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Investors

Learn More About Our Process

Entrepreneurs

Learn More About Our Process

Students

Get Involved with Ducap

Investors

There are three main requirements for joining as a member:
  • Affiliation with Duke – typically as an alumni, faculty member, parent, etc.
  • Accredited investor – you must qualify as an accredited investor as defined by the SEC
  • Dues – annual membership fee of $1,750

      • You can learn more on the Investors page.

      Duke Capital Partners actively sources investment opportunities through many different outbound and inbound channels, including Duke Capital Partners members, the global Duke community, and applications for funding via our website. The Operating Team and Associates perform due diligence and bring forward investment opportunities to members on a rolling basis.

      Members are not committing capital to a fund. Members are free to either invest or not invest in any Duke Capital Partners investment opportunity as they choose and there are no minimum requirements regarding number of deals or size of investment on any given deal.

      You can learn more on the Investors page.

      Duke Capital Partners invests in Duke-affiliated startups. Companies must meet the following criteria to be considered for investment:
    • Have a founder, executive, or board member who is a Duke alumnus, faculty, staff, student, or parent.
    • Raising seed or Series A equity capital of $1M to $20M or syndicating later-stage equity financings with an existing institutional lead investor
    • Headquartered, legally structured, or maintaining a significant presence in the United States

        • Duke Capital Partners invests in companies with the potential for high growth and venture-scale returns. Some of the key attributes we look for when evaluating investment opportunities include:
      • A large market opportunity;
      • A unique value proposition;
      • Proprietary technology, intellectual property, or other basis for sustained competitive advantages;
      • A dedicated management team;
      • A corporate structure that allows for equity investment at defined terms and conditions;
      • A strategy and plan that has the potential to produce venture-scale returns.

        • No. Duke Capital Partners members are not committing capital to a fund and are not required to invest in any deals. Individual members are free to either invest or not invest in any opportunity as they so choose.

        There are no minimum annual investment amounts for Duke Capital Partners members. Members are expected to be active in the network and to be available for advice, guidance, and opinions to support investment decisions and to help portfolio companies grow.

        Duke Capital Partners' annual membership fee is $1,750. This fee helps fund our operations, which includes both services and resources. Duke Capital Partners is a manager-led angel group with a small Operating Team of professionals that devote all or a portion of their time to delivering services to members, as well as the following resources:
      • An online software platform that enables the operating team and members to communicate and collaborate on diligence and investment decision making
      • A portfolio management software platform enabling investors to track and report on the performance of their investments
      • A website that describes the network in detail for entrepreneurs and investors

          • Duke Capital Partners investments are typically structured as SPVs and are subject to a one-time Diligence Fee of 4%. We do not collect ongoing management fees. All operations are funded by membership fees, diligence fees, support from Duke University, and support from donors.

          Duke Capital Partners resides under the Duke Office for Translation & Commercialization (OTC), is overseen by the Associate VP for Translation & Commercialization, and is managed by a full-time team of investment professional (the "Operating Team").

          You can learn more on the Team page.

          Deal Sourcing
        • Actively seeking out investment opportunities that fit with member preferences
        • Providing early access to investment opportunities with companies where Duke OTC leadership has previously developed a trusted relationship
        • Expanding Duke Capital Partners' venture and angel ecosystem partnerships to provide elite access to deal investment opportunities typically inaccessible by individual angels

          • Deal Screening
        • Meeting with as many Duke-connected companies and entrepreneurs as possible, typically via online application review or live fundraising pitches
        • Filtering deals based on the strength of the business and the fit with member preferences

          • Due Diligence
        • Gathering relevant diligence documents from companies
        • Performing independent research and analysis, and gathering insights from relevant experts or subject matter experts
        • Evaluating a company’s fit for Duke Capital Partners investment, including (but not limited to) the following categories: management team, legal, regulatory, financial, market, product, business model, and competition.
        • Getting answers to any specific questions from Duke Capital Partners members
        • Providing a diligence report to members that summarizes investment strengths and weaknesses

          • Transaction Management
        • Assisting members in structuring, negotiating, and executing transactions
        • Managing relationships with investor/syndicate partners
        • Providing relevant closing information and legal documentation to members

          • Portfolio Management
        • Monitoring and advising portfolio companies throughout their life cycles
        • Connecting companies with the broader resources of the global Duke community, including faculty, students, alumni, and partners

          • Member Communication
        • Regularly updating members on the status of the portfolio and updates on all active deals

          • Event Management
        • Planning, scheduling, and coordinating of networking and/or pitch events for Duke Capital Partners members

          • Duke Capital Partners actively sources investment opportunities through many different outbound and inbound channels, including our members, the global Duke community, and applications for funding via our website. Deal screening is led by the Operating Team with support from Associates, members, and/or subject matter experts.  For opportunities deemed to be a fit for presentation to the full Duke Capital Partners membership, the Operating Team and Associates conduct further due diligence and bring forward investment opportunities to members on a rolling basis.

          The operating team provides active guidance and support throughout the investment process, including:
        • Sourcing deal opportunities to supplement deal referrals from members
        • Screening initial company applications
        • Managing information dissemination between the companies and members
        • Managing process and communications during diligence
        • Performing diligence tasks and analysis as needed
        • Supporting the investment transaction process

          • The team does not provide investment recommendations. All investment decisions are made by individual members and all investments are made directly from members to companies or into companies through an SPV set up for that individual deal. The team operates a platform and process that enables informed decision making in a timely manner.

          Duke Capital Partners members are expected to be active in the network. This includes actively sourcing investment opportunities for the group, collaborating and contributing to diligence processes and investment decisions, participating in the investment process on a regular basis, and providing support and guidance for portfolio companies based on experience and expertise.

          Entrepreneurs

          Duke Capital Partners actively sources new potential investment opportunities, but usually companies initiate the process by completing an online application. Once the application is complete, the following process steps will be followed:
        • Initial Screening: Deal screening is led by the Operating Team with support from the Associates, members, and/or subject matter experts. The screening team will assess the company's readiness for investment and fit with member preferences.
        • Secondary Screening(s): For companies advancing past the initial screening, there will likely be one or more follow-up discussions to further vet the deal opportunity for fit with Duke Capital Partners member preferences. If the follow-on screening meeting(s) result in the opportunity being advanced, the Operating Team will move into formal diligence with the company.
        • Due Diligence: All portfolio companies go through a due diligence process prior to Duke Capital Partners releasing its final diligence report(s) to members and executing the investment.  For more on our due diligence process, please see the section titled “What services are provided to DuCap Members?".
        • Execution: The Operating Team will work with members and the company to efficiently facilitate the closing of the transaction.

          • You can learn more on the Entrepreneurs page.
          Duke Capital Partners invests in Duke-affiliated startups. Companies must meet the following criteria to be considered for investment:
        • Have a founder, executive, or board member who is a Duke alumnus, faculty, staff, student, or parent
        • Raising seed or Series A equity capital of $500K to $10M or syndicating later-stage equity financings with an existing institutional lead investor
        • Headquartered, legally structured, or maintaining a significant presence in the United States

          • Duke Capital Partners invests in companies with the potential for high growth and venture-scale returns. Some of the key attributes we are looking for when evaluating investment opportunities include:
        • A large market opportunity
        • A unique value proposition
        • Proprietary technology, intellectual property, or other basis for sustained competitive advantages
        • A dedicated management team
        • A corporate structure that allows for equity investment at defined terms and conditions
        • A strategy and plan that has the potential to produce venture-scale returns

          • You can learn more on the Entrepreneurs page.

          Portfolio companies will typically, but not always, be presented for follow-on investment to members who previously invested in the company. In select cases, portfolio companies raising follow-on rounds will be presented to the full membership.

          You can learn more on the Entrepreneurs page.

          In addition to being shareholders in portfolio companies, our members will provide support and guidance for portfolio companies based on their experience and expertise. Examples of ways in which Duke Capital Partners has supported portfolio companies include strategic and operational advice, introductions to potential customers or partners, assistance with recruiting, syndicating future financing rounds, or negotiating exits. When appropriate, members may be asked to serve as observers or directors on the boards of portfolio companies. Members are not required to serve on boards.

          In addition to the involvement of members with relevant experience and expertise, DuCap enables portfolio companies to leverage the broader resources of the global Duke community. This may include, but is not limited to, support from University faculty, project assistance from student Associates, and targeted access to the University’s alumni and partner network. Most importantly, the operating team will actively match companies with expertise in the global Duke network.

          Companies initiate the process by completing an online application or reaching out directly to one of the members of the Operating Team. Companies are reviewed on a rolling basis and follows a fluid but roughly structured process consisting of:
        • Initial Screening: Members of the Operating Team and Associates review the opportunity.
        • Diligence: For opportunities selected for presentation to our membership, the Operating Team will conduct a due diligence process. For more on our due diligence process, please see the section titled “What services are provided to DuCap Members?”
        • Execution: The Operating Team will work with members and the company to efficiently facilitate the closing of the transaction.

          • The Operating Team will provide support and resources at all stages of the process.

          For initial meetings, companies should at minimum have a corporate overview presentation describing the market opportunity, the company’s solution, and the current team, as well as other information such as current and potential customers and partners, competitors, and any other information the company would deem appropriate. A long-form business plan and financial projections would also be appropriate for an initial meeting or immediately following an initial meeting.

          Subsequent meetings and due diligence will cover additional topics more in-depth, and could include product usage statistics (e.g., orders, shipments, subscribers, active users, downloads, website traffic, etc.), product development plans / roadmaps, pricing plans, detailed historical and projected financial statements, capitalization tables, hiring plans, partnership and licensing agreements, customer contracts, customer and prospective customer reports, marketing survey results, product ratings and reviews, intellectual property documentation, and other corporate documents. This list is not exhaustive and different companies in different industries will have categories of documents that will be relevant (e.g., regulatory considerations for a medical device company).

          Duke Capital Partners does not sign non-disclosure or confidentiality agreements. Company information is shared with members through a private, secure online platform. Members are bound by their terms of membership to keep all information confidential and to use information only for purposes of making investment decisions. The Operating Team closely monitors the dissemination of information within the network, and any investor member who distributes information outside the network would be in violation of their terms of membership and subject to removal from the group.

          At later stages in the diligence process, individual members may be asked to sign an NDA or CA directly with the company. These agreements will not include Duke Capital Partners as a party.

          Duke Capital Partners respects the privacy of members and does not publish a membership list. As companies enter the formal diligence process with Duke Capital Partners, interested members will be introduced to the company under the appropriate circumstances.

          The Duke Innovation Fund consists of philanthropic contributions targeted at supporting entrepreneurship across the global Duke community. The Fund will match member investments in each Duke Capital Partners investment, with matching amounts at the discretion of the Steering Committee. All proceeds are returned to the fund and reinvested in companies.

          Duke Capital Partners is a membership network. Members must be accredited individual investors with a Duke affiliation and pay an annual membership fee of $1,750. Members invest directly into Duke-affiliated companies.

          DIF is a philanthropic fund that will invest in companies that have been selected by a qualifying i) number of investing members and ii) amount of capital being invested into each deal.  The Duke Capital Partners Operating Team has purview over specific fund investment amounts.

          Students

          If you are a Duke student with a company looking for funding, please apply through the Entrepreneurs page. Duke Capital Partners has invested in student startups in the past and we would love to build a relationship with you regardless of our process outcome.

          If you are a Duke student looking to get hands-on investment experience, we run a two-year Associate program. In this program, Associates gain experience in all aspects of the investing process: from sourcing, to diligence, through closing. Associates are typically graduate students. You can learn more on the Students page.