Private Placement Activity 9/18/2017 – 9/22/2017 (Transactions in Excess of $15 Million) Trends & Commentary
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Read > the SPAC Explained
MAY Perspectives 2021 The SPAC Explained The SPAC once again rose to prominence in 2020 and momentum has continued to build this year. By mid-March 2021, the number of SPACs raised had already eclipsed the total raised in 2020. The term SPACs has taken over the lexicon of those on Wall Street. SPACs, special-purpose acquisition companies, are shell companies set up to raise money to acquire another, existing company. They are essentially pools of capital that are listed on an exchange. The goal is to find a private Derek Schmidt, CFA, company to buy, effectively taking the acquired company public much quicker CAIA than via the traditional IPO process. SPAC vehicles have been around for decades Director of Private Equity but have recently risen in popularity as experienced investors and management teams have chosen this route to decrease the risks associated with a traditional initial public offering (IPO). HOW SPACS WORK A SPAC is a newly-formed company that uses a combination of IPO proceeds and additional financing to fund the acquisition of an Initial Business Combination (IBC). Sponsors who put money at risk in a SPAC receive founder shares and Joe McGuane, CFA Senior Research Analyst, warrants for their investment. The SPAC can also identify an investor or a group Alternatives of investors to provide additional capital in exchange for a private investment in public equity (PIPE) if needed. The proceeds raised for the IPO are placed in a trust account and invested in U.S. Treasury Bills while the SPAC’s management team seeks to complete an acquisition. -
Mutual Funds As Venture Capitalists? Evidence from Unicorns
NBER WORKING PAPER SERIES MUTUAL FUNDS AS VENTURE CAPITALISTS? EVIDENCE FROM UNICORNS Sergey Chernenko Josh Lerner Yao Zeng Working Paper 23981 http://www.nber.org/papers/w23981 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2017 We thank Slava Fos (discussant), Jesse Fried, Jarrad Harford, William Mann, Ramana Nanda, Morten Sorensen, Xiaoyun Yu (discussant), and conference participants at the Southern California Private Equity Conference, London Business School Private Equity Symposium, and the FRA Meeting for helpful comments. We thank Michael Ostendorff for access to the certificates of incorporation collected by VCExperts. We are grateful to Jennifer Fan for helping us better interpret and code the certificates of incorporation. We thank Quentin Dupont, Luna Qin, Bingyu Yan, and Wyatt Zimbelman for excellent research assistance. Lerner periodically receives compensation for advising institutional investors, private equity firms, corporate venturing groups, and government agencies on topics related to entrepreneurship, innovation, and private capital. Lerner acknowledges support from the Division of Research of Harvard Business School. Zeng acknowledges support from the Foster School of Business Research Fund. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2017 by Sergey Chernenko, Josh Lerner, and Yao Zeng. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. -
Advanced Mobility Market Update
Advanced Mobility Market Update February 2018 Electric Ecosystem Mobility-as Autonomous Data & Vehicles Intelligence -a-Service Infrastructure Analytics About Greentech Capital Advisors Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to ensure that our clients achieve success. We have deeply experienced senior bankers and investment professionals who are sector experts and understand our clients' industry and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 55 professionals working seamlessly on our clients' behalf in New York, Zurich and San Francisco and through a strategic partnership in Japan. Our team of experienced bankers and investment professionals provides conflict-free advice and thoughtful, innovative solutions, and we do so with an intensely focused effort that does not stop until our clients achieve success. Greentech Capital Advisors / 1 Advanced Mobility Market Update Recent News Business > Autoliv will spin-off of its Electronics business segment–now to be named Developments Veoneer–to create a new, independent, publicly traded company that will focus on ADAS and autonomous driving (Cision) > Bosch is establishing a new dedicated mobility -
Real Estate to Oil and Gas to Revenue Generating Growth Companies
2018 NEWSLETTER We hope you enjoy reviewing our first annual newsletter highlighting some of our activity from 2018 and including a few notes regarding our anticipated focus for 2019. RGI and Marc Realty Capital (“MRC”) have remained very active since the downturn in 2008. Between 2009 and 2015 we were focused on buying a deal every 10 days in core Chicago neighborhoods, mostly from distressed sellers. In 2016, we were forced to shift away from Chicago multifamily as pricing appeared too high for our risk tolerance. Rather than limit ourselves to one niche market, we spent significant time finding operating partners nationally to capitalize on numerous and potentially uncorrelated niche markets ranging from real estate to oil and gas to revenue generating growth companies. We even traveled to Dubai and sub-Saharan Africa in search of mispriced opportunities. While we are in the process of developing several institutional real estate assets, we tend to also thrive in mid-market private investment deals. 50% or more of a deal’s success is based on the market, which we can not control. However, we do have control over buying the right assets in attractive markets as well as partnering with and overseeing the best operators. BELOW IS A SAMPLING OF SOME OF THE DEALS THAT RGI SUCCESSFULLY COMPLETED IN 2018: REAL ESTATE 800 S WELLS, CHICAGO, IL $150,000,000 All-In Basis DECEMBER 21, 2018 This transaction is the largest ever condo deconversion globally, comprising 449 residential units, 250,000 NRSF of retail and office space, and 150 parking spaces. RGI partnered with The Wolcott Group, MRC and Fred Bronstein running point for the real estate team at Elliott Management Corporation to purchase this building known as “River City.” If fully rented today, in its current condition, the as-is cap rate of this purchase is around 6% and we believe we will stabilize this to over a 7% cap rate. -
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. -
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 -
Entrepreneurship in Spain
All you need to know about entrepreneurship in Spain June 2021 edition A way to make Europe EUROPEAN REGIONAL DEVELOPMENT1 FUND CONTENT Part I – STARTING POINT • Creating a startup Part II – RESOURCES FOR STARTUPS • Resources for startups • Incubators • Accelerators • Specific services suppliers Part III – FINANCING FOR STARTUPS • How to obtain financing • Private sector • Public sector • European calls • National calls Part IV – EVENTS FOR STARTUPS • Events Part V – AUTONOMOUS REGIONS • Programs and subsidies for startups This guide is intended as a collection of resources for startups in their different stages of seeking public and/or private funding 2 Part I Starting point CREATING A STARTUP IN SPAIN The steps to establish a startup are the same as for any other company. The very first one is to determine the most appropriate legal form, a decision that will be influenced by the startup´s later needs regarding participation deals and receipt of third-party investment. The most used legal forms are: Spain • Limited Liability Company (Sociedad Limitada, S.L.) in • Corporation (Sociedad Anónima, S.A.). startup Both forms can also be set up as a sole-shareholder entity (Sociedad Anónima Unipersonal, S.A.U. and Sociedad Limitada Unipersonal, S.L.U. respectively) a at the time of incorporation or be converted into a sole-shareholder entity afterwards. While there are alternatives to these legal forms, they aren´t advisable for startups that will be seeking to add partners to the project and/or third-party investors. For information purposes, these include: Freelancer (Autónomo), Private partnership (Sociedad Civil) or Jointly-Owned Entity (Comunidad de creating Bienes), or a Cooperative (Cooperativa). -
Private Equity: How Does It Work?
Faculty of Economics and Business Administration PRIVATE EQUITY: HOW DOES IT WORK?, FINAL BACHELOR'S PROJECT Author: Gonzalo Hernández Gajate Director: Ramón Bermejo Climent MADRID | April 2020 1 INDEX ABSTRACT .....................................................................................................................4 1. INTRODUCTION .................................................................................................................... 6 1.1. PE in the investment spectrum........................................................................................... 7 2. PRIVATE EQUITY BUSINESS MODEL ........................................................................... 8 2.1. Structure ............................................................................................................................ 8 2.2. Types of funds .................................................................................................................... 9 2.3. Phases of a PE investment ............................................................................................... 12 2.3.1. Sourcing ..................................................................................................................................................... 12 2.3.2. Execution ................................................................................................................................................... 16 2.3.3. Monitoring ................................................................................................................................................ -
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. -
2018-Aaff.Pdf 2 7/5/18 17:45
CUBIERTA-INFORME-2018-aaff.pdf 2 7/5/18 17:45 2 Príncipe de Vergara, 55 4º D • 28006 Madrid tel. (34) 91 411 96 17 • www.ascri.org C M Y CM MY CY CMY K 2018 SURVEY Venture Capital & Private Equity activity in Spain SURVEY Venture Capital & Private Equity activity in Spain 2018 WITH THE SPONSORSHIP OF Survey 2018 Venture Capital & Private Equity in Spain Sponsor by: 2 THIS REPORT HAS BEEN PREPARED BY: Ángela Alférez (ASCRI Research Director & Venture Capital Affairs), based on statistical data obtained and collected by José Martí Pellón (Professor of Financial Economics at the Complutense University of Madrid) and Marcos Salas de la Hera (Partner of Webcapitalriesgo.com) All Rights Reserved ASCRI ® 2018 THE TOTAL OR PARTIAL REPRODUCTION OF THE DOCUMENT, OR ITS COMPUTER TREATMENT, IS NOT ALLOWED TRANSMISSION IN ANY WAY OR BY ANY MEANS, WHETHER ELECTRONIC, BY PHOTOCOPY, BY REGISTRATION OR OTHER METHODS, WITHOUT PRIOR AND WRITTEN PERMISSION OF THE COPYRIGHT HOLDER. 3 The Spanish Venture Capital & Private Equity Asso- ciation (ASCRI) is the industry body that units and re- presents the sector to the authorities, Government, institutions, investors, entrepreneurs and media. ASCRI regularly communicates and provides statistics and -up dated information regarding the developments of the tax and legal framework. ASCRI also organizes a range of activities (training courses, events and round tables) for the members and general public in order to disseminate and reinforce the contribution of the Venture Capital & Private Equity industry for the economy and growth of SMEs in Spain. ASCRI comprises almost 100 national and international Venture Capital & Private Equity firms, 10 limited part- ners and over 70 service providers, spreading and en- suring the professional standards among its members: transparency, good governance and best practice. -
NVCA 2021 YEARBOOK Data Provided by Dear Readers
YEARBOOK Data provided by Credits & Contact National Venture Capital Association NVCA Board of Directors 2020-2021 (NVCA) EXECUTIVE COMMITTEE Washington, DC | San Francisco, CA nvca.org | [email protected] | 202-864-5920 BARRY EGGERS Lightspeed Venture Partners, Venture Forward Chair Washington, DC | San Francisco, CA MICHAEL BROWN Battery Ventures, Chair-Elect ventureforward.org | [email protected] JILL JARRETT Benchmark, Treasurer ANDY SCHWAB 5AM Ventures, Secretary BOBBY FRANKLIN President and CEO PATRICIA NAKACHE Trinity Ventures, At-Large JEFF FARRAH General Counsel EMILY MELTON Threshold Ventures, At-Large JUSTIN FIELD Senior Vice President of Government MOHAMAD MAKHZOUMI NEA, At-Large Affairs MARYAM HAQUE Executive Director, Venture AT-LARGE Forward MICHAEL CHOW Research Director, NVCA and PETER CHUNG Summit Partner Venture Forward DIANE DAYCH Granite Growth Health Partners STEPHANIE VOLK Vice President of Development BYRON DEETER Bessemer Venture Partners RHIANON ANDERSON Programs Director, Venture SCOTT DORSEY High Alpha Forward RYAN DRANT Questa Capital CHARLOTTE SAVERCOOL Senior Director of PATRICK ENRIGHT Longitude Capital Government Affairs STEVE FREDRICK Grotech Ventures MICHELE SOLOMON Director of Administration CHRIS GIRGENTI Pritzker Group Venture Capital DEVIN MILLER Manager of Communications and JOE HOROWITZ Icon Ventures Digital Strategy GEORGE HOYEM In-Q-Tel JASON VITA, Director of Programming and CHARLES HUDSON Precursor Ventures Industry Relations JILL JARRETT Benchmark JONAS MURPHY Manager of Government Affairs