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Publications

While at Wharton, Hilliard refined two new strategies for improving venture capital portfolio returns building on principles of financial engineering and behavioral economics.

1. Identified an optimal deal structure for early stage investment which has the curious properties that:
    
   • The investor makes more money
   • The entrepreneur is happier

           2004 -- Is there a Single, Best Type of Security One
                      Should Always Use for Early Stage Investments? (not yet published)
     

2. Researched portfolio hedging opportunities that can improve IRR's and cash-on-cash returns:
    

• 2004 -- SHOULD A VENTURE CAPITAL FUND ACT MORE
               LIKE A “VENTURE HEDGE FUND™”?
             This article is an application of the theory developed in
               "Raising the returns to Venture Finance" applied to venture
               capital portfolio management.
   
• 2004 -- Summary and Review of:
               "SHOULD A VENTURE CAPITAL FUND ACT MORE
             LIKE A “VENTURE HEDGE_FUND™”?"
             in Knowledge@Wharton On-line Journal
   
• 2004 -- RAISING THE RETURNS TO VENTURE FINANCE
              A detailed explanation and discussion about hedging private
               equity investments. Contains theoretical, legal and ethical
               analyses about the use of hedging strategies to trade on
               private company information.
   

Previous Media Coverage of Hilliard's former company

• Pretty in Purple, Forbes Magazine, May 3, 1999

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