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FT PARTNERS RESEARCH 2 Fintech Meets Alternative Investments FT PARTNERS FINTECH INDUSTRY RESEARCH Alternative Investments FinTech Meets Alternative Investments Innovation in a Burgeoning Asset Class March 2020 DRAFT ©2020 FinTech Meets Alternative Investments Alternative Investments FT Partners | Focused Exclusively on FinTech FT Partners’ Advisory Capabilities FT Partners’ FinTech Industry Research Private Capital Debt & Raising Equity Sell-Side / In-Depth Industry Capital Buy-Side Markets M&A Research Reports Advisory Capital Strategic Structuring / Consortium Efficiency Proprietary FinTech Building Advisory FT Services FINTECH Infographics Partners RESEARCH & Board of INSIGHTS Anti-Raid Advisory Directors / Advisory / Monthly FinTech Special Shareholder Committee Rights Plans Market Analysis Advisory Sell-Side Valuations / LBO Fairness FinTech M&A / Financing Advisory Opinion for M&A Restructuring Transaction Profiles and Divestitures Named Silicon Valley’s #1 FinTech Banker Ranked #1 Most Influential Person in all of Numerous Awards for Transaction (2016) and ranked #2 Overall by The FinTech in Institutional Investors “FinTech Excellence including Information Finance 40” “Deal of the Decade” • Financial Technology Partners ("FT Partners") was founded in 2001 and is the only investment banking firm focused exclusively on FinTech • FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 18 years of exclusive focus on Financial Technology FT PARTNERS RESEARCH 2 FinTech Meets Alternative Investments I. Executive Summary 5 II. Industry Overview and The Rise of Alternative Investments 8 i. An Introduction to Alternative Investments 9 ii. Trends Within the Alternative Investment Industry 23 III. Executive Interviews 53 IV. Industry Landscape 114 V. Selected Financing and M&A Transaction Profiles 117 VI. List of Selected Financing and M&A Transactions 127 VII. Selected Company Profiles 137 VIII.Overview of FT Partners 179 Steve McLaughlin SUBSCRIBE Founder, CEO, Managing Partner [email protected] | (415) 992 - 8880 San Francisco ∙ New York ∙ London Alternative Highly proprietary information. Unauthorized distribution without prior consent from Financial Technology Partners LP, FTP Securities LLC or FinTech Partners Limited (together “FT Partners”) is strictly prohibited. The information in this report relies upon a variety of public sources, the accuracy of which cannot be guaranteed. No Investments persons or entities should use the information in decision making without independent investigation or professional advice. This communication should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product or service, nor is it an official confirmation of any transaction, or representative of an 3 official position or statement of Financial Technology Partners LP, FTP Securities LLC or any other related entity. FTP Securities LLC is a FINRA registered broker-dealer and FinTech Partners Limited is an FCA appointed representative. © 2020 FinTech Meets Alternative Investments Alternative Investments Table of Contents | Executive Interviews and Company Profiles Executive Interviews Company Profiles Eric Poirier Clint Coghill CEO CEO Matthew Brown Henry Ward Founder & CEO Founder & CEO John Phinney, George Evans Robert Caporale Co-Presidents s CEO s Kelly Rodrigues Todd Ryden CEO Founder & CEO Christopher Bruno Milind Mehere Co-Founder, CEO Founder & CEO Brian Lichtenberger Co-Founder, CEO FT PARTNERS RESEARCH 4 Alternative Investments Executive Summary Executive Summary Alternative Investments Overview of the Opportunity Demand for alternative assets remains strong as investors A new FinTech ecosystem is building and plan sponsors seek asset diversification, higher yields, around alternatives consisting of: and uncorrelated returns. As a result, alternatives are a clear bright spot in the asset management industry. Despite significant headwinds, successful New data and analytics providers alternative asset managers are growing while many traditional asset managers have or are considering moving into the space. Software companies offering business management solutions built on modern technology A similar trend is playing out among investment service providers -- traditional servicers are expanding their Online platforms seeking to provide capabilities to include alternatives and we expect to see frictionless access to investments heightened consolidation as alternative-focused service and more easily match investors and providers are increasingly viewed as attractive targets. managers This report is designed to provide asset managers, As demand grows for alternative service providers, private equity investors, and others assets, a new FinTech ecosystem is interested in alternatives with deep insight into trends in developing to help investors, the alternative asset management industry, potentially investment managers, and service providers to access new asset classes shedding light on new business, investment, and and manage their investments and acquisition opportunities across the space. operations with new data, software, and platforms. FT PARTNERS RESEARCH 6 Executive Summary Alternative Investments Highlights of the Report In this report, we … DEFINE HIGHLIGHT PROVIDE Alternative investments Key trends driving the A detailed landscape of the and discuss industry developing FinTech FinTech companies demand drivers ecosystem around the servicing the alternatives alternative investment ecosystem management industry INTERVIEW LIST ACTIVITY PROFILE CEOs of 11 companies of recent M&A transactions 41 alternative-related driving innovation in the and financing among service providers and other Alternatives space alternative-related service FinTech companies in the providers and other space tangential FinTech companies targeting alternatives FT PARTNERS RESEARCH 7 Alternative Investments Industry Overview and the Rise of Alternative Investments An Introduction to Alternative Investments Defining and Differentiating Securities within the Industry Alternative Investments An Introduction to Alternative Investments Alternative Investments Defining and Differentiating Alternative Investments Defining “Alternative Investments” Alternative investments can be classified as investments that do not belong in traditional asset classes such as cash, stocks and bonds. They typically span the spectrum of risk, return, and liquidity. Furthermore, alternatives share the following principal characteristics: Low to moderate Not listed on an Reduced liquidity correlation with exchange public equity markets Due to regulatory restrictions along with higher minimums and higher fees (compared to traditional investments), alternatives have traditionally only been accessible to institutions and high net worth individuals. Because these securities are private and limited to more experienced / wealthier investors, there is a general lack of transparency and understanding of them among the broader universe of investors and advisors. Breaking Down Alternative Investment Classes Prime examples of alternatives include: Private Equity Private Placements Physical Metals Hedge Funds Managed Futures Real Estate Investments in each of these classes typically require a high minimum (often greater than $1 million) and standing as an accredited investor. Note: the term “accredited investor” is defined as either an institution meeting certain requirements or an individual that commands a net worth of at least $1 million (excluding their primary residence) or an annual salary of at least $200,000 in each of the two most recent years. FT PARTNERS RESEARCH Source: Active Allocator 10 An Introduction to Alternative Investments Alternative Investments The Accessibility of Alternatives Modern Portfolio Theory – Traditional vs. Alternatives Alternative Investments are notably less accessible, but typically provide uncorrelated and potentially higher returns. Certain FinTech companies outlined in this report are shaping the industry to make these investments more open to both With Alternatives institutions and individuals. Traditional Investments Expected Expected Returns Risk / Volatility PE infrastructure, PE real estate, private Other debt funds, other alternative funds Alts. Private equity, direct private company Justin Ferri Core investments, hedge funds & venture capital Managing Director Alternatives Other Investments Art, antiquities & wine Leveraging technology to unlock alternative investment “ “ Commodities, real estate & Tangible Investments solutions that were infrastructure previously unavailable should be top-of- mind...(1) Traditional Investments Stocks, bonds & cash FT PARTNERS RESEARCH Source: Longitude Research, From Coal to Diamonds 2020 Vision 11 (1) Markets Insider, “Altegris Partners with Artivest to Expand Distribution of $1 Billion Suite of Alternative Investment Funds.” An Introduction to Alternative Investments Alternative Investments Key Events in the History of Alternative Investments 1920s – 60s 1970s 1980s 1990s 2000s – Present 1926: 1972: 1981: 1998: 2000: Graham-Newman Sequoia Capital founded Economic Recovery Tax Act Long-term Capital implodes Gaussian Copula founded VC firm of 1981 The financial system’s function is published First hedge fund Made equity investments stability is compromised Enabled the rise of more attractive compared
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