment/services.  Second opinion.


Online consults mainly used by younger patients with younger doctors, e.g., a pregnant teenager. 


We don't typically have a lot of repeat visitors, given the nature of our site. 


Today, we focus on advertising / data leasing.  Lead gen is the long term future for us.  We're currently pricing our advertising on a CPM basis.  Some are PPA. 


1m visitors per day, about 85% unique

5 page views/visitor


Q: How did you get consumers to review the doctors initially?

A: We bought them initially, and now about 3-4 % of visitors will do a review.  That's 50,000 per day.  We do a little SEM to get reviews.


John Peters, Tripology

Tripology is a new website aimed at connecting consumers with travel agents that specialize in the type of trip they wish to take. Tripology.com aims to take the hassle out of finding a great travel agent. There are a lot of expert travel professionals out there with a great deal of useful knowledge and terrific prices, but consumers don't have a good way of finding them. And they don't have a good way of finding consumers. Tripology`s business plan will be presented by its President and CEO, John T. Peters.


$3.25m raised

8,000 registered travel specialists

45,000 leads since june 07


Agent buys 16 leads ($5 each). 

Conversion rate: 6.5%

Avg. # leads before booking : 16

Avg. gross booking: $5,000

Agent commission (10%): $500


We tell them to spend $100 on us to do a real test. 


Currently flat pricing ($5/lead), but this will change to variable pricing

This is a $581m market opportunity across US, UK Canada, Australia, other Anglophone countries


eMarketer just came out with first market research on this sector.


Competitors include:

Zicasso, Respond.com, 4TravelAgents, VacationCompare


We sell a lead up to 3 times. 

We're building tools on backend for agent.


We say, this is not just a lead, this is a customer for life. 


We don’t need to do much database fixing, because agents have very strong incentive to be honest about their expertise.


Agents will often list a very long list of specialties.  But they'll pay more for leads they're convinced they can win. 


Teten: I'm struck by the fact that unlike most vertical search plays, you don't allow users to pick their favorite option or to see the underlying data.  You're a black box.  What distinguishes you from Kayak.com, Vitals.com, and other companies which do allow visibility into the underlying data?

Author: David Teten
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 Thursday, 14 August 2008
Underleveraged talent pool: the unemployed and underemployed

Lately, I have been thinking about the unemployed and underemployed as a pool of talent. I'd argue they are one of the most undertapped economic segments.  Of the global working population, 6.3% is unemployed.  In the US, the long-term unemployed are better educated, older, and more likely to be professional workers than the mean unemployed population.  These workers are particularly held back by age discrimination and high wage expectation.

I am reasonably familiar with this market because a key component of the Circle of Experts' strategy is to tap the knowledge of people in transition.  Working with this community excites me because the unemployed are people facing significant challenges.  While they are wrestling with finding a job, we are glad to pay them a competitive rate. 

Particularly now as layoffs increase, there are significant entrepreneurial opportunities in creatively tapping the time and talents of the unemployed and underemployed.  The expert network business, the fastest growing sector of the investment research industry, is a prime example.  Other successful startups working in this market (broadly defined): Accolo, TheLadders, Notch Partners, and ProfessionaLink. Who else would you add to the list?

Author: David Teten
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 Sunday, 13 July 2008
Leveraging the talents of the autistic/creating a new business

I recently learned about an entrepreneur with a very clever business model: Thorkil Sonne, founder of Danish software testing company Specialisterne.  The 55-person firm's clients include CSC, Microsoft, and Oracle.

Specialisterne claims to be the world's first company focused on leveraging the unique talents of people with autism spectrum disorders (ASD).  Sonne started the company in large part to ensure that people with ASD—including his own son—would have employment opportunities.  ASD, the most common form of autism, affects close to 1% of the population, but only 10% of ASD adults obtain any form of employment.

Software testing is a repetitive role which requires high attention to detail, and is an excellent fit for the typical ASD personality. 75% of Specialisterne's testers have Asperger syndrome or a form of ASD.  Sonne estimates that 1% of all the tasks executed in a given large company are suitable for autistic workers.

What I particularly like about this is that Sonne identified a community of talent almost unused by the labor market, and has built a successful firm on that insight.  From the point of view of both profit and of social welfare, he has built a powerful model. He is now expanding internationally.

Author: David Teten
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 Thursday, 12 June 2008
Raising Fund X: Trends in Private Equity Fundraising and Fund Evaluation


I enjoyed listening to a panel this morning sponsored by Broadgate Consultants on "Raising Fund “x”: Trends in Private Equity Fundraising and Fund Evaluation."  My rough notes follow:


Panelists were:

  • Dr. Oliver Gottschalg, Assistant Professor of Strategy and Business Policy, HEC School of Management; Co-director, HEC-INSEAD Buyout Research Group
  • C. Scott Hamner, Director, Credit Suisse Customized Fund Investment Group
  • Jesse E. Reyes, Managing Director, Bear Stearns Private Funds Group; Founder, Reyes Analytics


Reyes: Buyout market bifurcated between very large firms and very small.  Everyone now wants to go mid-market (defined as under $1b to under $6b). 

Distributions have been coming back to LPs very slowly, so they have less capital to invest.


Hamner We represent pensions and other large investors.  We act as an investor/fiduciary on behalf of those clients, and are an intermediary here. 


Quality and volume of funds is much greater now than it was in the past. 

We're seeing a convergence of our investor criteria. 

We have a much larger universe of funds in which we can invest. 

Bar for new manager relationships is higher than managers we've known in the past.


Gottschalg: "Top quartile paradox". 

A lot of LPs unhappy with past performance of their investments.


Q: Subjective or objective criteria more important?


Reyes:  "People eat multiples not IRR."


Gottschalg: Multiples and IRRs are both misleading.  A better measure is to move to a better standard on which performance can be objectively reported. 


Q: What is your advice to new managers?


Reyes: I see a lot of shotgun marketing in the LP business.  You should only be focusing on funds that are a fit for what you invest in/your stage. 


The attribution of your track record is important, i.e., who in your fund did what. 


The devil you know is better than the devil you don't.


Differentiation/knowing your customer is paramount.


Q: What is the effect of the growth of the secondaries investing market?


Gottschalg: This industry will move to more objective reliable performance measures, a ratings-type model. 


A more liquid secondary market opens up a whole new toolbox for how you invest in this sector, and changes how you think about investing in this area.


Gottschalg: What are obstacles in the way of this industry realizing the division that you outlined? 


Inefficiencies in the market help top PE firms get great returns.


Reyes: Is being top quartile in Fund 1 correlated with being top quartile in Fund 2? 


Q: How does GPs marking to market impact how you do business?


Reyes: 95% correlation between VC returns and Nasdaq; 60% correlation between buyout returns and S&P 500


Question from fund that brags about its capital efficiency, and asked for details on metrics that the panel recommends for evaluating fund performance.


Reyes: Capital efficiency is not a gating item, it's a differentiator.


Teten: What metrics are fairest for judging private equity vs. hedge funds and other investments?


Reyes: Some relevant research on this topic by Austin Long, of U. Texas, and Jeremy Collard.

People tend to use just multiples, not IRRs.  "It's hard to compare an IRR with an index."


3 elements to consider in designing a performance measure:

- overall multiple

- duration

- risk level you are taking


(Teten: I'd also add you should measure how much capital you use immediately vs. later.)


Hamner: Two main comparables:

-         a public index (S&P 500, Russell 2000)

-         Cambridge Associates US Venture Capital Index/Thomson Venture Economics index


Q: How do you measure performance when PEs take a long time to put capital to work?


Reyes: "Just in time" financing is the solution for this, that is a tool to boost IRR to the highest possible level. 



Author: David Teten
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 Wednesday, 30 April 2008
Visit to SF Bay Area May 5-8: Wharton & Columbia Business School Alumni Clubs

I’ll be visiting the San Francisco Bay Area May 5-8, and hope that you can attend some of my investor seminars to the Wharton and Columbia Business School Alumni Clubs:

Topic: “Squeezing Blood from a Stone: The Professional Investor’s Guide to Eliciting Information”

Host: Wharton Club of Northern California
Learn how professional investors elicit maximum information in minimum time from industry sources. How do you ask just the right questions to get a CFO to open up and tell you about his company? This training is based on best practices in the intelligence, psychiatric, law enforcement, and journalist communities.
When: Wednesday, May 7th, 6pm cocktails, 7pm program
Location: Perkins Coie, 101 Jefferson Drive, Menlo Park, CA 94025
RSVP and more details: http://www.whartonclub.com/article.html?aid=901

Topic: “Where are the Deals? Venture Capitalists, Hedge Funds, and Private Equity Firms’ Best Practices in Deal Creation and Deal Origination”

Host: Columbia Business School Alumni Club of Northern California
What are you doing to identify companies in which you can successfully invest? Learn about recent research on where institutional investors source their investments; how to identify companies with the earmarks of an attractive opportunity; and how to increase your inflow of worthwhile referrals from both intermediaries and investable companies.
When: Thursday, May 8th, 6pm cocktails, 7pm program
Where: Pagemill Partners Auditorium, 2475 Hanover Street, Palo Alto, CA 94304
RSVP and more details: http://www.acteva.com/booking.cfm?bevaid=158041

Also, I will be attending the Association for Corporate Growth Grow! Awards on Tuesday, May 6, at the Computer History Museum in Mountain View ( https://chapters.acg.org/sv/uploads/events/922FC1DF84A74255B0B429DC3FC81104.pdf ), which may interest many of you.

Author: David Teten
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 Wednesday, 26 March 2008
Integrity Research Names Evalueserve Circle of Experts 2008 Top Pick as Asia/ Emerging Market Specialist Expert Network

I'm happy to report that Integrity Research, the leading research firm that analyzes the investment research industry, has named Evalueserve Circle of Experts the 2008 Top Pick as Asia/ Emerging Market Specialist Expert Network.  We've only been part of Evalueserve for one year, so we're very happy to quickly see public recognition for the value that we've created.  One of the rationales for the merger was the opportunity it gave Circle of Experts to quickly gain access to Evalueserve's emerging markets infrastructure, particularly in Asia.


I have attached the full press release below.


Press Release


Integrity Research Names Evalueserve Circle of Experts 2008 Top Pick as Asia/ Emerging Market Specialist Expert Network


Evalueserve Circle of Experts has been selected as 2008 Top Pick for Boutique Asia/ Emerging Markets Expert Network Specialist by Integrity Research, one of the most influential firms analyzing the investment research industry. This honor comes one year after the acquisition of the Circle of Experts, formerly known as Nitron Advisors, LLC, by Evalueserve, one of the largest global providers of offshore investment research support services.


The Circle of Experts is strong in all industries in the Emerging Markets. We leverage the intellectual capital that Evalueserve has developed in executing over 10,000 projects for over 1,100 clients, including 7 of the top 12 investment banks and 10 of the top 15 strategy consulting firms.


Evalueserve has dedicated operations centers in India, China, and Chile and is well-positioned to service clients on these markets. Evalueserve is also setting up a new operations centre in Romania in early 2008, in order to provide local coverage of European markets.


Integrity Research evaluated the twenty-five leading expert networks on six different metrics: their ability to source experts, the skill with which they match the appropriate experts with client requests, additional services such as market research or conferences, the firm’s key compliance principles to prevent the misuse of proprietary non-public information, customer satisfaction, and overall network usage.


Integrity surveyed hedge funds and long only investors to better understand how they use expert networks, which networks they prefer, and why. The survey helped Integrity Research evaluate each expert network, and also understand the dynamics of the expert network industry itself. You can read a summary of the survey at http://secure.integrity-research.com/imageweb/executivesummary-expertnetworks.pdf and purchase the entire study at http://www.integrity-research.com/retailReport.


About Evalueserve

Evalueserve provides custom research and analytics services to companies worldwide including Investment Research, Market Research, Business Research, Data & Financial Analytics, Intellectual Property and Legal Process Services, plus access to a global network of domain experts through Evalueserve Circle of Experts. The firm was founded by IBM and McKinsey alumni, and has completed over 12,000 client engagements. The firm currently has over 2,200 professionals located in research centres in Chile, India, China and New York. Evalueserve’s Client Executives are located in most major business and financial centres globally – from Silicon Valley to Sydney. For more details, visit www.evalueserve.com.


About Evalueserve Circle of Experts

Evalueserve Circle of Experts (www.CircleofExperts.com) provides its clients direct access to a global network of frontline industry experts across the Americas, Asia, Europe, and the Middle East. With its focus on emerging markets and dedicated operations centers, Evalueserve Circle of Experts has an unparalleled panel in India and China. The Circle comprises executives, scientists, academics, consultants, and regulatory observers who can deliver fast and precise solutions to client issues through private telephone consultations, customized surveys, and in-person meetings. Evalueserve identifies leading experts across all major industries and presents them to our clients.


About Integrity Research

Integrity Research Associates, LLC is an information and solutions provider specializing in the investment research industry. Integrity’s primary clients are institutional investors that use Integrity’s services to find new research providers and monitor existing ones. Integrity’s analysts cover over 1,600 research firms in the U.S., Europe and Asia—research providers that no other source can offer. Integrity Research is the only firm which tracks the entire research industry, including nontraditional research, boutiques and research-related data, software and analytics. Integrity covers primary research firms and other alternative research firms which offer unique investment insights.




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Author: David Teten
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 Friday, 22 February 2008
On Sourcing Deals for Private Equity Funds

I enjoyed presenting a few weeks ago to the Harvard Business School Club of London on "Best Practices in Deal-Sourcing by Private Equity, Venture Capital, and Hedge Funds", generously hosted by McKinsey.  You can download my slides here.  I look forward to learning more about this area at next week's Capital Roundtable Masterclass on "The Art of Building the Right Deal Flow", in New York.  I would welcome your feedback.

Author: David Teten
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