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🌱 Back at it

Hey there, All the best for 2021! Yes, we are back. You have probably noticed that we have missed a couple of issues of CapLetter. That’s not how it’s supposed to be and this will change now. It was harder than expected to stay consistent with this while heading a marketing agency full-time. That’s why I got some support on board to make sure that everything runs smoothly from now on. We have also switched our ESP as we had a few delivery issues. Best, Vasco

January 7, 2021

TOP STORY

Revenue-based financing: The next step for private equity and early-stage investment

Though it’s relatively new, we think revenue-based financing is a good alternative to the common investment types. This TC article gives more information on the topic and also a lot of market data.

TechCrunch

NEWS

boAt raises $100 Million from Warburg Pincus

Established in 2016, Boat, a renowned India-based electronics group, has raised $100 million in PE funding from Warburg Pincus, a multinational private equity firm with a 50+ year record of developing world-class companies around the world.

As per the news, the whole Series B round for the company was sponsored by an affiliate of Warburg Pincus. Before the new round, Boat had raised around $3 million in equity and debt funding from venture debt and specialty financing firm InnoVen Finance, and now the company has a post-money valuation of around $300 million, TechCrunch reports. The funding will be used by the company for the purposes of production and research and development (R&D) in which new types of devices and other aspects would be explored.

In a $500m deal, Hg gets Canadian software developer Prophix

A majority stake in Canadian software manufacturer Prophix has been purchased by London-based private equity company Hg. A individual familiar with the matter told Private Equity News that the transaction values the business at between $500m and $600m.

Founded in 1987 and headquartered in Ontario, Prophix develops software that provides various mid-market companies with planning, budgeting and financial reporting to more than 1,600 mid-market companies.

The fraud case of Vista Equity Partners investor was moved to Houston Court

After a federal judge ordered the criminal case moved from San Francisco, a Houston businessman accused of shielding around $2bn in profits from private equity companies from tax authorities will face trial in his home state of Texas.

The step had been pursued by Robert Brockman, the former chief executive of automotive software manufacturer Reynolds & Reynolds, arguing he lives in Houston and has been treated for dementia.

Good Reads

Private equity deals more than double to $33.8 billion in 2020: Report

This article gives a good overview of 2020’s PE market activity.

Business Standard

What’s 2021 PE going to look like?

Nobody likes accountants, right? Neither do we. But every now and then they do come out with really exciting publications. Take a look at PwC’s 2021 outlook for private equity.

PwC

Ever wondered what the life of a private equity lawyer is like?

If so, check out this article. Spoiler: it’s a lot about ESG, baby.

Legal Cheek

Wrapping it up

That’s it for today! I If you enjoy reading this, please share it with someone who’d be interested. Oh, and please follow CapLetter on Twitter!

Like what you are reading? We appreciate any kind of support. Share it with friends, on twitter or buy us a coffee to keep things going.

Stay happy, stay healthy

– Vasco

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