Experience and knowledge
Valhalla's Advisory Board has gained experience and knowledge from years of business successes.
Tom Judge
Tom Judge has been active in the private equity industry for the past twenty-six years and currently serves as Senior Advisor to a number of firms (in the United States and Europe) active in varied aspects of private equity. He was inducted into The Private Equity Hall of Fame in 1995 and was considered the Dean of institutional investors during his fifteen-year private equity tenure at AT&T. During those fifteen years, he created and managed the AT&T venture capital portfolio that grew from zero in 1980 to commitments of $1.5 billion in 180 partnerships formed by 90 firms. This portfolio has, on average, returned 25% per year over the past 26 years or a multiple of 200. He retired from AT&T in September 1995. He is an honorary Kauffman Fellow.
Tom was one of the first institutional investors to introduce an expected return on venture capital partnership investments. In 1982, he established an expected return of 15%. In 1987, he introduced to the private equity industry the concept of vintage year performance measurement, and in 1990, he was a member of a small committee that proposed valuation guidelines which became the de facto industry standard. Tom also co-founded the Institutional Limited Partners Association, which has grown to a membership of over one hundred institutions. He was one of the first institutional investors to recognize the importance of managing the stocks distributed by private equity partnerships, and in 1988, he hired an investment management firm to manage distributions from the AT&T pension fund venture capital portfolio to enhance the return on the total private equity portfolio.
Prior to managing the venture capital portfolio for the AT&T Investment Management Corporation, he was involved in all aspects of the administration of employee benefit assets at AT&T for seventeen years. Tom has been a frequent speaker at private equity and pension fund conferences and seminars worldwide. He holds an undergraduate degree from the Pennsylvania State University and he earned his MBA at Seton Hall University.
Professor William Sahlman
William Sahlman is the Dimitri V. d'Arbeloff – Class of 1955 Professor of Business Administration at Harvard Business School. The d'Arbeloff Chair was established in 1986 to support teaching and research on the entrepreneurial process. His research focuses on the investment and financing decisions made in entrepreneurial ventures at all stages in their development.
Mr. Sahlman received an A.B. degree in Economics from Princeton University, an M.B.A. from Harvard University, and a Ph.D. in Business Economics, also from Harvard.
In "How to Write A Great Business Plan" (Harvard Business Review – July/August 1997), Mr. Sahlman describes the appropriate role of the business plan in new venture formation, whether in a new company or within an existing enterprise. The article emphasizes the role of people in making businesses succeed.
In 1985, Mr. Sahlman introduced a new second-year elective course called Entrepreneurial Finance. During the academic 1999-2000 year, over 500 students enrolled in the course. In 2000, he helped introduce and teach a new course in the first year called The Entrepreneurial Manager.
Mr. Sahlman is currently the co-chair of the Entrepreneurship and Service Management Unit. From 1991 to 1999, he was Senior Associate Dean, Director of Publishing Activities, and chairman of the board for Harvard Business School Publishing Corporation. From 1990 to 1991, he was chairman of the Harvard University Advisory Committee on Shareholder Responsibility. He is a member of the board of directors of several private companies.
Edward J. Mathias
Mr. Mathias is a Managing Director of The Carlyle Group, a global private equity firm based in Washington, DC. He was instrumental in the founding of The Carlyle Group and assisted in raising the firm's initial capital. Prior to joining Carlyle in January 1994, Mr. Mathias was a member of the Management Committee and Board of Directors of T. Rowe Price Associates, Inc., a major investment management organization. Focusing primarily on venture capital activities, he serves as a member of the Investment Committees for a number of Carlyle's global investment funds.
Mr. Mathias is also active with numerous other private equity limited partnerships and is a frequent investor in early-stage, private companies.
Mr. Mathias holds an M.B.A. from Harvard Business School and an undergraduate degree from the University of Pennsylvania where he currently serves on the the Board of Trustees. He is also a member of the Penn Investment Board that oversees the University's endowment. In addition to other activities, he is a member of the Howard Hughes Medical Institute's Investment Advisory Committee, the Council on Foreign Relations and co-chairs the President's Circle at the National Gallery of Art as well as being a member of the Trustees' Council.
Ted Clark
Ted Clark has been active in the venture capital and private equity business for over 20 years. He is active on the advisory boards of several U.S. venture capital firms and is currently on the board of two start-ups in the Boston area as well as being active with several local charities. Ted began his private equity career with Venture Economics in 1987 as a consultant to institutional investors creating, analyzing and managing their venture and private equity portfolios.
In 1990, Ted joined HarbourVest Partners, LLC (originally Hancock Venture Partners, Inc.) as an analyst focusing on fund of funds investing. Over the course of 17 years, he played a leadership role, ultimately as Managing Director, in developing the firm’s U.S. private equity business. He was involved in all aspects of portfolio strategy, due diligence, portfolio development and monitoring as well as team management. Additionally, Ted led relationships with many institutional clients and their consultants, supervised elements of the firm’s marketing activities and guided the development of the firm’s partnership portfolio tracking database. While at HarbourVest, he served on advisory boards of many U.S. and non U.S. venture, buyout and mezzanine investment partnerships.
Prior to his private equity career, Ted was a marketing and financial analyst with Citicorp in New York City. He holds an undergraduate business degree from Cornell University and a Masters of Business Administration from Babson College. He is also a trustee of Babson College.
Valhalla's Advisory Board has gained experience and knowledge from years of business successes.
Tom Judge
Tom Judge has been active in the private equity industry for the past twenty-six years and currently serves as Senior Advisor to a number of firms (in the United States and Europe) active in varied aspects of private equity. He was inducted into The Private Equity Hall of Fame in 1995 and was considered the Dean of institutional investors during his fifteen-year private equity tenure at AT&T. During those fifteen years, he created and managed the AT&T venture capital portfolio that grew from zero in 1980 to commitments of $1.5 billion in 180 partnerships formed by 90 firms. This portfolio has, on average, returned 25% per year over the past 26 years or a multiple of 200. He retired from AT&T in September 1995. He is an honorary Kauffman Fellow.
Tom was one of the first institutional investors to introduce an expected return on venture capital partnership investments. In 1982, he established an expected return of 15%. In 1987, he introduced to the private equity industry the concept of vintage year performance measurement, and in 1990, he was a member of a small committee that proposed valuation guidelines which became the de facto industry standard. Tom also co-founded the Institutional Limited Partners Association, which has grown to a membership of over one hundred institutions. He was one of the first institutional investors to recognize the importance of managing the stocks distributed by private equity partnerships, and in 1988, he hired an investment management firm to manage distributions from the AT&T pension fund venture capital portfolio to enhance the return on the total private equity portfolio.
Prior to managing the venture capital portfolio for the AT&T Investment Management Corporation, he was involved in all aspects of the administration of employee benefit assets at AT&T for seventeen years. Tom has been a frequent speaker at private equity and pension fund conferences and seminars worldwide. He holds an undergraduate degree from the Pennsylvania State University and he earned his MBA at Seton Hall University.
Professor William Sahlman
William Sahlman is the Dimitri V. d'Arbeloff – Class of 1955 Professor of Business Administration at Harvard Business School. The d'Arbeloff Chair was established in 1986 to support teaching and research on the entrepreneurial process. His research focuses on the investment and financing decisions made in entrepreneurial ventures at all stages in their development.
Mr. Sahlman received an A.B. degree in Economics from Princeton University, an M.B.A. from Harvard University, and a Ph.D. in Business Economics, also from Harvard.
In "How to Write A Great Business Plan" (Harvard Business Review – July/August 1997), Mr. Sahlman describes the appropriate role of the business plan in new venture formation, whether in a new company or within an existing enterprise. The article emphasizes the role of people in making businesses succeed.
In 1985, Mr. Sahlman introduced a new second-year elective course called Entrepreneurial Finance. During the academic 1999-2000 year, over 500 students enrolled in the course. In 2000, he helped introduce and teach a new course in the first year called The Entrepreneurial Manager.
Mr. Sahlman is currently the co-chair of the Entrepreneurship and Service Management Unit. From 1991 to 1999, he was Senior Associate Dean, Director of Publishing Activities, and chairman of the board for Harvard Business School Publishing Corporation. From 1990 to 1991, he was chairman of the Harvard University Advisory Committee on Shareholder Responsibility. He is a member of the board of directors of several private companies.
Edward J. Mathias
Mr. Mathias is a Managing Director of The Carlyle Group, a global private equity firm based in Washington, DC. He was instrumental in the founding of The Carlyle Group and assisted in raising the firm's initial capital. Prior to joining Carlyle in January 1994, Mr. Mathias was a member of the Management Committee and Board of Directors of T. Rowe Price Associates, Inc., a major investment management organization. Focusing primarily on venture capital activities, he serves as a member of the Investment Committees for a number of Carlyle's global investment funds.
Mr. Mathias is also active with numerous other private equity limited partnerships and is a frequent investor in early-stage, private companies.
Mr. Mathias holds an M.B.A. from Harvard Business School and an undergraduate degree from the University of Pennsylvania where he currently serves on the the Board of Trustees. He is also a member of the Penn Investment Board that oversees the University's endowment. In addition to other activities, he is a member of the Howard Hughes Medical Institute's Investment Advisory Committee, the Council on Foreign Relations and co-chairs the President's Circle at the National Gallery of Art as well as being a member of the Trustees' Council.
Ted Clark
Ted Clark has been active in the venture capital and private equity business for over 20 years. He is active on the advisory boards of several U.S. venture capital firms and is currently on the board of two start-ups in the Boston area as well as being active with several local charities. Ted began his private equity career with Venture Economics in 1987 as a consultant to institutional investors creating, analyzing and managing their venture and private equity portfolios.
In 1990, Ted joined HarbourVest Partners, LLC (originally Hancock Venture Partners, Inc.) as an analyst focusing on fund of funds investing. Over the course of 17 years, he played a leadership role, ultimately as Managing Director, in developing the firm’s U.S. private equity business. He was involved in all aspects of portfolio strategy, due diligence, portfolio development and monitoring as well as team management. Additionally, Ted led relationships with many institutional clients and their consultants, supervised elements of the firm’s marketing activities and guided the development of the firm’s partnership portfolio tracking database. While at HarbourVest, he served on advisory boards of many U.S. and non U.S. venture, buyout and mezzanine investment partnerships.
Prior to his private equity career, Ted was a marketing and financial analyst with Citicorp in New York City. He holds an undergraduate business degree from Cornell University and a Masters of Business Administration from Babson College. He is also a trustee of Babson College.