�'» CD3.1 Simon Davies is Managing

�'» CD3.1 Simon Davies is Managing Director (Restructuring) at the Blackstone Group, a leading private equity firm. Listen to the first part of the interview
and answer these questions.
1 Which three ways of raising finance does he mention?
2 What are the advantages of: a) private markets? b) public markets? c) borrowing money?
�>l) CD3.2 Listen to the second part and answer this question.
What are the disadvantages of: a) shares/equity? b) debt? c) public markets? d) private markets?
�'» CD3.3 Listen to the final part. Simon says there are four reasons why finance has become a short-term business. What are they?
In groups, discuss what you think about Warren Buffet's fund.
How can start-up companies raise money?
Work in small groups. Before you read the article, check that you know the meanings of these terms. Use a dictionary if necessary.
1 business angels
2 bank fi nance 3 equity finance 4 debt fundraising
5 venture capital funds
Work in pairs. Ta ke notes on the key points of the article. Te ll your partner about them and ask each other questions if you want clarification.
Student A: Read the first half of the text up to line 57.
Student B: Read the second half of the text from line 58 to the end.
Read the whole article and answer these questions in pairs.
1 What was the problem with some of the 'angel' networking clubs?
2 What was the advantage of London Business Angels?
3 How did Saha im prove her ability to pitch to backers? 4 Who finally invested in Saha's company?
5 What is the problem with bank finance? 6 What is the position with debt funding and equity finance?
7 What is the problem with venture capital funds?
Find idioms in the first six paragraphs that mean the following.
1 finish something you have started
2 a sudden or unexpected chance to do something that allows you to become successful in your job
3 reduce your chances of failure or loss by trying several possibilities instead of one 4 make sure you always know what is happening in a situation
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