Hans Swildens weighs in on Industry's sale to Goldman Sachs, who the most active sellers in the venture secondaries market are, the current NAV discount for venture assets and lots more.
The investment bank will pay up to $965m for Industry, as it ramps up its push into private wealth, focusing on distributions and unique product offerings.
In part 24 of his venture debt series, Zack Ellison of Applied Real Intelligence breaks down the key funding structures behind venture loans and growth credit and how they shape investor control and economics.
Managed with Evercore, the HighVista deal drew more than 40 potential bidders and reinforces the Boston investment firm’s expanding presence in the secondary market.
In response to extended fundraising periods, start-ups are raising bigger seed rounds to bridge the gap, shows JPMorgan’s latest half-year report.
Sequoia is the largest shareholder in the Swedish company, which went public on the New York Stock Exchange on Wednesday.
Rolling investors into the new fund include Partners Group, HighVista Strategies, Committed Advisors and Hollyport Capital, according to a statement.
The ongoing shift from big, expensive military assets like battleships and fighter jets to smaller, more agile and less costly ones positions Anduril and other venture-backed companies to win more government and commercial contracts and draw more capital from investors.
Mismatched valuation expectations are impeding defense tech acquisitions.
In part 23 of his series on venture debt, Zack Ellison from Applied Real Intelligence concludes a three-part deep dive on convertible notes, and walks through an example of a convertible note decision tree, complete with scenario probabilities, financial outcomes and expected value modeling.