Tech companies at all growth stages are facing capital raising and operating challenges brought about by the global COVID-19 pandemic. A recent CB Insights client briefing explored these novel business pressures.
To add some perspective, an analysis of earnings calls provided by CB Insights showed that the mentions of “layoffs,” “furloughs” and “hiring freezes” in…
CB Insights recently published a report, State of Fintech: Investment & Sector Trends to Watch, which provides a number of insights regarding 2019 industry trends.
Global fintech funding in 2019 fell short of the record highs in 2018, with 1,913 deals raising $34.5 million in proceeds in 2019. Quarterly fintech volumes throughout 2019 were…
Healthcare companies have raised over $37.5 billion globally in the first three quarters of 2019 in over 3,409 private venture funding rounds according to a recent CB Insights report. Compared to full year 2018, the report’s projections for funding through the end of 2019 will not surpass 2018’s $54.7 billion of private venture funding.…
At the Economic Club of New York, in keynote remarks, Chair Clayton reviewed the Securities and Exchange Commission’s recent initiatives. He highlighted the Commission’s adoption of Regulation Best Interest (Reg BI). Repeating a common theme, Chair Clayton discussed concerns relating to increased reliance on the private capital markets. Clayton noted that, while twenty-five years ago,…
McKinsey Global Private Markets Review 2019 provides important data on the private markets. The report notes that private equity’s net asset value has grown more than sevenfold since 2002, which is twice as fast as global public equities. Private markets, the report concludes, have gone from alternative to mainstream. See the full report here: https://mck.co/2Ux3IkZ
A recent research report published by Goldman Sachs reviews private market value creation compared to public market creation. Echoing the trends noted in other publications, the report notes the increasingly important role of venture capital as an asset class. The growth in venture funding has contributed to companies remaining private longer. The report notes that…
In a recent report, the Nasdaq Private Market (NPM) provided data regarding transaction activity for private company securities. On NPM, the total sponsored liquidity program value increased from $3.2 billion in 51 programs in 2017 to $12.0 billion in 79 programs in 2018. There were 46 third-party tender offers in 2018 compared to 23…
In a recently published white paper Andrew Kroculick and Julia Brezing of Nasdaq Private Market provide an overview of the auction processes supported by the Nasdaq Private Market. Auctions may be a useful alternative to the more traditional private tender offer. Particularly given concerns related to information asymmetries, an auction or an auction-based component to…
In a recent paper titled, “Public or Private Venture Capital?” author Darren M. Ibrahim compares the relative benefits associated with reliance on private capital to fund start-ups and emerging companies with “public” venture capital in the form of securities exchanges like the London Alternative Investment Market, or AIM. The author looks at three such venture…
In a recent paper, “Scaling Up: the Implementation of Corporate Governance in Pre-IPO Companies,” authors David F. Larcker and Brian Tayan review governance practices and how these evolve in the lead-up to an IPO. The authors studies 47 companies that completed IPOs from 2010 to 2018. On average, the companies in the sample set were…
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