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| Schumer's pot legislation could spark up cannabis IPOs on Wall Street | |  | | Sens. Chuck Schumer and Cory Booker have vowed to end marijuana prohibition. (Kevin Dietsch/Getty Images) | | | Wall Street has been home to opioid makers, Canadian cannabis companies and psychedelic stocks. It may also soon welcome America's homegrown weed industry. - Concerns around anti-money laundering laws have long kept US exchanges and other financial services out of reach for marijuana businesses.
- New legislation, such as a bill proposed by Senate Majority Leader Chuck Schumer earlier this month, could open up the US IPO market. That would give companies a vital exit option and the capital to fund national expansions.
- Canadian cannabis companies, private equity groups and other institutional investors are sizing up potential targets in anticipation of possible legalization.
| | | | | | | | | | Big deals dominate as European VC continues at an unrelenting pace | | The European venture capital industry has set a new annual record for deal value in just six months despite, continued uncertainty surrounding COVID-19 and macroeconomic volatility.
VCs completed €47.1 billion worth of transactions in H1 2021, according to PitchBook's Q2 2021 European Venture Report, signaling that the VC dealmaking environment has never been stronger. Other report highlights include: - Outsized deals are no longer outliers in Europe. They are buoyed by an increase in late-stage rounds, which now account for over 70% of all capital invested.
- A frenzied exit environment produced a surge in public listings, as highly valued startups accelerated toward exits to take advantage of soaring valuations.
- Founders and investors are looking toward less saturated European regions—like the Baltics—to increase growth prospects and possible returns.
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| A message from Yieldstreet | | |
| Short Term Notes with target annual returns of 3% to 4% | | With interest rates at historic lows, finding strong short-term yields is harder than ever. The Short Term Notes program offers investors the opportunity to earn 3% to 4% annual interest, typically over the course of a 180-day term. Investors receive monthly interest payments at these annualized interest rates and their principal at the note's maturity.
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| Former McAfee CEO ups the cybersecurity ante with $750M venture fund | |  | | (Colin Anderson Productions pty ltd/Getty Images) | | | The nature of cyber threats continues to change rapidly, and there are signs that investors are adapting accordingly. - Newly minted venture firm NightDragon has raised $750 million for its first fund, which will target growth-stage startups in cybersecurity and related fields.
- It's the largest cybersecurity VC fund on record, according to PitchBook data, and a sign of how the once-niche sector now commands the spotlight.
- NightDragon is led by Dave DeWalt, the former CEO of FireEye and McAfee. He believes some incumbents have been caught "flat-footed," creating an opportunity for disruptive startups.
| | | | | | | | | | Carlyle's planned $27B fund would be a record for PE | | The Carlyle Group is targeting up to $27 billion for its latest flagship fund in what would be the largest private equity vehicle ever, Bloomberg reported. - If the Washington, DC-based firm hits its goal, the fund would surpass Blackstone's Capital Partners VIII, which closed on $26 billion in 2019. The new fund, which has yet to open, will target companies in sectors including technology, healthcare and retail, the report said.
- This isn't Carlyle's only mega-fund in the works—its Partners VIII fund is currently open, with a target of $22 billion.
- News of the planned vehicle comes about a week after San Francisco-based Hellman & Friedman closed its 10th namesake fund on $24.4 billion, marking the largest PE fund closed so far this year.
- Other top vehicles this year include Silver Lake's $20 billion technology-focused Partners VI fund; Clayton, Dubilier & Rice's $16 billion XI fund; and TA Associates' $12.5 billion XIV fund, according to PitchBook data.
| | | | | | | | | | The post-pandemic return to the road is creating new business opportunities. And parking startups are cashing in. [Bloomberg]
The real estate market is rapidly evolving, and it's prompting the rise of a still-fledgling secondary market for private real estate funds. [Institutional Investor]
Over the past year, telemedicine has become a hit. Now, patients are feeling the growing pains. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 71 Deals | 488 People | 128 Companies | 3 Funds | | | | | | |
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| 2012 Vintage Global Funds-of-Funds | | | | | | |
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| A message from NetSuite and ContinuServe | | |
| NetSuite and ContinuServe team up to deliver a new carveout solution | | ContinuServe uses NetSuite technology to deliver carveouts in a new solution that brings the leading cloud-based enterprise resource planning solution together with a premier business process outsourcing provider.
ContinuServe acquires NetSuite on behalf of the client and drives the technology carveout using proprietary tools to stand up a functional enterprise class NetSuite solution faster than comparable solutions.
Once the business is operational, ContinuServe seamlessly transitions ownership of the system without a need for reimplementation or data migration, reducing risk and financial strain on both the private equity firm and the carveout.
NetSuite's preconfigured industry-specific ERP solution is the leading cloud-native solution and the No. 1 solution for carveouts.
To learn more about this new solution and how it drives value, download this compelling white paper. | | | | | | | |
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| | | | | | | | | Continuous Composites lands $17M | | | Continuous Composites has raised a $17 million Series A led by B. Riley Venture Capital. Founded in 2012, the Idaho-based company is a provider of hardware, software and composite materials used to automate 3D-printing processes. | | | | | | | | Tovuti books $8M Series A | | | | | | |
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| Cerberus buys Lighthouse Autism Center for over $400M | | | | | | | | | Apollo takes The New Home Company private in $338M deal | | | Apollo Global Management has acquired The New Home Company in an all-cash public-to-private deal that values the California-based homebuilding business at $338 million. Apollo will pay $9 per share as part of the deal, representing an 85% premium to The New Home Company's closing stock price on July 22. | | | | | | | | Long Ridge Equity Partners backs AuthenticID | | | Long Ridge Equity Partners has invested $100 million in AuthenticID, a Seattle-based provider of identity proofing solutions for large enterprises. Established in 2001, AuthenticID has practices in verifying government-issued identification documents using an automated AI platform focused on fraud detection and identity accuracy. | | | | | |
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| Matterport debuts on Nasdaq via SPAC | | | Matterport, a developer of subscription software that creates 3D digital versions of physical spaces, has made its debut on the Nasdaq following its merger with Gores Holdings VI, a SPAC backed by billionaire Alec Gores. As part of the deal, the VC-backed company has received $605 million in cash, including a $295 million PIPE led by a group of institutional investors such as Tiger Global, Dragoneer Investment Group and Gores Holdings VI. The SPAC merger valued Matterport at $2.9 billion. | | | | | | | | Core & Main sees 10% climb in market debut | | | Clayton, Dubilier & Rice-backed Core & Main saw its stock rise just over 10% in its first day of trading, after the company priced 34.9 million shares of Class A common stock at $20 a share. Core & Main is a St. Louis-based water, wastewater, storm drainage and fire protection product distributor. | | | | | | | | Palamon to exit Feelunique to Sephora | | | Palamon Capital Partners has agreed to sell Feelunique to Sephora, a beauty product retailer backed by luxury goods group LVMH. Feelunique, based in London, is an online retailer offering more than 35,000 beauty products from 800 brands. Palamon acquired the company from its founders in 2012. | | | | | | | | STG Partners agrees to sell Connexity to Taboola for $800M | | | Palo Alto-based STG Partners has agreed to offload Connexity to Taboola, the publicly traded operator of a content discovery and advertising platform. Based in Santa Monica, Calif., Connexity is an independent ecommerce media platform that works with more than 1,600 merchants and 6,000 publishers including Walmart, Wayfair, Skechers and eBay. | | | | | |
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| Baird Capital closes second global fund at $340M | | | Chicago-based Baird Capital has raised $340 million for its second global fund, which will make buyout and growth investments of up to $40 million in the technology and services and industrial technology and solutions sectors in the US, UK and Asia. Baird's first global fund closed at $310 million in 2017. | | | | | |
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