eNewsletter no. 516 Dear Reader 29 November 2019 Dance the Cashless! Do the Cashless! Pass by the bancomat, it is SECA just a one-armed bandit. Banks profit from the bancomats, and there are criminal gangs that manipulate bancomats to deplete Venture Capital their victims‘ accounts. Those days are soon over. Bancomats will Private Equity – Swiss News be as obsolete as telephone cabins. Maybe someone will install aquariums in the holes in the wall. Private Equity – Int. News On the other hand: Swiss banknotes are the most precisely crafted Corporate Finance works of art, and they are true multiples. Some can be had for as Book of the Week little as 10 CHF, and even the biggest of the beautifully colored bits of contemporary design has a market value of 1000 CHF (1000 Jobs USD) only. Collectors take care to have it suitably framed. Agenda Have a nice week! Editor Maurice Pedergnana Toolbox Print Newsletter Send Newsletter to a Friend Download as PDF SECA Launch of 4th Edition of the regular VC Model Documentation “large” SECA is pleased to announce that the existing regular VC Model Documentation "large" for sizeable venture capital investments by institutional/international investors has been updated to reflect market feedback and new market trends. The updated 4th Edition is now available for free download on SECA's website. SECA expresses its thanks to each member of the standing working group – Martin Frey, Dieter Gericke, Hannes Glaus, Beat Kühni, Oliver Triebold, Michael Trippel, Ulysses von Salis and Christian Wenger and a separate group of younger practitioners – for their invaluable contributions and the many pro bono hours that went into this new 4th Edition of the VC Model Documentation “large”. VC Model Documentation SECA fragt nach... Was macht die LPX Group? LPX analysiert seit mehr als 15 Jahren Unternehmen aus den Bereichen Private Equity, Infrastruktur und Debt. Dabei fokussieren wir uns ausschliesslich auf börsengehandelte Unternehmen und bieten Investmentlösungen in alternative Anlagen mit täglicher Liquidität. Viele Investoren setzen momentan auf ETFs, auch im Bereich Private Equity. Wie erklärst du dir das? Momentan herrscht die Meinung vor, dass Investitionen am Kapitalmarkt fast nichts mehr kosten dürfen. Um jeden Basispunkt wird gekämpft. ETFs bieten einen sehr günstigen Zugang zu allen möglichen Anlageklassen, darunter auch Private Equity. Solange dieser Trend anhält, werden ETFs weiter an Beliebtheit gewinnen. Viele Investoren übersehen dabei aber, dass ETFs im Bereich alternative Investments mit einem Spread gehandelt werden, während ich bei einem klassischen Fonds immer zum NAV handeln kann. Auch sind die ETFs im Bereich Private Equity deutlich volatiler und damit risikoreicher als aktive Anlagestrategien. Was können wir vom LPActive Value Fonds in einer allfälligen Rezession erwarten? Der LPActive Value Fonds verfolgt eine defensive Anlagestrategie mit einem Value Ansatz. Wir fokussieren uns dabei unter anderem auf Private Equity Unternehmen, die eine gesunde Bilanzstruktur aufweisen. In vergangenen Rezessionen war es stets so, dass diese Unternehmen zu günstigen Bewertungen in KMUs investieren konnten. Das führte dann in folgenden Aufwärtsphasen zu attraktiven Returns. Aber: Kurzfristig bleibt Private Equity korreliert mit der allgemeinen Wirtschaftsentwicklung. SECA Training Romandie La SECA (Swiss Private Equity and Corporate Finance Association) et France Invest s’associent pour proposer un cycle de formations en français facilitant la montée en compétences des professionnels intéressés par le capital-investissement (private equity) en Romandie. Nous offrons aux membres et non-membres un cycle de sept formations conçues pour un large public, allant des nouveaux entrants dans les métiers du private equity aux pro-fessionnels plus établis, mais aussi aux chargés d'affaires et acteurs du middle et du back office souhaitant approfondir leurs connaissances, professionnels de la finance, de la banque, des assurances et des caisses de retraites. Flyer Informations complémentaires et inscription SECA Evening Event: Venture capital for family offices, insurance firms and pension funds Tuesday, 28 January 2020, Geneva This event, which is organized by the Swiss Private Equity & Corporate Finance Association in cooperation with the venture capital companies btov Partners and VI Partners, is aimed at managers and decision-makers from the investment sector of Swiss family offices, insurance firms and pension funds. Flyer more information and registration 3. SECA Workshop Venture Capital Wir zeigen auf, was Venture Capital im Unterschied zu anderen Assetklassen ist, welche Märkte es gibt, wie Venture Capital funktioniert, welches die wichtigsten Marktplayer und deren Geschäftsmodelle sind, wie VC reguliert ist, welche Gründe für Venture Capital sprechen, wie ein Investor investieren kann und was die Erfolgsfaktoren für Investments sind. Neben diesen Themen dürfen Erfolgsgeschichten aus der jüngsten Vergangenheit aus den Bereichen Innovation, Unternehmertum und Venture Capital nicht fehlen. Zur Verknüpfung von Theorie und Praxis gestalten namhafte Referenten aus der Industrie sowie aus der Forschung und Entwicklung den Workshop mit. Weitere Informationen und Anmeldung Venture Capital Media Monitoring Fintechs treiben deutschen Venture-Capital-Markt Investor Klaus Hommels sieht Europa im Rückstand Nach Wework-Desaster: DiCaprio-Investment sucht vergeblich nach Geldgebern Roger Federer investiert «unter 10%» in On Das Zürcher Startup ist seit 2014 profitabel und beispielsweise im deutschen Sportschuhmarkt bereits die Nummer 4. Es ist ihm eine Herzensangelegenheit. Aber er hat auch das Gespür fürs gute Wirtschaften. read more RoomPriceGenie raises CHF 1m round led by Wingman Ventures Wingman Ventures, a new VC based in Zurich, has announced a first investment in RoomPriceGenie. The start-up with more than 100 clients around the world developed a pricing solution for smaller hotels and has now closed a pre-seed round. startupticker.ch Peerbridge Health™ secures $11 Million of Additional Funding Hot on the Heels of Winning Medical Design Excellence Award Kinled Holding is delighted to announce that its portfolio company Peerbridge Health Inc, has successfully raised $11mm from New York's largest hospital system, Northwell Health, Ascent Biomedical Ventures, and Kinled Holding Ltd. read more Business Creation workshop for Biotech startups Starting on the 23rd of January 2020 in Basel - Are you about to set up your own Biotech company or have you recently started a new business? In the Business Creation training module, you will receive specific answers to your questions about your Biotech startup. This module will also help you to improve your plans and consolidate your knowledge. more information and registration After WeWork, SoftBank’s Startup Bookkeeping Draws Scrutiny The WeWork fiasco raises questions about large numbers. The co-working startup’s valuation crested at USD 47 billion this year with SoftBank’s investment, then plummeted to USD 7.8 billion in a bailout engineered by Son. WeWork is slashing jobs and scaling back operations. “WeWork is not just a mistake, it is a signal of weakness in the whole model,” said Aswath Damodaran, a professor of finance at New York University’s Stern School of Business, who has written four books on valuing businesses. “If you screwed up that valuation so badly, what about all of the other companies in your portfolio?“ SoftBank said WeWork is an exception rather than a symptom of broader problems, and it has learned from the experience. EIF Working Paper 2019/060: EIF Business Angels Survey 2019 - Market sentiment, public intervention and EIF’s value added This working paper presents results of the first EIF Business Angels Survey, a survey among Business Angels (BA) who benefited from the European Angels Fund (EAF), an initiative advised by the EIF and providing equity to BAs for the financing of innovative companies in the form of co-investments. The study provides a detailed overview of the respondents’ state of business and market activity as well as their general perception of the European BA market and the required public intervention. read more A new USD 2bn venture capital fund In the past decade, VC firms have increasingly veered into billion-dollar fundraising territory. The latest example? Norwest Venture Partners closed its Fund XV on USD 2bn. The mega-fund is the 58-year-old firm's largest vehicle ever, and it underscores how venture fundraising is working to keep up with the soaring deal sizes across all stages. Qnami (Basel) completed a CHF 2.6m seed money round Qnami uses quantum mechanics to perform nanometer scale surface analysis with its quantum microscope. The Basel start-up has completed a CHF 2.6m with a French VC fund that specialises in deep-tech, as well as investiere, ZKB and the German High-Tech Gründerfonds. startupticker.ch Clean Sweep for Enway: 6m EUR Seed Round While technology is advancing rapidly, many use cases for autonomous mobility are still hard to commercialize due to regulatory restrictions and additional safety requirements in public spaces. Enway, however, is initially targeting a market that can be immediately commercialized: autonomous mobility for special purpose vehicles on private grounds, like warehouses, industrial facilities and private parking lots. Collaborating with traditional manufacturers, the company is building the software and technology to make these vehicles autonomous. read more Biotech Raises USD 100m