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Live Virtual Board Meeting
LIVE VIRTUAL BOARD MEETING APRIL 14, 2021 AT 9:00 AM BOARD OF INVESTMENTS MEETING TO VIEW VIA WEB https://members.lacera.com/lmpublic/live_stream.xhtml TO PROVIDE PUBLIC COMMENT You may submit a request to speak during Public Comment or provide a written comment by emailing [email protected]. If you are requesting to speak, please include your contact information, agenda item, and meeting date in your request. Attention: Public comment requests must be submitted via email to [email protected] no later than 5:00 p.m. the day before the scheduled meeting. LOS ANGELES COUNTY EMPLOYEES RETIREMENT ASSOCIATION 300 N. LAKE AVENUE, SUITE 650, PASADENA, CA AGENDA A REGULAR MEETING OF THE BOARD OF INVESTMENTS LOS ANGELES COUNTY EMPLOYEES RETIREMENT ASSOCIATION 300 N. LAKE AVENUE, PASADENA, CALIFORNIA 91101 9:00 A.M.*, WEDNESDAY, APRIL 14, 2021 This meeting will be conducted by teleconference under the Governor’s Executive Order No. N-29-20. Any person may view the meeting online at https://members.lacera.com/lmpublic/live_stream.xhtml The Board may take action on any item on the agenda, and agenda items may be taken out of order. I. CALL TO ORDER II. APPROVAL OF MINUTES A. Approval of the Minutes of the Regular Meeting of March 10, 2021 III. REPORT ON CLOSED SESSION ITEMS IV. PUBLIC COMMENT (*You may submit written public comments by email to [email protected]. Please include the agenda number and meeting date in your correspondence. Correspondence will be made part of the official record of the meeting. Please submit your written public comments or documentation as soon as possible and up to the close of the meeting. -
Venture Capital and Creating Partnerships Between SMB and Larger Traditional Maritime And/Or Tech Corporations
MARITIME BLUE CAPITAL ASSESSMENT CONSOLIDATED FINAL REPORT SEPTEMBER 16, 2019 Supported by: Next Street Financial LLC © Copyright 2019 – CONFIDENTIAL 1 WHAT THIS DOCUMENT INCLUDES > This deck is the full consolidated materials from Next Street’s engagement with the Washington State Department of Commerce in support of the Maritime Blue strategy > All materials from our meetings with the project Steering Committee are presented here, with further details included in the Appendix slides > We have also included an Executive Summary that highlights the key findings from our industry analysis, peer cities research, and capital landscape analysis, and the 10 illustrative capital deals we identified Next Street Financial LLC © Copyright 2019 – CONFIDENTIAL 2 TABLE OF CONTENTS Executive Summary Project Overview Blue Economy Industry Analysis Blue Economy Peer Cities Analysis Blue Economy Local Capital Landscape Debt Equity Grants Blue Economy Capital Landscape Gaps Illustrative Deals Appendix Full Industry Analysis Peer City Case Studies Illustrative Seattle Investments Next Street Financial LLC © Copyright 2019 – CONFIDENTIAL 3 OUR OBJECTIVES AND PROCESS Context for this work Objectives for the engagement > The Washington Department of Commerce partnered with a > This work focused on research of potential funding structures diverse group of stakeholders to develop and launch the to provide investment capital to support economic Washington Maritime Blue Initiative growth of the maritime sector in Washington State > Maritime Blue seeks to promote -
Woodside Capital Partners the $50B Future Opportunity: Cybersecurity at the Edge
Woodside Capital Partners The $50B future opportunity: Cybersecurity at the Edge Nishant Jadhav Managing Director March, 2021 W O O D S I D E C A P I T A L P A R T N E R S Executive Summary • The edge security market is growing with a CAGR of 53% and is expected to grow from $18B in 2021 to $50B in 2026 • The two largest components of the edge security market are Zero-Trust Network Access (ZTNA) & Secure Access Service Edge (SASE), and these sectors represent over 86% of the market and are the focus of this report • Key technology enablers of ZTNA are greater remote access, adoption of cloud services, mixed work/home environments, continuous authentication and application isolation • COVID-19 has accelerated the move towards adoption of these technologies as the consumerization of IT has become more diversified and distributed in a span of 3 quarters • ZTNA empowers SASE which protects Software Defined Wide Area Network (SD-WAN), and together they’re an integral platform for cloud based security and access • This report provides an overview of the technology trends in edge security, key players in this space, and their motivations to excel • This report also provides a sample catalogue of early-stage companies we believe will excel in this space in the next 5 years 2 W O O D S I D E C A P I T A L P A R T N E R S Introduction • This report on cybersecurity at the edge provides an overview of the market, its drivers, its structure, start-ups as well as established players • It is intended to be used by start-ups and growth-stage companies, Venture Capital & Private Equity companies as well as Corporate Development teams and provides key information to assist those developing and implementing cybersecurity strategies • This report covers in some detail: • Software Defined Wide Area Networks (SD-WAN) • Secure Access Service Edge (SASE) • Zero-Trust Network Access (ZTNA) • Over 30 start-ups & growth-stage companies from the above technology sectors are profiled in detail towards the back of this report. -
Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments for Seed Investing
University of New Hampshire University of New Hampshire Scholars' Repository University of New Hampshire – Franklin Pierce Law Faculty Scholarship School of Law 6-25-2020 Valuing Young Startups is Unavoidably Difficult: Using (and Misusing) Deferred-Equity Instruments for Seed Investing John L. Orcutt University of New Hampshire Franklin Pierce School of Law, Concord, New Hampshire, [email protected] Follow this and additional works at: https://scholars.unh.edu/law_facpub Part of the Banking and Finance Law Commons, and the Commercial Law Commons Recommended Citation John L. Orcutt, Valuing Young Startups is Unavoidably Difficult: Using (and Misusing) Deferred-Equity Instruments for Seed Investing, 55 Tulsa L.Rev. 469 (2020). This Article is brought to you for free and open access by the University of New Hampshire – Franklin Pierce School of Law at University of New Hampshire Scholars' Repository. It has been accepted for inclusion in Law Faculty Scholarship by an authorized administrator of University of New Hampshire Scholars' Repository. For more information, please contact [email protected]. 42208-tul_55-3 Sheet No. 58 Side A 05/15/2020 10:30:18 ORCUTT J - FINAL FOR PUBLISHER (DO NOT DELETE) 5/14/2020 9:49 AM VALUING YOUNG STARTUPS IS UNAVOIDABLY DIFFICULT: USING (AND MISUSING) DEFERRED- EQUITY INSTRUMENTS FOR SEED INVESTING John L. Orcutt* I. ASTARTUP’S LIFE AND FUNDING CYCLES ............................................................... 474 II. VALUING YOUNG STARTUPS ................................................................................. -
Accelerating Energy Access
ACUMEN 2018 ACCELERATING ENERGY ACCESS: THE ROLE OF PATIENT CAPITAL ACUMEN WOULD LIKE TO ACKNOWLEDGE OUR PARTNERS THAT GENEROUSLY SUPPORT THE PIONEER ENERGY INVESTMENT INITIATIVE STEVE ROSS & THE BERNARD & ANNE SPITZER SHELLEY SCHERER CHARITABLE TRUST GLOBAL OFFICES SPECIAL THANKS ACCRA, GHANA Special thanks to our peer reviewers Saad Ahmad, David Aitken, Magdalena Banasiak, Morgan DeFoort, Fabio De Pascale, BOGOTÁ, COLOMBIA Christine Eibs-Singer, Peter George, Steven Hunt, Neha Juneja, KARACHI, PAKISTAN Jill Macari, Damian Miller, Jesse Moore, Willem Nolens, Steve Ross, LONDON, ENGLAND Peter Scott, Ajaita Shah, Manoj Sinha, Ned Tozun, Nico Tyabji, MUMBAI, INDIA Hugh Whalan, and David Woolnough NAIROBI, KENYA Special thanks to Carlyle Singer for her strategic guidance and NEW YORK, U.S.A. Harsha Mishra for his analytical research. Additional thanks SAN FRANCISCO, U.S.A. to the Acumen team: Sasha Dichter, Kat Harrison, Kate Montgomery, Jacqueline Novogratz, Sachindra Rudra, and Yasmina Zaidman Lead Authors: Leslie Labruto and Esha Mufti Table of Contents FOREWORD 02 EXECUTIVE SUMMARY 04 INTRODUCTION 06 1. ENERGY SNAPSHOT: 08 ACUMEN’S TRACK RECORD FOR INVESTING IN ENERGY ACCESS 2. THE PIONEER GAP: 12 HOW HAS THE INFLUX OF CAPITAL AFFECTED ENTREPRENEURS? 3. NEED FOR CAPITAL: 16 FILLING GAPS IN OFF-GRID ENERGY MARKETS TODAY 4. THE BIG PICTURE: 26 WHAT IS THE OPTIMAL MIX FOR SCALING ENERGY ACCESS COMPANIES? 5. REACHING THE POOR: 38 USING PATIENT CAPITAL TO ACCELERATE IMPACT 6. BEYOND CAPITAL: 46 WHAT DO ENERGY ACCESS STARTUPS NEED? 7. FACILITATING EXITS: 48 SENDING THE RIGHT MARKET SIGNALS 8. CONCLUSION: 56 WORKING TOGETHER TO CATALYZE ENERGY ACCESS APPENDIX 58 CASEFOREWORD STUDY Jacqueline Novogratz FOUNDER & CEO Dear Reader, I am pleased to share Acumen’s Accelerating Energy Access: The Role of Patient Capital report with you. -
Masterarbeit V1.4
Master Thesis Moritz Philip Recke Hamburg’s Entrepreneurial Ecosystem And The Next Media Initiative Public Policy Towards Entrepreneurship Fakultät Technik und Informatik Faculty of Engineering and Computer Science Department Informatik Department of Computer Science Moritz Philip Recke Hamburg’s Entrepreneurial Ecosystem And The Next Media Initiative Public Policy Towards Entrepreneurship Masterarbeit eingereicht im Rahmen der Masterprüfung im Studiengang Master of Arts - Next Media (M.A.) am Department Informatik der Fakultät Technik und Informatik der Hochschule für Angewandte Wissenschaften Hamburg Betreuender Prüfer: Professor Dr. Kai von Luck Zweitgutachter: Dr. Susanne Draheim Abgegeben am 05.12.2016 Fakultät Technik und Informatik Faculty of Engineering and Computer Science Department Informatik Department of Computer Science Author Moritz Philip Recke Topic Hamburg’s Entrepreneurial Ecosystem And The Next Media Initiative - Public Policy Towards Entrepreneurship Keywords accelerator, angel, angel investor, business angel, company builder, economic policy, economy, ecosystem, entrepreneur, entrepreneurship, entrepreneurial ecosystem, employment, entrepreneurship, financing, founder, Germany, growth, high-growth, high-growth venture, Hamburg, incubator, innovation, innovation policy, investment, investor, job creation, location development, media, metrics, next media, policy, public policy, regional development, startup, startup economy, startup ecosystem, venture capital, vc Abstract Entrepreneurship, more specifically the formation of tech startups, is often attributed with economic growth and job creation due to their high-growth potential by many policy makers around the world. This link is widely debated in scientific literature, which does not necessarily seem to inform public policy. The City of Hamburg established a Next Media Initiative, focusing on media and IT industry related innovation to nurture the future development of this industry cluster with the help of high-growth ventures. -
The Handbook of Financing Growth
ffirs.qxd 2/15/05 12:30 PM Page iii The Handbook of Financing Growth Strategies and Capital Structure KENNETH H. MARKS LARRY E. ROBBINS GONZALO FERNÁNDEZ JOHN P. FUNKHOUSER John Wiley & Sons, Inc. ffirs.qxd 2/15/05 12:30 PM Page b ffirs.qxd 2/15/05 12:30 PM Page a Additional Praise For The Handbook of Financing Growth “The authors have compiled a practical guide addressing capital formation of emerging growth and middle-market companies. This handbook is a valuable resource for bankers, accountants, lawyers, and other advisers serving entrepreneurs.” Alfred R. Berkeley Former President, Nasdaq Stock Market “Not sleeping nights worrying about where the capital needed to finance your ambitious growth opportunities is going to come from? Well, here is your answer. This is an outstanding guide to the essential planning, analy- sis, and execution to get the job done successfully. Marks et al. have cre- ated a valuable addition to the literature by laying out the process and providing practical real-world examples. This book is destined to find its way onto the shelves of many businesspeople and should be a valuable ad- dition for students and faculty within the curricula of MBA programs. Read it! It just might save your company’s life.” Dr. William K. Harper President, Arthur D. Little School of Management (Retired) Director, Harper Brush Works and TxF Products “Full of good, realistic, practical advice on the art of raising money and on the unusual people who inhabit the American financial landscape. It is also full of information, gives appropriate warnings, and arises from a strong ethical sense. -
Monthly European
December 2013 Technology / Media / Telecoms / Internet / Healthcare / Cleantech / Materials Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin December 2013 Published by Go4Venture Advisers Research, the Equity Research unit of Go4Venture Advisers LLP. About Go4Venture Advisers Providing innovative, fast-growing companies and their investors with independent corporate finance advice to help them evaluate, develop and execute growth strategies Equity Capital Markets (ECM) Equity private placements Growth equity financings and secondaries Pre-IPO advisory Mergers & Acquisitions (M&A) Sellside Buyside / Buy and build Valuation services Go4Venture Advisers LLP is authorised and regulated by the Financial Conduct Authority (FCA). © Go4Venture Advisers 2013 December 2013 Contents This Month in Brief 2 Investments 1.1 - Headline Transactions Index (HTI) 5 1.2 - Large Transactions Summary 6 1.3 - Large Transactions Profiles 7 M&A Transactions 2.1 - M&A Activity Index 17 2.2 - Top 5 Global TMT M&A Transactions Summary 18 Headline European VC & PE-Backed M&A Transactions: 2.3 - Summary 21 2.4 - Profiles 22 List of Acronyms 25 About this Bulletin The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies: Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts). Investment activity is measured using Go4Venture’s European Tech Headline Transactions Index (HTI), which is based on the number and value of transactions reported in professional publications. -
Navigating Down Round Financings: a Guide for Vcs
Navigating Down Round Financings: A Guide for VCs BY MARGARET A. GIBSON JACK S. LEVIN N TODAY’S TROUBLED ECONOMY, DOWN MARIANO E. MARTINEZ investors face increased risk of litiga- round financings have almost become tion by earlier round investors whose Ithe norm, as many portfolio companies (“PCs”) interests are being diluted. are forced to raise money by selling new securities This article identifies litigation risks to venture capi- at lower prices than earlier financing rounds. Down tal/private equity investors (“VCs”) participating in a rounds often significantly dilute the ownership down round financing and methods for minimizing these interests of investors who bought the PC’s securi- risks. This article also discusses advantageous tech- ties in earlier, higher-priced rounds, and thus the niques and subtle traps in negotiating and documenting PC’s board of directors and the down round a down round, including complex antidilution clauses, ❉ ❉ ❉ majority vote provisions and minority veto powers. Margaret A. Gibson is a partner in the corporate practice of Kirkland & Such risks, techniques and traps are covered from the Ellis. Her practice includes business transactions and counseling, with a perspective of both (1) a VC that participated in the particular focus on structuring, documenting and managing the legal earlier, higher-priced round and also participates in the aspects of private equity and mezzanine investments, leveraged buyouts, subsequent down round and (2) a VC whose initial PC public and private mergers and acquisitions, restructurings, private placements investment is in the down round. and risk capital fund formations. Jack S. Levin is a partner at the law firm of Kirkland & Ellis where he concen- I. -
Join Us for Our Webinar! How to Be Successful in the Alphasights Virtual Interview Process
Join Us for Our Webinar! How to Be Successful in the AlphaSights Virtual Interview Process Now Recruiting Online Associates, Client Service Team As an Associate on our Client Service Team, you’ll act as the connection point between our clients and industry experts. Your role is to focus on clients’ knowledge gaps and identify experts with the knowledge that can address them. OUR INDUSTRY CLIENTS EXPERTS How to Connect with Us: Our webinar will be on Wednesday, April 22nd at 12:00pm EST. This is a great opportunity to see what a career in Client Services is like, learn more about our open full-time roles, and gain tips on how to succeed in our virtual interview process. The session will be followed by a Q&A with members of our Recruiting team. RSVP Here: https://bit.ly/34htd00 Apply to Our Associate Program Please apply to our New York or San Francisco office through our online job board. We review applications on a rolling basis and look forward to meeting you! • Apply to our New York office:https://bit.ly/2URIBNO • Apply to our San Francisco office: https://bit.ly/3e2Nyut Questions? Contact Christina Aguirre, Campus Recruiting Coordinator at [email protected]. Join our ambitious, global team. alphasights.com/careers San Francisco | New York | London | Hamburg | Dubai | Hong Kong | Shanghai | Seoul | Tokyo The Role This is a fast-paced, client-facing role with a clear focus on results and revenue generation. With exposure to many industries, you’ll develop commercial and business acumen, as well as the skills in negotiation, professional communication, project management, client service, and conflict resolution. -
Strictly Private & Confidential
EQT Mid Market GP B.V. World Trade Center Schiphol H-Tower, Floor 4 Schiphol Boulevard 355 1118 BJ Schiphol The Netherlands Phone: +31 20 577 66 70 Fax: +31 20 577 66 79 Registered number: 55314295 Press release September 17, 2013 EQT backs accelerated growth of Avenso AG • EQT invests in Avenso AG, a leading German photographic art specialist • EQT and the founders become the sole owners • EQT provides new funds to accelerate growth strategy EQT has invested in Avenso AG (“Avenso” or the “Company”), a leading gallery network and online retailer for photographic art serving the contemporary photographic art market, based on a partnership agreement with the founders. The existing minority shareholder Burda will be bought out by EQT. Avenso was founded in 2004 by two art collectors in Berlin. With its flagship brand LUMAS, the Company has created a space for photographic art for young collectors and all art-lovers, offering exceptional art photography from a diverse selection of works by over 160 established artists and carefully selected emerging talents. With 24 galleries worldwide (16 in Germany, the others located in international cities such as Vienna, Zurich, London, New York and Paris) more than 1,400 works are available as original photographs in editions of 75 to 150. Signed by the artist, these editions enable LUMAS to offer art at affordable prices, starting at a price of EUR 100. Via its second brand WhiteWall, a high-profile photo laboratory, Avenso offers custom made mounting and framing services for private customers and professional photographers. WhiteWall is a leading online retailer for large-scale, gallery-quality prints. -
Fresh Capital for Online Shop Windeln.De
Fresh capital for online shop windeln.de Second financing round successfully closed New investor Acton Capital Partners on board Munich, 10 May 2011 – windeln.de, Germany’s largest online shop for everyday baby products, has successfully closed a further financing round. Led by British venture capital company DN Capital, High-Tech Gründerfonds and a consortium of existing shareholders have once again invested in the growth of the firm. This round saw Munich-based equity growth investor Acton Capital Partners come on board as a new investor. windeln.de was founded in 2010 by Konstantin Urban, Alexander Brand and Dagmar Mahnel, and has been online since October last year. The company is currently growing at a rate of around 30 per cent per month. The new financing allows windeln.de to maintain its expansion strategy. The fresh funds will mainly support the expansion of the product range and the advancement of marketing activities. At present, windeln.de offers over 4,400 products from more than 100 brands. By the end of the year, this number will have grown to around 6,000 products. Today, windeln.de numbers around 30,000 mothers and fathers among its customers. “We are delighted to have Acton as our new partner, with plenty of experience in e-commerce to draw on,” says Konstantin Urban, founder and managing director of windeln.de. Acton’s portfolio includes such sites as the online shopping mall Yatego and the high-end order fashion business mytheresa.com. “The development of windeln.de to date has been impressive,” says Nenad Marovac, Managing Partner at DN Capital.