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Venture Briefing: Information Overload - The SEC Examines Disclosure Requirements Venture Briefing: Information Overload - The SEC Examines Disclosure Requirements

Venture Briefing: Information Overload - The SEC Examines Disclosure Requirements

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V.C. Investments for Late Stage Firms Set to Reach Record Highs
The emergence of fresh sources of capital for late-stage private companies has redefined the venture capital industry, and now investments in those pre-IPO companies is on pace to surpass even the heights reached at the peak of the dot-com boom. Venture capital firms put $15.59 billion into companies raising third or later rounds of financing through the first half of this year, according to Dow Jones VentureSource.
(Source: The Wall Street Journal, 2014-07-31) Read the full article
IPOs Soar, But Investors Getting in Later in Game
Initial public offerings used to offer investors chances to get in on the ground floor of young, fast-growing companies. These days IPO investors are more likely to get in somewhere around the sixth floor, when companies are well beyond infancy and maybe even approaching middle age.
(Source: Bloomberg Businessweek, 2014-07-24) Read the full article
Popularity of Shadow Capital Changing GP-LP Relationships
The growing popularity of direct investment and co-investment in private equity and private equity real estate is threatening to change the general partner-limited partner relationship. When they co-invest or invest directly, institutional asset owners have a say about what companies or properties to invest in and the timing of the investment, but that's not so when they commit to blind pools.
(Source: Pensions & Investments, 2014-08-04) Read the full article
Corporations Looking to Rein in False Claims Act
Corporations don't like the False Claims Act (FCA). Through their lobbyists and lawyers at the U.S. Chamber of Commerce, corporations are pushing Congress to rein in the FCA.
(Source: Bloomberg Businessweek, 2014-08-04) Read the full article
Diverse Corporate Boards Can Benefit Shareholders, Study Finds
A board that is more diverse can help a company avoid risky projects and leads to greater dividends for shareholders. A diverse corporate board isn't just good public relations -- it can mean a bigger payoff for shareholders.
(Source: Fortune, 2014-07-30) Read the full article
FASB Considering Project to Improve, Update Income Statements
The Financial Accounting Standards Board is in the early stages of researching whether to launch a project aimed at improving and updating the presentation of items on the income statement. While the project wouldn't affect the amount of net income companies report, for example, it would change how companies present and organize the information on their income statements.
(Source:, 2014-07-22) Read the full article
Obama Calls on Congress to Stop Foreign Tax Advantages
U.S. President Barack Obama hammered U.S. companies that avoid federal taxes by shifting their tax domiciles overseas in deals known as "inversions" and called on Congress to pass a bill to curb the practice. So-called inversion deals occur when a U.S. company acquires or sets up a foreign company, then moves its U.S. tax domicile to the foreign company and its lower-tax home country.
(Source: Reuters, 2014-07-25) Read the full article
Small Business Owners Faced with How to Handle Retirement
Retiring is challenging for almost everyone, but if you're a small-business owner, preparing to hand your company to your children can create an even bigger knot of anxiety -- worries about financial security, the legacy of your life's work and the prospects for your offspring. The process can touch everything from spreadsheet-driven company valuations to awkward talks about your children's limitations.
(Source: The New York Times, 2014-07-25) Read the full article
Investors Frequently Requesting Meetings with Board Directors
Unlike the public service arena in which lawmakers routinely talk to constituents, directors at publicly held companies regularly balk at meeting with investors, but shareholders want that to change. Recently, a letter "from a group of shareholders representing more than $10 trillion in assets," which included investment firms BlackRock and Vanguard, was sent to the chairmen of at least 1,000 large U.S. publicly held firms, asking that the directors talk to them.
(Source:, 2014-07-25) Read the full article
Soaring Business Travel Comes with Security Issues
Boom times are back in corporate travel, but so, too, is the anxiety. For corporate travel managers gathering at the annual convention of the Global Business Travel Association, two topics were high on the agenda: the surge in international business travel and the complex safety and security issues that arise as companies send more employees to diverse locations around the world.
(Source: The New York Times, 2014-07-28) Read the full article
Information Overload - The SEC Examines Disclosure Requirements




Jessica L. Brown

As today's markets continue to expand and grow rapidly, the quantity of information available to shareholders, corporations and potential investors also continues to increase, adding to a greater need for the Securities and Exchange Commission to persistently monitor disclosure requirements in order to maintain a balance between requiring enough disclosure of information to give investors the requisite confidence needed for investing while eliminating redundant disclosure requirements that potentially lead to information overload. Read full article online.



By The Numbers

One hundred million dollars or less accounted for 37 percent of all PE fund closings in 1H 2014, compared to about 25 percent of all closings during the buyout boom years.
Source: PitchBook PE/VC News


Services Group

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.

Read the complete profile of the Business Group.




Anthony Aaron
Haley Altman
Jennifer Andres
Richard Barnhart
Edward Braum
Jessica Brown
Kristine Camron
Timothy Capen
Joshua Christie
Ryanne Bush Dent
Dustin DuBois
Stephen Edwards
Michael P. Farrell
Jasmin N. French
Harry Gonso
Eric Goodman
Jon Groff
Stephen Hackman
David Hight
Paul Hogan
Steven Humke
Michael Jordan
Josef Keglewitsch
Patrick Kennedy
Dean Leffelman
Chris Michael
Laurie Miller
Michael Millikan
Robert Ouellette
Thomas Pampush
Matthew Servies
Brittney Sharp
Brent Showalter
Scott Snively
Dale Stackhouse
Elizabeth Thomas
John Thornburgh
Richard Thrapp
Kristina Tridico
Aaron Weir




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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