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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. -
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. -
Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009
Emerging Markets Private Equity Quarterly Review A Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009 Viewpoint In This Issue The first half of 2009 has been a dismal time for private equity and venture capi- tal firms worldwide, and emerging markets PE fund managers are seeing their FEATURES share of challenges. The recent upswing in the emerging markets stock indices gives hope that the impact of the financial crisis has already hit bottom in these markets, ahead of developed countries. But even if this trend holds—and it is not Plugging the Financing Gap: yet clear it will—private equity and venture capital fund managers in developing Is There a Growing Role for countries are not out of the woods yet. Mezzanine and Debt Funds? 3 Fundraising for EM PE remains very difficult, with Q1 2009 totals down 71% year-on-year, with no clear rebound in sight. LPs retain a positive outlook for new 2009 LP Survey Results: EM PE investment opportunities and expect outperformance from legacy and LPs Still Find Emerging Markets new funds relative to developed market buyouts. However, near-term financing Private Equity Attractive Despite constraints among many Western LPs will limit their ability to commit substantial Global Economic Downturn 8 funds to the asset class this year. In the midst of this crisis, the financing gap for developing market companies is Fundraising and Investment raising its head, as equity and debt availability is constrained. Fund managers and Slows in Q1 2009 11 development finance institutions are looking at innovative ways to fill the gap us- ing debt and mezzanine fund structures and vehicles, but these nascent efforts are not yet off the ground. -
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. -
Cambodian Fund Leopard Capital Makes Two New Investments NEW on Alltassets! LP-GP
NEWS & VIEWS MAGAZINE NETWORK Glloball priivate equiity and NEWS & VIEWS venture capiitall news and research Advanced HOME PE NEWS » FEATURES LP PROFIILES » KNOWLEDGE BANK » EVENTS » ARCHIIVE search We use cookies to create the best possible browsing experience for AltAssets website visitors. ACCEPT COOKIES By closing this box you agree to the use of cookies according to our privacy & cookies policy. ACCEPT COOKIES Cambodian fund Leopard Capital makes two new investments NEW on AlltAssets! LP-GP 26 Jun 2009 Network Leopard Capital, a Cambodian private equity firm, has completed its second and third deals from $27m debut vehicle Leopard Cambodia Fund. The fund has committed $1m in equity financing to Greenside Holdings. Greenside We're opening doors is part of a consortium of investors that is refurbishing, designing, constructing and commissioning a rural power transmission and distribution system. Greenside will online to connect LPs & use the funds received from Leopard to help fund its share of the $4m project. GPs worldwide The transmission and distribution system is 120km in length and includes medium and low voltage networks. The system is expected to provide grid power to 7,700 residential customers and 375 commercial and industrial customers. The total Already a member? LOG IN HERE population of the distribution area is approximately 425,000. The electrification rate in Cambodia is currently one of the lowest in Asia and there is an urgent need for more power generation and transmission. Leopard has already received its first profit-share payment from Greenside and expects consistent annual returns of 20 per cent. The Leopard Cambodia Fund has also set aside $1.8m to establish Cambodia Plantations, a Singapore-based company which will serve as an offshore finance vehicle for agricultural investments in central Cambodia. -
UBS Private Equity Secondary Market Review.Pdf
UBS Private Equity Secondary Market Review UBS Private Funds Group June—2011 UBS Private Funds Group Secondary Market Review The UBS Private Funds Group’s Secondary Advisory Practice was launched in 2004 with the mandate to provide the highest quality sell- side advice to owners of private equity portfolios. In the current installment of this series, UBS provides a comprehensive review of secondary market activity in 2010 and the first quarter of 2011 and highlights key issues and trends that will impact the secondary market in 2011. Our perspective is unique within the secondary market, based not only on our experience as a leading placement agent and secondary advisor, but also as a seller in the structuring and execution of UBS’s own $1.3 billion secondary transaction in 2003.1 To date, UBS has advised on and executed over $24 billion of secondary transactions and has established itself as a market leading advisor.2 Review of the Secondary Market—2010 Market Environment Secondary volume rebounded to record levels in 2010, totaling approximately $22 billion which represented a 132% increase as compared to 2009 levels ($9.5 billion).3 The combination of improved capital market conditions and strong levels of available capital resulted in a dramatic improvement in the pricing environment during the first quarter of 2010, while increased regulatory pressure crystallized financial institutions’ intention to sell risk assets. Following a somewhat slow start to the beginning of 2010, the year began to pick up momentum following the announcement of Bank of America’s $1.9 billion transaction and RBS’ €400 million transaction. -
GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 GB P3 07.Qxp:GB P3 18.3.2008 16:15 Uhr Seite 2
GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 1 GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 2 GESCHÄFTSBERICHT 2007 ÜBERBLICK 2007 OVERVIEW 2007 ENTWICKLUNG DES BÖRSENKURSES UND DES INNEREN WERTES 01.01.2007 BIS 31.12.2007 PRICE AND NAV DEVELOPMENT 01.01.2007 UNTIL 31.12.2007 1’600 1’500 1’400 1’300 EUR in 1’200 1’100 1’000 900 12.06 01.07 02.07 03.07 04.07 05.07 06.07 07.07 08.07 09.07 10.07 11.07 12.07 Innerer Wert pro Zertifikat / Net Asset Value (NAV) per certificate Preis / Price 2 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 3 ANNUAL REPORT 2007 Firmenprofil Company Profile Die Partners Group Private Equity Performance Holding Partners Group Private Equity Performance Holding Limited Limited («P3 Holding», «P3») ist eine nach dem Recht von (“P3 Holding”, “P3”) is a limited liability company, which was Guernsey gegründete Gesellschaft mit beschränkter Haftung incorporated under the laws of Guernsey and is domiciled in mit Sitz in St. Peter Port, Guernsey. Der Zweck der Gesell- St. Peter Port, Guernsey. The objective of the company is to schaft ist die Verwaltung und Betreuung eines Portfolios aus professionally manage a portfolio of investments in private Beteiligungen an Private Equity-Zielfonds, börsennotierten equity partnerships, listed private equity vehicles and direct Private Equity-Gesellschaften und Direktinvestitionen. P3 investments. P3 is supported in its activities by the Invest- wird in dieser Tätigkeit durch ihren Anlageberater Partners ment Advisor, Partners Group, which is a global alternative Group beraten. -
Notes to Consolidated Financial Statements the St. Paul Companies
Notes to Consolidated Financial Statements The St. Paul Companies 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES accounts to U.S. GAAP on a quarterly basis. Quarterly financial state- Accounting Principles — We prepare our consolidated financial ments are prepared for Lloyd’s syndicates, using the Lloyd’s three- statements in accordance with United States generally accepted year accounting basis, which are subsequently converted to U.S. accounting principles (“GAAP”). We follow the accounting standards GAAP.Since Lloyd’s accounting does not currently recognize the con- established by the Financial Accounting Standards Board (“FASB”) cept of earned premium, we calculate earned premium as part of the and the American Institute of Certified Public Accountants (“AICPA”). conversion to GAAP. We recognize written premium for U.S. GAAP Consolidation — We combine our financial statements with those purposes quarterly, and assume that it is written at the middle of each of our subsidiaries and present them on a consolidated basis. The quarter (i.e., evenly throughout each period), effectively breaking the consolidated financial statements do not include the results of mate- calendar year into earning periods of eighths. rial transactions between our subsidiaries and us or among our sub- Revenues in our Health Care segment include premiums gener- sidiaries. Certain of our foreign underwriting operations’ results, and ated from extended reporting endorsements. Our medical liability the results of certain of our investments in partnerships, are recorded claims-made policies give our insureds the right to purchase a report- on a one-month to one-quarter lag due to time constraints in obtain- ing endorsement, which is also referred to as “tail coverage,” at the ing and analyzing such results for inclusion in our consolidated finan- time their policies expire. -
Region Snapshot*
Southeast An Overview of Trends in Select Sectors and Markets DecemberAsia 2008/January 2009 Region Snapshot* Duringuring 2007 and 2008, the private equity industry in the SoutheaSoutheastst Asia region seemed to recover from the collapse of private equity there followingfollowing the late 1990s • 2008 Population: 583 million fi nancial crisis. Despite residual concerns about political instability and corruption, and • Population Growth (2009): 1.5% worries that fallout from the US recession will worsen a slide in exports, the investment • % of Population Under 15 Years-old: 31% thesis for the region remains strong. Young and growing populationspopulations are rapidly develop- • 2008 GDP Current Prices: US$1,487 bn ing consumer habits; resource-rich economies like Indonesia standstand to gain from com- modity price gains and rising energy needs; trade relationships within the region and with • GDP Growth (2009): 4.8% other Asian partners are strengthening; and governments in the region continue to make • Infl ation (2008, 2009): 10.2%, 6.4% progress, albeit sometimes slow, toward economic reforms. Source: IMF, Population Reference Bureau. * Statistics refer to 10 countries: Brunei, Cambodia, Indonesia, Laos, Capital dedicated to private equity investment in the region has doubled over the last Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. eight years, rising from US$520 million in 2001 to US$982 million in 2008, after reach- ing a zenith in the 1990s. Between 2005 and 2008, the total value of private equity This issue of EMPEA Insight focuses on the Southeast investment in Southeast Asia nearly quadrupled, increasing from US$1.3 billion to US$5 Asian countries of Singapore, Thailand, Vietnam, billion through December 2008. -
The St. Paul Companies 2001 Annual Report
Management’s Discussion and Analysis Consolidated Overview seventh consecutive year of record earnings in 2001.The decline in the “parent company and other operations” pretax loss in 2001 Terrorist attack, reserve charges lead to resulted from a reduction in executive management stock compen- record loss in 2001; insurance operations sation expense related to our variable stock option grants. restructured to focus on core strengths In 2000, the $450 million growth in pretax income from continuing operations was driven by a significant increase in realized invest- ment gains and an improvement in property-liability underwriting The St. Paul suffered the largest loss in its 149-year results. Our property-liability results in 2000 and 1999, and, to a history in 2001, driven by unprecedented losses from lesser extent 2001, included benefits from aggregate excess-of-loss one event—the Sept. 11 terrorist attack—and provisions reinsurance treaties, as described on pages 18 and 19 of this report. The increase in the “parent company and other operations” pretax to strengthen loss reserves in certain segments of its loss in 2000 was largely due to an increase in advertising and business. At the end of the year, senior management interest expenses and expenses associated with our variable stock announced sweeping initiatives aimed at positioning the option grants. company for 2002 and beyond. consolidated revenues The following table summarizes our results for each of the last The following table summarizes the sources of our consolidated three -
The Wild Card: Can Frontier Markets Equities Bounce Back? | Frontier Markets, Equities | Financeasia
5/6/2020 The wild card: Can frontier markets equities bounce back? | frontier markets, equities | FinanceAsia Frontier markets The wild card: Can frontier markets equities bounce back? Frontier markets have been among the worst hit amid the coronavirus equities sell-off, but one veteran fund manager believes they have rarely offered better value. By Jackie Horne April 28, 2020 The coronavirus spared many frontier markets from the same infection rates suffered by Western countries, but not their stock markets. In Vietnam, for example, the VN Index fell 26.1% in dollar terms during March, outpacing US benchmark indices such as the Dow Jones Industrial Average, which dropped by 13.74% over the same period. Frontier markets are getting used to it after taking a pounding in recent years. International investors remain firmly focused on their homes markets in the US and Europe, or rapidly opening ones like China. In the following interview, Thomas Hugger, founder and CEO of fund manager Asia Frontier Capital, argues that there has never been a better time to reconsider some of Asia's smallest stock markets. He also wishes the MSCI would re-evaulate its methodologies for upgrading or downgrading countries between its emerging markets and frontier markets index. Hugger's Hong Kong-based group currently operates four funds with $45 million under management: its benchmark AFC Asia Frontier Fund, AFC Iraq Fund, AFC Uzbekistan Fund and AFC Fund. Q. What impact is the coronavirus having on frontier markets? A number of stock exchanges like Sri Lanka and Jordan closed completely. A. There’s a major difference between the stock exchange closures in the two countries.