Venture Briefing: July 11, 2018 Venture Briefing: July 11, 2018

Venture Briefing: July 11, 2018

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2018 Mergers Could Surpass $5 Trillion to Reach Record Highs
More than $2.5 trillion in mergers were announced during the first half of the year, as fears of Silicon Valley's growing ambitions helped drive a record run of deal-making. Mergers in 2018 are on pace to surpass $5 trillion, which would top 2015 as the largest yearly total on record.
(Source: The New York Times, 2018-06-30) Read the full article
Second Quarter IPO Activity Rose to Highest Level in Three Years
The IPO market just had its busiest quarter since 2015, and recent filing activity suggests that the pipeline remains robust. In total, 60 companies went public in the second quarter, raising $13.1 billion, which is less than the first quarter's 44 IPOs that raised $15.6 billion.
(Source: MarketWatch, 2018-07-05) Read the full article
SEC Votes to Amend SRC Definition to Expand to More Companies
The Securities and Exchange Commission voted to adopt amendments to the "smaller reporting company" (SRC) definition to expand the number of companies that qualify for the scaled-down disclosure requirements. The new smaller reporting company definition enables a company with less than $250 million of public float to provide scaled disclosures, as compared with the $75 million threshold under the prior definition.
(Source: CFO.com, 2018-06-29) Read the full article
Alternative Investment Firms Have $1.8 Trillion in Dry Powder
Alternative investment firms had a total of $1.8 trillion in dry powder as of June 30, with more than $1 trillion of the total capital held by private equity firms, according to data released by Preqin. Dry powder topped $1 trillion in 2017, which was up from $838 billion in 2016.
(Source: Pensions & Investments, 2018-07-06) Read the full article
Older V.C. Firms Raise Bigger Funds, Accounting for Most Capital
Older firms raise bigger funds, and appear to account for a majority of capital raised by U.S. venture firms. According to the NVCA's 2018 yearbook, first-time V.C. fund managers raised $3.4 billion across 36 new funds in 2017, a record dollar volume since at least 2004.
(Source: Tech Crunch, 2018-07-01) Read the full article
Startup Founders See Equity Crowdfunding as Last Resort
Startup founders no doubt see the prospect of entrepreneurial gold in equity crowdfunding sites, but those platforms also may represent a last resort for many. New research from Europe, published in the Journal of Business Venturing July issue, suggests entrepreneurs lacking internal capital and access to new debt turn to equity crowdfunding platforms as a last option.
(Source: Forbes.com, 2018-06-27) Read the full article
With Lots of Capital, V.C.s Turning to Secondary Transactions
Under rising pressure to distribute returns, V.C.s with aging portfolio companies are exploring alternative ways to achieve liquidity for their LPs. One alternative is secondary transactions, which give investors the opportunity to realize value and return capital without a full exit.
(Source: PitchBook, 2018-06-27) Read the full article
Angel Investment Deal Value Rose 12.6%, But Number of Deals Down
Angel investors, or high net-worth individuals as they're known, invested larger amounts in fewer deals last year, according to the Center for Venture Research at the University of New Hampshire. Total investments nationwide in 2017 were $23.9 billion, an increase of 12.6 percent over 2016, while the number of entrepreneurial ventures that received angel funding -- 61,560 -- was down 4.4 percent, according to the center’s data.
(Source: Newsday, 2018-07-08) Read the full article
SEC Proposes Amending Whistleblower Program to Reduce Rewards
The SEC is proposing amendments to rules governing the whistleblower program. Among other things, the changes would give commissioners more discretion over the dollar size of awards.
(Source: CFO.com, 2018-07-02) Read the full article
More Corporations Disclosing Climate-Related Risks to Investors
Now that activist investors have convinced most major corporations to disclose climate-related risks, they have begun to press them for mitigation, and some investors report seeing results. "We're beginning to see real signs that we're entering transition," said Adam Matthews, the director of ethics and engagement for the Church of England Pension Board and co-chair of the Transition Pathway Initiative.
(Source: Forbes.com, 2018-06-28) Read the full article
 
 
 
Headlines
Four Years Later, FTC Continues to Challenge Misleading Marketing and Privacy Practices

As we discussed in a 2014 Ice Miller publication, the Federal Trade Commission (FTC) can take action to hold your company accountable for promises made in privacy notices. Last month, Venmo learned the hard way that the FTC remains committed to that goal. Read full article online.

 

Broadband Infrastructure for Commercial Buildings: Technology Options

It is undeniable that widespread deployment of burgeoning technologies and the Internet of Things (IoT) is imminent and will change both public and private sector functions in ways that we cannot yet fully imagine. Read full article online.

 

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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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Fitz Angrand
James Banister
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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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