A Wharton MBA and CFA charterholder, Carolyn has managed a $700 million VC portfolio, executed 20+ VC/PE investments and exits, and advised Bain clients on growth and return strategies. She's worked with startups and corporates across China, Canada, US, and Australia in VC financing, investment management, strategy, M&A and business development. Freelancing allows her to choose the projects that best leverage her unique experiences.
Created a new digital banking proposition (including prototypes) for the business development team to acquire more than 200,000 new millennial customers and developed a product business case, including detailed P&L, cash flow, investment, and valuation projections, to internally pitch for funding.
Developed medium-term strategic options for a mortgage portfolio business to improve profitability (ROTE) by 40%.
Led the strategy review in the mobility ecosystem to develop a new revenue source for the bank.
Focus areas: Profitability Optimization, Business Planning, Strategy
2014 - 2016
Bain & Company
Created an outside-in, full-potential strategy to improve the shareholder return by 5% for a top Australian bank.
Designed and implemented an NPS-based customer advocacy strategy for a leading wealth manager with more than 5,000 employees by designing surveys, establishing KPIs, and implementing operating rhythms across account management and operations team.
Focus areas: Paper & Packaging, Business Strategy
Investment Associate, Global Funds, Co-invest, and Venture Capital
2010 - 2012
Ontario Teachers' Pension Plan Investment Board - Teachers' Private Capital
Evaluated private equity and venture capital direct and co-investment opportunities in technology, biopharmaceutical, and energy sectors.
Led the due diligence and execution of more than 20 venture capital financing transactions worth more than $200 million (total money raised by startups backed by well-known venture capital investors such as Kleiner Perkins and NEA).
Led management of a $700 million portfolio with more than 80 venture capital direct and funds investments.
Developed an LBO, trading multiples, precedent transactions, and DCF valuation models.
Negotiated NDAs, term sheets, and sales and purchase agreements; conducted management interviews.
Provided the sole support to the head of venture capital (VC) and represented OTPP on VC fund limited partners (LP) advisory board.
Managed investment exit process: completed one IPO, three M&A, one short sale, and 20 stock sale transactions.
Executed eight global private equity and venture capital funds' investments, resulting in a $750 million aggregate commitment.
Focus areas: Deal Advisory, Due Diligence, Private Equity, Venture Capital
AI Investment Primer: A Practical Guide to Appraising Artificial Intelligence Dealflow (Part II) (Publication)
In part I of this two-part series, Toptal Finance Expert Carolyn Deng provided an overview of the world of AI aimed at investors, with a focus on understanding what factors make for a great AI company. In this follow-up post, she outlines five practical steps investors should follow when diligencing a potential AI investment.
AI Investment Primer: Laying the Groundwork (Part I) (Publication)
Over the last few years, the world has witnessed an explosion of interest surrounding Artificial Intelligence. Nevertheless, there still exists a significant gap in understanding and knowledge about AI applications, particularly amongst the investor community. This article, the first of a two-part series on the topic, is a collection of thoughts and advice by Toptal Finance Expert Carolyn Deng, based on her experience having founded an AI startup as well as having worked as VC Investor.
Startup Financing for Founders: Your Companion Checklist (Publication)
Attention on the financial aspects of startups tends to focus on the external measure of fundraising. Yet before this, there are many aspects for an entrepreneur to consider regarding setting their business up for financial success.
In this article, we address eight vital considerations to take around the equity, budget, and valuation components of a startup.
Master of Business Administration (MBA) degree in Finance and Entrepreneurial Management
2012 - 2014
The Wharton School at the University of Pennsylvania - Philadelphia, PA, USA
Chartered Financial Analyst (CFA) in Financial and Investment Analysis