Venture Briefing: Keep Calm and Transfer Appropriately Venture Briefing: Keep Calm and Transfer Appropriately

Venture Briefing: Keep Calm and Transfer Appropriately

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M&A Strong in Third Quarter, But Venture-Backed IPOs Fall Short
Ninety venture-backed M&A deals were reported in the third quarter, 20 of which had an aggregate deal value of $5.1 billion, increasing 39 percent compared to the second quarter and marking the strongest quarter for M&A exits with disclosed value this year, according to the Exit Poll Report by Thomson Reuters and the National Venture Capital Association. Thirteen venture-backed initial public offerings raised $1.7 billion during the third quarter of 2015, a 55 percent decrease, by number of offerings, from the second quarter of this year and 54 percent decline in total amount of dollars raised during the previous three-month period.
(Source: Dow Jones Newswires, 2015-10-01) Read the full article
IPO Market Rattled, But Companies Expected to Stick with Plans
Many companies gearing up for initial public offerings in the United States are expected to stick with their plans despite a wave of discounted pricings, though the size of their stock sales could be cut, industry experts said. The CBOE volatility index, essentially Wall Street's 'fear gauge,' has recently lingered above the 20 mark, which many IPO investors view as the threshold between an open and a treacherous IPO landscape.
(Source: Reuters, 2015-10-02) Read the full article
In Wake of Settlements, P.E. Firms Go to Great Disclosure Lengths
If the Securities and Exchange Commission wanted to get the attention of private equity firms, it certainly succeeded. The federal agency's settlements over the past few months with two of the largest private equity fund managers have led other firms to review how they go about disclosing various fees and expenses charged to their fund investors, said one of the firms' legal advisers.
(Source: The Wall Street Journal, 2015-10-09) Read the full article
Angel Investors Rushing into Deals as Demand Soars
At a time when conventional returns are low, lawyers and financial advisers say clients who wouldn't have thought of angel investing a few years ago are looking at it now. But too often, investors are not doing their due diligence.
(Source: The New York Times, 2015-10-02) Read the full article
Trade Group, Pension Funds Work on P.E. Fee Reporting Guidelines
It is an often-heard lament from investors: Many private equity shops don't freely divulge what they take home in monitoring, advisory and other fees from the businesses they back. The trade group Institutional Limited Partners Association is working with a group of pension funds to come up with a set of reporting guidelines that would shed more light on how much a fund's portfolio companies pay in fees to private equity managers.
(Source: The Wall Street Journal, 2015-10-01) Read the full article
World Economies Adopt Major Changes to Curb Corporate Tax-Dodging
Finance officials from the world's 20 biggest economies have committed to toughening laws and boosting cross-border cooperation to prevent multinational companies from avoiding as much as $250 billion a year in taxes. The 15-point action plan was drafted by the Organization for Economic Cooperation and Development in consultation with more than 100 countries.
(Source: Atlanta Journal-Constitution, 2015-10-09) Read the full article
Study Finds More Companies Disclosing Political Contributions
Many of the nation's largest publicly traded companies are disclosing more information about their political contributions, according to a study. More corporations are also placing restrictions on political spending to candidates, parties, committees and so-called "dark money" groups, according to the report from the Center for Political Accountability, a nonpartisan group that promotes greater transparency in corporate political spending.
(Source: The Washington Post (free reg. req'd), 2015-10-08) Read the full article
Activist Investors Throwing Corporate Board Directors for a Loop
More than 20 percent of corporate board directors said their boards have been approached by activist investors during the past year, according to a new survey, but 46 percent of those polled have no plan in place for responding to activist investor challenges. The survey, from the National Association of Corporate Directors, polled more than 1,000 public company corporate directors and governance professionals and found that preparedness for activist investors and market capitalization are highly correlated.
(Source: Accounting Today, 2015-10-06) Read the full article
China Gives P.E. Firm $400M to Invest in U.S. Startup Companies
Funding platform AngelList is set to announce a deal with China-based private equity firm CSC Venture Capital that will see it birth a new $400 million fund for early-stage startup investments, according to The Wall Street Journal. The deal is expected to be the "largest single pool of funds devoted to early-stage startups -- ever," the WSJ reported.
(Source: Venture Beat, 2015-10-12) Read the full article
AARP Creates $40M V.C. Fund to Boost Innovation, Tech for Seniors
AARP, the 37 million-member organization for people 50 and older, is establishing a $40 million venture capital fund to boost innovation and technology that will serve its constituents. The fund, administered by a unit of JPMorgan Chase & Co., will invest in enabling aging at home, improving access to health care and expanding the market for preventive health services, said Jo Ann Jenkins, AARP's chief executive officer.
(Source: Bloomberg, 2015-10-01) Read the full article
 
 
 
Headlines
Keep Calm and Transfer Appropriately

Earlier this week, Europe’s highest court invalidated the US-EU Safe Harbor agreement (“Safe Harbor”) in the landmark decision Maximillian Schrems v. Data Protection Commissioner. American companies have relied upon Safe Harbor for more than a decade to transfer personal data, including critical customer and employee data, from the European Union (EU) to the United States. This decision now requires those companies to re-evaluate their transfer programs to determine other legal bases for appropriate transfer. Read full article online.

 

By The Numbers

VCs saw a 34 percent decrease in funds raised from the second to the third quarter of 2015, and a 59 percent decrease by dollar commitments, said a fundraising report by Thomson Reuters and the National Venture Capital Association, which sampled 53 U.S.-based venture capital funds.
Source: CNBC - The VC slowdown is here: Report

 

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Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs 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 financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies. In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

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This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.

 
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