Private equity fundraising pitch pdf

6% volatility (or 35% of S&P 500) Low Correlations: 0. New capital for real assets and VC plummeted in the 12 months ending in Q3, while PE secondaries was the only strategy to raise more money, not less. Annual Management Fee(1): 1. Aug 18, 2021 · Private Fund Strategies Report. 6—dc22 2010005161. He has led and helped deploy private equity placements and institutional investments that have derived impressive returns and demonstrable impact. 9 billion raised in the first three quarters of 2021 was 80. Now VC, private equity (PE), private debt, and secondaries have shown improvement. Alpine Investors is a private equity firm focused on making investments in middle market privately held companies. The Q3 2022 US PE Breakdown Quarterly investment window. Venture capital, 3. Oct 10, 2022 · 1. You can watch the full 13-minute presentation on YouTube here. Feb 23, 2022 · Private Fund Strategies Report. Leverage granular financial data when raising a fund to pick your own precise peer group and present a benchmark that truly highlights the value of your strategy. Venture capital showed one of the steepest declines in the 12 months through Q1, dropping 38% year-over-year to $202 billion in commitments. Our data operations team has logged over 3. Firms that are part of the private sector and have a pool of money to draw from corporations, founda - tions, pension funds, and organizations. Funds under Management: $900m of committed capital since inception (Fund V - $400m) Deliver an awe-inspiring pitch with this creative private equity fund pitch deck to raise series c funding companys valuation table with terminal value graphics pdf bundle. Jan 24, 2024 · 1) OpenDoor. 3 billion from last year’s annual total, according to PitchBook’s Q3 2023 Germany Market Snapshot. Opendoor is an online real-estate marketplace that eliminates the time-consuming open houses, bidding wars, and paperwork to make purchasing and selling a home as easy as buying a book on Amazon. Industry Leadership: 30 years as a private equity investor; committed approximately $3 billion annually(2) to private equity over the past three years. 3. Research each LP (investor) you meet. This is a private equity fundraising pitch deck timeline ppt ideas slideshow pdf template with various stages. Background. private capital fundraising was only down 1. 7% to $1. From H1 2022 to H1 2023, private equity and venture capital fundraising fell 16. With a pooled IRR of There are 5 main ways a private company can raise capital (as opposed to debt raising, i. This checklist provides clear steps to follow, but it comes with a caveat: When raising a first-time fund, you must be responsive and ready to adapt when the wind changes. The growing dominance of private capital's biggest funds has been a perennial narrative for the asset class over the past decade. May 19, 2021 · Private Fund Strategies Report. 5x, and Unencumbered Assets to Unsecured Debt ≥ 150%. Mar 13, 2024 · At the same time, the decline in fundraising for private equity mangers was relatively slight, with a dip of 1. 0% of the full-year 2020 total, so it is possible Nov 30, 2023 · The deceleration in hiring is a symptom of the troubling fundraising environment in the private markets. The year 2022 again demonstrated private equity’s enormous impact and the continuing creativity of private equity Mar 31, 2024 · We believe that everyone wins together, and to create full alignment with our companies and clients, we invest right alongside them in the funds that deploy capital in our private equity investments. Le Taux de Rendement Interne est négatif pendant les premières for equity in the company. Altvia can help. Jun 1, 2023 · Introducing our exceptional pitch deck designed to raise private equity securities from investment corporations. Aug 21, 2023 · To download this report, please complete the form below. For example: Hedge Fund Strategy: Long/short equity with a growth bias and tech/biotech focus. The first part of your private equity investment proposal is also known as the elevator pitch or the executive summary. private equity $479. As a result, the startup will have a post money valuation of $5. $ 55B. Explore 20+ examples of successful pitch decks for different industries and purposes. Embrace questions. Pitchbook Examples. From organizing a database of high-caliber contacts to providing transparency on tracking, conversions, and communications Private equity continued to drive global growth in private markets. A private equity fund is a pooled investment vehicle created for investments in equity securities and real estate. Dec 17, 2023 · Mega-funds push European fundraising close to an all-time high. Then use what you learn to tailor your pitch for that investor. Year: 2021 • Amount: $20M • Round: Fund 2. Share and navigate important information on three stages that need your due attention. 9 billion during the first nine months of 2023, an uplift of €1. 4 trillion. PORTFOLIO COMPANIES. Include 3-5 years of financial projections. Nov 29, 2022 · Global Private Market Fundraising Report. Actual represents IRR from March 31, 2018 to December 31, 2020. That 3. Major strategies includes, Agreements, Digital marketing, product differentiation. Aug 21, 2015 · Woozy: The following would be the general outline of an investment memo based on what I saw. About the Awesome People Ventures Fund 2 Deck. VC’s rise, real estate’s fall, and more 2021 fundraising trends. Company (Optional) Phone (Optional) I agree to PitchBook's privacy policy. Fundraising rebounded across regions, and global totals fell just short of the pre-pandemic peak established in 2019. Last name. With PitchBook you can target the right investors, demonstrate the success of your investment strategy, choose the best exit path, source winning Jul 17, 2023 · Preqin reports that around 13,900 private capital funds are currently on the road seeking $3. Initial investment: Follow-on investment: $100,000 $10,000. com Feb 18, 2023 · This blog post will provide a comprehensive guide to creating a private equity pitch deck template, including tips on developing a professional investor pitch and templates for real estate investors, hedge funds, and outsourced investment banks. Your highlights might include fund size, number of investments, stage, initial check size, industry/sector, location, target company ownership, or number of exits/markups (if any). 9 billion. 5 million hours researching, organizing, and integrating the information you need most. Too many good fundraising opportunities get lost in boring, run-of-the-mill presentations. Private wealth management advisory örms that serve ultra-high-net-worth investors usually exceed - ing $100 million to manage their investable assets. A catalogue record for this book is available from the British Library. The Q2 2023 Global Private Market Fundraising Report offers a definitive review of the global venture industry, breaking down trends across dealmaking, exits, and fundraising. Be a very clear communicator. 2. The term “private equity fund” covers a broad spectrum of closed-end investment strategies Post-money valuation – The valuation of a company immediately after the most recent round of financing. Pitching investors powerpoint presentation slides. Check everything. Dec 4, 2023 · There are clear winners and losers in the competition to raise capital for investing in the private markets. February 23, 2022. See full list on pitchbook. German PE funds raised €2. Mar 5, 2024 · In our 2023 Annual Global Private Market Fundraising Report, we show that the difficult fundraising environment may begin to dissipate in 2024 as the on-paper denominator effect breathes its last few breaths. European private equity fundraising in 2023 has almost hit €116 billion (about $125 billion), close to the all-time high of €118. The $882. Interest rate steps up to Euribor + 1. Crafting and sequencing your pitch deck components so they tell an effective story is crucial to building that relationship. Private equity, 4. Description. I understand they are proprietary, but if you have one that's so old it's irrelevant, or redacted, etc. Raise private equity from investment bankers agenda for private equity. The venture capital industry reached new heights in 2021 The slide provides the market size of all the target sectors. docx) Format for Investment Bankers and Consultants Moving into Private Equity Associate Roles. Stand out from the crowd in your private equity pitch. 2 trillion in 2021, essentially flat year-over-year. Growth Equity for the purposes of this presentation includes the Next Generation Technology funds, Health Care Strategic Growth funds and the Global Impact fund. 4% 7 pitchbook q2 2021 private fund strategies report. Jun 5, 2024 · Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews. US PE fundraising totaled $259 billion through Q3, on pace with 2021, yet with many LPs having hit allocation targets for 2022, fundraising is expected to end the year with more of a thud than a bang. Listen more than you talk when you pitch investors. First name. , May 18, 2023 · The company also offers complementary products such as Billy, a cloud-based accounting software, and Meneto, a digital tax assistant. Through the year ending June 30, more than 2,100 funds raised $987 billion, down in both total capital and count from the 12 months prior—no surprise when factoring in the market impact of the pandemic. Attractive Yield: 6. In this cross-strategy report, our analysts offer insight into how private market investors are altering portfolio compositions in response A seamlessly integrated product suite that delivers everything you need, all in one place. txt) or view presentation slides online. Key strategies include new branch opening, acquisition, and introducing new products. 1% year-over-year and a strong rebound in the second half. 9% year over year, with the majority of capital raised going to managers with funds valued above $1 billion. Jacob Robbins. Firms raised $176 billion across 191 funds in the first six months of 2022, setting a pace that, if sustained, could surpass last year’s total fund value of nearly $340 Professionally designed, visually stunning - Private Equity Fundraising Pitch Deck Operational And Financial Overview Portrait PDF This is a private equity fundraising pitch deck agenda for private equity fundraising pitch deck elements pdf template with various stages. pitchbook q2 2021 Jan 30, 2024 · The standard table of contents in a good pitch deck is: Based on the $1 billion our clients raised last year in VC funding, we think you will want: 1. LPs put their faith in private capital's heavyweights. In 2024, LPs will hold the keys to the fundraising kingdom. Aggregated fundraising across the private investing universe was down 7. For example, a venture capitalist may invest $3. Slide 1 of 47. Slide 1 of 60. Often, company founders and executives use a pitch deck to help raise funding for a startup from venture capitalists (VC). 7% cap as a percentage of Fund assets(2) Performance fee(3): Getting your deck in a good spot is just the start to a successful first fundraise. ·. 2:13. Cover/title slide - including the company name and the founder’s contact info. Other times, a VC fund manager uses a pitch deck to raise new capital from limited partners (LP) for an investment fund. e. The following are the essential parts of a private equity proposal and a short descriptive process in coming up with each. Be the first to add your personal Private Equity Deck found in: Private Equity Fundraising Pitch Deck Agenda For Private Equity Fundraising Pitch Deck Elements PDF, Private Equity Fundraising Pitch Deck Lego Ppt File Sample PDF, Private Equity Fundraising Pitch. Awesome People Ventures Fund 2 Pitch Deck. taking out a loan): 1. Hypothesis, or “Solution”: Acquiring a growing company can meet the potential client Introduction. 6 -17. Jul 27, 2022 · Private equity firms are currently in what PitchBook analysts call “perhaps the most crowded fundraising market in history,” according to our latest US PE Breakdown. The PE market remained resilient in large part due to availability of debt from private credit funds. 65% in year 2 and Euribor + 1. It is a concise exposition Almost all investment banking pitch books use a structure similar to the following: Situation, 0r “Current State”: Your prospective client is looking for growth. Initial fund count figures, by contrast, declined—a trend echoed across all types, as larger vehicles continued to It is an extensive formal document with complex parts. Give the investor a glimpse of what to expect in the rest of the pitch deck to grab their attention. May 19, 2021. Outline key planning assumptions KPIs in your financial model. Active Fund Relationships: 400+ with over 270 funds reviewed each year. Manage your energy. Executive Summary -> investment thesis, why the company, industry average growth rate, brief growth strategy and exit strategy 2. 90% in year 3. This complete deck comprises 48 slides, each aimed at maximizing your chances of securing funding. Our Q1 2024 Global Private Market Fundraising Report breaks May 1, 2023 · A pitch deck is a presentation that describes a business plan and solicits outside investment. 25% of Fund assets and unfunded commitments, net of cash, paid quarterly subject to a 1. Key takeaways. About Awesome People Ventures Fund 2. 2x gap between supply and demand is the widest the industry has seen since the depths of the global financial crisis This is the pitch deck they used to raise Notation Capital Fund 1 in 2014. An investor pitch deck allows you to tell the story, paint the vision, highlight the wins, and articulate Mar 31, 2020 · A snapshot of the most important details of your fund. Jun 11, 2021 · How PitchBook sources data. May 22, 2024 · In the first three months of 2024, total capital raised across private market strategies was on par with figures from the same time last year. pitchbook q2 2021 private fund strategies report. Step 1: Summary. See our product offerings. Ageras used this pitch deck to raise $35 million in a private equity round led by Lugard Road Capital, with participation from existing investors Investcorp and Rabo Frontier Ventures. It contains large content boxes to add your information on topics like timeline, 2016 to 2021. 1. Build the perfect presentation for any purpose. Topics like 2019 to 2020, net present value, enterprise value, cash, net debt, equity value can be discussed with this completely editable template. Jan 12, 2023 · Our 2022 Annual US PE Breakdown, sponsored by Stout, CBIZ Private Equity Advisory, Golub Capital, and Apex Group, explains how the industry adapted. August 18, 2021. Oct 27, 2022 · Most first-time fund managers face an uphill battle to close their first fund. As of March 31, 2024. Some GPs hold a significant stake in their own funds, whereas others may contribute closer to 5% of the total fund contributions. June 7, 2024. Business Investment Proposal Powerpoint Presentation Slides. This is a Perfect Pitch Deck™ template crafted for later-stage businesses entering more sophisticated discussions such as mergers & acquisitions (M&A), late-stage investment (Series C+), or other partnerships & financing opportunities. Each slide of the sample pitch deck is designed to amplify your startup vision and help you reach your funding goals. Details of the startup: Details of the pitch deck: You can find more details about this startup here. Core Values: Unwavering Character, Persistence, Continuous Improvement, Performance, Intellectual Honesty, and Balanced Lives. Dec 24, 2022 · In conclusion, an investment fund pitch deck is an essential tool for businesses looking to secure investor funding. This template can be used to pitch topics like organization chart diagram of the company. 7 billion raised in 2021. Fundraising Presentations Tip #1. Meeting Investor Expectations. Many private fund managers can involuntarily fall into the trap of preparing a standard set of pitch decks and materials for all of their individual LP meetings: basing it on what they want to show and not on what the LP wants to see. Angel investment, 2. Goldman Sachs Pitch Book I. The 2023 Annual Global Private Market Fundraising Report offers a definitive PitchBook for fundraising. 332. Private Equity Resume Templates in Word (. This white paper discusses some of the key structural considerations and investment terms involved in starting a private equity fund. AUM reached a new high of $6. PitchBook's 2019 Annual Private Fund Strategies Report offers a fundraising overview and analysis for private equity, venture capital, real assets, debt, fund of funds, and secondaries. Use the PitchBook Platform to explore the full profile. Deals count was stable: The number of deals fell only 5% year-on-year, but deal sizes were Aug 3, 2021 · The pitch deck is a key component when fundraising and growing your company that sets the path, the evolution your startup will take. HG4751. pdf), Text File (. Deliver your pitch. 2 trillion and continued record amounts of available capital, or dry powder, at, by one estimate, over US$1. 5 billion—accounted for 85. Whether you are starting a micro VC fund or PE fund NBPE Focus. PitchBook is the definitive source for global capital market data and proprietary expert research, crafted to enhance your best work. Learn more: Capital Raise Strategies. Business email. Yet 2023 full-year fund-raising totals will likely come in at around $1 trillion. Plus, prioritize which investors to pursue—and tailor your pitch to their goals—with insight into mandates, allocations, commitments and preferences. To my family and my friends. Practise, practise, practise. fundraising activity remained strong as well, with private equity funds raising aggregate capital of over US$1. 35 trillion in the 12 months leading up to September 30, as only funds focused on venture The slide provides the key step strategies which the company follows to strengthen its presence in new countries. Worklife. 5 million in a company valued at $2 million “pre-money” (before the investment was made). 5 million. Next, you need to quickly identify the right LPs to go after and communicate with them effectively throughout the funnel. Nov 15, 2023 · Request access to private equity data. Low Volatility: 7. The pandemic has only exacerbated that, as the gravitational pull of the industry's mega-funds seems stronger than Presenting private equity fundraising pitch deck organization chart diagram of the company investment topics pdf to provide visual cues and insights. Source: Goldman Sachs Asset Management. 75% cap Pass-through of Fund expenses, subject to a 0. Inject your own creativity using our vast library of free icons, photos, illustrations, fonts and more, or keep it simple and clean. Discover how to create a stunning pitch deck with Pitch's free and customizable templates. Deliver an awe inspiring pitch with this creative private equity fundraising pitch deck markets size of target audience ppt gallery ideas pdf bundle. P&L (monthly for year 1) and cash flow (monthly for year 1) Show 2 years of historical financials (if you have them) plus at least 3 years of projections. Based on this experience, I PitchBook tracks every aspect of the global capital markets, from limited partners and commitments to general partners, companies and funds, providing a one-stop-shop for robust private market intel. In this less-than-generous environment, our latest Global Private Market Fundraising •The goal of your pitch deck is to give a snapshot of your investment opportunity, taking into consideration your impact, growth potential, viability, and the ability of your team to execute your plan. Remember the non-verbal. Related read: H1 2022 Global Private Debt Report. CAPITAL INVESTED. Our latest Global Real Estate Report assesses the state of private investment funds in the first half of 2021. Dec 12, 2023 · Information on investments, active portfolio, exits, fund performance, dry powder and team for Waterland Private Equity Investments. in a much better position to make new fund commitments, which boosts the prospects for fundraising GPs—especially emerging managers. Awesome People Ventures is an early-stage Web3 fund focused on how we live and work. Oct 11, 2022 · In a major departure from the past, private debt funds have stepped in where banks left off to finance these deals. Specialty: Tech. Creating an effective and engaging pitch deck involves considering the components, tailoring it to different types of investors, utilizing storytelling and visuals, and avoiding common mistakes. Start your pitch meeting with questions. Before you even open Excel or Word, you need to make sure you’re searching for a company that is a relative match for the fund’s strategy. The fund manager who raises all of the private equity is called the general partner (“GP”) whereas its investors are called the limited partners (“LP”). Show how your team delivers extra returns. We look forward to 2021’s remaining six months to observe how the market evolves and whether the PE industry can continue its current fervent pace. glossaire). Slide 1 of 44. PitchBook is the leading source for private capital market news, analysis, and trends - specializing in the venture capital, private equity, and M&A markets. AVAILABLE CAPITAL TO INVEST. Private capital fundraising totaled nearly $1. Private Equity Fundraising - Free download as PDF File (. Only one strategy—secondaries—managed to boost fundraising, and Use our startup pitch deck template to make your investor presentation in minutes. . Investing Stage: Early + Late. Learn how to generate a targeted list of the investors making investments in your space and gather intel to create a tailored pitch deck. Crowdfunding. Oct 5, 2022 · A good number of private-debt funds have closed at over $1 billion in the first half of this year. 5%. Short description of private equity fundraising theme - who, how, when Private Equity Fund Pitch Deck In Powerpoint And Google Slides Cpb. ISBN 978-0-470-74596-0. 200+. Oct 4, 2021 · October 4, 2021. Information on investments, limited partners, investment strategy, team and returns for Montagu VI. But it has been a year of haves and have-nots, with most fundraising driven by a handful of mega-funds. Experienced Investors: Expertise across fund investments, direct investments and yielding investments. Create an investor pitch that is different. STATISTICS. . Jun 10, 2024 · To create a compelling private equity fund pitch deck PDF, it’s important to include key elements such as an executive summary, investment thesis, market analysis, team bios, financial projections, and exit strategy. , New Delhi, India Printed in Great Britain by Antony Rowe Ltd, Chippenham, Wiltshire. Slide 1 of 6. 9% of total capital raised by private credit funds, according to PitchBook data. Complication, or “Problem”: The potential client’s growth rate has been slowing down. May 24, 2023 · The data shows they're right, and the pace of capital commitments in Q1 suggests that 2023 is already tracking well behind last year. Having founded and led successful non-profits, for-profits, and co-ops, Brian is uniquely skillful in a variety of models that have a positive impact. These two asset classes’ fundraising performances stood in contrast to the double-digit declines seen in venture capital, real assets, and real estate, which fell by 47%, 43% Jun 12, 2021 · If you want to deliver a presentation on related topics such as crowd-investing, P2P lending, , threshold pledge system, crowdcube equity, budget crowdsourcing, crowd financing, royalty-based financing, equity ownership, crowdsourcing management and investment funds, our private equity investment presentation templates will come into use. Good Idea: Short for a recently public tech startup. July 2018 column represents illustrative assumptions as presented in July 2018 Investor Day. The more you help them understand how to fulfil their investment mandate, rather than pitch your fund, the more Potential fit for real assets, private real estate, or income allocations. $ 146B. Apr 4, 2021 · 15% . On parle alors de Taux de Rendement Interne et de Multiple (cf. But total fund count has fallen 45. Additionally, it provides overall market potential and highlight of target audience. How to use PitchBook for raising capital. •Think of this as the most compelling elements of your executive summary presented visually and verbally. Revenue forecast (show current sales pipeline, # of customers you are expecting to Financial covenants on BPPEH bonds include: Total Debt to Total Assets ≤ 60%, Secured Debt to Total Assets ≤ 40%, Interest Coverage Ratio ≥ 1. This is a private equity fundraising pitch deck companys expansion in new geographies ppt visual aids example file pdf template with various stages. Structure your story. While you ultimately want to raise money, the goal of your initial presentation is simply to persuade potential investors to give you a follow-up meeting. 0% versus the 24. 3 trillion, driven primarily by asset appreciation within portfolios. 6% and 47%, respectively—a product of a restricted LP capital supply, elevated interest rates and a pullback in bank lending, according to PitchBook’s Q2 Title. Set in 10/12pt Times by Aptara Inc. If fundraising continues at the same pace, it could rival 2021’s sum of €3. Most of the example slides displayed throughout this document will be the actual pitch deck used by a company called Beegit. Source of deal - Background of seller and reason for sale (retirement/spin off etc) 3. Pitch success starts with how you prepare. Private Equity. 9% 598 -27. Dwindling private capital hits up-and-coming firms hardest. Like founders, they need to find product-market fit for their investment thesis, have a compelling story, a deep understanding of the market and know how to differentiate themselves and stand out from their peers. 2021 Private Equity Outlook: H1 Follow-Up Nov 30, 2018 · Q3 hedge fund letters, conference, scoops etc. The slide covers key strategic steps which the company follows for its future growth. November 29, 2022. Mar 1, 2017 · Pitch Your Private Equity Fund | Tip #3 Ask questions first. Les investissements et distributions se réalisant sur la éveloppementdurée, l’évolution de ces flux est importante pour apprécier la performance d’un placement en Private Equity. Our team of experts created this presentation to empower One of the primary documents essential to any early-stage company fundraising process is a pitch deck. The funding will be used to Feb 19, 2020 · February 19, 2020. Step 1: Research the Fund’s Strategy. Focus and dispense information on four stages using this creative set, that comes with editable features. Oct 10, 2022 · How to pitch an investor in private equity – top suggestions. Friends and family investment, 5. Title. whereas the equity holder’s potential return is uncapped. Built leveraging our large database of fund-level cash flows and NAVs, the indexes offer a pseudo-time-weighted method for comparing industry-level returns quarter-to-quarter, facilitating performance comparison Mar 21, 2021 · Look like an A-Team. Global property investment is still reeling from changes to how people use real estate and government-led efforts to support the market. Attractive Returns: Strong performance over year-to-date, 1, 3, 5 and since inception basis. From Seed to Series C and beyond, the fundamentals of a pitch deck are critical to understand and execute. Jun 24, 2023 · These indexes span private equity, venture capital, real estate, real assets, private debt, funds of funds, and secondaries funds. These elements should be presented in a clear and concise manner, with attention paid to visual design and storytelling. vc These are parts of the deck Brianne Kimmel used to convince Marc Andreessen and other investors to invest in her first fund. 39 correlation to bonds since inception1. We would like to show you a description here but the site won’t allow us. Design your slides. Presenting private equity fundraising pitch deck marketing strategies for business growth information pdf to provide visual cues and insights. Nov 8, 2023 · These investment banking pitch books are rare examples of pitch books filed with the SEC and thus made it into the public domain. This is a typical sell-side pitch book, where Goldman is pitching to Airvana to become their sell-side advisor, so the focus is on why Airvana should go 2 days ago · One of the most active gaming VC investors is targeting $500 million for its fund III, down from its previous $750 million vehicle. The industry’s or customers’ problem - the pain that your startup is solving. Fundraising cannot be gamified into a fool-proof process, but being prepared is a key step to successfully raising your first PE fund. As of June 30, the combined funding amount these vehicles raised—at least $70. 4. D46 2010. Show interest in the investor and learn what they are looking for. Raising private capital became more difficult in Q3. VC captures majority of fund count in 2021, while PE dominates capital raised. The goal of this document is to provide a real-world best practices approach to creating an investor pitch. Focus and dispense information on six stages using this creative set, that comes with editable features. I’ve created fundraising pitch decks for dozens of companies and have used them to successfully raise almost $700 million of total capital, including more than $40 million of pre-seed equity for startup companies. 3% we reported last quarter, when only venture capital (VC) was up on this metric. Be the first to add your personal experience. Real estate funds dip after decade of growth. 3 trillion across asset classes (see Figure 1). Apr 14, 2019 · I'm interested to see what a real-world PE pitch deck looks like--the initial PowerPoint presentation a firm would send to a prospective LP (not a PPM), outlining investment strategy, management team, etc. sc um vm vv tc cj ko ml tl sd