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The Wire Feb. 17, 2021
Waitr's post-SPAC performance draws litigation, Warburg locks down buyer for Hygiena It's hump day, hubsters!
SPAC boom, and litigation: SPACs have become so popular there was even a rap music video released earlier this month about the proliferation of the capital vehicle. If you haven’t seen it already, check out "Spac Dream" by Cassius Cuvée featuring Mags Lionne and send me your thoughts. As the flurry of SPAC activity shows no indication of slowing, Bloomberg writes that a federal judge is weighing to what extent sponsors of these ventures can be held liable for failing to deliver. A hearing is set for...
Read the full wire commentary on PE Hub.
That's it for today! Have a great week ahead, and as always, write to me with tips, feedback or any other comments at [email protected].
Also of note (may require subscriptions)
Push for change: New Jersey Democrat Bill Pascrell introduced a bill Tuesday along with two fellow House Democrats to change the tax treatment of carried interest to ordinary income, which can run as high as 37 percent, writes Buyouts. PE critics have long considered this a loophole that allows already-wealthy private equity GPs to pay less than regular workers. Read more on Buyouts.
Secondaries charge: Adams Street Partners is roaring into a well-primed post-covid secondaries market with a $1.5 billion target for its seventh global secondaries fund, according to pension documents. Check out Buyouts full report for more info.
Big commitment: AlpInvest Partners has backed the spinout of an investment team that was once part of one of the world’s most prominent hedge funds, Secondaries Investor reports. The investment team had been part of hedge fund BlueMountain Capital Management, which was sold to Assured Guaranty in October 2019. Read more here.
PE Deals
They said it “You’re buying into the idea that this person is a good investor and that they will find a good deal,” he said. “You have to look at the sponsors because you’re relying on their investment experience and ultimately they are accountable.” Robert Prongay, an attorney with Glancy Prongay & Murray LLP in Los Angeles who represents shareholders in securities lawsuits, told Bloomberg – speaking to a ruling that will examine if SPAC sponsors can be held liable for failing to deliver.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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