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FORM 8-K Walmart Inc
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 4, 2018 Walmart Inc. (Exact Name of Registrant as Specified in Charter) Delaware 001-06991 71-0415188 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 702 Southwest 8th Street Bentonville, Arkansas 72716-0215 (Address of Principal Executive Offices) (Zip code) Registrant’s telephone number, including area code: (479) 273-4000 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. -
How Will Financial Services Private Equity Investments Fare in the Next Recession?
How Will Financial Services Private Equity Investments Fare in the Next Recession? Leading funds are shifting to balance-sheet-light and countercyclical investments. By Tim Cochrane, Justin Miller, Michael Cashman and Mike Smith Tim Cochrane, Justin Miller, Michael Cashman and Mike Smith are partners with Bain & Company’s Financial Services and Private Equity practices. They are based, respectively, in London, New York, Boston and London. Copyright © 2019 Bain & Company, Inc. All rights reserved. How Will Financial Services Private Equity Investments Fare in the Next Recession? At a Glance Financial services deals in private equity have grown on the back of strong returns, including a pooled multiple on invested capital of 2.2x in recent years, higher than all but healthcare and technology deals. With a recession increasingly likely during the next holding period, PE funds need to develop plans to weather any storm and potentially improve their competitive position during and after the downturn. Many leading funds are investing in balance-sheet-light assets enabled by technology and regulatory change. Diligences now should test target companies under stressful economic scenarios and lay out a detailed value-creation plan, including how to mobilize quickly after acquisition. Financial services deals by private equity funds have had a strong run over the past few years, with deal value increasing significantly in Europe and the US(see Figure 1). Returns have been strong as well. Global financial services deals realized a pooled multiple on invested capital of 2.2x from 2009 through 2015, higher than all but healthcare and technology deals (see Figure 2). -
The Miami Art Experience Begins at Four Seasons an Extensive Multi-Million-Dollar, Permanent Collection Reflects the Latin Influences of Miami
The Miami Art Experience Begins at Four Seasons An extensive multi-million-dollar, permanent collection reflects the Latin influences of Miami July 20, 2017, Miami, U.S.A. The recent transformation of the coastal metropolis has forged Miami as a hub and inspiration for art and culture. From the modern and contemporary collection at the bayfront Perez Art Museum Miami (PAMM) to the eclectic and impressive street art found in the world-famous neighbourhood of Wynwood, art is everywhere to be discovered. The vibrant contemporary art collection at Four Seasons Hotel Miami reflects the city's Latin influences, showcasing works by 35 artists including Cuban multimedia artist Jose Bedia, Miami painter Hernan Bas, Haitian artist Edouard Duval-Carrè and an installation by Venezuelan artist Jesus Rafael Soto. The permanent collection is made up of paintings, sculptures, prints and photography spanning from the lower and main lobbies, 6th floor meeting areas and 221 guestrooms and suites. 1 Guests begin their Miami art experience the moment they arrive at the Hotel. Two towering bronze sculptures stand tall in the arrival lobby, offering a grand presence that seems to welcome guests, and appear as protectors of the 70-story building. Adam and Eve, by Colombian-born Fernando Botero, are each close to 12 feet (4 metres) high and on the 7th floor lobby, and the third grandiose figure, Seated Woman by the same artist, weighs 1,985 pounds (900 kilograms). The newest exhibit can be found in 14 Thirty-Five Lounge, located on the 7th floor and across from EDGE Steak & Bar. The space has been transformed into an "underwater" art gallery, featuring more than a dozen pieces by world-renowned Spanish artist, Antonio Dominguez de Haro. -
Startup Valuation THESIS V.35 (REVISADA)
UNIVERSIDADE DE SÃO PAULO FACULDADE DE ECONOMIA, ADMINISTRAÇÃO E CONTABILIDADE PROGRAMA DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO Jose Roberto Securato Junior CLASSIFICATION, INVESTMENT SELECTION, AND VALUATION OF NEW VENTURE AND STARTUP COMPANIES CLASSIFICAÇÃO, SELEÇÃO DE INVESTIMENTOS, E VALUATION DE NEW VENTURES E STARTUPS Versão Corrigida (versão original disponível na Biblioteca da Faculdade de Economia, Administração e Contabilidade) São Paulo 2020 1 Prof. Dr. Vahan Agopyan Reitor da Universidade de São Paulo Prof. Dr. Fabio Frezatti Diretor da Faculdade de Economia, Administração e Contabilidade Prof. Dr. Moacir de Miranda Oliveira Junior Chefe do Departamento de Administração Prof. Dr. Eduardo Kazuo Kayo Coordenador do Programa de Pós-Graduação em Administração 2 Jose Roberto Securato Junior CLASSIFICATION, INVESTMENT SELECTION, AND VALUATION OF NEW VENTURE AND STARTUP COMPANIES Tese apresentada ao Programa de Pós- Graduação em Administração do Departamento de Administração da Faculdade de Economia, Administração e Contabilidade da Universidade de São Paulo, como requisito parcial para obtenção do título de Doutor em Ciências. Orientador: Prof. Dr. Jose Roberto Ferreira Savoia Versão Corrigida (versão original disponível na Biblioteca da Faculdade de Economia, Administração e Contabilidade) São Paulo 2020 3 4 Excellence precedes success 5 RESUMO Esta tese examina como a seleção de investimentos e a avaliação econômico-financeira de new ventures e startups variam ao longo do ciclo de vida destas companhias. A abordagem de pesquisa foi estruturada em 3 fases: i) revisão da literatura em new ventures e startups, ii) um questionário para 105 investidores qualificados e entrevistas públicas sobre perspectivas dos investidores, e iii) modelagem do retorno esperado ao longo do ciclo de vida das new ventures e startups com base em regressões robustas. -
TRS Contracted Investment Managers
TRS INVESTMENT RELATIONSHIPS AS OF DECEMBER 2020 Global Public Equity (Global Income continued) Acadian Asset Management NXT Capital Management AQR Capital Management Oaktree Capital Management Arrowstreet Capital Pacific Investment Management Company Axiom International Investors Pemberton Capital Advisors Dimensional Fund Advisors PGIM Emerald Advisers Proterra Investment Partners Grandeur Peak Global Advisors Riverstone Credit Partners JP Morgan Asset Management Solar Capital Partners LSV Asset Management Taplin, Canida & Habacht/BMO Northern Trust Investments Taurus Funds Management RhumbLine Advisers TCW Asset Management Company Strategic Global Advisors TerraCotta T. Rowe Price Associates Varde Partners Wasatch Advisors Real Assets Transition Managers Barings Real Estate Advisers The Blackstone Group Citigroup Global Markets Brookfield Asset Management Loop Capital The Carlyle Group Macquarie Capital CB Richard Ellis Northern Trust Investments Dyal Capital Penserra Exeter Property Group Fortress Investment Group Global Income Gaw Capital Partners AllianceBernstein Heitman Real Estate Investment Management Apollo Global Management INVESCO Real Estate Beach Point Capital Management LaSalle Investment Management Blantyre Capital Ltd. Lion Industrial Trust Cerberus Capital Management Lone Star Dignari Capital Partners LPC Realty Advisors Dolan McEniry Capital Management Macquarie Group Limited DoubleLine Capital Madison International Realty Edelweiss Niam Franklin Advisers Oak Street Real Estate Capital Garcia Hamilton & Associates -
Boaml PE Team Spins out Newquest Capital Partners to Focus on Direct Secondaries in Asia Via Its $400 Million Fund
FUNDS [email protected] BoaML PE team spins out NewQuest Capital Partners to focus on direct secondaries in Asia via its $400 million fund AS WESTERN INVESTMENT BANKS COME Asia, we’re talking only about 10% and that’s cycle for some of the assets BoaML had held under increasing pressure to minimize their largely limited to the buy-out markets of Japan, in its portfolio for the past years. Massara risk – and have thus shed their alternative asset Korea and Australia. We think that it is largely notes that the "rm may announce its "rst exits investment units – Bank of America Merrill Lynch due to the fact that there are a limited number of in the coming months, and as well as new (BoaML) has taken a unique stance in the spin buyers focused on that part of the market” investments. o! of its private equity business, seeing its head Massara explains that the size of Asia’s un- “The fund currently has $400 million, of which professionals launch an independent, direct exited deal market is roughly US$150 billion. a signi"cant amount of that is dry powder for secondaries-focused "rm backed by the new investments,” says Jason Sambanju, region’s top LPs. Co-Head of Paul Capital Asia, NewQuest’s NewQuest Capital Partners, backed by cornerstone LP. “One way to tap into more a consortium consisting of Paul Capital, capital is thru NewQuest’s existing LPs. HarbourVest Partners, LGT Capital Partners So when the opportunity to increase the and Axiom Asia, has acquired “substantially fund size arises, we can easily step up to all” of BoaML’s non-real estate private put more money to work.” equity portfolio in Asia, launching the The BoaML-cum-NewQuest team $400 million NewQuest Asia Fund I, L.P., began discussions with Paul Capital, to manage the assets. -
Secondary Market Poised to Lift
20SecondaI BUYOUTS I December 13.2010 vnnv.buyoutsnews.com arket Poised To Lift Off ByTom Stein Sellers Proliferate Secondary buyers have been predicting big Indeed, it’s no secret that financial insti tutions have their backs to the wall, They things for their market for some time. Now it are under increasing regulatory pressure to finally seems to be coming to pass. restrict their exposure to private equity. Governments and financial regulators are hammering out new rules, including Basel III and the Volcker Rule in the United States, After a dismal 2009, in which only $8 bil ing to investors a potentially cheaper and which will make private equity investing a lion worth of private equity assets were trad more liquid way to get exposure to private lot less attractive for financial institutions ed on the secondary market, 2010 is shaping equity. For LPs, an active market means an and possibly even prevent them from creat up to be a record year. Total volume for the opportunity to snap up some bargains, ing their own private equity vehicles. year is expected to reach $25 billion, easily either by directly purchasing secondary This year saw the start of some of that surpassing the previous record of $15 billion positions or by investing in secondary funds. unwinding, with AXA PrIvate EquIty pur set in 2008, according to private equity advi What is the bullish case for the second chasing part of Bank ot America’s private sory firm Triago. ary market? For starters, Richard Lichter, equity portfolio for $1.9 billion. The deal For investors like David de Weese. -
Welcome to the 12Th Annual INSEAD Private Equity Conference
Welcome to the 12th Annual INSEAD Private Equity Conference INSEAD welcomes you to the 12th Annual Private Equity Conference. The conference, inaugurated in 2003, has become the most successful private equity and venture capital event hosted by a European academic institution. With over 1,500 alumni working in the industry worldwide, INSEAD’s presence in the private equity community is well-recognized. This conference is a gathering amongst leading practitioners, academics and the INSEAD community to debate the forces shaping the private equity industry. We are delighted to host an impressive and diverse group of experienced industry professionals here on INSEAD Europe Campus. Since the financial crisis, one of the strongest trends in private equity has been increased focus on value creation. This year’s theme, “How to achieve alpha in the current environment,” aims to delve into the topic of generating returns through operational change, and assess the implications of this trend for the future of private equity. Our keynote speakers, leveraged buyouts and operational excellence panels will explore the topic of value creation deeper. Beyond value creation, the industry is further being shaped by a number of different dynamics and intense competition. To further develop the main theme, we have lined up a focused range of panels and have assembled a diverse group of outstanding panelists and moderators for you. Our panels will attempt to give an update on the current state in different parts of the industry, such as distressed investing, infrastructure and real assets, emerging strategies and limited partner relationships. The annual conference is organized by student and alumni members of the INSEAD Private Equity Club, Global Private Equity Initiative (INSEAD faculty body focused on research in Private Equity industry), Alumni Relations and Student Life offices. -
The Rise of Latham & Watkins
The M&A journal - Volume 7, Number 5 The Rise of Latham & Watkins In 2006, Latham & Watkins came in fifth in terms of deal value.” the U.S. for deal value in Thompson Financial’s Mr. Nathan sees the U.S. market as crucial. league tables and took second place for the num- “This is a big part of our global position,” he says, ber of deals. “Seven years before that,” says the and it is the Achilles’ heel of some of the firm’s firm’s Charles Nathan, global co-chair of the main competitors. “The magic circle—as they firm’s Mergers and Acquisitions Group, “we dub themselves—Allen & Overy, Freshfields, weren’t even in the top twenty.” Latham also Linklaters, Clifford Chance and Slaughters— came in fourth place for worldwide announced have very high European M&A rankings and deals with $470.103 million worth of transactions, global rankings, but none has a meaningful M&A and sixth place for worldwide completed deals presence in the U.S.,” Mr. Nathan says. Slaughter Charles Nathan worth $364.051 million. & May, he notes, has no offices abroad. What is behind the rise of Latham & Watkins Similarly, in the U.S., Mr. Nathan says that his in the world of M&A? firm has a much larger footprint than its domestic “If you look back to the late nineties,” Mr. rivals. “Unlike all the other major M&A firms,” Nathan says, “Latham was not well-recognized he says, “we have true national representation. as an M&A firm. We had no persona in M&A. -
Through Strong Partnerships
BUILDING GREAT COMPANIES THROUGH STRONG PARTNERSHIPS GLOBAL HIGHLIGHTS REVIEW 2016/17 IMPORTANT NOTICE All data supplied is as of March 31, 2017 unless otherwise stated. Figures with a $ are in US dollars. NOT AN OFFER These materials are not an offer to sell any securities or a solicitation of an offer to buy any securities. Any offer or solicitation relating to the securities of one or more investment funds (the “Advent Funds”) managed or advised by Advent International Corporation (“Advent International”) may only be made by delivery of a Private Placement Memorandum of such Advent Fund and only where permitted by law. PAST PERFORMANCE Past performance is not indicative of future performance, and there can be no assurance that the Advent Funds will achieve comparable results in the future. PROJECTIONS AND FUTURE PERFORMANCE These materials may include information about prior performance and projections of anticipated future performance or results of one or more Advent Funds (including, without limitation, one or more investments made by the Advent Funds) and other forward-looking statements. These projections and forward-looking statements are based on expectations, beliefs, assumptions, estimates and projections about market conditions as well as the anticipated performance of certain investments (including, without limitation, certain investments in portfolio companies that have been or are expected to be made by the Advent Funds). The projections and forward-looking statements included herein, or otherwise made orally or in writing from time to time, are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict as well as factors that are beyond any Advent Entity’s control. -
ILPA Releases Second Report in Diversity in Action Series
ILPA Releases Second Report in Diversity in Action Series Diversity in Action – Sharing Our Progress Report Details the Initiative’s Growth and Insights Into Integrating DEI Into Investment Strategies 1776 Eye St. NW August 31, 2021 (Washington, D.C.) The Institutional Limited Partners Association (ILPA) today released the Suite 525 second report in its Diversity in Action – Sharing Our Progress series. The report series is an extension of ILPA’s Washington, DC Diversity in Action initiative and aims to provide actionable recommendations on steps that can be taken to 20006 improve diversity, equity and inclusion in private markets. “The industry continues to respond positively to the Diversity in Action Initiative with new signatories joining every week,” said Steve Nelson, CEO of ILPA. “The Initiative now claims 180 signatories who have all been incredibly active in conversations with one another and have acted as tremendous partners to ILPA on our related work, having meaningfully contributed to our updated ILPA Diversity Metrics Template.” The Diversity in Action – Sharing Our Progress report series tracks the evolution of Initiative signatories by geography, strategy and fund size as well as progress on adoption of all the actions within the Framework. As of August 2021, the Initiative’s geographic reach is increasing, now with 38 signatories outside North America, a 52% increase in this cohort since April. The latest report focuses on how signatories are integrating diversity, equity and inclusion into investment strategies including -
Summary of Alternative Investment Vehicle (AIV) Fees
Summary of Alternative Investment Vehicle (AIV) Fees, Expenses and Carried Interest Reported Pursuant to California Government Code Section 7514.7 (AB 2833) For the period July 1, 2016 through June 30, 2017 (Fiscal Year 2017) Fees and Expenses SDCERA's Pro-rata SDCERA's Pro-rata Share of Paid by SDCERA SDCERA's Pro-rata Share Share of Carried Aggregate Fees and Expenses Gross Internal Directly to the AIV, of Fees and Expenses Paid Interest Distributed Paid by the AIV's Portfolio Rate of Return Net Internal Rate Fund Manager or from the AIV to the Fund to the Fund Manager Companies to the Fund (IRR) Since of Return (IRR) Related Parties Manager or Related Parties or Related Parties Manager or Related Parties Inception3 Since Inception Section 7514.7 (d)(1)1 Expenses $173,226 $0 $0 $0 - - 2 Section 7514.7 (d)(2) Expenses $35,650,064 $3,524,917 $28,455,935 $1,250,127 -8.1% Total $35,823,290 $3,524,917 $28,455,935 $1,250,127 Section 7514.7 Expenses by Investment Category Private Equity $11,217,997 $1,194,294 $13,625,045 $1,001,618 - 9.9% Private Real Assets $9,393,188 $975,817 $5,588,021 $202,200 - 6.9% Private Credit $1,752,057 $745,955 $477,455 $45,740 - 3.0% Real Estate $7,450,301 $428,754 $8,681,193 $569 - 7.6% Alternative Fund Structures $6,009,748 $180,095 $84,221 $0 -- Total $35,823,290 $3,524,917 $28,455,935 $1,250,127 1 From January 1, 2017 through June 30, 2017, SDCERA entered into one contract in an alternative investment vehicle (Public Pension Capital, LLC) and made no new capital commitments into existing alternative investment vehicles.