Experience and knowledge
Valhalla's Advisory Board has gained experience and knowledge from years of business successes.
Tom Judge has been active in the private equity industry since 1980 and currently serves as Senior Advisor to a number of firms, in the United States and Europe, active in varied aspects of private equity. From 1980 to 1995, he 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 percent per year since inception or a multiple of over 200. During his fifteen-year tenure at AT&T, Tom was considered the “Dean” of institutional investors. 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 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 percent. 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, 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.
Tom has been a frequent speaker at private equity and pension fund conferences and seminars worldwide. He retired from AT&T in September 1995. In that same year, he was inducted into the Private Equity Hall of Fame. He is also an honorary Kauffman Fellow and is designated as a “Venture Capital Great” by the National Venture Capital Association and The Harvard Business School. He holds an undergraduate degree from the Pennsylvania State University, earned his MBA at Seton Hall University and served as Mayor of the Borough of Little Silver, New Jersey.
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.
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.
His research focuses on the investment and financing decisions made in entrepreneurial ventures at all stages in their development. Mr. Sahlman has written numerous articles on topics including entrepreneurial management, venture capital and private equity, deal structuring, and the role of entrepreneurship in the global economy.
In 1985, Mr. Sahlman introduced a new second-year elective course called Entrepreneurial Finance. That course has been taken by over 8,000 students since it was first offered. Mr. Sahlman and an HBS co-author, Paul Gompers, published a casebook in 2002 entitled Entrepreneurial Finance;(Wiley). In 2000, he helped introduce and teach a new course in the first year called The Entrepreneurial Manager. In 2006, he and HBS co-authors, Michael J. Roberts, Howard H. Stevenson, Paul Marshall, and Richard G. Hamermesh, published a casebook entitled New Business Ventures and the Entrepreneur (McGraw Hill - Irwin). Mr. Sahlman has developed over 170 cases and notes for classroom use.
Mr. Sahlman is Senior Associate Dean for External Relations. He was co-chair of the Entrepreneurial Management Unit from 1999 to 2002. 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 or board of advisors of several private companies and not-for-profit organizations.
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 has been active in the venture capital and private equity business for over 20 years. He is President and Founder of Qualitas Associates, LLC, an advisory firm focused on venture capital and private equity management teams. At Qualitas, he works with founders, owners and partners to improve their performance in fund management, firm management, franchise management and investor management. He is active on the advisory boards of several U.S. venture capital firms and serves on the board of Urban Improv, a non-profit using improvisation with children to reduce violence in Boston.
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.