Approximately $126 billion in private debt was raised globally in 2019, according to PitchBook Data’s Global Private Debt Report. The private debt markets have experienced a surge in activity and volume following the Global Financial Crisis. Increased competition among lenders raise concerns about the increase in covenant-lite facilities as bargaining power shifts to issuers.

The capital formation environment has significantly changed in the last two decades and, in particular, following the global financial crisis of 2008. The number of initial public offerings has declined, and M&A exits have become a more attractive option for many promising companies. This article reviews trends in the initial public offering market, notable alternatives

CBInsights recently published its report on financial services corporate venture capital (CVC) activity.  Globally, financial services CVC groups participated in $7.4 billion of funding in 2018 in 315 deals, with 2019 activity increasing to 368 deals and approximately $9.6 billion.  Much of the growth has been in late-stage deals, which are Series D and later

At the intersection of insurance and technology, insurtech companies are flourishing.  According to a recent report by CB Insights, companies in the insurtech sector raised approximately $6.35 billion in private funding in 314 deals in 2019, globally.  2019 accounted for approximately 33.9% of all investments to date in insurtech companies.  Private capital raises by

On January 23, 2020, the SEC’s Office of the Advocate for Small Business Capital Formation (the “Office”) hosted its first Capital Call, during which the Advocate for Small Business Capital Formation and Director of the Office, Martha Legg Miller, and members of the Office’s Staff discussed the latest trends relating to capital formation.  During the

Today, the SEC’s Office for the Advocate for Small Business Capital Formation announced it will host its first Capital Call on January 23, 2020 at 1 pm ET.

This virtual conference will focus on the latest trends relating to capital formation by companies, ranging from startups to small cap companies, and will provide participants with

The Office of the Advocate for Small Business Capital Formation published its annual report to the Committee on Banking, Housing and Urban Affairs of the U.S. Senate and the Committee on Financial Services of the US House of Representatives as required by the Exchange Act.  2019 was the first year of operations for the Office

The Securities and Exchange Commission’s Division of Economic Risk Analysis (DERA) recently published the first Economic and Risk Outlook. The release coincided with the SEC’s December 4, 2019 conference on the State of the Securities Markets. The report addresses a number of macroeconomic indicators. The report notes elevated borrowing offset by positive economic growth, high

The Securities and Exchange Commission released the report from the August 2019 Government-Business Forum on Small Business Capital Formation. The Annual Forum provides an opportunity for market participants to meet and discuss concerns regarding the regulatory framework affecting capital formation for small businesses, including smaller reporting companies and mid-cap companies. Each year, the recommendations included

CBInsights recently published its Global Fintech Report for the third quarter of 2019. For 2019, global fintech funding totaled $24.6 billion through the third quarter of 2019, which is still a decline from 2018. Global venture-backed fintech deals rebounded during the quarter in the United States but remain at a three-year low. Globally there are