DEI Private Equity and Valuation Internship | The Impact Seat
The Impact Seat Foundation was formed in late 2021 to be a new kind of “full stack” philanthropy. “Full stack” means that the assets of the foundation will also reflect the mission of the foundation. Most philanthropies treat their underlying assets as completely separate from their mission.
The mission of The Impact Seat Foundation is to create a world where women, especially, women of color are successful business leaders. All of our activities and our investments will reflect women as leaders.
Toward that purpose, Barbara Clarke is donating a portfolio of private equity and public equity investments to the foundation. This project is about the migration of that portfolio.
Barbara has a portfolio of over 60 direct private equity investments in startups and investments in about fifteen venture capital funds. The majority of the portfolio will be migrated to the Foundation.
Overview:
- Provide valuation and especially documentation of the migration of the private equity portfolio. This will culminate in a document that substantiates that transfer of assets to the IRS for tax purposes. After migration, create a financial model to monitor the future value of the portfolio.
Sample tasks:
- Review all financial information on existing portfolio companies including all follow-on investing. This includes all legal documents such as term sheets, note purchases, stock purchases, etc.
- Work with portfolio companies to confirm transfer of assets to the Foundation.
- Establish a market value for each asset based on third party transaction data available. (we have that data)
- Document the market value and transfer in a document to be prepared as support to tax filings. There will be a document for the 2021 transfers, the 2022 transfers, etc. The 2021 document needs to be completed by Spring 2022.
- Learn and update the Seraf Investor database which is the database of our transactions.
- Update Quickbooks to reflect exiting transactions and new transactions
- Create a financial dashboard for the staff of the Foundation to use and understand.
Skills Needed
- Understanding of accounting and finance. Experience in private equity or venture capital a plus.
- Attention to detail is essential. We need someone who doesn’t lose track of details and information. Someone who loves details and solving mysteries.
- Ability to work remotely with a geographically dispersed team. We use Slack as our main form of intercompany communication. Our team is located in three time zones.
- Written and verbal communication skills are essential. The migration of the assets will need to be well documented and written in a way that a non-finance person can understand. Verbal communication is important for working with the team and understanding complex transactions.
- Financial modelling is essential for the later piece about creating a model of the new portfolio at the Foundation.
On-going work
- Although the asset migration will happen in chunks, the overall asset migration will take more than a year, so that could be an on-going responsibility for someone.
- Maintaining and updating the financial model and dashboard
- Participating in the identification and execution of new investments in new companies or new venture funds.
- Preparing budgets for the Foundation.
- Working with Pitchbook to update the records for the Foundation.
About/Other
- info Barbara - see LinkedIn
- Our office has a relaxed atmosphere yet we can also be intensely serious about our work. Don’t let our chill demeanor fool you – we are serious.
- We have a very small office in Boston in the South End which can be used if needed, but we presume most folks will prefer to work from home.
- All participants will need to sign confidentiality agreements and non-disclosures.