[et_pb_section fb_built=”1″ next_background_color=”#ffffff” _builder_version=”4.27.0″ _module_preset=”default” background_color=”#f5f6fe” use_background_color_gradient=”on” background_color_gradient_stops=”#e0e0ff 0%|#ffffff 100%” bottom_divider_style=”ramp” locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.26.1″ _module_preset=”default” width=”100%” max_width=”1000px” custom_margin=”||||false|false” custom_padding=”2%||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” header_2_font=”|800|||||||” header_2_text_color=”#404fe6″ header_2_font_size=”19px” custom_margin=”||0px||false|false” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_font=”–et_global_heading_font|700|||||||” header_text_align=”center” header_text_color=”#060815″ header_font_size=”70px” header_line_height=”1.2em” header_2_font_size=”35px” max_width=”82%” module_alignment=”center” custom_margin=”0px||0px||false|false” custom_padding=”0px||0px||false|false” custom_padding_tablet=”0px||0px||false|false” custom_padding_phone=”0px||30px||false|false” custom_padding_last_edited=”on|phone” animation_direction=”bottom” header_font_size_tablet=”67px” header_font_size_phone=”35px” header_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row disabled_on=”on|off|off” _builder_version=”4.26.1″ _module_preset=”default” custom_margin=”||-300px||false|false” custom_margin_tablet=”||-300px||false|false” custom_margin_phone=”||0px||false|false” custom_margin_last_edited=”on|desktop” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759673413884.jpg” alt=”savant” title_text=”1759673413884″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”75%” max_width_tablet=”75%” max_width_phone=”100%” max_width_last_edited=”on|desktop” module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
IMD Classroom, packed for the Venture Asset Management Program, September 2025<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.26.1″ _module_preset=”default” background_color=”#f5f6fe” min_height=”1965.8px” custom_margin=”-45px||-188px|||” custom_padding=”0px||0px|||” custom_padding_tablet=”” custom_padding_phone=”20px||20px||false|false” locked=”off” global_colors_info=”{}”][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.26.1″ _module_preset=”default” width=”100%” max_width=”800px” custom_padding=”||||false|false” custom_padding_tablet=”||||false|false” custom_padding_phone=”|20px||20px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.26.1″ _module_preset=”default” width=”100%” max_width=”800px” custom_margin=”|auto|143px|auto||” custom_padding_tablet=”” custom_padding_phone=”0px|20px|0px|20px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n This past weekend, a remarkable executive education cohort dove into all things venture financing at IMD Business School in Lausanne, Switzerland. The Venture Capital Asset Management Programme brought together participants from across the globe\u2014Saudi Arabia, Brazil, Uruguay, Germany, South Africa, Philippines, Switzerland, Oman, Mexico, United States, and UK\u2014to step into the shoes of a first-time fund team and start, build, scale, and lead a new venture capital firm.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n The numbers tell an extraordinary story: $2.2 billion deployed across 153 investments, with over 100 exit transactions. Fund performance ranged dramatically from respectable 3.0x and 3.5x returns to exceptional 10.9x multiples, culminating in a wildly impressive, extreme outlier of 672x net DPI. This record-breaking return was driven by a single Swedish AI-native music platform called SpotVerse, which reached IPO at a $2.2 trillion valuation\u2014making it the 6th most valuable company in the world, just after Amazon and just before Meta.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759673467360.jpg” alt=”savant1″ title_text=”1759673467360″ show_bottom_space=”off” _builder_version=”4.27.4″ _module_preset=”default” min_height=”229px” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n Final day at IMD’s VAM. Six teams are racing for outlier DPI. AI fueled investments are skewing portfolios to top quartile performance. <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Improbable? Yes, 100%. But venture capital is a sport of outliers. The cohort studied the growth trajectories of real-world companies like Lovable, Anthropic, and OpenAI. As the venture ecosystem evolves, it’s only a question of time before we witness a zero-to-trillion startup, most likely an AI-native company with minimal headcount and explosive ARR growth.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.26.1″ _module_preset=”default” min_height=”4368.6px” custom_margin=”-949px|||||” custom_padding=”0px|||||” locked=”off” global_colors_info=”{}”][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.27.4″ _module_preset=”default” width=”100%” max_width=”800px” min_height=”2126px” custom_margin=”|auto||auto|false|false” custom_padding=”||0px|||” custom_padding_tablet=”” custom_padding_phone=”|20px|0px|20px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.26.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_line_height=”1.2em” custom_padding=”30px||30px||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Europe faces a critical venture capital gap. While the continent produces world-class entrepreneurs and groundbreaking innovation, it significantly lags behind the United States and Asia in venture capital deployment and fund formation. According to recent industry data, European VC funding represents less than one-fifth of US levels, despite having comparable GDP and talent pools.<\/p>\n The shortage isn’t just about capital\u2014it’s about capability. Europe needs more venture capital firms, more venture funds, and critically, more skilled fund managers who understand the full lifecycle of venture investing. From raising capital from Limited Partners to sourcing deals, managing portfolios, navigating complex cap tables, negotiating term sheets, and ultimately delivering returns\u2014these are skills that can’t be learned from textbooks alone.<\/p>\n The traditional path to becoming a VC investor is opaque and often inaccessible, typically requiring years of apprenticeship within established firms. This creates a bottleneck: as Europe strives to build a more robust venture ecosystem, there simply aren’t enough trained professionals to launch and manage the new funds the continent desperately needs. The question becomes: how do you accelerate the development of world-class fund managers without waiting a decade for them to learn on the job?<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Beyond the shortage of skilled fund managers lies an equally critical challenge: mobilizing Europe’s substantial capital reserves into venture LP commitments. Despite sitting on trillions in institutional capital, European pension funds have been historically conservative, allocating far less to venture capital than their US counterparts. Recent regulatory reforms across the EU are beginning to shift this landscape, with countries like France and the Netherlands leading pension fund modernization efforts that increase alternative asset allocations.<\/p>\n Simultaneously, Europe’s extensive network of family offices\u2014estimated to control over \u20ac1 trillion in assets\u2014is increasingly viewing direct VC fund investments as essential portfolio diversification, moving beyond traditional wealth preservation into active venture participation.<\/p>\n Switzerland, in particular, has emerged as a testing ground for institutional VC engagement, with foundations traditionally focused on philanthropy now exploring venture capital as a tool for both financial returns and impact. Yet despite these encouraging signals, the gap persists: too much European capital remains on the sidelines, invested in US funds or trapped in low-yield traditional assets, while homegrown startups seek funding.<\/p>\n The challenge isn’t just creating more fund managers\u2014it’s building the confidence, knowledge, and frameworks that turn Europe’s institutional capital holders into active, sophisticated Limited Partners in their own venture ecosystem.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n IMD Business School’s Venture Capital Asset Management (VCAM) Programme offers an innovative answer: experiential learning at warp speed.<\/p>\n Under the academic leadership of Jim Pulcrano and program coordination by Aysun Abibula, with visiting faculty contributions by Christian Rangen and Scott Newton, the program compresses years of venture capital learning into an intensive two-day classroom, and two-day simulation. Drawing on insights from industry leaders like Daniel Keiper-Knorr from Speedinvest, Michael Sidler of Red Alpine and Olivier Laplace of Vi Partners, participants don’t just observe venture capital\u2014they live it.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759672693677.jpg” alt=”savant-challenge” title_text=”1759672693677″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”100%” module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n Early days, GP teams are just getting set up. Who wants to take on the Managing Partner role? Should we target 20M, 50M or maybe a 500M fund size? How much for follow-on and what kind of exit paths might we pursue? <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n The VCAM program transforms participants into functioning venture capital teams within hours. Each team of 4-5 members takes on authentic roles\u2014Managing Director, Investment Director, Deal Flow Analyst\u2014and must navigate the complete 10-13 year lifecycle of a venture fund. <\/span><\/p>\n Day 1: Classroom discussions, in-person guest speakers and foundational knowledge<\/strong><\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The mechanics of a VC fund<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Why you might not want to invest directly into startups<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Art & Science of Valuations<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Understanding term sheets and shareholder agreements<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 How ESG might be part of your investment decision<\/p>\n Day 2: Classroom discussions, in-person guest speakers<\/strong><\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0How Pension Funds See VC<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exit Planning & Exit Dynamics<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Understanding our investing biases<\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 How an entrepreneur sees VC<\/p>\n <\/span><\/strong><\/p>\n Day 3: from classroom to simulation: Foundation and First Moves<\/strong><\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759672630968.png” alt=”savant-challenge” title_text=”1759672630968″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”100%” module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n A simplified version of the GP-LP structure.<\/span> <\/span><\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759673031648.jpg” alt=”savant-challenge” title_text=”1759673031648″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”100%” module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n Early on, teams get into the LP hunt, trying to fund LPs that are a great fit for the strategy.<\/span> <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n Day 4: Expanding the simulation: Scale and Survival<\/strong><\/p>\n The simulation doesn’t coddle participants. They face real VC pressures: strategic dilemmas, high-stakes negotiations, write-offs, and the constant need to balance capital deployment, deal flow, and portfolio construction.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759672746486.jpg” alt=”savant-challenge” title_text=”1759672746486″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”100%” module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n Fast paced VC deals closing in minutes. Deal flow analysts are racing to structure investment syndicate together.<\/span> <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n As one participant noted,<\/span> <\/span>“It’s one thing to read about VC in books, but you only ‘get it’ under pressure.”<\/em><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n What makes the program exceptional is its commitment to learning by doing. Participants aren’t passive observers; they’re active decision-makers facing the consequences of their choices in real-time. The competitive element\u2014teams vying against each other with live leaderboards\u2014adds intensity and engagement that mirrors real-world market dynamics.<\/p>\n The program also emphasizes collaborative learning across experience levels. By combining IMD MBA students with senior business professionals from VC firms, family offices, capital markets, and pension funds, the program creates a rich learning environment where energy meets experience. As the program director, Prof. Jim Pulcrano, noted: “What happens when you insert 9 IMD MBAs into a classroom with 21 investors? Magic happens and everyone improves their skills as venture capital investors.”<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759672727877.jpg” alt=”savant-challenge” title_text=”1759672727877″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”100%” module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n Back office, every team needs to keep its work flow flowing, avoid clutter and keeping the paperwork up to date. Not always easy.<\/span> <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n The results speak louder than any curriculum description.<\/p>\n Quantitative Outcomes<\/strong><\/p>\n Over the weekend, the six teams collectively:<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759672501066.png” alt=”savant-challenge” title_text=”1759672501066″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”100%” module_alignment=”center” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n Final day, year 10, leaderboard<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n The winning team, <\/span>Alpha Capital 2<\/strong>, delivered a stunning 672x return to their Limited Partners\u2014a performance that, while unlikely in reality, demonstrated deep understanding of portfolio construction, follow-on strategy, and the power law dynamics that define venture capital. Their success came from identifying and heavily backing SpotVerse, then supporting it through multiple funding rounds to a historic $2.2 trillion exit.<\/p>\n Qualitative Transformation<\/strong><\/p>\n Beyond the numbers, participants experienced profound shifts in understanding:<\/p>\n Strategic Thinking<\/strong>: Teams learned to balance diversification with concentration, understanding when to double down on winners and when to cut losses. As Alpha Capital’s managing director reflected: “Our winning moves were playing to strengths, staying agile, going big and bold, and trusting our thesis.”<\/p>\n Practical Mastery<\/strong>: Concepts like DPI, MOIC, TVPI, LP, and GP moved from abstract acronyms to practical tools. Participants negotiated term sheets, managed cap tables, calculated dilution, and presented to sophisticated investors\u2014skills that typically take years to develop.<\/p>\n Team Dynamics<\/strong>: The pressure-cooker environment revealed the importance of team composition, communication, and decision-making processes. Successful teams celebrated wins, adapted quickly to market changes, and ensured everyone was in the right role.<\/p>\n Realistic Perspective<\/strong>: Perhaps most valuably, participants gained honest insight into what venture capital really entails\u2014the uncertainty, the pressure, the need for conviction amid ambiguity, and the rare but transformative power of outlier returns.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759672569328.png” alt=”savant-challenge” title_text=”1759672569328″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”100%” module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n Reading about Anthropic’ s breakout valuation growth is one thing; trying to outpace it in the Fund Manager! is something entirely different.<\/span> <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759673109714.jpg” alt=”savant-challenge” title_text=”1759673109714″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”100%” module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n Intense, collaborative, fast-paced. How much GPs experience the program.<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n The impact is best captured in participants’ own words:<\/p>\n “Two days. One live, competitive IMD VCAM simulation. Ten-year fund lifecycle. The learning was incredible. We built an investment thesis, then faced real VC pressures: strategic dilemmas, market shocks, high-caliber LPs, complex deal structures, and even a few write-offs.”<\/em> <\/span>\u2014 Janine Pereyra<\/p>\n “In just 48 hours, we went from barely knowing what pre-money meant to negotiating term sheets and syndicating deals. It’s one thing to read about VC in books, but you only ‘get it’ under pressure.”<\/em> <\/span>\u2014 John Nicholas<\/p>\n “The best learning experience\u2014budding unicorns all over! An actual magic learning process.”<\/em> <\/span>\u2014 Anna Ziajka<\/p>\n “Just wow… So much of what I’ve been picking up mostly piecemeal over the years really began to crystallize. My VC excitement is validated.”<\/em> <\/span>\u2014 Ashton Songer Ferguson<\/p>\n Multiple MBA participants described the program as a highlight\u2014or even <\/span>the<\/em> <\/span>highlight\u2014of their MBA experience.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759671892515.png” alt=”savant-challenge” title_text=”1759671892515″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”100%” module_alignment=”center” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” hover_enabled=”0″ locked=”off” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n The program’s impact extends beyond individual learning. By training cohorts of skilled fund managers, as well as giving LPs the insights they need, IMD is directly addressing Europe’s venture capital capability gap. Participants leave not just with knowledge, but with confidence, network connections, and practical experience that can accelerate their careers in venture capital or inform their work as entrepreneurs, corporate strategists, or limited partners.<\/p>\n As Prof. Pulcrano noted after watching teams compete: <\/span>“Loved working with you. DPI, MOIC, LP, TVPI, GP are now part of your vocabulary. Congrats to all 6 teams.”<\/em><\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/www.strategytools.io\/wp-content\/uploads\/2025\/10\/1759673273621.jpg” alt=”savant-challenge” title_text=”1759673273621″ _builder_version=”4.27.4″ _module_preset=”default” max_width=”100%” module_alignment=”center” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”13px” min_height=”11.5px” custom_margin=”21px||||false|false” custom_padding_tablet=”” custom_padding_phone=”0px||0px||false|false” custom_padding_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_2_font_size=”50px” header_2_font_size_tablet=”50px” header_2_font_size_phone=”35px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”30px||44px||false|false” custom_padding_tablet=”30px||||false|false” custom_padding_phone=”0px||||false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n30 participants. 12 funds. 6 teams. 2 days. 1 stunning ‘legendary performance’.<\/span><\/h4>\n
Building, not just listening to, venture capital funds<\/span><\/h4>\n
The Challenge<\/h1>\n
The second challenge<\/span><\/h4>\n
The Solution<\/span><\/h4>\n
How It Works<\/span><\/h4>\n
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The Pedagogical Approach<\/span><\/h4>\n
Impact<\/span><\/h4>\n
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Participant Testimonials<\/span><\/h4>\n
Broader Ecosystem Impact<\/span><\/h4>\n
About IMD Venture Capital Asset Management Program<\/span><\/h4>\n