Venture Briefing: Meet Our Dealmakers at the AM&AA 2016 Summer Conference Venture Briefing: Meet Our Dealmakers at the AM&AA 2016 Summer Conference

Venture Briefing: Meet Our Dealmakers at the AM&AA 2016 Summer Conference

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CEOs, Investment Firms Recommend Board Diversity, GAAP Adherence
Leaders of top U.S. companies and investment firms released a set of governance recommendations meant to encourage long-term economic growth, an unusual step that drew mixed reviews from advocates of deeper corporate reforms. The executive group urged companies to maintain diverse boards, to feel free to avoid issuing earnings guidance and to report results clearly, in keeping with generally accepted accounting principles
(Source: The Fiscal Times, 2016-07-21) Read the full article
First Half of 2016 Has Seen Record Number of Failed M&A Deals
While M&A volume in 2014 and 2015 surged to pre-crisis era record highs, 2016 has become known as the year deals failed. According to data from Dealogic, the first half of the year has already seen the highest U.S. targeted withdrawn M&A on record with 59 deals worth $462.96 billion wiped out of the market.
(Source: Fox Business, 2016-07-21) Read the full article
Second Quarter Brought Rebound in Venture Capital Investments
New data points toward a rebound in venture capital investments in the second quarter, according to a report. After record-breaking venture capital investments in the same period a year earlier, which hit an almost 15-year high of $17.5 billion, funding dropped well into late last year.
(Source: CNBC, 2016-07-15) Read the full article
P.E., V.C. Funds Outperformed Market in 2015, Report Finds
U.S. private equity and venture capital funds outperformed public equity in 2015, said a report from Cambridge Associates. The Cambridge Associates U.S. Private Equity index and the U.S. Venture Capital index returned 5.9 percent and 12.9 percent, respectively, in 2015, ahead of the Nasdaq Composite index, the S&P 500 and the Russell 2000, which returned 5.7 percent, 1.4 percent and -4.4 percent, respectively, for the year.
(Source: Pensions & Investments, 2016-07-18) Read the full article
Venture Investors Becoming Leery of Tech 'Unicorns'
It's been a dreamy couple of years for the so-called tech "unicorns" -- the more than 140 well-funded, privately held technology businesses valued at more than $1 billion. But according to recent data on venture investing and surveys of investment bankers, the good times are coming to an end. That's because the unicorns are about to get squeezed between increasingly skittish venture investors and a still moribund market for initial public offerings.
(Source:, 2016-07-20) Read the full article
Gender Patent Gap Could be Reason Women Lag in V.C. Funding
While women own more than a third of all businesses in the U.S., companies run by them get only about three percent of venture capital funding. A new study by the Institute for Women's Policy Research found that the lack of funding may be partly explained by what it calls a gender patent gap.
(Source: Bloomberg, 2016-07-21) Read the full article
Brexit Appears to Have Little Impact on Small Business Lending
So far, the Brexit has not seriously threatened the American economy, nor has it tightened U.S. small business lending. In fact, in some ways, the uncertainty will benefit U.S. small business borrowers.
(Source:, 2016-07-16) Read the full article
Number of People Starting New Businesses Fell to 12% in 2015
Bad news for aspiring entrepreneurs: now might not be the best time to launch your own business. Total entrepreneurial activity in the U.S. -- measured by the number of people starting and operating new businesses -- fell to 12 percent in 2015, from 14 percent in 2014, according to a report by Babson College.
(Source: Time, 2016-07-19) Read the full article
Initiative Aiming to Put More Women on Tech Boards is Working
The push to get more women on tech boards is working, says Sukhinder Singh Cassidy. One year ago, Cassidy launched theBoardlist in a bid to put more qualified women on the boards of public and private tech companies.
(Source:, 2016-07-14) Read the full article
Average Comp for Outside Directors Reached $263,500 in 2015
If you get an invitation to join a corporate board, you'd better accept it. The median total direct compensation for outside directors hit $263,500 last year, an increase of three percent from the prior year. That's according to an analysis of pay packages from the 500 largest companies by revenue by Willis Towers Watson, a global professional services firm.
(Source: USA Today, 2016-07-19) Read the full article
Meet Our Dealmakers at the AM&AA 2016 Summer Conference
Christopher A. Bordoni Thomas Kesoglou Matt Servies

If you are attending the AM&AA 2016 Summer Conference, July 27-29 in Chicago, IL, stop by the Ice Miller table and say hello. On July 28, Tom Kesoglou will be moderating the panel "Earnouts or Burnouts." On July 27, Matt Servies will be a panelist for the session "Delivering Net Proceeds." We hope to see you there!


Privacy Shield Approved, Self-Certifications to Begin

This week, the European Commission formally approved the EU-U.S. Privacy Shield data transfer agreement. Privacy Shield will replace the Safe Harbor agreement, which provided a self-certification framework for EU-U.S. data transfers for more than a decade before it was invalidated by Europe’s highest court in October 2015 in the landmark Schrems decision. Read full article online.


By The Numbers

Money going to companies raising their first round of VC funding dropped from the first quarter of the year, with such deals accounting for just 13 percent of all dollars invested. Funds invested in seed-stage and early-stage companies dropped 5 percent and 14 percent, respectively.
Source: San Jose Mercury News - Venture capitalists invest more than $15 billion in U.S. startups


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
Audrey Balint
James Banister
Richard Barnhart
Samuel Beavers
Christopher Bordoni
Edward Braum
Elizabeth Brier
Adam Calisoff
Kristine Camron
Timothy Capen
Joshua Christie
Ryanne Bush Dent
Dustin DuBois
Stephen Edwards
Michael P. Farrell
Harry Gonso
Eric Goodman
Jon Groff
Stephen Hackman
David Hight
Steven Humke
Michael Jordan
Josef Keglewitsch
Tom Kesoglou
Dean Leffelman
Christopher McCleary
Chris Michael
Laurie Miller
Michael Millikan
Robert Ouellette
Thomas Pampush
Matthew Servies
Brittney Sharp
Brent Showalter
Scott Snively
Dale Stackhouse
Emily Storm-Smith
Chase Stuart
John Thornburgh
Richard Thrapp
Kristina Tridico
Nancy Valentine
Michelle Zaretsky


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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