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Giving birth, placement agents and rolling funds vs. the traditional VC model (Issue 01)

Hi there, Today is an exciting day – this is the official first issue of CapLetter! 😊 It's a little shorter than expected thanks to some technical issues, but that's a must-have for any good launch, right? I hope you still like it.

September 3, 2020

TOP STORY

The use of placement agents for emerging fund managers

Samir Kaji of First Republic goes into detail whether emerging fund managers should consider the use of a placement agent. Samir talks about the pros and cons, fees and what to look for when choosing a placement agent.
Medium

NEWS

Auxmoney raises €150 million

The German credit marketplace Auxmoney raised €150 million in a round led by private equity house Centerbridge Partners. The deal involved a purchase of secondary shares by Centerbridge and is subject to approval by antitrust authorities.

Mobile games app provider Huuuge Inc. eyes IPO

The applications provider for mobile games plans an IPO on the Warsaw Stock Exchange. The IPO prospectus has already been submitted to the Polish financial authority. The company’s revenue was around $260 million in 2019. Huuuge employs 600 people in 12 offices worldwide. According to the CEO, an IPO is seen as a potential strategic option amongst others.

$750 million SPAC company listing targets a fintech

Betsy Cohen (Bancorp) ant Ryan Gilbert (BBVA) raised $750 million for a SPAC, looking to purchase fintech company. SPACs are the old new thing now, but Betsy and her team were in the SPAC business before the trend re-emerged. It’s their fourth SPAC. Previous acquisitions included payment provider Paya and fintech CardConnect.

Following a cancelled IPO, online realty platform PropertyGuru raises $220 million

Existing investors in the Southeast Asian company KKR and TPG invested a further $220 million. The funds will be used to continue the building and improvement of the platform and to grow in the key markets Malaysia and Vietnam. The company cancelled an Australian IPO in 2019 due to market volatility.

Nestlé agreed to buy allergy treatment maker Aimmune Therapeutics in a $2.6 billion deal

Nestlé will pay triple of the current market value of the US biotech company at $34.50 per share. The leader in peanut allergies treatments will be another addition the Nestlé’s health and science unit. Aimmune is the maker of Palforzia, the first approved treatment for children and teens to reduce allergic reactions to peanuts. The treatment has received approval from the U.S. Food and Drug Administration in February this year.

Good Reads

European Tech Valuations – Not all Recurring Revenue is Created Equal

Laura Connell, Balderton talks tech valuations for European SaaS startups, what it means for investors and founders and that speed is the thing.
lauraconnell.io

Returning to the office: How to let people connect safely

Offices are still a thing for some companies – how do you make sure that everyone stays safe while returning to the office? This article at The Next Web gives good insights about office concepts, how to handle communication and keeping employees engaged.
The Next Web

‘There’s a huge level of innovation happening with Rolling Funds’

The rolling fund concept of AngelList fundamentally changes the traditional VC fund model. Gumroad CEO Sahil Lavignia talks about his experience with launching a rolling fund, how he managed to raise $1M+ quarterly backing within two months and Covid-19’s impact on the traditional VC model.
Angel Blog

Wrapping it up

That’s it for today! I hope you enjoyed reading the first issue of CapLetter and I’d appreciate your feedback. Please let me know if there is anything you would like to see more of. More news or do you prefer more good reads and articles over news? More PE or VC and startups?

Let me know by reaching out on Twitter!

– Vasco

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