DOCSLIB.ORG

Draper Esprit Initiation of Coverage

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Draper Esprit Initiation of Coverage Draper Esprit Initiation of coverage Europe’s leading pureplay listed VC Listed venture capital 3 February 2021 Draper Esprit is the leading listed VC in Europe, committing £120m of funding annually to European start-ups, with a proven track record (over Price 766p 125 deals since 2006, US$13bn of exits) and a high-quality management Market cap £1bn team. Since 2016 Draper Esprit has been scaling its model, building the breadth and maturity of its underlying portfolio, with multiple core Net cash (£m) at 30 September 2020 62.1 holdings ready to exit in 2021, market conditions permitting. Through a Shares in issue 139.0m diversified investment holding company, Draper Esprit provides liquid exposure to a growing portfolio of Europe’s leading, high-growth tech Free float 90% start-ups, an investment class that is hard to access for the public market Code GROW investor. In our view, Draper Esprit’s 15.1% FY16–20 NAV/share CAGR, Primary exchange AIM together with the latent value in its portfolio, justify a premium rating. Secondary exchange Euronext Growth Dublin Period plc cash* Gross portfolio NAV NAV/share P/NAV Share price performance end (£m) value (£m) (£m) (p) (x) 03/18 56.6 243.5 300.5 416 1.84 03/19 50.4 594.0 618.6 524 1.46 03/20 34.1 702.9 659.6 555 1.38 09/20 62.1 702.4 714.7 600 1.28 Note: *Includes restricted cash but not funds held on behalf of EIS/VCT investors. Team with proven investment and exit track record Draper Esprit is an active investor providing venture and growth capital to Europe’s fast-growing technology businesses. Early-stage investment requires specialist % 1m 3m 12m expertise and Draper Esprit’s investment team has proved that it can successfully Abs 16.1 29.4 47.3 identify, invest in and exit leading European technology companies. As well as Rel (local) 15.0 11.2 62.0 having made over £500m of investments since IPO, the team has already realised over £200m of exits. We estimate the group had plc cash of c £109m at 31 52-week high/low 766p 269p December 2020 (March year-end) and undrawn facilities of £60m, leaving plenty of Business description capacity for continuing investment as Europe catches up with the US tech sector. Draper Esprit is a London-based venture capital High-growth portfolio with exit potential firm that invests in the European technology sector. Draper Esprit has a portfolio of c 70 investee Draper Esprit invests at seed through to Series C and beyond, across the UK and companies and includes a range of funds (seed, Europe, with investments in four broad technology sectors: consumer, enterprise, EIS and VCT) within the group, as well as its hardware and deeptech, and digital health and wellness. The group is looking to flagship balance sheet VC fund. deploy c £120m annually (+£40m of EIS/VCT funds), taking minority stakes in Next events c 15–30 companies a year at Series A+ (including follow-on investments). The Portfolio update February 2021 investment team has built a portfolio of c 70 companies, with 15 core holdings representing 62% of portfolio value. Recent exits include Peak Games, PodPoint Portfolio day 25 February 2021 and TransferWise, yet the portfolio still includes late-stage companies ready to FY21 results June 2021 drive future NAV appreciation, such as Graphcore, Revolut, Trustpilot and UiPath Analysts (US$750m Series F funding round, 3x uplift, £78m gross fair value gain). Richard Williamson +44 (0)20 3077 5700 Valuation: 15%+ annual NAV/share growth since IPO Dan Ridsdale +44 (0)20 3077 5729 [email protected] Investors increasingly recognise that Draper Esprit warrants a premium as a rapidly scaling leader in the technology sector, which has delivered a 15.1% FY16–20 Edison profile page NAV/share CAGR, with a promising portfolio of investments and a growing fund management business. As such, the company trades at 1.28x historical NAV (H121: Draper Esprit is a research 600p). Catalysts for a re-rating include further scaling of the business, a listing on client of Edison Investment the main market, growth in third-party fee income, and successful exits and IPOs. Research Limited Investment summary Leading VC player with a proven track record Draper Esprit invests in high-growth companies across the UK and Europe, and has built a direct investment portfolio of c 70 companies, including a number of Europe’s leading technology companies, across four technology sectors: consumer, enterprise, hardware and deeptech, and digital health and wellness. Its core portfolio comprises its 15 largest holdings, representing 62% of portfolio value. Exhibit 1: Core portfolio by sector (H121) Exhibit 2: Core portfolio by value (H121) ICEYE Aiv en Consumer SportPursuit Trustpilot 21% Thought Machine Cazoo Enterprise Ledger 41% Perkbox Smav a Graphcore Rev olut Hardware/ Digital Aircall Deeptech Health UiPath M-Files Rav enpack 38% 0% Source: Draper Esprit (30 September 2020) Source: Draper Esprit (30 September 2020) The company has a proven track record of delivering successful investments, having deployed c £513m of capital in total since its IPO in 2016 and realised £212m of investments. Its portfolio was valued at £702.4m (gross portfolio value) in its H121 results at 30 September 2020, with a NAV of £714.7m. The group has delivered a 15.1% CAGR NAV/share in FY16–20, reporting 8.1% growth in H121 despite the impact of COVID-19. This compares to HgCapital Trust, which has delivered a 19.1% NAV CAGR over five years (12% over 20 years), Oakley Capital with a 14.4% five-year CAGR and 3i with a 22% five-year CAGR. The group is well-capitalised, with more than £100m in plc cash (together with a £60m undrawn revolving credit facility) following a successful placing in October 2020 that raised net proceeds of £106.6m. The placing was completed at 555p per share (equivalent to the FY20 NAV), with the latest share price of 766p at a 28% premium to the H121 NAV per share of 600p. Recent exits include Peak Games, PodPoint and TransferWise, still leaving a portfolio featuring a number of late-stage companies potentially also close to exit (such as Graphcore, UiPath, Revolut and Trustpilot). As the latest example, UiPath’s US$750m Series F funding round in February 2021, valuing UiPath at US$35bn, raises the fair value of Draper Esprit’s stake from £37m to £115m, a 3.1x uplift of £78m or over 50p per share (before carry deductions, FX and costs) to Draper Esprit investors. We expect to see further NAV progress in 2021 from exits from the core portfolio, market conditions permitting, but also, from funding rounds and revaluation across both core and emerging portfolios, despite the continuing challenges of the COVID-19 pandemic. Draper Esprit’s key USPs The following factors help differentiate Draper Esprit from competing investment propositions: Rare pure tech exposure: unlike the US, the UK and European public markets offer only relatively limited exposure to the technology sector. Draper Esprit provides rare exposure to an alternative asset class, offering a diversified portfolio of leading, high-growth, private technology businesses from across Europe as the European sector accelerates to catch up Draper Esprit | 3 February 2021 2 with the US. For private investors, although options for seed investment are available, this asset class is hard to access at the growth stage (Series A+). Established reputation: as an early mover and market leader in the European VC sector, Draper Esprit has cemented its reputation as an investor of choice. This creates a virtuous circle where the company can attract the best entrepreneurs, allowing it to invest in the best businesses and consequently deliver the best returns to investors. Market-leading track record and history of exits: having delivered an average 20% annual IRR up to its IPO, management is targeting a 20% annual gross portfolio return through the cycle (H121: 10.4%). This has translated into a NAV/share CAGR of more than 15% since IPO. The group has realised c £212m of investments since IPO, with £105.6m realised in H121 alone. We estimate that this leaves the company with c £109m of plc cash to invest at 31 December 2020 (together with a £60m undrawn RCF). The group’s portfolio has matured and includes market leaders such as Graphcore, UiPath, Revolut and Trustpilot, with a number of core portfolio holdings ready to exit in 2021, market conditions permitting. Exposure diversified by asset class, investment stage and vintage: Draper Esprit offers a portfolio diversified across both segment and stage of investment. It focuses exclusively on technology, investing in four separate segments (consumer, enterprise, deeptech and digital health). These allow access to emerging technology themes, including micro-satellites (ICEYE), quantum computing (Riverlane), artificial intelligence/machine learning (Graphcore, UiPath), consumer (Smava, Cazoo), digital health (Endomag, Push Doctor) and fintech (Revolut, N26). This broad approach means that Draper Esprit has been able to diversify its portfolio and ensure that it has investee companies ready for realisation as well as investment. Targeting 20% annual portfolio return Draper Esprit typically builds long-term stakes in companies, with initial investments often sourced through its network of seed funds investing across Europe. Draper Esprit has a strong track record of cash realisations, with £212m returned since IPO. Having delivered a 20%+ IRR prior to its IPO in 2016, management continues to target a 20% gross annual portfolio return over the cycle, which it appears to be on track to deliver in FY21 (H121: 10.4%), despite the impact of COVID-19.
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • Private Equity & Venture Capital
    VOLUME 14, ISSUE 6 ■ AUGUST 2018 PRIVATE EQUITY & VENTURE CAPITAL SPOTLIGHT THE RISE OF VENTURE AND IN THIS ISSUE GROWTH CAPITAL IN EUROPE €11bn in capital has already been secured by venture and growth capital funds focused on Europe that have closed this FEATURE 3 year; this is the highest figure seen at this stage in recent The Rise of Venture years. We put activity in the region under the microscope, examining the economic factors that have contributed to and Growth Capital in this. Europe Find out more on page 3 INDUSTRY NEWS 7 THE FACTS ■ Private Equity in the 9 PRIVATE EQUITY IN THE NORDIC Nordic Region REGION ■ Public Pension Funds 12 Investing in Private With the capital raised by managers based in the Nordic Equity region reaching record highs, we take a look at the growing private equity market in terms of fundraising activity, investor make-up and largest exits in the region. CONFERENCES 14 Find out more on page 9 RECENTLY RELEASED: THE 2018 PREQIN PRIVATE CAPITAL FUND TERMS THE 2018 PRIVATE CAPITAL All data in this newsletter ADVISOR can be downloaded to PREQIN FUND TERMS ADVISOR Excel for free Order Your Copy Download Sample Pages Sign up to Spotlight, our free monthly newsletter, providing insights into performance, investors, deals and fundraising, powered by Preqin data: Alt Credit Intelligence European and US Fund Services Awards: Best Data and Information Provider | Africa Global Funds Awards 2016: Best Research and Data Provider | The Queen’s SIGN UP Award for Enterprise: International Trade | HedgeWeek Global Awards:
    [Show full text]
  • Venture Debt for Tech Companies |
    1 VC & TECH BRIEFINGS GERMANY 1 Orrick, Herrington & Sutcliffe LLP 1 Herausgeber: Published by: Orrick, Herrington & Sutcliffe LLP, Orrick, Herrington & Sutcliffe LLP, Heinrich-Heine-Allee 12, 40239 Düsseldorf, Deutschland, Heinrich-Heine-Allee 12, 40239 Düsseldorf, Germany, Tel.: +49 (0)211/367870, Internet: www.orrick.de tel.: +49 (0)211/367870, internet: www.orrick.de Vertretungsberechtigt in Deutschland und verantwortlich für Authorized representatives in Germany responsible for the editorial redaktionelle Inhalte i.S.d. § 55 Abs. 3 des Staatsvertrages für content according to § 55(3) Interstate Broadcasting and Telemedia Rundfunk und Telemedien sind Dr. Oliver Duys und Dr. Christoph Agreement (Staatsvertrag für Rundfunk und Telemedien) are Brenner (Managing Partner Deutschland), Heinrich-Heine-Allee 12, Dr. Oliver Duys and Dr. Christoph Brenner (Managing Partner 40239 Düsseldorf und Rosental 4, 80331 München Deutschland, Germany), Heinrich-Heine-Allee 12, 40239 Düsseldorf and Tel.:+49 (0)211/367870, E-Mail: [email protected] Rosental 4, 80331 Munich, Germany, tel.: +49 (0)211/367870, email: [email protected] Copyright: Copyright: Orrick, Herrington & Sutcliffe LLP, 2019. Alle Rechte vorbehalten. Orrick, Herrington & Sutcliffe LLP, 2019. All rights reserved. Das Orrick-Logo und “Orrick, Herrington & Sutcliffe LLP” sind The Orrick logo and “Orrick, Herrington & Sutcliffe LLP” are eingetragene Marken der Orrick, Herrington & Sutcliffe LLP. trademarks of Orrick, Herrington & Sutcliffe LLP. Version: Mai 2019 Version: May 2019 Haftungsausschluss: Disclaimer: Diese Publikation dient allein der allgemeinen Information und This publication is for general informational purposes only without berücksichtigt nicht die individuellen Umstände des Einzelfalls. consideration to specific facts and circumstances of individual cases Diese Publikation erhebt keinen Anspruch auf Vollständigkeit. and does not purport to be comprehensive.
    [Show full text]
  • A Guide to Understanding the Complex Universe of Private Debt Assets
    Alternative credit and its asset classes A guide to understanding the complex universe of private debt assets First edition, May 2017 For professionals Important disclosure: The opinions expressed and conclusions reached by the authors in this publication are their own and do not represent an official position. The publication has been prepared solely for the purpose of information and knowledge-sharing. Neither NN Investment Partners B.V., NN Investment Partners Holdings N.V. nor any other company or unit belonging to NN Group make no guarantee, warranty or representation, express or implied, to the accuracy, correctness or completeness thereof. Readers should obtain professional advice before making any decision or taking any action that may affect their finances or business or tax position. This publication and its elements may contain information obtained from third parties, including ratings from credit rating agencies. Reproduction and distribution of (parts of) this publication, logos, and third party content in any form is prohibited, except with the prior written permission of NN Investment Partners B.V. or NN Investment Partners Holdings N.V. or the third party concerned. © 2017 NN Investment Partners is part of NN Group N.V. NN Group N.V. is a publicly traded corporation, and it and its subsidiaries are currently using trademarks including the “NN” name and associated trademarks of NN Group under license. All rights reserved. Alternative credit and its asset classes A guide to understanding the complex universe of private debt assets Table of contents Preface ...............................................................................................................................................................6 1. Introduction .................................................................................................................... 8 2. The history and rise of alternative credit .....................................................................11 2.1.
    [Show full text]
  • Speaker Book
    Table of Contents Program 5 Speakers 9 NOAH Infographic 130 Trading Comparables 137 2 3 The NOAH Bible, an up-to-date valuation and industry KPI publication. This is the most comprehensive set of valuation comps you'll find in the industry. Reach out to us if you spot any companies or deals we've missed! March 2018 Edition (PDF) Sign up Here 4 Program 5 COLOSSEUM - Day 1 6 June 2018 SESSION TITLE COMPANY TIME COMPANY SPEAKER POSITION Breakfast 8:00 - 10:00 9:00 - 9:15 Between Tradition and Digitisation: What Old and New Economy can Learn from One Another? NOAH Advisors Marco Rodzynek Founder & CEO K ® AUTO1 Group Gerhard Cromme Chairman Facebook Martin Ott VP, MD Central Europe 9:15 - 9:25 Evaneos Eric La Bonnardière CEO CP 9:25 - 9:35 Kiwi.com Oliver Dlouhý CEO 9:35 - 9:45 HomeToGo Dr. Patrick Andrae Co-Founder & CEO FC MR Insight Venture Partners Harley Miller Vice President CP 9:45 - 9:55 GetYourGuide Johannes Reck Co-Founder & CEO MR Travel & Tourism Travel 9:55 - 10:05 Revolution Precrafted Robbie Antonio CEO FC MR FC 10:05 - 10:15 Axel Springer Dr. Mathias Döpfner CEO 10:15 - 10:40 Uber Dara Khosrowshahi CEO FC hy Christoph Keese CEO CP 10:40 - 10:50 Moovit Nir Erez Founder & CEO 10:50 - 11:00 BlaBlaCar Nicolas Brusson MR Co-Founder & CEO FC 11:00 - 11:10 Taxify Markus Villig MR Founder & CEO 11:10 - 11:20 Porsche Sebastian Wohlrapp VP Digital Business Platform 11:20 - 11:30 Drivy Paulin Dementhon CEO 11:30 - 11:40 Optibus Amos Haggiag Co-Founder & CEO 11:40 - 11:50 Blacklane Dr.
    [Show full text]
  • PDI 50 Understanding December 2019/January 2020 • Privatedebtinvestor.Com Private Debt in Europe
    PDI 50 Understanding December 2019/January 2020 • privatedebtinvestor.com Private Debt in Europe A guide to the evolution of the market and investing in the asset class Edited and sponsored by EPIC Private Equity and European Capital, this book explores the private debt market in Europe, with expert contributions from a number of market participants. It will help fund managers: • Understand how LPs are navigating this new asset class and constructing an allocation within their portfolios • Determine how best to structure the key financial terms of a private debt fund in Europe • Learn more about the benefits of different private debt strategies such as unitranche and senior direct lending ...plus much more Available now Order this essential title today www.privateequityinternational.com/private-debt-europe Special offer to subscribers: The largest fundraisers Order your copy today quoting SUBBK15 and receive a 15% discount in focus To the Point Global Experts FIRSTavenue is a leading global advisory and capital placement business focused on the private markets across the key alternative asset classes. 13 84 100 % Years Successful Privately strong funds owned LONDON NEW YORK & DALLAS HONG KONG SYDNEY Tavneet Bakshi Jess Larsen Michael Henningsen Martin Donnelly E [email protected] E [email protected] E [email protected] E [email protected] T +44 20 7016 6600 T +1 646 582 5777 T +852 3897 2500 T +61 2 9239 3166 firstavenue.com Primary Placements Private Placements Secondary Placements First Avenue Partners LLP is authorised and regulated by the FCA. FAP USA L.P. is regulated by FINRA, and is a SIPC member.
    [Show full text]
  • The Real Reasons Why You Should Consider Venture Debt
    The real reasons why you should consider venture debt 29 AUGUST 2019 CATEGORY: ARTICLE Our venture debt services form part of the broader package provided by Withers tech and our corporate & commercial team to support fast growing companies and early stage tech corporates. We typically support businesses who have already completed one or two institutional funding rounds and who are considering bespoke venture debt and runway nance options. This can often be at a challenging phase for a business which could be under pressure to meet nancial targets, to hit particular growth milestones, to capitalise on market opportunities, to bridge a funding or timing gap or potentially even to fund an acquisition. Venture debt is also used to complement existing equity backing or as an alternative to further equity dilution. We are accustomed to helping our clients navigate through the challenges of putting in place venture debt, providing practical and commercial solutions and negotiating terms with the nance providers. Because we frequently act on deals provided by the key UK venture debt lenders we have a good understanding of typical requirements and specic terms involving particular lenders. This experience provides us with a more measured and practical commercial approach. For example we have insight into what lenders are likely to accept during in the negotiation process. We advise corporate borrowers on both the debt and equity aspects of a venture debt transaction. This runs all the way from term sheet stage to closing. Importantly, we understand the complex lender requirements under the loan and warrant documentation and know how to distil this concisely into the commercial realities for the borrower.
    [Show full text]
  • Game-Tech-Whitepaper
    Type & Color October, 2020 INSIGHTS Game Tech How Technology is Transforming Gaming, Esports and Online Gambling Elena Marcus, Partner Sean Tucker, Partner Jonathan Weibrecht,AGC Partners Partner TableType of& ContentsColor 1 Game Tech Defined & Market Overview 2 Game Development Tools Landscape & Segment Overview 3 Online Gambling & Esports Landscape & Segment Overview 4 Public Comps & Investment Trends 5 Appendix a) Game Tech M&A Activity 2015 to 2020 YTD b) Game Tech Private Placement Activity 2015 to 2020 YTD c) AGC Update AGCAGC Partners Partners 2 ExecutiveType & Color Summary During the COVID-19 pandemic, as people are self-isolating and socially distancing, online and mobile entertainment is booming: gaming, esports, and online gambling . According to Newzoo, the global games market is expected to reach $159B in revenue in 2020, up 9.3% versus 5.3% growth in 2019, a substantial acceleration for a market this large. Mobile gaming continues to grow at an even faster pace and is expected to reach $77B in 2020, up 13.3% YoY . According to Research and Markets, the global online gambling market is expected to grow to $66 billion in 2020, an increase of 13.2% vs. 2019 spurred by the COVID-19 crisis . Esports is projected to generate $974M of revenue globally in 2020 according to Newzoo. This represents an increase of 2.5% vs. 2019. Growth was muted by the cancellation of live events; however, the explosion in online engagement bodes well for the future Tectonic shifts in technology and continued innovation have enabled access to personalized digital content anywhere . Gaming and entertainment technologies has experienced amazing advances in the past few years with billions of dollars invested in virtual and augmented reality, 3D computer graphics, GPU and CPU processing power, and real time immersive experiences Numerous disruptors are shaking up the market .
    [Show full text]