DOCSLIB.ORG

Semi-Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Semi-Annual Report 2SEMI-ANNU 012AL REPORT AND UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 31 JULY Contents 01 Key Highlights and Investment Strategy Key Highlights Financial Summary Features of Investment Strategy 04 Chairman’s Letter 06 Investment Manager’s Review Results for the Six-Month Period Ended 31 July 2012 About HarbourVest Portfolio Portfolio Review Balance Sheet Management and Commitment Ratios Investment Manager’s Review Recent Events 32 About the Board Statement of Directors’ Responsibilities in Respect to the Financial Statement 34 Unaudited Consolidated Financial Statements Consolidated Financial Statements Notes to Consolidated Financial Statements 47 Disclosures 49 Company Advisors COMPANY OVERVIEW HarbourVest Global Private Equity Limited (“HVPE” or the “Company”) is a Guernsey-incorporated company listed on the Specialist Fund Market of the London Stock Exchange and Euronext Amsterdam by NYSE Euronext, the regulated market of Euronext Amsterdam, registered with the Netherlands Authority for the Financial Markets as a closed-end investment company pursuant to section 1:107 of the Dutch Financial Markets Supervision Act, and authorised as a closed-ended investment scheme in accordance with section 8 of the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended, and rule 6.02 of the Authorised Closed-ended Investment Scheme Rules 2008. HVPE is managed by HarbourVest Advisers L.P. (the “Investment Manager”), an affiliate of HarbourVest Partners, LLC (“HarbourVest”), a private equity firm whose history dates back to 1982. HarbourVest is headquartered in Boston and has committed more than $30 billion to investments. The Company issued 83,000,000 shares at $10.00 per share in December 2007. Key Highlights and Investment Strategy Key Highlights For the Six Months Ended 31 July 2012 $42m realised profits $11.41 NAV per share $943m NAV 13% increase $7.19 LSE share price ($6.37 at 31 January 2012) Primary, secondary, and direct investments $1,0 3 8 m Investment Portfolio $95m net debt ($152m at 31 January 2012) 20 Vintage Years (73% pre-2008) T op 100 companies represent 28% of NAV Cash Flow Six consecutive months of positive $36m Invested cash flows $93m Realised 31% Uplift on Realisations $57m 200+ Liquidity Events (IPO and M&A) Cash Flow Positive $107m Debt ($154m at 31 January 2012) 10% Net Leverage Ratio (Net Debt / NAV) $405m Cash and Available Credit Facility Repaid $44m of debt during six-month period 157% Allocated Commitment Ratio $520m Investment Pipeline (152% 31 January 2012) (future commitments) 91% Allocated Coverage Ratio $444m Allocated (103% 31 January 2012) $76m Not Allocated HVPE Key Highlights and Investment Strategy / 1 Financial Summary SUMMARY OF NET ASSET VALUE 31 July 2012 31 January 2012 (in millions except per share and % data) Investment Portfolio $1,038.4 $1,096.2 Cash and Cash Equivalents 11.8 2.2 Debt (106.7) (154.4) Net Other Assets (Liabilities) (0.2) — NAV $943.3 $944.0 NAV per Share* $11.41 $11.42 INVESTMENT PIPELINE (Unfunded Commitments) Allocated $443.6 $337.2 Unallocated 76.5 116.3 Total Investment Pipeline $520.1 $453.5 Cash + Remaining Available Credit Facility† $405.1 $347.8 FINANCIAL PERIOD Six Months Ended Financial Year Ended 31 July 2012 31 January 2012 INVESTMENTS $35.9 $251.0 % of Investment Pipeline‡ 7.9% 39.8% REALISATIONS $93.1 $180.6 % of Investment Portfolio§ 8.5% 19.5% NET CASH FLOW $57.2 ($70.4) Investments include 2011 investment in Absolute Private Equity Ltd. * 82.7 million shares outstanding † Available credit facility reflects amount available subject to most restrictive covenant limit applicable. ‡ Percent of Investment Pipeline at prior financial year end. Includes Absolute investment. § Percent of Investment Portfolio at prior financial year end. 2 / Key Features of Investment Strategy Superior Access to New Investment Opportunities Committed ($ millions) $120 Conversus $60 Dover VIII $2 Direct $50 $4 2012 Secondary Direct Fund $46 Primary To Underlying HarbourVest Co-investment* Managers Fund Commitments ZFunded using proceeds received from the maturing portfolio and the credit facility. Highly Diversified and Mature Portfolio % of Investment Portfolio 6% 7% Other RoW 27% 32% 25% 2008-2012 Venture Europe 46% 68% 2005-2007 62% U.S. Buyout 27% Pre-2005 Strategy Geography Vintage Year ZA comprehensive portfolio should strive to be consistently exposed to the most successful managers in their areas of expertise. Strong Balance Sheet ($ millions) $76 $500 Unallocated Credit Facility $444 $393 Allocated Available Credit Facility $12 $93 Cash Credit Facility Liquid Resources Investment Pipeline Realisations During through 2014 of $405 of $520 Six Months to 31 July 2012 ZListed private equity vehicles should maintain adequate resources to finance future obligations. * Committed in July 2012, transaction expected to close later in 2012 and 2013. HVPE Key Highlights and Investment Strategy / 3 Chairman’s Letter Dear Shareholders, The Company and its Portfolio Apart from the initial public offering of Facebook and participation in the offer for the assets of Conversus At 31 July 2012, HVPE’s Net Asset Value per share Capital L.P., of which more later in this letter, the six (“NAV”) of $11.41 was just one cent lower than at months to 31 July 2012 were a relatively quiet period the year end six months earlier. The Investment for your Company. Economic activity around the Manager’s report sets out the details. Some useful world was relatively subdued as economies uplifts on realisations of investments were offset continued to struggle to unwind the problems that by the costs of running the Company and more arose as a result of the excesses of the debt-fuelled particularly by some modest reductions in value of boom years. Many of those problems are proving some of the Company’s investments. However, in to be extraordinarily difficult to resolve, both effect the six-month period was, on this occasion, economically and politically, and government flat at the end of six half yearly periods of sustained borrowing in many low growth economies remains NAV growth. stubbornly high and, in many cases, continues to At 31 January 2012, HVPE’s largest investment was increase. Short-term interest rates remain close to in Facebook (1.25% of the portfolio) representing zero in many countries. However, economic growth, $13.7 million in value, which was subsequently without which the position is unlikely to improve, is listed on NASDAQ in May. Although the post-listing proving very elusive in many of the mature economies. share price performance of Facebook has been The U.S. is the most important economy for both disappointing, some of the private equity funds in the world and for your Company. Although there are which HVPE is invested backed the company from some signs of improvement in the economy, albeit its early days and have seen spectacular gains. not in the outlook for employment, the divisive From the base of the original investment made by political battle for the presidency in November does those funds, and despite the decline in the public not bode well for agreement on decisive political share price, HVPE’s interest was valued at more than action on the economy after the election. Fortunately 250 times cost at 31 July 2012. $5.0 million of that the Federal Reserve’s mandate to some extent allows interest was sold at the IPO and the cash distributed it to act independently of the politicians, and a clear to HVPE. So although Facebook did not add to NAV understanding of the mistakes of the 1930s remains in the six months to 31 July 2012, it provided liquidity Mr. Bernanke’s specialist subject. and amply justified previous valuations, as well as showing what spectacular returns can sometimes Europe is the second most important market in which be obtained in the U.S. venture market to which your Company is invested. Here most countries, your Company has significant exposure. and certainly those within the 17 nation eurozone, continue to be affected seriously by the instability of the euro as a common currency and the inability Uplifts on Realisations of the politicians to forge a lasting solution. Although Mr. Draghi, the new chairman of the On page 16 there are details of the uplifts on European Central Bank, appears to understand realisations of the largest 43 M&A transactions in both the problems and the possible solutions, the six-month period. We measure the uplifts by political road-blocks in parliaments and electorates reference to the previous carrying values at the make it seem unlikely that the euro will become a month end prior to the announcement of a possible stable currency in the near future. Indeed I expect deal. Those carrying values will in many cases to see continuing periods of relative calm alternating already have been written up from cost. with political or economic crises. That is not a happy recipe for growth. 4 / Those 43 largest realisations showed an uplift to December 2012. In conjunction with the acquisition of carrying value of 31% and represented approximately Conversus’ investment portfolio, HarbourVest is offering 86% of the total value of M&A realisations in the period. existing Conversus unit holders the option to participate The Investment Manager will continue to refine this in the wind-down of the Conversus assets by rolling work and I hope to be able to report in more detail over into a newly formed realisation vehicle. The level at the year end. of roll over will be determined through a unit holder election process expected to be launched by Conversus in October, after which HVPE’s final level Share Price and Turnover of participation will be known. The share price ended the six months at $7.19 As was the case with Absolute, HarbourVest advised which was a welcome uplift on the price of $6.37 at your Board that it is of the opinion that this is an attractive 31 January.
Load more

Recommended publications
  • Workshop on Venture Capital and Antitrust, February 12, 2020
    Venture Capital and Antitrust Transcript of Proceedings at the Public Workshop Held by the Antitrust Division of the United States Department of Justice February 12, 2020 Paul Brest Hall Stanford University 555 Salvatierra Walk Stanford, CA 94305 Table of Contents Opening Remarks ......................................................................................................................... 1 Fireside Chat with Michael Moritz: Trends in VC Investment: How did we get here? ........ 5 Antitrust for VCs: A Discussion with Stanford Law Professor Doug Melamed ................... 14 Panel 1: What explains the Kill Zones? .................................................................................... 22 Afternoon Remarks .................................................................................................................... 40 Panel 2: Monetizing data ............................................................................................................ 42 Panel 3: Investing in platform-dominated markets ................................................................. 62 Roundtable: Is there a problem and what is the solution? ..................................................... 84 Closing Remarks ......................................................................................................................... 99 Public Workshop on Venture Capital and Antitrust, February 12, 2020 Opening Remarks • Makan Delrahim, Assistant Attorney General for Antitrust, Antitrust Division, U.S. Department of Justice MAKAN
    [Show full text]
  • European Technology, Media & Telecommunications Monitor
    European Technology, Media & Telecommunications Monitor Market and Industry Update Fourth Quarter 2012 Piper Jaffray European TMT Team: Eric Sanschagrin Managing Director Head of European TMT [email protected] +44 (0) 207 796 8420 Stefan Zinzen Principal [email protected] +44 (0) 207 796 8418 Jessica Harneyford Associate [email protected] +44 (0) 207 796 8416 Peter Shin Analyst [email protected] +44 (0) 207 796 8444 Julie Wright Executive Assistant [email protected] +44 (0) 207 796 8427 TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Selected Piper Jaffray 2012 TMT Transactions 2 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Contents 1. Internet and Digital Media A. Trading Update B. Transaction Update C. Public Market Trading Multiples 2. Software and IT Services A. Trading Update B. Transaction Update C. Public Market Trading Multiples 3. Communications Technology And Hardware A. Trading Update B. Transaction Update C. Public Market Trading Multiples 4. Equity Capital Markets and M&A Update 3 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS
    [Show full text]
  • Roger Mcnamee, Zucked: Waking up to the Facebook Catastrophe, New York, NY: Penguin Press, 2019, 352 Pp., $28 (Hardcover)
    International Journal of Communication 13(2019), Book Review 4169–4172 1932–8036/2019BKR0009 Roger McNamee, Zucked: Waking Up to the Facebook Catastrophe, New York, NY: Penguin Press, 2019, 352 pp., $28 (hardcover). Reviewed by Heidi E. Huntington West Texas A&M University, USA In 2016, Roger McNamee, a longtime tech insider and venture capitalist, began to notice something unusual happening on Facebook. He observed a rise in viral images and other fear- and anger-based content coming from political-oriented Facebook groups. His hunch was that “bad actors were exploiting Facebook’s architecture and business model to inflict harm on innocent people” (p. 5). As a onetime mentor to Facebook founder and CEO Mark Zuckerberg, McNamee felt he had to do something. Shortly before the 2016 U.S. election, McNamee reached out to Zuckerberg (whom he had advised not to sell Facebook back in 2006) and to COO Sheryl Sandberg (whom McNamee had suggested for the job) to alert them to his observations. Zucked: Waking Up to the Facebook Catastrophe tells the story of McNamee’s efforts to convince Facebook to change tactics regarding some key aspects of its platform to be more socially responsible, and his subsequent, unlikely journey into anti-Facebook activism when his concerns went unanswered among Facebook’s executives. A tech advocate, McNamee likens himself to Jimmy Stewart’s character in the classic 1954 film Rear Window, unwittingly drawn into taking an active role in an ongoing crisis. Zucked is part personal narrative, part doomsday prophecy, and part call to action. Its focus is also ultimately broader than a critique of Facebook alone, using McNamee’s experience with Facebook as an entry point to examine the role of big tech companies in society more generally.
    [Show full text]
  • Monthly Update for 29 February 2012
    Monthly Update 29 FEBRUARY 2012 February Highlights HVPE’s estimated NAV per share is $11.43, a $0.01 per share increase from 31 January 2012. On 1 February 2012, Facebook (one of HVPE’s largest underlying company holdings) filed for an IPO, which is expected to value the company at between $75 and $100 billion. On 2 March 2012, Yelp, Inc. (NYSE: YELP) completed an IPO at $15 per share, above its initial price range. The Facebook and Yelp offerings follow 2011 IPOs of Groupon (NASDAQ: GRPN) and Zynga (NASDAQ: ZNGA), all of which are held in HVPE’s venture portfolio, which currently represents 32% of investment value. The Company repaid $6.0 million of capital against its $500 million credit facility. Since 30 September 2011, HVPE has decreased its outstanding borrowings by $40.9 million, and $150.3 million is outstanding at 29 February 2012. Despite euro movement affecting HVPE’s NAV of Investments, the overall result of currency movement is broadly neutral as the Company maintains sufficient euro-denominated borrowings so that these and its unfunded euro commitments are approximately equal to its euro assets. 29 February 2012 31 January 2012 Change SUMMARY OF NET ASSET VALUE (in millions except per share and last traded price data) Estimated NAV of Investments $1,090.9 $1,096.9 ($6.0) Cash and Cash Equivalents 5.7 2.2 3.5 Outstanding Debt (150.3) (154.4) 4.1 Net Other Assets (Liabilities) (0.9) (0.5) (0.4) Estimated NAV $945.4 $944.2 $1.2 Estimated NAV per Share (82.7 million shares outstanding) $11.43 $11.42 $0.01 Last Traded Price (Euronext)1
    [Show full text]
  • Shareholder Meeting
    17 June 2009 HarbourVest Global Private Equity Limited Informal Meeting for Shareholders Welcome Sir Michael Bunbury Chairman, HVPE HarbourVest and HVPE Attendees Sir Michael Bunbury Chairman of HVPE D. Brooks Zug Senior Managing Director and Founder of HarbourVest; Director of HVPE George Anson Managing Director of HarbourVest; Director of HVPE Steve Belgrad CFO of HVPE Amanda McCrystal Head of Investor Relations and Communications for HVPE 2 Agenda I. Welcome Sir Michael Bunbury II. Overview of the Manager – HarbourVest D. Brooks Zug III. HVPE Review Steve Belgrad • Financial Highlights • Portfolio • Commitments and Balance Sheet • Trading and Investor Relations • HVPE Outlook IV. Outlook for Private Equity George Anson V. Summary / Questions and Answers Steve Belgrad 6/1/2009 3 Overview of the Manager – HarbourVest D. Brooks Zug Senior Managing Director and Founder, HarbourVest Director, HVPE Overview of the Investment Manager – HarbourVest Partners Largest Private Independent, 100% owner-managed private equity fund-of-funds Equity Founders began private equity investing in 1978 Fund-of-Funds Manager with Total capital raised over 25 years of $30 billion Experienced, Global 78 investment professionals in Boston, London and Hong Kong Team together with a support staff of more than 140 Focus on three private equity investment strategies: primary Consistent partnerships, secondary investments, direct investments Private Equity Strategy Four principal product lines: U.S. fund-of-funds, non-U.S. fund-of-funds, secondary-focused funds, direct / co-investment funds Demonstrated One of the longest track records in the industry Upper Quartile Achieved by the same professionals that manage the portfolio today Investment Demonstrated top quartile performance across all private equity Performance strategies1 __________________ Note: (1) Where relevant benchmarks exist.
    [Show full text]
  • The Massachusetts-Israel Economic Impact Study
    The Massachusetts-Israel Economic Impact Study 2016 Edition: The Boston-Israel Power Partnership An expanding relationship that generates revenue, jobs, and investment for the benefit of both economies Boston Tel Aviv June 2016 Prepared for the New England-Israel Business Council With support from CJP of Greater Boston Based on research by Stax, Inc. With additional research by TAMID @ Boston University by David Goodtree Table of Contents » Executive Summary ....................................................................................................... 4 » Israeli Innovation Is a Major Driver of the Massachusetts Economy ............................4 » About the Title of This Whitepaper .....................................................................................5 » Israeli Entrepreneurs Choose Boston To Build Global Businesses ..................... 6 » Boston is a Gateway for Israel to U.S. and Global Markets ............................................6 » Revenue ...................................................................................................................................7 » Jobs ...........................................................................................................................................8 » Capital ......................................................................................................................................8 » Acquisitions .............................................................................................................................10
    [Show full text]
  • Investment Report
    THE UNIVERSITY OF MICHIGAN REGENTS COMMUNICATION ITEM FOR INFORMATION Subject: Annual Report of Investments Background and Summary: The Annual Report of Investments, enclosed under separate cover, describes the investments of the University's financial assets. It is designed to provide meaningful context to the Board of Regents as they are asked to consider investment opportunities presented in the course of the year. ubmitted, · vi . Hegarty xecutive Vice President and Chief Financial Officer October 2015 REPORT OF INVESTMENTS 2015 1 16 INTRODUCTION Alternative Assets (Illiquid) 4 17 LONG TERM PORTFOLIO Venture Capital Background 18 6 Private Equity Asset Allocation 19 7 Real Estate Model Portfolio 20 10 Natural Resources Investment Performance 22 12 DAILY AND MONTHLY Marketable Securities PORTFOLIOS/SHORT TERM POOL Asset Allocation 13 Investment Performance Market Traded Equities 23 VERITAS 14 Asset Allocation Investment Performance Fixed Income 15 25 CONCLUSION Absolute Return 28 BENCHMARK DEFINITIONS A-1 APPENDIX: MANAGER DEFINITIONS The pictures in the report depict innovation at the University of Michigan. Cover: An MSE/BSE student runs a cylinder combustion simulation in the Michigan Immersive Digital Experience Nexus (MIDEN) at U-M’s 3D Lab. This page: The Medical Chemistry Lab in the College of Pharmacy uses specialized disciplinary approaches to focus on the ultimate Report ofgoal Investments of drug discovery. 2015 | 1 INTRODUCTION The University invests its financial assets in pools with The market value of the University’s combined cash distinct risk and liquidity characteristics based on and investments totaled $11.7 billion at June 30, 2015, specific needs, with the large majority of its financial compared to $11.6 billion at June 30, 2014, primarily assets invested in two such pools.
    [Show full text]
  • Minnesota State Board of Investment Date
    This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. http://www.leg.state.mn.us/lrl/lrl.asp MINNESOTA STATE DATE: January 17, 2020 BOARD OF INVESTMENT TO: Legislative Reference Library FROM: Mansco Perry III /J1. f ~ Executive Director and chfuf Investment Officer SUBJECT: Report on Investment Consultant Activities Board Members: The provisions of Minnesota Statutes, Section 1 lA.27 require the State Board of Investment to file with the Legislative Reference Library a report on investment Governor Tim Walz consultant activities. State Auditor The State Board of Investment (SBI) contracts with Aon Hewitt Investment Julie Blaha Consulting, Inc. (AON), Chicago, Illinois and Meketa Investment Group, LLC Secretary of State (Meketa), Portland, Oregon. AON serves as the SBI's general consultant and the Steve Simon annual contract fees are $515,000. Meketa serves as the SBI's special projects consultant and the contract fees are $285,000 per year. Attorney General Keith Ellison As part of their consultant services, AON and Meketa are available to the Board, staff and Investment Advisory Council to provide perspective, counsel and input on relevant investment related issues. Executive Director & Chief Investment During the period July 1, 2018 through June 30, 2019, AON and Meketa were Officer: involved in the following projects: Mansco Perry • AON provided research and implementation considerations in the Return­ Seeking Fixed Income asset group. 60 Empire Drive • Meketa reviewed the potential impact that climate change may have on Suite 355 St Paul, MN 55103 long-term investment risks to the SBI's investment portfolio and indicate (651) 296-3328 approaches that the SBI may take to address and mitigate identified investment risks.
    [Show full text]
  • Facebook: a Like Story Why Investors Shouldn’T Fall in Love
    Facebook: A Like Story Why investors shouldn’t fall in love Edited by Jeffrey Goldfarb and Robert Cyran Cover design by Troy Dunkley 2 CONTENTS Preface ……………………….………. 4 The present ……………………….. 6 The past ………………………….… 14 Early days ……………………….…. 15 Growing up …………………….…. 22 Proud parents ……………….….. 32 The Future ………………………... 36 3 PREFACE WELL-FLAGGED - Facebook and its Chief Executive Mark Zuckerberg have raised some red flags for investors, including how the switch to mobile could be a big problem. REUTERS/Jim Young Facebook’s initial public offering is the seminal event of the capital markets in 2012. Breakingviews has followed the social network’s growth in analytical fashion since soon after it started in Mark Zuckerberg’s Harvard University dorm room in 2004. We’ve compiled a selection of some two dozen of these incisive stories to illustrate Facebook’s trajectory and increasing importance , from its origins as a site used by college students to a business with approaching a billion users and, after its IPO, potentially worth more than $100 billion. 4 “Facebook: A Like Story” kicks off with a timely, pertinent piece on how governments, rival businesses and Wall Street have become financially dependent on Facebook’s debut. The book also contains a handy number-cruncher - accompanied by an interactive calculator - that allows investors to value Facebook’s stock and see what assumptions are needed to reach the company’s indicated price of between $28 and $35 a share. Moving further back the company’s own timeline, the chapter entitled “The Past” explores how Facebook forged its path to domination in social media, often seemingly by the seat of its pants.
    [Show full text]
  • Appendix D: Securities Held by Funds
    Annual Report of Activities Pursuant to Act 44 of 2010 September 30, 2015 Appendix D: Securities Held by Funds The Four Funds hold thousands of publicly and privately traded securities. Act 44 directs the Four Funds to publish “a list of all publicly traded securities held by the public fund.” For consistency in presenting the data, a list of all holdings of the Four Funds is obtained from Pennsylvania Treasury Department. The list includes privately held securities. Some privately held securities lacked certain data fields to facilitate removal from the list. To avoid incomplete removal of privately held securities or erroneous removal of publicly traded securities from the list, the Four Funds have chosen to report all publicly and privately traded securities. The list below presents the securities held by the Four Funds as of June 30, 2015. 1011778 BC ULC / NEW RED 144A ABCAM PLC ACCELYA KALE SOLUTIONS LTD 198 INVERNESS DRIVE WEST ABC-MART INC ACCENTURE PLC 21ST CENTURY FOX AMERICA INC ABC-MART INC NPV CFD ACCESS CIG 10/14 TL 21ST CENTURY ONCOLOGY 4/15 TL ABENGOA SA ACCIONA SA 22ND CENTURY GROUP INC ABENGOA YIELD PLC ACCO BRANDS CORP 32 CAPITAL FUND LTD (THE) ABERCROMBIE & FITCH CO ACCOR SA 361 DEGREES INTERNATIONAL LTD ABERDEEN ASSET MANAGEMENT PLC ACCRETIVE CO LTD CFD 3D SYSTEMS CORP ABERTIS INFRAESTRUCTURAS SA ACCRUED INTEREST FOR PRIVATE 3I GROUP PLC ABILITY ENTERPRISE CO LTD ACCTON TECHNOLOGY CORP 3M CO ABILITY NETWORK 5/14 COV-LITE ACCUVANT 12/14 COV-LITE 2ND 4L TECHNOLOGIES 5/14 COV-LITE ABINGWORTH BIOVENTURE V LP ACCUVANT 12/14
    [Show full text]
  • Quarterly Digest Israeli High Tech Market
    Quarterly Digest Israeli High Tech Market (4th Quarter, 2013) 1 Contents Introduction 3 Report methodology 3 The trends 6 Public Market reopened for Israeli tech companies 6 IT and Mobile are the engines of the local industry 7 Enterprise software is an old-new superstar 8 Chemical industry and new materials 9 R&D centers of multinationals – from Facebook to unknown insurance company- everybody wants boots on the ground 10 Source of technology for Asian giants 10 Future trends – modest prediction attempt 11 Fundraising during Q4 12 IT 12 Biotech 15 Medical technologies 15 Engineering 18 Energy efficiency & clean-tech 19 Mobile 20 IPO Pipeline 24 M&A Deals during Q4 25 IT 26 Medical Technologies 26 Engineering 27 Mobile 29 Investment and Venture Capital in Israel 30 Technologies 37 IT 37 Medical Technologies 37 Mobile 38 Significant trade transaction and other related headlines 40 IT 40 Mobile 42 BioTech 42 Companies of special interest 43 2 Introduction Introduction This digest is an overview of the high tech industry, venture capital and adjusting areas news line of Israeli Hebrew written press and blogs. The main purpose of it is to present an unbiased picture of what is happening on one of the most vibrant technology markets. Usually, every technology start-up is trying to be secretive and not to reveal too much. Significant events in the company life (fundraising, M&A, significant trade transactions and contracts) allow the observers to get a picture of the market, to spot trends, to see where the investors (VC funds) are putting their money and what are strategic players after.
    [Show full text]
  • Securities Law's Dirty Little Secret
    SECURITIES LAW’S DIRTY LITTLE SECRET Usha Rodrigues* Securities law’s dirty little secret is that rich investors have access to special kinds of investments—hedge funds, private equity, private companies—that everyone else does not. This disparity stems from the fact that, from its inception, federal securities law has jealously guarded the manner in which firms can sell shares to the general public. Perhaps paternalistically, the law assumes that the average investor needs the protection of the full panoply of securities regulation and thus should be limited to buying public securities. In contrast, accredited—i.e., wealthy— investors, who it is presumed can fend for themselves, have the luxury of choosing between the public and private markets. This Article uses the emergence of new secondary markets in the shares of private companies to illustrate the above disparity, which has long characterized the world of investment access. First, focusing narrowly on these markets reveals their troubling potential effects on the venture capital world, a vital source of startup funding. More broadly, these new secondary markets bring to light the stark contrasts in investing power and access that have always been securities law’s dirty little secret: by making it easier for accredited investors to wield their special privilege, the new markets just make the disparity of investment access more obvious. For example, after Facebook’s initial public offering, it was widely reported that accredited investors had been buying shares of the high-profile company in the three years before it rather disastrously went public—at which point the big money had already been made.
    [Show full text]