It’s a big year of transition in the investment world in the new market. There is a lot going on in the venture capital (VC) and private equity (PE) spaces this year as the global economy fights to recover. The private debt market remains buoyant after Coronavirus setbacks and Wall Street worries. Private debt fundraising declined across the globe last year during the height of the COVID-19 pandemic, but the 2021 rebound has been swift thanks to a surging economy, liquidity in the credit markets and businesses avoiding default. Our data explores those trends in an analysis of an often overlooked alternative asset strategy. The study includes a breakdown of private debt fundraising by fund type, including direct lending and distressed debt. A deep dive into the venture debt ecosystem, looking specifically at how venture debt has increasingly emerged as an alternative form of financing for startups over the past decade. An analysis of private debt performance, dissecting the rebound of various sub-strategies following the dip in Q2 2020.
CVC Capital makes its biggest sports bet with $3.2 Billion Spanish soccer deal Alejandro Gomez of La Liga’s Sevilla FC celebrates a goal against Deportivo Alavés. CVC Capital Partners has landed its biggest sports deal yet, investing $3.2 billion in La Liga in exchange for a share of the top Spanish league’s revenue and a stake in a new company controlling its commercial activities. The deal, which values La Liga at $28.7 billion, marks CVC’s third attempt in the past year to back a European soccer league, after talks stalled with Italy’s Serie A and Germany’s Bundesliga. A prolific sports investor, CVC is one of the leaders among the surge in private equity firms backing professional athletics. The firm has invested in volleyball, rugby and motorsports in recent months.
What’s driving the current wave of healthcare M&A and investment? Whether you’re a strategic or financial investor—or a healthcare business leader—understanding what’s driving M&A and investment is critical to developing strategies that meet the needs of today’s consumers. Consolidation continues for providers as patient needs and care delivery economics shift. Our recent report covers trends and drivers for three vital segments of the healthcare deal landscape: providers, payers and life sciences. With rapid change continuing to hover on the horizon, it’s an exciting time for healthcare dealmakers and business leaders.
FullStory rides Atlanta’s unicorn wave with mega-round. HOTLANTA is red hot for startups! Could Atlanta be the next hot spot for unicorns? Atlanta is fast emerging as a unicorn hub, with four startups surpassing the $1 billion valuation mark so far this year. The city’s unicorn tally to date in 2021 is equal to the past six years combined, according to PitchBook data. The latest entrant in the herd is FullStory, which raised a $103 million Series D led by Permira, catapulting the company’s valuation to $1.8 billion. FullStory is the developer of an analytics platform that helps organizations like Peloton, Chipotle and Forbes access insights on web and mobile user behavior, increase revenue and improve efficiency. Existing investors Kleiner Perkins, GV, Stripes, Dell Technologies Capital, Salesforce Ventures and Glynn Capital also participated in the funding. Other Atlanta-based unicorns from the class of 2021 include meeting scheduler Calendly, video surveillance and security specialist Flock Safety, and SalesLoft, a sales engagement platform creator.
Apollo profits climb in wake of Leon Black exit The Marc Rowan era at Apollo Global Management is off to a strong start. In the first full quarter with Rowan as CEO, Apollo’s private equity portfolio beat the broader markets and the amount of cash available to pay shareholders surged. This after co-founder Leon Black stepped down earlier this year following an investigation that revealed he paid millions more than previously known to late financier Jeffrey Epstein, a convicted sex offender. Josh Harris, the favorite to become Black’s successor, then stepped down after he lost out on the CEO role. But Apollo’s business was unfazed in the second quarter of 2021. The firm’s private equity portfolio appreciated 9.5%, outpacing an 8% gain for the S&P 500. Apollo’s net income surged to $657.7 million, compared with $446.3 million in Q2 2020. Distributable earnings, a closely watched metric that represents the amount a firm can pay its shareholders, jumped to $501.6 million, more than doubling the $205.2 million in distributable earnings during the same period last year. The rise was driven in large part by Apollo’s sale of textbook publisher McGraw Hill to Platinum Equity in a deal worth some $4.5 billion. Apollo spent big as well, deploying nearly $28 billion. That included a deal to acquire Yahoo and AOL from Verizon for roughly $5 billion.
Software and internet investing has reached a tipping point, and author Sam Lessin foresees the end of venture capital as we know it. UK hedge fund Man Group’s Sandy Rattray on why the takeover of computer-driven funds is inevitable. Amid the fight against climate change, German truck drivers are asking, “What if highways were electric?” That could be a smart way for truckers to save money on costs.
It’s also been a tumultuous time for Robinhood after a tough initial IPO day and a big bounce back. Robinhood ($HOOD) recently updated our Customer Relationship Summary (Form CRS) to include more information about the brokerage services they offer you. Here’s what changed with Robinhood.com. They updated their company summary after going public in the recent initial public offering. They clarified that they don’t currently offer recommendations, mutual funds, multiple account types, or most fixed-income securities We added information about existing regulatory fees and costs for add-on services like wire transfers (our fee schedule hasn’t changed and investing with Robinhood is commission-free, as always) We added an explanation about how payment for order flow works and how our new IPO Access feature generates revenue You can read the full document on our website anytime.
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