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| How revising the Volcker Rule will affect the private markets | |  | Former US Federal Reserve board chairman Paul Volcker lent his name to a key plank of the Dodd-Frank Act.
(Alex Wong/Getty Images) | | | The global financial crisis introduced a new phrase into America's economic lexicon: "Too big to fail." When chaos enveloped Wall Street in 2008, the US government found itself in the position of bailing out private banks to ensure the nation's economy didn't collapse. To help prevent such events from unfolding again, legislators enacted the Volcker Rule, a measure that curbs US banks from making certain types of speculative investments.
Next month, the Volcker Rule is getting a makeover. Our latest analyst note combines a detailed history of the Volcker Rule with new insight into how the coming changes will impact the private markets, with smaller, less-capitalized VC ecosystems set to emerge as one potential winner: | | | | | | | |
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| A message from Lincoln International | | |
| Investors remain hungry for food & beverage acquisitions despite consumer behavior changes | | Lincoln International recently spoke with leaders of food and beverage brands as well as corporate buyers and PE investors to explore how changes in consumer behavior during COVID-19 will impact the industry and M&A in the year ahead.
As at-home consumption increased, consumers sped up several food and beverage trends that are creating appetizing opportunities for sellers and investors alike.
In the last six months, some consumers gravitated toward healthier options while others turned to emotional comfort in indulgent, nostalgic foods. At the same time, many shoppers took advantage of ecommerce platforms to avoid grocery store visits. The shifts caused by COVID-19 are likely to persist well into the future.
To learn about the implications of these trends and key M&A takeaways for food and beverage sector leaders, read this and other perspectives from Lincoln here. | | | | | | | |
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| On the podcast: European VC plows ahead despite COVID-19 | | The COVID-19 pandemic has left no part of the global economy unscathed. But the European VC landscape has remained surprisingly resilient, driven in large part by continued investment in tech and a proliferation of sizable late-stage rounds.
PitchBook analyst Nalin Patel joins the latest episode of "In Visible Capital" to break down the current state of the European venture scene, including: - How COVID-19 has caused Europe's work-from-home, healthcare, biotech and pharmaceutical industries to boom
- Why median valuations, deal sizes and step-up rounds have remained strong, with European corporate venture capital spending especially robust
- How a continued surge in European VC specialist funds targeting tech, healthcare and more has helped overall European VC fundraising stay relatively stable
| | | | | | | | | | Poland's answer to Amazon seeks record ecommerce IPO | |  | | (Mint Images/Getty Images) | | | Polish ecommerce company Allegro intends to go public on the Warsaw Stock Exchange in what could be the country's biggest IPO, according to the Financial Times. - Allegro, whose backers include Cinven, Permira and Mid Europa Partners, is targeting a valuation of up to $14.2 billion
- The IPO will include the sale of new shares worth about $270 million, and the company plans to use the proceeds to pay down its debt
- The offering will also have a secondary component for existing backers and management to sell down their stakes
| | | | | | | | | | It started as a T-shirt. But before long, an entrepreneur named Marceau Michel had turned "Black Founders Matter" into a $1 billion venture fund. [The New York Times]
The restructuring of life required to help steel the American West against the inevitable prospect of even more destructive wildfires in the years to come would be costly. Avoiding it would be even costlier. [Intelligencer]
The pandemic has made clear just how critical a broadband connection is to modern American life. Will it inspire new steps to make internet access a right for us all? [Recode] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 279 Deals | 1357 People | 443 Companies | 15 Funds | | | | | | |
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| PitchBook Webinar: Impacts to US and European VC valuations in the current climate | | Investors are facing a uniquely opaque future in the private markets. That's why getting an aggregate view of the valuations environment—including the latest data across the US and Europe—is critical. Join tomorrow's webinar, where PitchBook VC analysts will discuss the latest valuations trends in more detail: - Many early-stage VCs have been anticipating a drop in pre-money valuations for many red-hot early-stage companies; however, this decline has yet to materialize in the data
- Late-stage VC valuations have seen some strength as investors continue to back the most mature startups to protect value
- Despite an overall slowdown in exits, valuations haven't seen a sharp decline outside of IPOs
- The possible beginnings of an inflection point away from Q1's founder-friendly deal terms may have subsided
RSVP today | | | | | | | |
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| G4S rejects $3.8B bid backed by BC Partners | | | G4S has rejected an unsolicited takeover bid from Canadian security specialist GardaWorld worth a reported £2.95 billion (about $3.8 billion), the latest attempt by the private equity-backed company to acquire its British rival. GardaWorld offered 190 pence per share for G4S, an increase from two previous takeover bids earlier this year of 145 pence and 153 pence per share. BC Partners acquired GardaWorld last year for C$5.2 billion (about $4 billion today). | | | | | | | | TPG backs $2B insurance deal in Singapore | | | A consortium led by Singapore Life and including TPG Capital has agreed to purchase a controlling stake in Aviva Singapore from UK-based insurance giant Aviva for S$2.7 billion (about $2 billion). Upon the deal's completion, TPG will become the largest shareholder in the newly combined insurance business. Japan's Sumitomo Life will also invest in the transaction. | | | | | | | | Blackstone readies latest residential bet | | | Blackstone has entered exclusive talks to acquire a portfolio of some 40 mobile-home parks from Summit Communities for about $550 million, according to Bloomberg. Most of the locations are said to be in Florida. Blackstone agreed last month to invest C$395 million (about $300 million) in Tricon Residential, an operator of single-family rental homes, and it reportedly paid approximately $200 million for seven mobile-home parks earlier this year. | | | | | | | | Pacific Equity eyes IT takeover | | | The board of directors at Australian IT provider Citadel Group has recommended a takeover offer from local PE firm Pacific Equity Partners with an equity valuation of A$448.6 million (about $327 million). The bid of A$5.70 per share represents a 43% premium to Citadel's closing share price on Friday. The transaction would give the software developer an enterprise value of A$503.1 million. | | | | | | | | Novacap completes insurance purchase | | | Canadian private equity firm Novacap has acquired a majority stake in Optiom, a provider of specialty vehicle replacement insurance and related services that's based in Calgary. The deal marks Novacap's first investment from its debut financial services fund, which held a first close last November. | | | | | | | | THL strikes deal with insurance tech specialist | | | | | | |
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| Gilead to pay $21B for oncology company | | | Biopharma company Gilead Sciences has agreed to acquire cancer treatment specialist Immunomedics for $88 per share, valuing the New Jersey-based business at approximately $21 billion. The price represents a 108% premium to the closing price of Immunomedics shares on Friday; Immunomedics stock had already risen some 155% in the previous 12 months. California-based Gilead will pay for the purchase with $15 billion in cash on hand and another $6 billion in newly issued debt. | | | | | | | | Verizon inks $6.9B pact with Tracfone | | | Verizon has agreed to acquire pre-paid and discount mobile phone specialist Tracfone from Mexican telecom provider América Móvil for as much as $6.9 billion. Verizon, which is based in New York, will pay $3.125 billion in cash and $3.125 billion in stock, plus up to $650 million based on certain performance milestones. Verizon plans to bring the customers of Miami-based Tracfone onto its 4G LTE and 5G networks. | | | | | | | | Steven Cohen named winner in Mets auction | | | Hedge fund mogul Steven Cohen has struck an agreement to acquire the New York Mets from the family of Fred Wilpon, with various reports indicating a valuation of between $2.4 billion and $2.5 billion. It's believed to be the highest price ever paid for a Major League Baseball team, topping the $2.15 billion acquisition of the Los Angeles Dodgers in 2012. The acceptance of Cohen's bid concludes an extended sale process that also included reported interest from private equity tycoons Josh Harris and David Blitzer. | | | | | |
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"As expected in a quarter when the S&P 500 was up 9.1%, private markets finished 2019 on an upswing, with no foreshadowing of the volatility to come in early 2020. PE and VC were neck and neck for highest returns in the year through Q4 2019, coming in at 15.8% and 15.9%, respectively. Real assets continued to lag the other private market asset classes, in part because oil-related assets had begun to struggle in the fourth quarter."
Source: PitchBook's Global Fund Performance Report as of Q4 2019 | | | | | |
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اللباس التقليدي الحضرمي للرجال مرحبا بكم في سلسلة اللباس التقليدي الحضرمي .. لنتعرف معا على تراثنا ...وربما أن بعض هذه الملابس لم تعد مس...
شغل الشاعر سعيد فرج باحريز رحمه الله الناس في المكلا وحضرموت عموماً باشعاره التي كانت لها مدلولات عميقة وثاقبة ومعانٍ بليغة وحكيم...
