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| | | US PE and VC-backed IPO activity on track for 48% YoY drop |
| | | The 2016 US IPO market for PE-sponsored and VC-backed companies has been slow, to say the least. Through 3Q, US-headquartered companies had raised just $7.2 billion across 49 completed offerings, but with political uncertainty possibly contributing to market volatility, will IPOs be able to rebound in 2017? |
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Our 2016 US PE & VC IPO Trends Report, sponsored by Donnelley Financial Solutions, sifts through all the data to analyze what has happened in 2016, looking back at what led to the huge falloff in activity and using the data to provide context. Datasets include: - Average and median offering sizes of completed PE and VC IPOs
- Proportion of completed offerings pricing above, below or within their filed range
- Pre-IPO metrics such as time between first VC financing and IPO
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| | | | | | | | | He's hired: 4 things to watch as Donald Trump preps for office |
| | The 2016 general election in the US yielded results that not even the best prognosticators in the business predicted. With Donald Trump now the president-elect, what to watch for as he prepares to take office in late January is really anyone's guess.
But here's what we'll be paying particular attention to as the coming weeks give us a clearer picture of how President Trump will govern a deeply divided nation... |
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| | | | | | | | | 3G targets up to $10B for mega-deal |
| | 3G Capital is seeking between $8 billion and $10 billion for a new fund to co-invest in the purchase of a major consumer goods company, according to a report in the Brazil Journal. It’s an item chock full of big names: 3G is controlled by Brazilian billionaire Jorge Paulo Lemann. Investors in the new fund reportedly include tennis legend Roger Federer and model Gisele Bündchen. And the fund’s two rumored targets for a potential takeover are General Mills and Mondelez International, best known as the maker of Oreo cookies. It’s believed any acquisition would be conducted through Kraft Heinz (NASDAQ: KHC), the food conglomerate in which 3G already owns a 24% stake.
The fundraising is a typically bold play for Lemann and 3G, following on the heels of massive deals to acquire Burger King (2010), Heinz (2013) and Kraft (2014). The success of those deals is surely part of the reason for the stock bump General Mills and Mondelez each saw Tuesday afternoon—although share prices for both fell again Wednesday in the wake of the US election. |
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| | | | | | | | | | | The Age of Trump begins. [The Atlantic]
A recap of how various world leaders reacted to America’s choice. [BBC]
Examining the Dow’s election-night plummet and other financial implications ahead. [The Reformed Broker]
Silicon Valley’s initial (and bitter) reaction to the new leader of the free world. [Recode]
One of CVC Capital Partners’ portfolio companies may be prepared to uniquely benefit from a Trump presidency. [The Wall Street Journal]
David Remnick, perhaps America’s most respected journalist, on an American tragedy and the fight for the country’s soul that surely will continue to smolder. [The New Yorker]
Why President Trump could be a major plus for the US economy. [CNBC]
An optimist’s read on the implications of this election for the climate: President Trump may support massive projects to expand clean-energy infrastructure. A pessimist’s: His other actions may irrevocably devastate the planet. [The Atlantic]
Democrats' refusal to recognize the lessons of Brexit. [The Intercept]
Why the leader of the Trump campaign’s data team wasn’t surprised by his candidate’s victory. [Wired] |
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| Since yesterday, the PitchBook Platform added: | | 183 Deals | 1217 People | 482 Companies | 5 Funds |
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| | | 2007 Vintage US Venture Funds ($500M - $1B) |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.72x Median TVPI | 0.92x Median DPI |
| | | | *IRR: net of fees | | 16 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| | | | | | Minerals and Mining | Brisbane, Australia |
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| | | Auxo adds on Stealth Monitoring |
| | | Security Services | Dallas, TX | Add-on |
| Auxo Management has made an investment in Stealth Monitoring, a provider of remote video surveillance to commercial, industrial and residential customers in the US. Auxo will combine Stealth Monitoring with existing portfolio company UCIT Online Security, another video surveillance business focused on construction and industrial sites. |
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| | | HQ Equita to exit Schock to IK Investment |
| | | Consumer Durables | Regen, Germany | Secondary Buyout |
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| | | LLR exits security stakes |
| | | Philadelphia, PA | PE/Buyout |
| LLR Partners has agreed to sell application security provider Cigital and Codiscope, another security provider that was spun off from Cigital last year, to Synopsys (NASDAQ: SNPS). The acquisition will be funded through a combination of cash and debt and is expected to close by the end of the year. LLR has backed Cigital since 2013. |
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| | | | | | ONCAP, the middle market private equity platform of Onex, has raised $1.1 billion for its fourth fund. Its predecessor, ONCAP III, closed on C$800 million in 2011. The firm makes both minority and control investments in small and mid-sized North American companies, typically ones with enterprise values between $50 million and $500 million. |
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| | | | | | | | | Stripes Group eyes $750M for fourth vehicle |
| | | Stripes Group has set a target of $750 million for its SG Growth Partners IV vehicle, according to an SEC filing. The firm, which seeks to provide between $10 million and $150 million to companies in the internet, software, healthcare IT and consumer products spaces, closed its previous fund on $500 million in 2014. |
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| | | | | | | | | ParkerGale closes maiden fund |
| | | ParkerGale Capital has closed its debut fund on $240 million, surpassing its $200 million goal. Founded in 2014 by the former technology investment team at Chicago Growth Partners, ParkerGale specializes in buying founder-owned software and technology companies. |
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| | | | | | Baton Rouge, LA | PE/Buyout |
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