Mismatched valuation expectations are impeding defense tech acquisitions.
In part 23 of his series on venture debt, Zack Ellison from Applied Real Intelligence concludes a three-part deep dive on convertible notes, and walks through an example of a convertible note decision tree, complete with scenario probabilities, financial outcomes and expected value modeling.
CVs are gaining momentum in the VC industry as more venture firms use them to extend ownership of prized assets and generate liquidity for LPs.
Here’s how VCs should think about diagnosing, managing and resolving challenges of upside-down cap tables, which undermine stakeholder alignment and threaten the viability of portfolio companies, writes attorney Davis Mello of Bass, Berry & Sims.
The pension is unloading older holdings in primarily large buyout funds and buying into funds focused more on mid-market, higher growth and even venture capital.
Venture/growth represented about 8% of GP-led volume in the first half, which matched the full-year volume of last year, according to Jefferies' recent volume report.
Figma’s stock price soared 250% on Thursday after the company went public at $33 a share.
Our directory, first published in July 2024, has grown to 31 firms that manage more than $94bn in secondaries capital.
Continuation funds aren’t the only strategy firms are using to generate liquidity for LPs. Others include strip sales, preferred equity deals and tender offers.
This is at least the second time IDG has tapped the secondaries market for a CV deal, having previously completed a GP-led five years ago.