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| Venture-backed initial public
offerings have been declining, and as VCs make more demands, entrepreneurs have been looking at
alternatives. |
| (Source: BusinessWeek, 2008-07-09) |
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| The number of initial public
offerings took a nosedive in the second quarter of this year compared with the second quarter of
2007. But surprisingly, the sharp decline may have almost as much to do with the presidential
election as it does with the tight credit market. |
| (Source: Financial Week, 2008-07-09) |
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| A fight is brewing between
venture capitalists and some small businesses over VC-controlled companies' eligibility for federal
aid. At stake are billions of dollars in grants and contracts disbursed through the government's
low-profile Small Business Innovation Research program, which funds early-stage research in areas
ranging from potential cancer cures to top-secret products for the military. |
| (Source: The Wall Street Journal,
2008-07-07) |
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| Policy-makers said they were
doing everything possible to restore calm to financial markets, but stressed to lawmakers that a
longer-term regulatory overhaul was vital to avert future crises. Federal Reserve Chairman Ben
Bernanke and Treasury Secretary Henry Paulson told Congress they agreed the Fed needs a stronger
hand in supervising investment banks to help shield the broader economy from problems like the ones
that forced the emergency rescue of investment bank Bear Stearns. |
| (Source: Reuters, 2008-07-10) |
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| Businesses sold by private
equity firms last year saw greater growth in value and profit than their publicly held peers, a new
study by Ernst & Young found. Indeed, the enterprise value of companies previously owned by PE firms
grew at a 24 percent annual clip in 2007, twice the rate of growth of public companies. |
| (Source: Financial Week, 2008-07-09) |
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| The nation's private equity
firms raised $132.7 billion across 185 funds in the first half of the year, down three percent from
a year ago when 199 funds raised $137.2 billion ahead of the credit crunch that began last summer,
according to industry newsletter Dow Jones Private Equity Analyst. The full-year fund-raising record
was set last year when private equity firms raised $313 billion. |
| (Source: San Francisco Business Times,
2008-07-08) |
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| The Federal Reserve considers
private equity to be a good source of capital for financial services companies battered by the
credit crisis, top regulators said. |
| (Source: Reuters, 2008-07-10) |
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| As of the first quarter of
2006 (the latest data available), just 4.8 percent of all VC dollars were behind female-owned
companies, down from (a still meager) 7.1 percent in 2000, estimates Venture One, a research arm of
Dow Jones. Meanwhile, overall female entrepreneurship has been on the rise. |
| (Source: Forbes.com, 2008-07-10) |
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| The Silicon Valley Venture
Capitalist Confidence Index for the second quarter of 2008 registered 3.07 on a 5-point scale,
falling from the previous quarter's reading of 3.22 to a third consecutive new low in the history of
the index. The previous low of VC confidence reported for the first quarter of this year preceded
the worst quarter (Q2) for IPOs (0) for venture-backed firms in 30 years. |
| (Source: San Jose Business Journal,
2008-07-09) |
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| Democratic White House hopeful
Barack Obama unveiled a proposal to give $6 billion a year in tax credits to small businesses that
provide health insurance plans. Under the plan, small businesses would get a refundable credit of up
to 50 percent on premiums paid on behalf of their employees. |
| (Source: Reuters, 2008-07-13) |
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| Janice
Wilken |
The Indiana Supreme Court recently decided a case which could impose significant new
responsibilities on directors of Indiana corporations. In Lean v. Reed, the court found
a director of an Indiana corporation personally liable as a matter of law (i.e., without trial) for
violations of the Indiana securities laws by the corporation. While this in itself is not
groundbreaking, the facts underlying the case are rather startling.
Read the entire article.
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July 29 - IBJ's Life Sciences
Power Breakfast Series
August 14 - Lacy Leadership Association and Keep Indianapolis Beautiful's Green
Gathering
August 25 - DuPage County, Illinois Affordable Housing Seminar
September 11 - Invest Indiana 2008
September 18 - Unsurpassed Elegance
September 18 - IBJ's 2008 Fastest Growing Companies
September 25 - KPMG LLP's Indy's Best and Brightest Awards Luncheon
October 1 - CEO Survey Breakfast
October 23 - Indiana Lawyer's 2008 Diversity in Practice Conference
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Ice Miller has been active in the
private equity industry for over 25 years, representing both management teams building great
companies and the private equity firms and individuals that invest in them. We have extensive
experience with all types of funds (formations and operations); mezzanine and senior secured
financings; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and
complex litigation on behalf of investors and privately financed companies.
Read the complete profile of the Private Equity and Venture
Services Practice Group.
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