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Live Virtual Board Meeting
LIVE VIRTUAL BOARD MEETING APRIL 14, 2021 AT 9:00 AM BOARD OF INVESTMENTS MEETING TO VIEW VIA WEB https://members.lacera.com/lmpublic/live_stream.xhtml TO PROVIDE PUBLIC COMMENT You may submit a request to speak during Public Comment or provide a written comment by emailing [email protected]. If you are requesting to speak, please include your contact information, agenda item, and meeting date in your request. Attention: Public comment requests must be submitted via email to [email protected] no later than 5:00 p.m. the day before the scheduled meeting. LOS ANGELES COUNTY EMPLOYEES RETIREMENT ASSOCIATION 300 N. LAKE AVENUE, SUITE 650, PASADENA, CA AGENDA A REGULAR MEETING OF THE BOARD OF INVESTMENTS LOS ANGELES COUNTY EMPLOYEES RETIREMENT ASSOCIATION 300 N. LAKE AVENUE, PASADENA, CALIFORNIA 91101 9:00 A.M.*, WEDNESDAY, APRIL 14, 2021 This meeting will be conducted by teleconference under the Governor’s Executive Order No. N-29-20. Any person may view the meeting online at https://members.lacera.com/lmpublic/live_stream.xhtml The Board may take action on any item on the agenda, and agenda items may be taken out of order. I. CALL TO ORDER II. APPROVAL OF MINUTES A. Approval of the Minutes of the Regular Meeting of March 10, 2021 III. REPORT ON CLOSED SESSION ITEMS IV. PUBLIC COMMENT (*You may submit written public comments by email to [email protected]. Please include the agenda number and meeting date in your correspondence. Correspondence will be made part of the official record of the meeting. Please submit your written public comments or documentation as soon as possible and up to the close of the meeting. -
Hydra Industries Acquisition Corp. Enters Into Agreement to Acquire Inspired Gaming Group
HYDRA INDUSTRIES ACQUISITION CORP. ENTERS INTO AGREEMENT TO ACQUIRE INSPIRED GAMING GROUP - New York, New York and London, United Kingdom, July 14, 2016 / PRNewswire/ -- Hydra Industries Acquisition Corp. (“Hydra”) (NASDAQ: HDRA, HDRAU, HDRAW, HDRAR), a special purpose acquisition company formed for the purpose of effecting a merger, acquisition or similar business combination, announced today that it has entered into a definitive agreement to acquire London based Inspired Gaming Group and its affiliates (“Inspired” or the “Company”) from funds managed by Vitruvian Partners LLP (a London headquartered private equity firm), and its co-investors (collectively, the “Seller Group”). The transaction reflects a valuation for Inspired of £200 million, including the Company’s indebtedness, but excluding transaction expenses as well as the impact of Hydra’s sponsor shares and subject to certain closing adjustments. Based on the current USD/GBP exchange rate1 the equivalent transaction value is $264 million. Inspired’s fiscal year end September 2016 Revenue and EBITDA are estimated to be $110 million and $38 million, respectively2, with the potential to grow meaningfully, driven by a backlog of recurring revenue contracts. Consideration paid to the Seller Group for their interests in the Company will consist of cash available at closing after transaction expenses, and Hydra common shares issued at a price of $10.00 per share. The Seller Group may receive additional common shares as further consideration, depending on future performance. The cash component of the transaction will be funded by a $20 million private placement from Macquarie Capital in addition to Hydra’s cash in trust, which is currently approximately $80 million. -
Venture Capital and Creating Partnerships Between SMB and Larger Traditional Maritime And/Or Tech Corporations
MARITIME BLUE CAPITAL ASSESSMENT CONSOLIDATED FINAL REPORT SEPTEMBER 16, 2019 Supported by: Next Street Financial LLC © Copyright 2019 – CONFIDENTIAL 1 WHAT THIS DOCUMENT INCLUDES > This deck is the full consolidated materials from Next Street’s engagement with the Washington State Department of Commerce in support of the Maritime Blue strategy > All materials from our meetings with the project Steering Committee are presented here, with further details included in the Appendix slides > We have also included an Executive Summary that highlights the key findings from our industry analysis, peer cities research, and capital landscape analysis, and the 10 illustrative capital deals we identified Next Street Financial LLC © Copyright 2019 – CONFIDENTIAL 2 TABLE OF CONTENTS Executive Summary Project Overview Blue Economy Industry Analysis Blue Economy Peer Cities Analysis Blue Economy Local Capital Landscape Debt Equity Grants Blue Economy Capital Landscape Gaps Illustrative Deals Appendix Full Industry Analysis Peer City Case Studies Illustrative Seattle Investments Next Street Financial LLC © Copyright 2019 – CONFIDENTIAL 3 OUR OBJECTIVES AND PROCESS Context for this work Objectives for the engagement > The Washington Department of Commerce partnered with a > This work focused on research of potential funding structures diverse group of stakeholders to develop and launch the to provide investment capital to support economic Washington Maritime Blue Initiative growth of the maritime sector in Washington State > Maritime Blue seeks to promote -
Woodside Capital Partners the $50B Future Opportunity: Cybersecurity at the Edge
Woodside Capital Partners The $50B future opportunity: Cybersecurity at the Edge Nishant Jadhav Managing Director March, 2021 W O O D S I D E C A P I T A L P A R T N E R S Executive Summary • The edge security market is growing with a CAGR of 53% and is expected to grow from $18B in 2021 to $50B in 2026 • The two largest components of the edge security market are Zero-Trust Network Access (ZTNA) & Secure Access Service Edge (SASE), and these sectors represent over 86% of the market and are the focus of this report • Key technology enablers of ZTNA are greater remote access, adoption of cloud services, mixed work/home environments, continuous authentication and application isolation • COVID-19 has accelerated the move towards adoption of these technologies as the consumerization of IT has become more diversified and distributed in a span of 3 quarters • ZTNA empowers SASE which protects Software Defined Wide Area Network (SD-WAN), and together they’re an integral platform for cloud based security and access • This report provides an overview of the technology trends in edge security, key players in this space, and their motivations to excel • This report also provides a sample catalogue of early-stage companies we believe will excel in this space in the next 5 years 2 W O O D S I D E C A P I T A L P A R T N E R S Introduction • This report on cybersecurity at the edge provides an overview of the market, its drivers, its structure, start-ups as well as established players • It is intended to be used by start-ups and growth-stage companies, Venture Capital & Private Equity companies as well as Corporate Development teams and provides key information to assist those developing and implementing cybersecurity strategies • This report covers in some detail: • Software Defined Wide Area Networks (SD-WAN) • Secure Access Service Edge (SASE) • Zero-Trust Network Access (ZTNA) • Over 30 start-ups & growth-stage companies from the above technology sectors are profiled in detail towards the back of this report. -
Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments for Seed Investing
University of New Hampshire University of New Hampshire Scholars' Repository University of New Hampshire – Franklin Pierce Law Faculty Scholarship School of Law 6-25-2020 Valuing Young Startups is Unavoidably Difficult: Using (and Misusing) Deferred-Equity Instruments for Seed Investing John L. Orcutt University of New Hampshire Franklin Pierce School of Law, Concord, New Hampshire, [email protected] Follow this and additional works at: https://scholars.unh.edu/law_facpub Part of the Banking and Finance Law Commons, and the Commercial Law Commons Recommended Citation John L. Orcutt, Valuing Young Startups is Unavoidably Difficult: Using (and Misusing) Deferred-Equity Instruments for Seed Investing, 55 Tulsa L.Rev. 469 (2020). This Article is brought to you for free and open access by the University of New Hampshire – Franklin Pierce School of Law at University of New Hampshire Scholars' Repository. It has been accepted for inclusion in Law Faculty Scholarship by an authorized administrator of University of New Hampshire Scholars' Repository. For more information, please contact [email protected]. 42208-tul_55-3 Sheet No. 58 Side A 05/15/2020 10:30:18 ORCUTT J - FINAL FOR PUBLISHER (DO NOT DELETE) 5/14/2020 9:49 AM VALUING YOUNG STARTUPS IS UNAVOIDABLY DIFFICULT: USING (AND MISUSING) DEFERRED- EQUITY INSTRUMENTS FOR SEED INVESTING John L. Orcutt* I. ASTARTUP’S LIFE AND FUNDING CYCLES ............................................................... 474 II. VALUING YOUNG STARTUPS ................................................................................. -
Accelerating Energy Access
ACUMEN 2018 ACCELERATING ENERGY ACCESS: THE ROLE OF PATIENT CAPITAL ACUMEN WOULD LIKE TO ACKNOWLEDGE OUR PARTNERS THAT GENEROUSLY SUPPORT THE PIONEER ENERGY INVESTMENT INITIATIVE STEVE ROSS & THE BERNARD & ANNE SPITZER SHELLEY SCHERER CHARITABLE TRUST GLOBAL OFFICES SPECIAL THANKS ACCRA, GHANA Special thanks to our peer reviewers Saad Ahmad, David Aitken, Magdalena Banasiak, Morgan DeFoort, Fabio De Pascale, BOGOTÁ, COLOMBIA Christine Eibs-Singer, Peter George, Steven Hunt, Neha Juneja, KARACHI, PAKISTAN Jill Macari, Damian Miller, Jesse Moore, Willem Nolens, Steve Ross, LONDON, ENGLAND Peter Scott, Ajaita Shah, Manoj Sinha, Ned Tozun, Nico Tyabji, MUMBAI, INDIA Hugh Whalan, and David Woolnough NAIROBI, KENYA Special thanks to Carlyle Singer for her strategic guidance and NEW YORK, U.S.A. Harsha Mishra for his analytical research. Additional thanks SAN FRANCISCO, U.S.A. to the Acumen team: Sasha Dichter, Kat Harrison, Kate Montgomery, Jacqueline Novogratz, Sachindra Rudra, and Yasmina Zaidman Lead Authors: Leslie Labruto and Esha Mufti Table of Contents FOREWORD 02 EXECUTIVE SUMMARY 04 INTRODUCTION 06 1. ENERGY SNAPSHOT: 08 ACUMEN’S TRACK RECORD FOR INVESTING IN ENERGY ACCESS 2. THE PIONEER GAP: 12 HOW HAS THE INFLUX OF CAPITAL AFFECTED ENTREPRENEURS? 3. NEED FOR CAPITAL: 16 FILLING GAPS IN OFF-GRID ENERGY MARKETS TODAY 4. THE BIG PICTURE: 26 WHAT IS THE OPTIMAL MIX FOR SCALING ENERGY ACCESS COMPANIES? 5. REACHING THE POOR: 38 USING PATIENT CAPITAL TO ACCELERATE IMPACT 6. BEYOND CAPITAL: 46 WHAT DO ENERGY ACCESS STARTUPS NEED? 7. FACILITATING EXITS: 48 SENDING THE RIGHT MARKET SIGNALS 8. CONCLUSION: 56 WORKING TOGETHER TO CATALYZE ENERGY ACCESS APPENDIX 58 CASEFOREWORD STUDY Jacqueline Novogratz FOUNDER & CEO Dear Reader, I am pleased to share Acumen’s Accelerating Energy Access: The Role of Patient Capital report with you. -
Masterarbeit V1.4
Master Thesis Moritz Philip Recke Hamburg’s Entrepreneurial Ecosystem And The Next Media Initiative Public Policy Towards Entrepreneurship Fakultät Technik und Informatik Faculty of Engineering and Computer Science Department Informatik Department of Computer Science Moritz Philip Recke Hamburg’s Entrepreneurial Ecosystem And The Next Media Initiative Public Policy Towards Entrepreneurship Masterarbeit eingereicht im Rahmen der Masterprüfung im Studiengang Master of Arts - Next Media (M.A.) am Department Informatik der Fakultät Technik und Informatik der Hochschule für Angewandte Wissenschaften Hamburg Betreuender Prüfer: Professor Dr. Kai von Luck Zweitgutachter: Dr. Susanne Draheim Abgegeben am 05.12.2016 Fakultät Technik und Informatik Faculty of Engineering and Computer Science Department Informatik Department of Computer Science Author Moritz Philip Recke Topic Hamburg’s Entrepreneurial Ecosystem And The Next Media Initiative - Public Policy Towards Entrepreneurship Keywords accelerator, angel, angel investor, business angel, company builder, economic policy, economy, ecosystem, entrepreneur, entrepreneurship, entrepreneurial ecosystem, employment, entrepreneurship, financing, founder, Germany, growth, high-growth, high-growth venture, Hamburg, incubator, innovation, innovation policy, investment, investor, job creation, location development, media, metrics, next media, policy, public policy, regional development, startup, startup economy, startup ecosystem, venture capital, vc Abstract Entrepreneurship, more specifically the formation of tech startups, is often attributed with economic growth and job creation due to their high-growth potential by many policy makers around the world. This link is widely debated in scientific literature, which does not necessarily seem to inform public policy. The City of Hamburg established a Next Media Initiative, focusing on media and IT industry related innovation to nurture the future development of this industry cluster with the help of high-growth ventures. -
RI Transparency Report Is One of the Key Outputs of This Framework
RI TRANSPARENCY REPO RT 2019 Idinvest Partners 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 reporting period specified above. 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. PRI disclaimer This document presents information reported directly by signatories. This information has not been audited by the PRI Secretariat or any other party acting on their behalf. While this information is believed to be reliable, no representations or warranties are made as to the accuracy of the information presented, and no responsibility or liability can be accepted for any error or omission. -
List of British Entities That Are No Longer Authorised to Provide Services in Spain As from 1 January 2021
LIST OF BRITISH ENTITIES THAT ARE NO LONGER AUTHORISED TO PROVIDE SERVICES IN SPAIN AS FROM 1 JANUARY 2021 Below is the list of entities and collective investment schemes that are no longer authorised to provide services in Spain as from 1 January 20211 grouped into five categories: Collective Investment Schemes domiciled in the United Kingdom and marketed in Spain Collective Investment Schemes domiciled in the European Union, managed by UK management companies, and marketed in Spain Entities operating from the United Kingdom under the freedom to provide services regime UK entities operating through a branch in Spain UK entities operating through an agent in Spain ---------------------- The list of entities shown below is for information purposes only and includes a non- exhaustive list of entities that are no longer authorised to provide services in accordance with this document. To ascertain whether or not an entity is authorised, consult the "Registration files” section of the CNMV website. 1 Article 13(3) of Spanish Royal Decree-Law 38/2020: "The authorisation or registration initially granted by the competent UK authority to the entities referred to in subparagraph 1 will remain valid on a provisional basis, until 30 June 2021, in order to carry on the necessary activities for an orderly termination or transfer of the contracts, concluded prior to 1 January 2021, to entities duly authorised to provide financial services in Spain, under the contractual terms and conditions envisaged”. List of entities and collective investment -
The Handbook of Financing Growth
ffirs.qxd 2/15/05 12:30 PM Page iii The Handbook of Financing Growth Strategies and Capital Structure KENNETH H. MARKS LARRY E. ROBBINS GONZALO FERNÁNDEZ JOHN P. FUNKHOUSER John Wiley & Sons, Inc. ffirs.qxd 2/15/05 12:30 PM Page b ffirs.qxd 2/15/05 12:30 PM Page a Additional Praise For The Handbook of Financing Growth “The authors have compiled a practical guide addressing capital formation of emerging growth and middle-market companies. This handbook is a valuable resource for bankers, accountants, lawyers, and other advisers serving entrepreneurs.” Alfred R. Berkeley Former President, Nasdaq Stock Market “Not sleeping nights worrying about where the capital needed to finance your ambitious growth opportunities is going to come from? Well, here is your answer. This is an outstanding guide to the essential planning, analy- sis, and execution to get the job done successfully. Marks et al. have cre- ated a valuable addition to the literature by laying out the process and providing practical real-world examples. This book is destined to find its way onto the shelves of many businesspeople and should be a valuable ad- dition for students and faculty within the curricula of MBA programs. Read it! It just might save your company’s life.” Dr. William K. Harper President, Arthur D. Little School of Management (Retired) Director, Harper Brush Works and TxF Products “Full of good, realistic, practical advice on the art of raising money and on the unusual people who inhabit the American financial landscape. It is also full of information, gives appropriate warnings, and arises from a strong ethical sense. -
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). -
Selected Deals: Updated 16.01/2021
Nordic M&A Tech Refresh Selected deals: Updated 16.01/2021 Updated every Monday morning, here 1 | 64 Nordic M&A Tech Refresh Contents Selected deals: 2021 Week 03 (11 jan – 17 jan) 4 Selected deals: 2021 Week 01-02 (01 jan – 10 jan) 5 Selected deals: 2020 Week 51-53 (14 dec – 31 dec) 7 Selected deals: 2020 Week 50 (07 dec – 13 dec) 9 Selected deals: 2020 Week 49 (30 nov – 06 dec) 11 Selected deals: 2020 Week 48 (23 nov – 29 nov) 13 Selected deals: 2020 Week 47 (16 nov – 22 nov) 14 Selected deals: 2020 Week 46 (09 nov – 15 nov) 16 Selected deals: 2020 Week 45 (02 nov – 08 nov) 17 Selected deals: 2020 Week 44 (26 oct – 01 nov) 18 Selected deals: 2020 Week 43 (19 oct – 25 oct) 20 Selected deals: 2020 Week 42 (12 oct – 18 oct) 22 Selected deals: 2020 Week 41 (05 oct – 11 oct) 23 Selected deals: 2020 Week 40 (28 sep – 04 oct) 25 Selected deals: 2020 Week 39 (21 sep – 27 sep) 26 Selected deals: 2020 Week 38 (14 sep – 20 sep) 27 Selected deals: 2020 Week 37 (07 sep – 13 sep) 28 Selected deals: 2020 Week 36 (31 aug – 06 sep) 29 Selected deals: 2020 Week 35 (24 aug – 30 aug) 31 Selected deals: 2020 Week 34 (17 aug – 23 aug) 33 Selected deals: 2020 Week 33 (10 aug – 16 aug) 35 Selected deals: 2020 Week 32 (03 aug – 09 aug) 36 Selected deals: 2020 Week 31 (27 july – 02 aug) 37 Selected deals: 2020 Week 30 (20 july – 26 july) 38 Selected deals: 2020 Week 29 (13 july – 19 july) 39 Selected deals: 2020 Week 28 (06 july – 12 july) 40 Selected deals: 2020 Week 27 (29 june – 05 july) 41 Selected deals: 2020 Week 26 (22 june – 28 june) 42 Selected deals: