Select Fund • Focused Funds • Fund Leadership Team
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More Than Just Looking for Profit
Analysis ROUNDTABLE SPONSORS APAX PARTNERS • ARDIAN • DECHERT • EURAZEO More than just looking for profit Four insiders tell Carmela Mendoza how the private equity industry in France has shifted amid political and fiscal changes and why sustainability has become a much bigger play n 15 April, three days year, a 13 percent jump from the previous election of Macron as president in 2017 before Private Equity year’s €16.5 billion and the highest ever has totally changed the attitude of for- International gathered since industry association France Invest eign investors toward France – from the four French private began tracking data in 1996, according to measures to attract talent into technology equity veterans to- its Activity of French Private Equity in 2018 or venture companies, to the end of the gether in Paris for a report. wealth tax.” Odiscussion on the market, a massive blaze The industry is also delivering: French Many funds did not want to touch hit the 850-year-old Notre Dame Cathe- private equity has generated a net internal France from 2010 to 2016, he says, with dral, destroying its iconic spire and a large rate of return of 10 percent-plus over 10 most London-based pan-European funds part of the roof. Thousands of Parisians years, data from France Invest show. looking almost exclusively at northern Eu- watched in horror as flames engulfed the Eddie Misrahi, president and chief exec- rope. “Brexit first happened, then Macron gothic masterpiece. utive of mid-market firm Apax Partners, says was elected nine months later and sudden- When we met on a warm spring after- the upward trajectory of French private eq- ly everybody wanted to be in France.” noon a few days later, Notre Dame and its uity is the result of the natural evolution of François Jerphagnon, managing direc- imminent restoration was on everyone’s the industry, partly helped by Brexit, which tor and head of expansion at Ardian, adds: minds. -
Annual Report
Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)). -
AGENDA = Board Action Requested
BOARD OF UNIVERSITY AND SCHOOL LANDS Pioneer Meeting Room State Capitol July 29, 2020 at 9:00 AM AGENDA = Board Action Requested 1. Approval of Meeting Minutes – Jodi Smith Consideration of Approval of Land Board Meeting Minutes by voice vote. A. June 25, 2020 – pg. 2 2. Reports – Jodi Smith A. June Shut-In Report – pg. 19 B. June Extension Report – pg. 25 C. June Report of Encumbrances -- pg. 26 D. June Unclaimed Property Report – pg. 31 E. April Financial Position – pg. 32 F. Investments Update – pg. 41 3. Energy Infrastructure and Impact Office – Jodi Smith A. Contingency Grant Round Recommendations – pg. 42 4. Investments – Michael Shackelford A. Opportunistic Investments – pg. 44 5. Operations – Jodi Smith A. Continuing Appropriation Authority Policy – Second Reading – pg. 100 B. Payment Criteria Policy – Repeal – pg. 103 C. Assigned Fund Balance – pg. 105 6. Litigation – Jodi Smith A. United States Department of Interior M – 37056 – pg. 109 B. Mandan, Hidatsa, and Arikara Nation vs. United States of America, 1:20-cv-00859-MCW C. Mandan, Hidatsa, and Arikara Nation vs. United States Department of Interior, et al., 1:20-cv-01918 Executive session under the authority of NDCC §§ 44-04-19.1 and 44-04-19.2 for attorney consultation with the Board’s attorneys to discuss: - Next Meeting Date – August 27, 2020 88 Minutes of the Meeting of the Board of University and School Lands June 26, 2020 The June 26, 2020 meeting of the Board of University and School Lands was called to order at 8:05 AM in the Coteau Meeting Room of the State Capitol by Chairman Doug Burgum. -
Private Placement Activity Chris Hastings | [email protected] | 917-621-3750 3/5/2018 – 3/9/2018 (Transactions in Excess of $20 Million)
Private Capital Group Private Placement Activity Chris Hastings | [email protected] | 917-621-3750 3/5/2018 – 3/9/2018 (Transactions in excess of $20 million) Trends & Commentary ▪ This week, 14 U.S. private placement deals between $20 million and $50 million closed, accounting for U.S. VC Average Deal Size by Series $516 million in total proceeds, compared to last week’s 10 U.S. deals leading to $357 million in total $ in Millions proceeds. This week also had 5 U.S. deals between $50 million and $100 million yielding $320 million, $35 compared to last week’s 4 deals resulting in $279 million in total proceeds. ▪ The U.S. VC average deal size has been significantly increasing for early and late stage VC deals. Late $30 stage VC has increased by 8.8% CAGR 2008 – 2017 while early stage VC has grown by 7.4% CAGR 2008 – 2017. (see figure) ▪ Southern Cross, a PE fund that invests in energy, pharmaceuticals and technology in Latin America, has $25 decided against restructuring its third fund after receiving some interest from its LPs. It is largely because its third fund has been a weak performer, the discount on fund stakes would have been steep and that the $20 fund wanted more time to exit. ▪ Univision has filed to withdraw its pending IPO due to “prevailing market conditions”. Univision initially filed $15 plans to IPO in 2015. ▪ New State Capital Partners has closed its second institutional fund on its $255 million hard cap. The fund $10 can invest more than $50 million equity per deal in sectors such as business services, healthcare services and industrials. -
Private Equity Fund Formation in 2012
Presenting a live 90-minute webinar with interactive Q&A Private Equity Fund Formation in 2012 Navigating Capital Raising Under a New Regulatory Landscape: Dodd Frank, JOBS Act, the Volcker Rule, and ILPA Revised Principles WEDNESDAY, SEPTEMBER 12, 2012 1pm Eastern | 12pm Central | 11am Mountain | 10am Pacific Today’s faculty features: Scott W. Naidech, Partner, Chadbourne & Parke, New York Adam D. Gale, Counsel, Chadbourne & Parke, New York L. Charles Bartz, Senior Advisor, Berchwood Partners, New York The audio portion of the conference may be accessed via the telephone or by using your computer's speakers. Please refer to the instructions emailed to registrants for additional information. If you have any questions, please contact Customer Service at 1-800-926-7926 ext. 10. Sound Quality If you are listening via your computer speakers, please note that the quality of your sound will vary depending on the speed and quality of your internet connection. If the sound quality is not satisfactory and you are listening via your computer speakers, you may listen via the phone: dial 1-888-450-9970 and enter your PIN -when prompted. Otherwise, please send us a chat or e-mail [email protected] immediately so we can address the problem. If you dialed in and have any difficulties during the call, press *0 for assistance. Viewing Quality To maximize your screen, press the F11 key on your keyboard. To exit full screen, press the F11 key again. FOR LIVE EVENT ONLY For CLE purposes, please let us know how many people are listening at your location by completing each of the following steps: • In the chat box, type (1) your company name and (2) the number of attendees at your location • Click the SEND button beside the box If you have not printed the conference materials for this program, please complete the following steps: • Click on the + sign next to “Conference Materials” in the middle of the left- hand column on your screen. -
SATURN PARTNERS LIMITED PARTNERSHIP III a Delaware Limited Partnership
Fourth Amended and Restated Confidential Private Placement Memorandum SATURN PARTNERS LIMITED PARTNERSHIP III A Delaware Limited Partnership PRIVATE PLACEMENT OF LIMITED PARTNERSHIP INTERESTS A venture capital fund that will source and lead investments focusing primarily on software and information technology, with secondary focus on specialty energy, biotechnology and advanced materials. The fund may also invest in follow-on investments in certain Saturn Affiliate portfolio companies and special opportunities that are believed to have potential for significant growth. The purchase of a limited partnership interest in Saturn Partners Limited Partnership III involves a high degree of risk. See “RISK FACTORS” in this Memorandum. September 1, 2012 Name of Offeree: Memorandum No.: A/75186653.1 THIS FOURTH AMENDED AND RESTATED PRIVATE PLACEMENT MEMORANDUM (THIS “MEMORANDUM”) AMENDS AND RESTATES THE THIRD AMENDED AND RESTATED PRIVATE PLACEMENT MEMORANDUM DATED SEPTEMBER 1, 2011, THE SECOND AMENDED AND RESTATED PRIVATE PLACEMENT MEMORANDUM DATED DECEMBER 1, 2010, THE AMENDED AND RESTATED PRIVATE PLACEMENT MEMORANDUM DATED AUGUST 1, 2010 AND THE PRIVATE PLACEMENT MEMORANDUM DATED JUNE 1, 2010, AND HAS NOT BEEN FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR HAS SUCH COMMISSION OR ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY DETERMINED WHETHER IT IS ACCURATE OR COMPLETE, OR PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THIS MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, A SECURITY IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SOLICITATION IN SUCH JURISDICTION. -
DRAFT L Catterton Notco Series C Press Release CLEAN (01225446
NotCo Closes $85 Million Series C Round and Announces U.S. Expansion The Leading Food-Tech Company in Latin America Announces the Closing of a Series C Round Co-Led by Future Positive and L Catterton, Joining Bezos Expeditions Among the Startup Investors CHILE – September 9, 2020 – Today, NotCo, a leading food-tech company in Latin America, is announcing the closing of an $85 million Series C investment round, co-led by Future Positive, the investment vehicle of Fred Blackford and Biz Stone, and L Catterton, the largest and most global consumer-focused private equity firm. NotCo is an industry pioneer built using a proprietary technology that can match animal protein to its ideal replacement among thousands of plant-based ingredients. NotCo is the only global company to launch products disrupting massive food and beverage segments, including dairy, eggs, and meat simultaneously. The company has launched NotMilk, NotBurger, NotIceCream, and NotMayo in Brazil, Argentina, and Chile, and in less than three years has become the largest and fastest-growing food-tech company in Latin America. The new funding comes as the company announces scaled up operations and marks plans for international expansion leading with an entry into the United States, a promising market for its portfolio of products of plant- based food that taste as delicious and cook just like animal-based products. The company will evaluate both food service and retail partners as part of this expansion, building on successful NotBurger and NotMeat partnerships with Burger King and Papa John’s in Chile. "We have the absolute best partners to embark with us on this journey: Fred Blackford from Future Positive joins us bringing a collaborative approach, experience with the plant-based food revolution, and a deep knowledge of the tech environment," says Matias Muchnick, co-founder and CEO of NotCo. -
Meet Our Speakers
MEET OUR SPEAKERS DEBRA ABRAMOVITZ Morgan Stanley Debra Abramovitz is an Executive Director of Morgan Stanley and serves as Chief Operating Officer of Morgan Stanley Expansion Capital. Debra oversees all financial, administrative, investor relations and operational activities for Morgan Stanley Expansion Capital, and its predecessor Morgan Stanley Venture Partners funds. Debra also serves as COO of Morgan Stanley Credit Partners. Debra joined Morgan Stanley’s Finance Department in 1983 and joined Morgan Stanley Private Equity in 1988, with responsibility for monitoring portfolio companies. Previously, Debra was with Ernst & Young. Debra is a graduate of American University in Paris and the Columbia Business School. JOHN ALLAN-SMITH Barclays Americas John Allan-Smith leads the US Funds team for Corporate Banking at Barclays and is responsible for coordinating the delivery of products and services from our global businesses; ranging from debt, FX solutions, cash management and trade finance, to working capital lending and liquidity structures. John joined Barclays in 2014 and has 20 years of experience in the funds sector. Prior to joining Barclays, John worked at The Royal Bank of Scotland (RBS) in London, Stockholm and New York, spending 10 years in the RBS Leveraged Finance team. Subsequently, John had responsibility for the portfolios and banking sector of the Non-Core division of RBS in the Americas. John holds an ACA qualification from the Institute of Chartered Accountants of England and Wales and is a qualified accountant. He also has a BSc (Hons) in Chemistry from The University of Nottingham. ROBERT ANDREWS Ashurst LLP Robert is a partner in the banking group at Ashurst and is one of the most experienced funds finance specialists in Europe. -
Masters in Management in Entrepreneurship and New Venture Management
MASTERS IN MANAGEMENT IN ENTREPRENEURSHIP AND NEW VENTURE MANAGEMENT Research Title: The nexus between entrepreneurship theory and venture capital financing decisions in South Africa Violet S’phiwe Buluma Student Number: 693690 BUSA 7044 Supervisor: Dr Jose Barreira Date of submission: 20 June 2017 ABSTRACT This explorative study examines the decision making criteria at the screening stage by venture capital firms in South Africa. The study also probes into the decision making criteria on the personality side and whether that has any association with the “big five” characteristics. A three- section questionnaire including both Likert style type (decision making and short version of big five) and nominal questions was sent to venture capital firms. Logistic regression as well as correlation analysis was run on the data. The findings were that individual attributes (entrepreneurs’ characteristics and experience) environment, industry and macro economic environment (characteristics of product and services, characteristics of the market and financial considerations) are all positively related to venture capital firms’ decision to grant finance to an entrepreneur. Findings on the big five characteristics are that only openness to experience, consientiousness and extrarversion were seen as critical considerations by venture capital firms, but not agreeableness and emotional stability characteristics. The study findings are beneficial for entrepreneurs and venture capital firms. Key words – Venture capital, investment criteria, big five personality, entrepreneurship, access to finance 2 DECLARATION I Violet S’phiwe Buluma declare that the research work reported in this dissertation is my own, except where otherwise indicated in references and acknowledgements. It is submitted in partial fulfilment of the requirements for the Masters of Management in Entrepreneurship and New Venture Management at the University of the Witwatersrand. -
Click to Edit Master Title Style
Click to edit Master title style Secondary VIII, L.P. April 14th 2016 Dallas Police & Fire Pension System FirmClick Overviewto edit Master title style Year firm Assets under Number of Number of fund founded management direct investments investments 2000 $2B 175 215 San Francisco Firm Distributions headquarters Number of professionals to Paid-In Capital Firm net IRR 2 offices 17 82%* 21% TWO COMPLEMENTARY FUND STRATEGIES SECONDARY LIQUIDITY PARTNERSHIP HOLDINGS • Secondary direct and secondary fund investments in • Fund and direct investments in early and late-stage venture-backed companies mid-stage venture-backed companies • Typically $20 - $200 million in revenues at time of • Typically pre-revenue to $20 million in investment revenues at time of investment • Seeking high IRR • Seeking high multiple All data is unaudited and estimated as of 9/30/15. *As of 10/21/2015. Aggregate track records are net of fees, expenses and carried interest paid to the general partner entity of each respective fund. Prior performance is not a guarantee 2 of future returns. Please see slide 15 for detailed track record information and a full list of funds. OurClick Team to edit Master title style FIRM MANAGEMENT FINANCE & INVESTOR RELATIONS HANS SWILDENS ROBERT MAY AARON HINZ LENA McNULTY LISA BREIMAN Founder & CEO COO & CCO Controller Investor Relations Investor Relations Speedera, Microline Founders Fund, Mohr Davidow, Thomas Weisel | Venrock Santa Clara University University of Denver UCSB | Columbia MBA Thomas Weisel PricewaterhouseCoopers San Jose State -
How to Catch a Unicorn
How to Catch a Unicorn An exploration of the universe of tech companies with high market capitalisation Author: Jean Paul Simon Editor: Marc Bogdanowicz 2016 EUR 27822 EN How to Catch a Unicorn An exploration of the universe of tech companies with high market capitalisation This publication is a Technical report by the Joint Research Centre, the European Commission’s in-house science service. It aims to provide evidence-based scientific support to the European policy-making process. The scientific output expressed does not imply a policy position of the European Commission. Neither the European Commission nor any person acting on behalf of the Commission is responsible for the use which might be made of this publication. JRC Science Hub https://ec.europa.eu/jrc JRC100719 EUR 27822 EN ISBN 978-92-79-57601-0 (PDF) ISSN 1831-9424 (online) doi:10.2791/893975 (online) © European Union, 2016 Reproduction is authorised provided the source is acknowledged. All images © European Union 2016 How to cite: Jean Paul Simon (2016) ‘How to catch a unicorn. An exploration of the universe of tech companies with high market capitalisation’. Institute for Prospective Technological Studies. JRC Technical Report. EUR 27822 EN. doi:10.2791/893975 Table of Contents Preface .............................................................................................................. 2 Abstract ............................................................................................................. 3 Executive Summary .......................................................................................... -
Venture Capital and the Finance of Innovation, Second Edition
This page intentionally left blank VENTURE CAPITAL & THE FINANCE OF INNOVATION This page intentionally left blank VENTURE CAPITAL & THE FINANCE OF INNOVATION SECOND EDITION ANDREW METRICK Yale School of Management AYAKO YASUDA Graduate School of Management, UC Davis John Wiley & Sons, Inc. EDITOR Lacey Vitetta PROJECT EDITOR Jennifer Manias SENIOR EDITORIAL ASSISTANT Emily McGee MARKETING MANAGER Diane Mars DESIGNER RDC Publishing Group Sdn Bhd PRODUCTION MANAGER Janis Soo SENIOR PRODUCTION EDITOR Joyce Poh This book was set in Times Roman by MPS Limited and printed and bound by Courier Westford. The cover was printed by Courier Westford. This book is printed on acid free paper. Copyright 2011, 2007 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc. 222 Rosewood Drive, Danvers, MA 01923, website www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, (201)748-6011, fax (201)748-6008, website http://www.wiley.com/go/permissions. Evaluation copies are provided to qualified academics and professionals for review purposes only, for use in their courses during the next academic year. These copies are licensed and may not be sold or transferred to a third party.