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Insights

Understanding Venture Debt

// Zack Mansfield

August 20, 2013 - There are several different forms of venture debt, and stepping back and viewing the issue at a high level makes sense in helping to understand the whole.  Venture debt ostensibly refers to debt financing which is offered to companies who have a professional investor as a significant equity-holder in the company.
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Bernanke's Bear Baiting

// Jim Anderson

August 6, 2013 - Bear baiting was a favorite of both Henry VIII and Elizabeth I. They even built a specialized pit, the Bear Garden, at Bankside in London that could seat up to 1,000 bettors. The bear was attached to a post in the pit and several English bulldogs were tossed in to carry out the “worrying” cited above.
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Q2 2013 Venture Exits Update

// Wiley Becker

June 30, 2013 - In Q2 2013, there were 84 venture backed M&A transactions with $3.0B in disclosed deal value.  Number of transactions continued to decline by 8% on a rolling four quarter basis, while disclosed value also fell by 17%.  The fall in disclosed value may partly be due to a decline in the percentage of deals with disclosed value from 24% to 22% over the same time period.

 

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Q2 2013 Venture Investments Update

// Wiley Becker

June 30, 2013 - There were 913 venture capital deals in the US in Q2 2013 totaling $6.7B. This represents an increase over Q1 2013, but continues a slight decline of 3% in dollars raised on a rolling four quarter basis. 302 of the deals in Q2 2013 were first time financings, which totaled $1.1B. First time financings as a percentage of all venture deals increased slightly from Q1 2013 to represent 33% of deals and 17% of dollars raised.
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Q2 2013 Venture Fundraising Update

// Wiley Becker

June 30, 2013 - In Q2 2013, 44 US venture capital funds raised $2.9B, which was a 4% decrease in number of funds and an 18% fall in capital raised on a rolling four quarter basis. Consequently, average fund size also fell 15% to just $82MM.
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Central Bank Polices Continue to Impact Foreign Exchange

// Darren Going

May 9, 2013 - One of the highlights of last week was that the European Central Bank cut its benchmark policy rate by 25bp, to 0.5%, to counter mounting disinflationary pressure resulting from the ongoing euro area recession, with economic weakness increasingly spreading to core member states (Germany and France specifically) . The rate cut had been widely anticipated and largely priced in and the EUR – USD currency pair traded off slightly on the news. Also the euro area unemployment rate rose 0.1pp to 12.1% in March, reaching a new all-time high since the series started in 1993. It is not widely anticipated that the Labor market will improve significantly any time soon in the EUR area. 
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