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Still on the Rise the Kartesia Team Is Honoured to Receive the Pdi ‘Lender of the Year, Europe’ Award 2017
MARCH 2018 PRIVATEDEBTINVESTOR.COM ANNUAL REVIEW 2017 STILL ON THE RISE THE KARTESIA TEAM IS HONOURED TO RECEIVE THE PDI ‘LENDER OF THE YEAR, EUROPE’ AWARD 2017 “WE TRULY APPRECIATE THE RECOGNITION FROM OUR INVESTORS, PEERS AND BUSINESS PARTNERS FOR OUR PAN-EUROPEAN CREDIT PLATFORM FOCUSED ON SMALL AND MEDIUM SIZED BUSINESSES.” Kartesia is dedicated to providing fully customised financing solutions to the vast universe of c. 950,000 European small to mid-cap companies. Through our differentiated positioning on this growing private debt space, we have generated an attractive illiquidity premium combined with low loss rates, demonstrating our ability to offer strong risk-adjusted returns despite two credit cycles in the last decade. With continued hard work, strong credit expertise and passion we will endeavour to consistently deliver solid results to our investors. Brussels • Frankfurt • London • Luxembourg • Madrid • Paris • www.kartesia.com Any investment carries risk and you may not get back the amount originally invested. This document is for professional clients only and does not constitute a financial promotion, investment ad- vice or recommendation, offer or a solicitation of an offer to buy or sell any asset or interest by Kartesia Advisor LLP (authorized and regulated by the Financial Conduct Authority to provide invest- ment services), registered in England and Wales under number OC 385 042 with its registered offices at 14 Clifford Street, London W1S 4JU, United Kingdom, or any other entity of the Kartesia group. PRIVATE DEBT INVESTOR | ANNUAL REVIEW 2017 EDITORIAL COMMENT ISSN 2051-8439 Senior Editor Andy Thomson Tel: +44 20 7566 5435 [email protected] Special Projects Editor Andrew Woodman Tel: +44 203 862 7494 [email protected] A year we reached Americas Editor Andrew Hedlund Tel: +1 212 633 2906 [email protected] News Editor John Bakie dizzying heights Tel: +44 20 7566 5442 [email protected] Reporter Adalla Kim Going into 2017, the overall of a broader downturn. -
Transparency Report 2013-14 V02.Indd
RI TRANSPARENCY REPOR T 201 7 Axcel An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact About this report The PRI Reporting Framework is a key step in the journey towards building a common language and industry standard for reporting responsible investment (RI) activities. This RI Transparency Report is one of the key outputs of this Framework. Its primary objective is to enable signatory transparency on RI activities and facilitate dialogue between investors and their clients, beneficiaries and other stakeholders. A copy of this report will be publicly disclosed for all reporting signatories on the PRI website, ensuring accountability of the PRI Initiative and its signatories. This report is an export of the individual Signatory organisation’s response to the PRI during the 2017 reporting cycle. It includes their responses to mandatory indicators, as well as responses to voluntary indicators the signatory has agreed to make public. The information is presented exactly as it was reported. Where an indicator offers a response option that is multiple-choice, all options that were available to the signatory to select are presented in this report. Presenting the information exactly as reported is a result of signatory feedback which suggested the PRI not summarise the information. As a result, the reports can be extensive. However, to help easily locate information, there is a Principles index which highlights where the information can be found and summarises the indicators that signatories complete and disclose. Understanding the Principles Index The Principles Index summarises the response status for the individual indicators and modules and shows how these relate to the six Principles for Responsible Investment. -
Private Debt in Asia: the Next Frontier?
PRIVATE DEBT IN ASIA: THE NEXT FRONTIER? PRIVATE DEBT IN ASIA: THE NEXT FRONTIER? We take a look at the fund managers and investors turning to opportunities in Asia, analyzing funds closed and currently in market, as well as the investors targeting the region. nstitutional investors in 2018 are have seen increased fundraising success in higher than in 2016. While still dwarfed Iincreasing their exposure to private recent years. by the North America and Europe, Asia- debt strategies at a higher rate than focused fundraising has carved out a ever before, with many looking to both 2017 was a strong year for Asia-focused significant niche in the global private debt diversify their private debt portfolios and private debt fundraising, with 15 funds market. find less competed opportunities. Beyond reaching a final close, raising an aggregate the mature and competitive private debt $6.4bn in capital. This is the second highest Sixty percent of Asia-focused funds closed markets in North America and Europe, amount of capital raised targeting the in 2017 met or exceeded their initial target credit markets in Asia offer a relatively region to date and resulted in an average size including SSG Capital Partners IV, the untapped reserve of opportunity, and with fund size of $427mn. Asia-focused funds second largest Asia-focused fund to close the recent increase in investor interest accounted for 9% of all private debt funds last year, securing an aggregate $1.7bn, in this area, private debt fund managers closed in 2017, three-percentage points 26% more than its initial target. -
PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in Q1 2020 PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in Q1 2020 Contents
PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN Q1 2020 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN Q1 2020 Contents 3 Foreword 4 Deals & Exits 7 Fundraising 10 Funds in Market 12 Micro Venture Capital 15 Performance 17 Fund Managers 19 Investors Data Pack The data behind all of the charts featured in this report is available to download for free. Ready-made charts are also included that can be used for presentations, marketing materials, and company reports. Download the data pack Preqin partnered with First Republic Bank to prepare this information regarding US Venture Capital. This report is for information purposes only and is not intended as an offer, solicitation, advice (investment, legal, tax, or otherwise), or as the basis for any contract. First Republic Bank has not independently verified the information contained herein and shall not have liability to any third party in any respect for this report or any actions taken or decisions made based upon anything contained herein. This information is valid only as of April 2020 and neither Preqin nor First Republic Bank will undertake to update this report with regard to changes in market conditions, information, laws, or regulations after the date of this report. This report may not be further reproduced or circulated without the written permission of Preqin and First Republic Bank. All rights reserved. The entire contents of Preqin and First Republic Update: US Venture Capital in Q1 2020 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. -
The Leveraging of Silicon Valley∗
The Leveraging of Silicon Valley∗ Jesse Davis, Adair Morse, Xinxin Wangy July 10, 2020 Abstract Early-stage firms utilize venture debt in one-third of financing rounds despite their general lack of cash flow and collateral. In our model, we show how venture debt aligns incentives within a firm. We derive a novel theoretical channel in which runway exten- sion through debt increases firm value while potentially lowering closure. Consistent with the model's mechanism, we find that dilution predicts venture debt issuance. Em- pirically, treatment with venture debt lowers closure hazard by 1.6-4.4% and increases successful exits by 4.3-5.3%. Back-of-the-envelope calculations suggest $41B, or 9.4% of invested capital, remains productive due to venture debt. JEL Classification: G24, G32, L26, O3 Keywords: venture debt, venture lending, early-stage financing, entrepreneurship, start- up capital structure, levered equity, runway extension, moral hazard, optimality of debt, innovation finance ∗We thank Greg Brown, Diane Denis (discussant), Mike Ewens, Paolo Fulghieri, Juanita Gonzalez-Uribe, Radha Gopalan (discussant), Will Gornall, Arpit Gupta, Yael Hochberg, Yunzhi Hu, Josh Lerner, William Mann (discussant), Erwan Morellec (discussant), Ramana Nanda, Manju Puri (discussant), David Robinson, Luke Stein (discussant), Rick Townsend (discussant), Daniel Wolfenzon (discussant), Dong Yan (discussant), Alminas Zaldokas (discussant), Wenrui Zhang (discussant), and seminar participants at the Private Mar- kets Research Conference, NYU WAPFIN Conference, UNC, UT Dallas Finance Conference, Duke I&E Research Symposium, BYU Red Rock Conference, NBER Entrepreneurship, Australasian Banking Confer- ence, NZFM Conference, MFA, Southern California PE Conference, Stanford-Berkeley Joint Seminar, Global Entrepreneurship and Innovation Research Conference (Darden), EFA, WFA for helpful comments. -
80 Investors: Longevity in Switzerland 3Wventures
80 Investors: Longevity in Switzerland 3wVentures 3wVentures provides seed money and venture capital to international internet startups. As 3wVentures' clients focus on early stage projects and prototypes, the company's investments and co-investments target a volume of up to USD 250,000. 3wVentures is located in Switzerland and backed by Yves Latour and Arvin Zuberbuehler. 3wVentures has invested early stage venture capital in these startup companies: forAtable.com, Lunchgate, UEPAA! etc. Web site: 3wventures.com Number of Investments: 44 Total Investments: $23.3M Founded in: 2007 Based in: Herisau, Switzerland Sector: P3, AgeTech Investment in Switzerland companies: Pregnolia, Abionic Stages: Early Stage Venture, Seed 231 Aescap Venture Aescap 2.0 is an open-end fund that invests in publicly listed biotech / life sciences companies. It invests in highly innovative companies that develop and market new medicines and to a lesser extent diagnostics and/or medical devices. Entry into and exit from the fund is possible twice per month. The life sciences market is a large and fast-growing market where breakthrough innovations can be harnessed in a global and profitable manner. Aescap 2.0 has a focused portfolio, investing in approximately 18 companies. Within this focus it will ensure that the portfolio is diversified over different diseases and company development phases. The Fund’s objective is to make an annual net return (after deduction of costs) of 20% over the mid-term (4-5 years). Web site: aescap.com Number of Investments: 26 Total Investments: $30.5M Founded in: 2005 Based in: Amsterdam, The Netherlands Sector: Regenerative Medicine Investment in Switzerland companies: Vivendy Therapeutics Stages: Early Stage Venture, Late Stage Venture 2 Angel Investment Network Angel Investment Network is a London-based investment company founded in 2004 whose aim is to connect entrepreneurs and investors. -
Smart Financing: the Value of Venture Debt Explained
TRINITY CAPITAL INVESTMENT SMART FINANCING: THE VALUE OF VENTURE DEBT EXPLAINED Alex Erhart, David Erhart and Vibhor Garg ABSTRACT This paper conveys the value of venture debt to startup companies and their venture capital investors. Venture debt is shown to be a smart financing option that complements venture capital and provides significant value to both common and preferred shareholders in a startup company. The paper utilizes mathematical models based on industry benchmarks for the cash burn J-curve and milestone-based valuation to illustrate the financing needs of a startup company and the impact of equity dilution. The value of venture debt is further explained in three primary examples that demonstrate the ideal situations and timing for debt financing. The paper concludes with two examples that quantify the value of venture debt by calculating the percentage of ownership saved for both entrepreneurs and investors by combining venture debt with venture capital. INTRODUCTION TO VENTURE DEBT Venture debt, also known as venture 2. Accounts receivable financing Venture debt is a subset of the venture lending or venture leasing, is a allows revenue-generating startup capital industry and is utilized worldwide.[2] type of debt financing provided to companies to borrow against It is generally accepted that for every venture capital-backed companies. their accounts receivable items four to seven venture equity dollars Unlike traditional bank lending, venture (typically 80-85%). invested in a company, one dollar is (or debt is available to startup companies could be) financed in venture debt.[3, 4] without positive cash flow or significant 3. Equipment financing is typically Therefore, a startup company should be assets to use as collateral.[1] There are structured as a lease and is used able to access roughly 14%-25% of their three primary types of venture debt: for the purchase of equipment invested capital in venture debt. -
CVCA Private Equity Report a Paper Re Deal Activity in 2018 July 2019 CVCA Private Equity Report | a Paper Re Deal Activity in 2018
CVCA Private Equity Report A paper re deal activity in 2018 July 2019 CVCA Private Equity Report | A paper re deal activity in 2018 Welcome to the 2018 Activity Report of the Czech Private Equity & Venture Capital Association, produced by Deloitte in association with the Czech Private Equity & Venture Capital Association. 2 CVCA Private Equity Report | A paper re deal activity in 2018 Introduction The Czech private equity market again and set to slow further as external risks – Mega-deals, typically quick to disappear made headlines in 2018, with the country such as Brexit-induced trade tensions in uncertain times, remain in the offing, home to one of Europe’s largest tech IPOs close to home and the US trade dispute with Sanofi’s sale of Zentiva to Advent when internet security firm Avast dual- with China – impact forecasts and GDP International topping value charts and listed on the London and Prague Stock growth is expected to end this year at making headlines. Last year also saw the Exchange in May. The deal was a welcome 2.3%. The Czech National Bank stepped Prague Intercontinental Hotel sold to R2G reminder to investors that Czech up its monetary tightening in 2018, with (completing this year); the same backer businesses can become world-beating late-2017 hikes continuing into 2018 to owns Pegas Nonwovens and announced companies given the right support. The end the year on 1.75%. This May saw the bolt-on acquisition of First Quality’s US year also saw a record level of fundraising a further rise to 2.0%, though we do not and China nonwoven operations. -
Breakdown of Equities, Year-End 2020
Breakdown of equities, year-end 2020 Listed Danish equities Company Number of Ownership of Voting rights Market value Company domicile equities share capital number per cent per cent DKKm ALK-Abello Denmark 830,794 7.46 4.10 2,077.0 Ambu Denmark 4,818,951 1.91 0.86 1,268.3 AP Moller - Maersk Denmark 253,690 1.27 0.90 3,358.9 Asetek Denmark 2,722,415 10.30 10.30 210.3 Bang & Olufsen Denmark 17,092,036 13.92 13.92 573.6 Bavarian Nordic Denmark 5,904,171 10.11 10.11 1,104.1 Carlsberg Denmark 1,227,664 0.84 0.27 1,197.2 Chr Hansen Denmark 1,381,570 1.06 1.06 865.4 Coloplast Denmark 1,310,347 0.61 0.35 1,218.1 Danske Bank Denmark 13,693,257 1.60 1.60 1,378.2 DFDS Denmark 1,949,162 3.32 3.32 536.4 DSV PANALPINA Denmark 2,281,956 1.00 1.00 2,327.6 Genmab Denmark 1,166,965 0.09 0.09 1,544.8 GN Store Nord Denmark 3,166,046 2.24 2.24 1,542.5 H Lundbeck Denmark 931,964 0.47 0.47 194.6 H+H International Denmark 2,107,893 11.72 11.72 278.2 Huscompagniet Denmark 615,000 3.08 3.08 76.9 INVISIO Communications Denmark 3,183,701 7.22 7.22 589.2 ISS Denmark 4,551,135 2.46 2.46 479.7 Jyske Bank 1 Denmark 455,709 0.63 0.00 106.2 Matas Denmark 1,846,027 4.82 4.82 159.5 Netcompany Group Denmark 1,660,500 3.33 3.33 1,033.7 Nilfisk Holding Denmark 1,436,062 5.29 5.29 189.0 NKT Denmark 2,637,690 6.14 6.14 715.3 Novo Nordisk Denmark 7,546,288 0.32 0.11 3,219.6 Novozymes Denmark 1,724,215 0.61 0.23 602.6 Nordic Transport Group Denmark 1,086,064 4.80 4.80 278.0 Pandora Denmark 2,153,187 2.16 2.16 1,466.3 Per Aarsleff Holding Denmark 2,064,304 10.13 6.34 636.8 Ringkjoebing -
Partners Group Private Equity
SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-08-26 | Period of Report: 2020-06-30 SEC Accession No. 0001752724-20-174334 (HTML Version on secdatabase.com) FILER Partners Group Private Equity (Master Fund), LLC Mailing Address Business Address 1114 AVENUE OF THE 1114 AVENUE OF THE CIK:1447247| IRS No.: 800270189 | State of Incorp.:DE | Fiscal Year End: 0331 AMERICAS AMERICAS Type: NPORT-P | Act: 40 | File No.: 811-22241 | Film No.: 201137479 37TH FLOOR 37TH FLOOR NEW YORK NY 10036 NEW YORK NY 10036 212-908-2600 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of June 30, 2020 is set forth below: INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company) Consolidated Schedule of Investments — June 30, 2020 (Unaudited) Acquisition Fair Industry Shares Date Value Common Stocks (2.38%) Asia - Pacific (0.06%) Alibaba Group Holding Ltd. Technology 06/19/20 4,439 $ 957,581 APA Group Utilities 02/11/16 360,819 2,765,432 Total Asia - Pacific (0.06%) 3,723,013 North America (1.09%) American Tower Corp. -
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. -
SL Capital Barometer 2016.Q2
Q2 2016 Preliminary Data Private Equity BAROMETER Figures based on preliminary quarterly data from Q2 2016 Europe’s specialist private equity information provider. 1 Q2 2016 Preliminary Data Key Findings Overall European private equity ➤ The number of European private-equity-backed deals declined by 8% in the second quarter of 2016, from 381 transactions in Q1 to 350. ➤ Combined deal value improved in the second quarter, rising by 66%. ➤ The average deal value in the second quarter (€86.1m) was 81% higher than that of the first quarter (€47.6m). ➤ Overall, the year to Q2 2016 witnessed a shift towards larger deals; total deal value increased by 2%, while total volume slipped by 17%. As a result, average deal value increased by 23%. Buyouts ➤ The aggregate value of buyouts in the year to Q2 2016 (€107.4bn), was down a nominal 0.2% on the previous 12 months, while the number of deals (560) represented a 4% decline. ➤ Deal numbers increased to 148 in the second quarter, a rise of 15 from the 133 deals completed in the first quarter, and registered the highest total seen over the last six quarters. ➤ Aggregated value increased markedly, rising by 80% from the previous quarter’s total of €15.2bn, to €27.3bn. ➤ An abundance of dealflow in the small-cap (sub-€100m) and large-cap (€1bn+) ranges was responsible for the increase in the total number of buyouts in the second quarter. ➤ The small-cap range improved relative to the first quarter, increasing from 88 to 97 transactions; value rose by 25% from €3.3bn to €4.2bn.