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20392cc9
2021-06-22
Nice
Family offices tap into the Spac boom
20392cc9
2021-06-20
Good news
抱歉，原内容已删除
20392cc9
2021-06-19
Lol
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20392cc9
2021-06-17
$1P2R.SI(1P2R.SI)$
What the heck is this?
去老虎APP查看更多动态
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Freidheim was eager to engage Beaumont as an adviser to and investor in Athena Technology Acquisition Corp, an all-women-led Spac that Freidheim had co-founded. These investment units have been playing a key roles in the wider Spacs boom — due to their flexibility and relationships with other wealthy deal backers. “Right away, I was like, I’d be delighted to help, I’d be delighted to invest, and I’d be delighted to recommend other women to the board,” says Beaumont.</p>\n<p>Soon afterwards, Beaumont put up part of the risk capital for Freidheim’s Athena Technology Acquisition Corp vehicle — money that is typically used to fund the sponsor team’s expenses, such as fees, legal advice or staff, as they hunt a target. Beaumont also brought in Kay Koplovitz, a friend and former chief executive of the USA Network cable television company, to the Athena board. In March, the Spac raised $250m in its initial public offering (IPO).</p>\n<p>Spacs, which are essentially shell companies set up by their sponsors with the aim of finding a business to acquire and take public through a merger, have boomed during the pandemic. Also known as blank-cheque investment vehicles, they have gone from being largely shunned on Wall Street to raising more than $100bn so far this year, according to Refinitiv, eclipsing the total for 2020.</p>\n<p>Family offices have participated in the boom, albeit in smaller numbers than hedge funds and other institutional investors. Among the most prominent names active in the sector are the family offices of tech entrepreneur Michael Dell, billionaire real estate mogul Barry Sternlicht and former hedge fund executive Dan Och. Some billionaires have even set up their own Spacs, with or without family office backing, including former Facebook executive Chamath Palihapitiya and hedge fund manager Bill Ackman. Billionaire financier George Soros’s family office has also begun hunting for Spac opportunities.</p>\n<p>The clock starts ticking once a Spac goes public, typically at an IPO price of $10 a share. They normally have two years to complete a merger that shareholders will have to approve. Sponsors often need additional capital to complete the transactions, which are financed through private investments in public equity (Pipes).</p>\n<p>Investors have various options to participate. Some, like Beaumont with Athena, contribute to the risk capital for the sponsor — an investment that typically comes in exchange for private placement warrants and gives backers the opportunity to buy shares or warrants, or both, in the combined company later, at a pre-agreed price.</p>\n<p>If there is no deal at the end of the countdown and the Spac fails to get shareholders to agree to an extension, the risk-capital investors lose their money.</p>\n<p>Investors can also buy units, comprising common shares and warrants, in the Spac at the IPO or acquire shares on the public market once the blank-cheque company starts trading; the latter route has given opportunities to retail investors during the past year. Pipes are another entry point for investors.</p>\n<p>Among wealth managers, there is a widely cited credo that “if you’ve seen one family office, you’ve seen one family office” — high-net-worth individuals’ investment operations defy generalisation. Their capital pools are not bound by a need to provide pension payouts or endowment-funded scholarships. Plus, a lack of disclosure requirements makes it difficult to follow family offices — something that has attracted renewed scrutiny after the implosion of financier Bill Hwang’s family office Archegos.</p>\n<p>Family offices, most obviously, are about relationships, perhaps more so than in other areas of finance. The meeting of minds between Freidheim and Beaumont captures that well — they first met when Freidheim was an analyst at Lehman Brothers, the now-defunct broker, and Beaumont worked at Lazard, the investment boutique.</p>\n<p>Since then, both have risen through the ranks on Wall Street. Freidheim joined Invesco’s private equity group after leaving Lehman and later was an investor at venture capital funds The London Fund and MissionOG. In 2018, she founded her own investment firm with a focus on growth tech companies. Beaumont also took the private capital route. After several years in Lazard’s mergers and acquisitions practice, she worked as a private equity principal at hedge fund Argonaut Capital before joining L Investments as CIO in 2013.</p>\n<p>With risk capital and IPO investments in a Spac — which require a high level of conviction and trust from investors that a sponsor has the ability to find a lucrative target company to take public — “it comes down to the track record of this team; what have they done before, who are they?” says Alex Chaloff, co-head of investment strategies at Bernstein Private Wealth Management. “In the family office space, which is such a Rolodex universe, it’s really who you know,” he adds.</p>\n<p>Family offices also tend to be more flexible with their capital. For some, that means prioritising capital preservation at all cost; for others, it means being more comfortable with taking on riskier bets for potentially higher upside than other asset managers might. But they are not immune to Wall Street trends, and Spacs are just the latest example of that.</p>\n<p>“Family offices are largely exempt from registering with the SEC [US Securities and Exchange Commission] and they’ve got a lot of great connections,” says Jane Leung, chief investment officer at Silicon Valley Bank. “They’re able to have a lot more flexibility and nimbleness when it comes to making investments in Spacs.”</p>\n<p>The result is a patchwork of family office activity across the blank-cheque vehicle universe. The Dell family office’s Spac, MSD Acquisition Corp, was launched this year, raising $575m in its IPO.</p>\n<p>Starwood Capital Group founder Sternlicht has been involved with at least six Spacs. His Jaws Acquisition Corp last year announced a planned merger with healthcare company Cano Health, while his Jaws Spitfire Acquisition Corp will merge with 3D printing company Velo3D. Hedge fund investor Och, who launched his Spac Ajax I last year, said in March the company was planning to merge with car sales portal Cazoo in a $7bn deal.</p>\n<p>Yet, in recent months, concerns have grown about the health of the Spac market and deal flow has slowed. While Spacs raised more than $93bn in IPO proceeds and an additional $232bn in merger funding in the first quarter of this year alone, those numbers have dipped, with only $7bn in IPO and $109bn in acquisition proceeds in the second quarter, as of May 21, according to Refinitiv data.</p>\n<p>Family office investors have not held back in their criticism of sponsors with little dealmaking experience and “frothy” trading. “It’s a lot out of control — if you can walk, you can launch a Spac,” Sternlicht told CNBC in March. “We’ve done over 150 investments in my family office, so we see, we know these people.” He added that, in the Pipes market especially, investor sentiment has shifted, with institutions such as BlackRock and Fidelity putting the brakes on rushed deals and sky-high valuations. For some family offices that are not necessarily eager to launch Spacs themselves, that has created new opportunities.</p>\n<p>Dawn Fitzpatrick, chief investment officer of Soros’s private family office, told Bloomberg in March: “When it came to [Spac] Pipes, it was a sellers’ market and you had to take the terms. Now it feels like Pipes are going to get done where the buyers can be smart structurers. We think that could get very interesting when the target company is attractive.”</p>\n<p>Public trading of Spacs has cooled, as well. That has caused many Spac shares to trade below the legally protected trust value of the usual $10 plus accrued interest. For investors, including family offices, that has created an arbitrage opportunity, because Spac investors can redeem shares for their fair trust value if there is no deal, or if they do not want to stay invested after the deal.</p>\n<p>Peter Weprin, an adviser to family office Hemingway Group, says buying Spac shares at or below their IPO price can be a “clever alternative” to regular equity investing in an environment where stocks are expensive and have become more volatile, with some fearing a correction on the horizon. “If the market goes off a cliff, Spacs will be the best ‘performing’ part of a long portfolio because, in essence, you don’t lose a penny, as long as you are pre-merger and you have the time to wait to redeem,” Weprin says.</p>\n<p>Alex Band, head of public equities at Partners Capital, which manages portfolios of family offices and institutional investors, says his team is “most active” in arbitrage opportunities with Spacs. “It’s a pretty good investment if you execute it in a disciplined way,” he says.</p>\n<p>Athena shares are still trading around their fair-trust value as its sponsor team is hunting for a tech company to acquire, ideally one that shows some alignment with the values of Freidheim and her co-lead Phyllis Newhouse, an entrepreneur and former US army cyber-security specialist.</p>\n<p>Freidheim, who is the Spac’s chair, says she assembled her team of advisers and investors — comprising a former SEC commissioner, former chief executives, dealmakers and bankers — on the basis of who would be most helpful and not, as often, most generous with their financial resources.</p>\n<p>Beaumont fits in as a highly networked family investor with a strong record of sourcing deals internationally. Global experience has become increasingly important, as US sponsors have looked abroad for targets to avoid competition from the near-500 blank-cheque companies that have launched since the start of 2019 and were still looking for a deal as of late May.</p>\n<p>“It’s a very different perspective,” Freidheim says. “So it was important to me to have someone like Candice at the table.”</p>","source":"lsy1607686395552","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Family offices tap into the Spac boom</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFamily offices tap into the Spac boom\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 13:46 GMT+8 <a href=https://www.ft.com/content/059ce5cd-f166-4e9d-8795-d415bf3f7f25?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>FT</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last year, when Isabelle Freidheim was preparing to launch a special purpose acquisition company (Spac) and join the trend for speculative investments that had so captivated Wall Street last year, one...</p>\n\n<a href=\"https://www.ft.com/content/059ce5cd-f166-4e9d-8795-d415bf3f7f25?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.ft.com/content/059ce5cd-f166-4e9d-8795-d415bf3f7f25?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161710506","content_text":"Last year, when Isabelle Freidheim was preparing to launch a special purpose acquisition company (Spac) and join the trend for speculative investments that had so captivated Wall Street last year, one of the first people she contacted to raise the money to get started was Candice Beaumont.\nThe two women had known each other since they started in finance two decades ago. Freidheim was eager to engage Beaumont as an adviser to and investor in Athena Technology Acquisition Corp, an all-women-led Spac that Freidheim had co-founded. These investment units have been playing a key roles in the wider Spacs boom — due to their flexibility and relationships with other wealthy deal backers. “Right away, I was like, I’d be delighted to help, I’d be delighted to invest, and I’d be delighted to recommend other women to the board,” says Beaumont.\nSoon afterwards, Beaumont put up part of the risk capital for Freidheim’s Athena Technology Acquisition Corp vehicle — money that is typically used to fund the sponsor team’s expenses, such as fees, legal advice or staff, as they hunt a target. Beaumont also brought in Kay Koplovitz, a friend and former chief executive of the USA Network cable television company, to the Athena board. In March, the Spac raised $250m in its initial public offering (IPO).\nSpacs, which are essentially shell companies set up by their sponsors with the aim of finding a business to acquire and take public through a merger, have boomed during the pandemic. Also known as blank-cheque investment vehicles, they have gone from being largely shunned on Wall Street to raising more than $100bn so far this year, according to Refinitiv, eclipsing the total for 2020.\nFamily offices have participated in the boom, albeit in smaller numbers than hedge funds and other institutional investors. Among the most prominent names active in the sector are the family offices of tech entrepreneur Michael Dell, billionaire real estate mogul Barry Sternlicht and former hedge fund executive Dan Och. Some billionaires have even set up their own Spacs, with or without family office backing, including former Facebook executive Chamath Palihapitiya and hedge fund manager Bill Ackman. Billionaire financier George Soros’s family office has also begun hunting for Spac opportunities.\nThe clock starts ticking once a Spac goes public, typically at an IPO price of $10 a share. They normally have two years to complete a merger that shareholders will have to approve. Sponsors often need additional capital to complete the transactions, which are financed through private investments in public equity (Pipes).\nInvestors have various options to participate. Some, like Beaumont with Athena, contribute to the risk capital for the sponsor — an investment that typically comes in exchange for private placement warrants and gives backers the opportunity to buy shares or warrants, or both, in the combined company later, at a pre-agreed price.\nIf there is no deal at the end of the countdown and the Spac fails to get shareholders to agree to an extension, the risk-capital investors lose their money.\nInvestors can also buy units, comprising common shares and warrants, in the Spac at the IPO or acquire shares on the public market once the blank-cheque company starts trading; the latter route has given opportunities to retail investors during the past year. Pipes are another entry point for investors.\nAmong wealth managers, there is a widely cited credo that “if you’ve seen one family office, you’ve seen one family office” — high-net-worth individuals’ investment operations defy generalisation. Their capital pools are not bound by a need to provide pension payouts or endowment-funded scholarships. Plus, a lack of disclosure requirements makes it difficult to follow family offices — something that has attracted renewed scrutiny after the implosion of financier Bill Hwang’s family office Archegos.\nFamily offices, most obviously, are about relationships, perhaps more so than in other areas of finance. The meeting of minds between Freidheim and Beaumont captures that well — they first met when Freidheim was an analyst at Lehman Brothers, the now-defunct broker, and Beaumont worked at Lazard, the investment boutique.\nSince then, both have risen through the ranks on Wall Street. Freidheim joined Invesco’s private equity group after leaving Lehman and later was an investor at venture capital funds The London Fund and MissionOG. In 2018, she founded her own investment firm with a focus on growth tech companies. Beaumont also took the private capital route. After several years in Lazard’s mergers and acquisitions practice, she worked as a private equity principal at hedge fund Argonaut Capital before joining L Investments as CIO in 2013.\nWith risk capital and IPO investments in a Spac — which require a high level of conviction and trust from investors that a sponsor has the ability to find a lucrative target company to take public — “it comes down to the track record of this team; what have they done before, who are they?” says Alex Chaloff, co-head of investment strategies at Bernstein Private Wealth Management. “In the family office space, which is such a Rolodex universe, it’s really who you know,” he adds.\nFamily offices also tend to be more flexible with their capital. For some, that means prioritising capital preservation at all cost; for others, it means being more comfortable with taking on riskier bets for potentially higher upside than other asset managers might. But they are not immune to Wall Street trends, and Spacs are just the latest example of that.\n“Family offices are largely exempt from registering with the SEC [US Securities and Exchange Commission] and they’ve got a lot of great connections,” says Jane Leung, chief investment officer at Silicon Valley Bank. “They’re able to have a lot more flexibility and nimbleness when it comes to making investments in Spacs.”\nThe result is a patchwork of family office activity across the blank-cheque vehicle universe. The Dell family office’s Spac, MSD Acquisition Corp, was launched this year, raising $575m in its IPO.\nStarwood Capital Group founder Sternlicht has been involved with at least six Spacs. His Jaws Acquisition Corp last year announced a planned merger with healthcare company Cano Health, while his Jaws Spitfire Acquisition Corp will merge with 3D printing company Velo3D. Hedge fund investor Och, who launched his Spac Ajax I last year, said in March the company was planning to merge with car sales portal Cazoo in a $7bn deal.\nYet, in recent months, concerns have grown about the health of the Spac market and deal flow has slowed. While Spacs raised more than $93bn in IPO proceeds and an additional $232bn in merger funding in the first quarter of this year alone, those numbers have dipped, with only $7bn in IPO and $109bn in acquisition proceeds in the second quarter, as of May 21, according to Refinitiv data.\nFamily office investors have not held back in their criticism of sponsors with little dealmaking experience and “frothy” trading. “It’s a lot out of control — if you can walk, you can launch a Spac,” Sternlicht told CNBC in March. “We’ve done over 150 investments in my family office, so we see, we know these people.” He added that, in the Pipes market especially, investor sentiment has shifted, with institutions such as BlackRock and Fidelity putting the brakes on rushed deals and sky-high valuations. For some family offices that are not necessarily eager to launch Spacs themselves, that has created new opportunities.\nDawn Fitzpatrick, chief investment officer of Soros’s private family office, told Bloomberg in March: “When it came to [Spac] Pipes, it was a sellers’ market and you had to take the terms. Now it feels like Pipes are going to get done where the buyers can be smart structurers. We think that could get very interesting when the target company is attractive.”\nPublic trading of Spacs has cooled, as well. That has caused many Spac shares to trade below the legally protected trust value of the usual $10 plus accrued interest. For investors, including family offices, that has created an arbitrage opportunity, because Spac investors can redeem shares for their fair trust value if there is no deal, or if they do not want to stay invested after the deal.\nPeter Weprin, an adviser to family office Hemingway Group, says buying Spac shares at or below their IPO price can be a “clever alternative” to regular equity investing in an environment where stocks are expensive and have become more volatile, with some fearing a correction on the horizon. “If the market goes off a cliff, Spacs will be the best ‘performing’ part of a long portfolio because, in essence, you don’t lose a penny, as long as you are pre-merger and you have the time to wait to redeem,” Weprin says.\nAlex Band, head of public equities at Partners Capital, which manages portfolios of family offices and institutional investors, says his team is “most active” in arbitrage opportunities with Spacs. “It’s a pretty good investment if you execute it in a disciplined way,” he says.\nAthena shares are still trading around their fair-trust value as its sponsor team is hunting for a tech company to acquire, ideally one that shows some alignment with the values of Freidheim and her co-lead Phyllis Newhouse, an entrepreneur and former US army cyber-security specialist.\nFreidheim, who is the Spac’s chair, says she assembled her team of advisers and investors — comprising a former SEC commissioner, former chief executives, dealmakers and bankers — on the basis of who would be most helpful and not, as often, most generous with their financial resources.\nBeaumont fits in as a highly networked family investor with a strong record of sourcing deals internationally. Global experience has become increasingly important, as US sponsors have looked abroad for targets to avoid competition from the near-500 blank-cheque companies that have launched since the start of 2019 and were still looking for a deal as of late May.\n“It’s a very different perspective,” Freidheim says. “So it was important to me to have someone like Candice at the table.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164142090,"gmtCreate":1624185462610,"gmtModify":1634009689511,"author":{"id":"3575052326515092","authorId":"3575052326515092","name":"20392cc9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575052326515092","authorIdStr":"3575052326515092"},"themes":[],"htmlText":"Good news","listText":"Good news","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/164142090","repostId":"1199331995","repostType":4,"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165387934,"gmtCreate":1624096420228,"gmtModify":1634010726766,"author":{"id":"3575052326515092","authorId":"3575052326515092","name":"20392cc9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575052326515092","authorIdStr":"3575052326515092"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165387934","repostId":"1199331995","repostType":4,"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161126247,"gmtCreate":1623912448489,"gmtModify":1631889071293,"author":{"id":"3575052326515092","authorId":"3575052326515092","name":"20392cc9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575052326515092","authorIdStr":"3575052326515092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/1P2R.SI\">$1P2R.SI(1P2R.SI)$</a>What the heck is this?","listText":"<a href=\"https://laohu8.com/S/1P2R.SI\">$1P2R.SI(1P2R.SI)$</a>What the heck is this?","text":"$1P2R.SI(1P2R.SI)$What the heck is this?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161126247","isVote":1,"tweetType":1,"viewCount":224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":164142090,"gmtCreate":1624185462610,"gmtModify":1634009689511,"author":{"id":"3575052326515092","authorId":"3575052326515092","name":"20392cc9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575052326515092","authorIdStr":"3575052326515092"},"themes":[],"htmlText":"Good news","listText":"Good news","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/164142090","repostId":"1199331995","repostType":4,"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165387934,"gmtCreate":1624096420228,"gmtModify":1634010726766,"author":{"id":"3575052326515092","authorId":"3575052326515092","name":"20392cc9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575052326515092","authorIdStr":"3575052326515092"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165387934","repostId":"1199331995","repostType":4,"repost":{"id":"1199331995","kind":"news","pubTimestamp":1624065374,"share":"https://www.laohu8.com/m/news/1199331995?lang=&edition=full","pubTime":"2021-06-19 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Billion-Dollar Deals Come To Market In A 12 IPO Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1199331995","media":"Renaissance","summary":"12 IPOs are scheduled to raise $5.6 billion in the week ahead led by two billion-dollar deals.Chinese freight platform Full Truck Alliance plans to raise $1.5 billion at a $19.7 billion market cap. The company’s platform connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types. Full Truck states that it is the world's largest digital freight platform by gross transaction value , facilitating 22+ million fulfilled orders with GTV of nearly $8 billio","content":"<p>12 IPOs are scheduled to raise $5.6 billion in the week ahead led by two billion-dollar deals.</p>\n<p>Chinese freight platform <b>Full Truck Alliance</b>(YMM) plans to raise $1.5 billion at a $19.7 billion market cap. The company’s platform connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types. Full Truck states that it is the world's largest digital freight platform by gross transaction value (GTV), facilitating 22+ million fulfilled orders with GTV of nearly $8 billion in the 1Q21.</p>\n<p>Healthcare manager <b>Bright Health Group</b>(BHG) plans to raise $1.3 billion at a $15.4 billion market cap. Bright Health seeks to employ a more consumer-centric approach to healthcare to improve consumer experiences. Through a multi-pronged organic and inorganic growth strategy, the company’s core business has grown to serve roughly 623,000 patients in 14 states since its founding.</p>\n<p>Data infrastructure provider <b>Confluent</b>(CFLT) plans to raise $713 million at a $10.0 billion market cap. Confluent data infrastructure offering is designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system. The company had more than 2,500 customers as of March 2021, with a dollar-based net retention rate of 117%.</p>\n<p>Car wash brand <b>Mister Car Wash</b>(MCW) plans to raise $600 million at a $5.3 billion market cap. Profitable with solid cash flow, Mister Car Wash is the largest national car wash brand in the US, with 344 locations in 21 states. The company offers a monthly subscription program called Unlimited Wash Club which had 1.4 million members as of 3/31/21, representing nearly two-thirds of total wash sales.</p>\n<p>Digital physicians network <b>Doximity</b>(DOCS) plans to raise $501 million at a $4.5 billion market cap. Doximity claims that it is the leading digital platform for US medical professionals, allowing collaboration with colleagues and secure coordination of patient care, among other features. Fast growing and profitable, the company had over 1.8 million members as of 3/31/21, representing more than 80% of physicians across the country.</p>\n<p>Customer experience software provider <b>Sprinklr</b>(CXM) plans to raise $361 million at a $5.5 billion market cap. Sprinklr provides a software platform that helps enterprises create a persistent, unified view of each customer at scale. The company has attracted more than 1,000 customers, including over 50% of the Fortune 100. Sprinklr has improved its gross margins, though cash flow swung negative in 1Q FY22.</p>\n<p>HR platform provider <b>First Advantage</b>(FA) plans to raise $298 million at a $2.1 billion market cap. First Advantage provides technology solutions for screening, verifications, safety, and compliance related to human capital. Profitable with positive cash flow, the company derives most of its revenues from pre-onboarding screening, performing over 75 million screens on behalf of more than 30,000 customers in 2020.</p>\n<p>Chinese social networking platform <b>Soulgate</b>(SSR) plans to raise $185 million at a $1.8 billion market cap. The company’s app Soul is a virtual social network created to address the drawbacks of current social media platforms. In March 2021, the company averaged 9.1 million DAUs, a 94% increase over the prior year period.</p>\n<p>Digital financial services provider <b>AMTD Digital</b>(HKD) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p>\n<p>Organ bioengineering company <b>Miromatrix Medical</b>(MIRO) plans to raise $32 million at a $162 million market cap. Miromatrix is developing a novel technology for bioengineering fully transplantable human organs, initially focused on livers and kidneys. The company has demonstrated functional vasculature and important organ function in preclinical studies, and hopes to initiate a Phase 1 trial in late 2022 with its External Liver Assist Product.</p>\n<p>Kidney disease biotech <b>Unicycive Therapeutics</b>(UNCY) plans to raise $25 million at a $116 million market cap. The company’s candidates include Renazorb, which was in-licensed from Spectrum Pharmaceuticals, and UNI 494, which was in-licensed from Sphaera Pharmaceuticals. Unicycive began conducting preclinical trials on UNI 494 in 2020.</p>\n<p>Antibiotic biotech <b>Acurx Pharmaceuticals</b>(ACXP) plans to raise $15 million at a $62 million market cap. The company is developing a new class of antibiotics for infections caused by bacteria listed as priority pathogens by the WHO, CDC, and USDA. Its lead candidate recently completed a Phase 2a trial in patients with C. difficile infections, and is expected to begin a Phase 2b trial this year.</p>\n<table>\n <tbody>\n <tr>\n <th>U.S. IPO Calendar</th>\n </tr>\n <tr>\n <th>Issuer Business</th>\n <th>Deal Size Market Cap</th>\n <th>Price Range Shares Filed</th>\n <th>Top Bookrunners</th>\n </tr>\n <tr>\n <td><p>Full Truck Alliance (YMM)</p><p>Guiyang, China</p></td>\n <td>$1,485M$19,723M</td>\n <td>$17 - $1982,500,000</td>\n <td>Morgan StanleyCICC</td>\n </tr>\n <tr>\n <td>Digital freight platform that connects shippers and truckers in China.</td>\n </tr>\n <tr>\n <td><p>First Advantage (FA)</p><p>Atlanta, GA</p></td>\n <td>$298M$2,097M</td>\n <td>$13 - $1521,250,000</td>\n <td>BarclaysBofA</td>\n </tr>\n <tr>\n <td>Provides background checks and other services to corporate customers.</td>\n </tr>\n <tr>\n <td><p>Sprinklr (CXM)</p><p>New York, NY</p></td>\n <td>$361M$5,541M</td>\n <td>$18 - $2019,000,000</td>\n <td>Morgan StanleyJP Morgan</td>\n </tr>\n <tr>\n <td>Provides customer experience management software for enterprises.</td>\n </tr>\n <tr>\n <td><p>Bright Health Group (BHG)</p><p>Minneapolis, MN</p></td>\n <td>$1,290M$15,385M</td>\n <td>$20 - $2360,000,000</td>\n <td>JP MorganGoldman</td>\n </tr>\n <tr>\n <td>Provides health insurance and other healthcare services.</td>\n </tr>\n <tr>\n <td><p>Confluent (CFLT)</p><p>Mountain View, CA</p></td>\n <td>$713M$10,033M</td>\n <td>$29 - $3323,000,000</td>\n <td>Morgan StanleyJP Morgan</td>\n </tr>\n <tr>\n <td>Provides an enterprise platform that collects and processes real-time data streams.</td>\n </tr>\n <tr>\n <td><p>Doximity (DOCS)</p><p>San Francisco, CA</p></td>\n <td>$501M$4,549M</td>\n <td>$20 - $2323,300,000</td>\n <td>Morgan StanleyGoldman</td>\n </tr>\n <tr>\n <td>Professional network for physicians with telehealth and scheduling tools.</td>\n </tr>\n <tr>\n <td><p>Soulgate (SSR)</p><p>Shanghai, China</p></td>\n <td>$185M$1,824M</td>\n <td>$13 - $1513,200,000</td>\n <td>Morgan StanleyJefferies</td>\n </tr>\n <tr>\n <td>Provides the gamified social networking app Soul in China.</td>\n </tr>\n <tr>\n <td><p>Acurx Pharmaceuticals (ACXP)</p><p>Staten Island, NY</p></td>\n <td>$15M$62M</td>\n <td>$5 - $72,500,000</td>\n <td>Alexander CapitalNetwork 1</td>\n </tr>\n <tr>\n <td>Phase 2 biotech developing antibiotics for antibiotic-resistant pathogens.</td>\n </tr>\n <tr>\n <td><p>Mister Car Wash (MCW)</p><p>Tucson, AZ</p></td>\n <td>$600M$5,256M</td>\n <td>$15 - $1737,500,000</td>\n <td>BofAMorgan Stanley</td>\n </tr>\n <tr>\n <td>Leading national car wash brand with 344 locations across the US.</td>\n </tr>\n <tr>\n <td><p>AMTD Digital (HKD)</p><p>Hong Kong, China</p></td>\n <td>$120M$1,388M</td>\n <td>$6.80 - $8.2016,000,000</td>\n <td>AMTD GlobalLoop Capital</td>\n </tr>\n <tr>\n <td>Digital financial services provider being spun out of AMTD.</td>\n </tr>\n <tr>\n <td><p>Miromatrix Medical (MIRO)</p><p>Eden Prairie, MN</p></td>\n <td>$32M$162M</td>\n <td>$7 - $94,000,000</td>\n <td>Craig-Hallum</td>\n </tr>\n <tr>\n <td>Developing novel bioengineering technology for organ transplants.</td>\n </tr>\n <tr>\n <td><p>Unicycive Therapeutics (UNCY)</p><p>Los Altos, CA</p></td>\n <td>$25M$116M</td>\n <td>$8.50 - $10.502,635,000</td>\n <td>Roth Cap.</td>\n </tr>\n <tr>\n <td>Early-stage biotech developing in-licensed therapies for kidney disease.</td>\n </tr>\n </tbody>\n</table>\n<p>Street research is expected for seven companies, and lock-up periods will be expiring for up to two companies.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Billion-Dollar Deals Come To Market In A 12 IPO Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. IPO Week Ahead: Billion-Dollar Deals Come To Market In A 12 IPO Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-19 09:16 GMT+8 <a href=https://seekingalpha.com/article/4435613-us-ipo-week-ahead-billion-dollar-deals-come-to-market-in-a-12-ipo-week><strong>Renaissance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>12 IPOs are scheduled to raise $5.6 billion in the week ahead led by two billion-dollar deals.\nChinese freight platform Full Truck Alliance(YMM) plans to raise $1.5 billion at a $19.7 billion market ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435613-us-ipo-week-ahead-billion-dollar-deals-come-to-market-in-a-12-ipo-week\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CXM":"Sprinklr, Inc.","FA":"First Advantage Corp.","DOCS":"Doximity, Inc.","CFLT":"Confluent, Inc.","MCW":"Mister Car Wash, Inc.","YMM":"满帮"},"source_url":"https://seekingalpha.com/article/4435613-us-ipo-week-ahead-billion-dollar-deals-come-to-market-in-a-12-ipo-week","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1199331995","content_text":"12 IPOs are scheduled to raise $5.6 billion in the week ahead led by two billion-dollar deals.\nChinese freight platform Full Truck Alliance(YMM) plans to raise $1.5 billion at a $19.7 billion market cap. The company’s platform connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types. Full Truck states that it is the world's largest digital freight platform by gross transaction value (GTV), facilitating 22+ million fulfilled orders with GTV of nearly $8 billion in the 1Q21.\nHealthcare manager Bright Health Group(BHG) plans to raise $1.3 billion at a $15.4 billion market cap. Bright Health seeks to employ a more consumer-centric approach to healthcare to improve consumer experiences. Through a multi-pronged organic and inorganic growth strategy, the company’s core business has grown to serve roughly 623,000 patients in 14 states since its founding.\nData infrastructure provider Confluent(CFLT) plans to raise $713 million at a $10.0 billion market cap. Confluent data infrastructure offering is designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system. The company had more than 2,500 customers as of March 2021, with a dollar-based net retention rate of 117%.\nCar wash brand Mister Car Wash(MCW) plans to raise $600 million at a $5.3 billion market cap. Profitable with solid cash flow, Mister Car Wash is the largest national car wash brand in the US, with 344 locations in 21 states. The company offers a monthly subscription program called Unlimited Wash Club which had 1.4 million members as of 3/31/21, representing nearly two-thirds of total wash sales.\nDigital physicians network Doximity(DOCS) plans to raise $501 million at a $4.5 billion market cap. Doximity claims that it is the leading digital platform for US medical professionals, allowing collaboration with colleagues and secure coordination of patient care, among other features. Fast growing and profitable, the company had over 1.8 million members as of 3/31/21, representing more than 80% of physicians across the country.\nCustomer experience software provider Sprinklr(CXM) plans to raise $361 million at a $5.5 billion market cap. Sprinklr provides a software platform that helps enterprises create a persistent, unified view of each customer at scale. The company has attracted more than 1,000 customers, including over 50% of the Fortune 100. Sprinklr has improved its gross margins, though cash flow swung negative in 1Q FY22.\nHR platform provider First Advantage(FA) plans to raise $298 million at a $2.1 billion market cap. First Advantage provides technology solutions for screening, verifications, safety, and compliance related to human capital. Profitable with positive cash flow, the company derives most of its revenues from pre-onboarding screening, performing over 75 million screens on behalf of more than 30,000 customers in 2020.\nChinese social networking platform Soulgate(SSR) plans to raise $185 million at a $1.8 billion market cap. The company’s app Soul is a virtual social network created to address the drawbacks of current social media platforms. In March 2021, the company averaged 9.1 million DAUs, a 94% increase over the prior year period.\nDigital financial services provider AMTD Digital(HKD) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nOrgan bioengineering company Miromatrix Medical(MIRO) plans to raise $32 million at a $162 million market cap. Miromatrix is developing a novel technology for bioengineering fully transplantable human organs, initially focused on livers and kidneys. The company has demonstrated functional vasculature and important organ function in preclinical studies, and hopes to initiate a Phase 1 trial in late 2022 with its External Liver Assist Product.\nKidney disease biotech Unicycive Therapeutics(UNCY) plans to raise $25 million at a $116 million market cap. The company’s candidates include Renazorb, which was in-licensed from Spectrum Pharmaceuticals, and UNI 494, which was in-licensed from Sphaera Pharmaceuticals. Unicycive began conducting preclinical trials on UNI 494 in 2020.\nAntibiotic biotech Acurx Pharmaceuticals(ACXP) plans to raise $15 million at a $62 million market cap. The company is developing a new class of antibiotics for infections caused by bacteria listed as priority pathogens by the WHO, CDC, and USDA. Its lead candidate recently completed a Phase 2a trial in patients with C. difficile infections, and is expected to begin a Phase 2b trial this year.\n\n\n\nU.S. IPO Calendar\n\n\nIssuer Business\nDeal Size Market Cap\nPrice Range Shares Filed\nTop Bookrunners\n\n\nFull Truck Alliance (YMM)Guiyang, China\n$1,485M$19,723M\n$17 - $1982,500,000\nMorgan StanleyCICC\n\n\nDigital freight platform that connects shippers and truckers in China.\n\n\nFirst Advantage (FA)Atlanta, GA\n$298M$2,097M\n$13 - $1521,250,000\nBarclaysBofA\n\n\nProvides background checks and other services to corporate customers.\n\n\nSprinklr (CXM)New York, NY\n$361M$5,541M\n$18 - $2019,000,000\nMorgan StanleyJP Morgan\n\n\nProvides customer experience management software for enterprises.\n\n\nBright Health Group (BHG)Minneapolis, MN\n$1,290M$15,385M\n$20 - $2360,000,000\nJP MorganGoldman\n\n\nProvides health insurance and other healthcare services.\n\n\nConfluent (CFLT)Mountain View, CA\n$713M$10,033M\n$29 - $3323,000,000\nMorgan StanleyJP Morgan\n\n\nProvides an enterprise platform that collects and processes real-time data streams.\n\n\nDoximity (DOCS)San Francisco, CA\n$501M$4,549M\n$20 - $2323,300,000\nMorgan StanleyGoldman\n\n\nProfessional network for physicians with telehealth and scheduling tools.\n\n\nSoulgate (SSR)Shanghai, China\n$185M$1,824M\n$13 - $1513,200,000\nMorgan StanleyJefferies\n\n\nProvides the gamified social networking app Soul in China.\n\n\nAcurx Pharmaceuticals (ACXP)Staten Island, NY\n$15M$62M\n$5 - $72,500,000\nAlexander CapitalNetwork 1\n\n\nPhase 2 biotech developing antibiotics for antibiotic-resistant pathogens.\n\n\nMister Car Wash (MCW)Tucson, AZ\n$600M$5,256M\n$15 - $1737,500,000\nBofAMorgan Stanley\n\n\nLeading national car wash brand with 344 locations across the US.\n\n\nAMTD Digital (HKD)Hong Kong, China\n$120M$1,388M\n$6.80 - $8.2016,000,000\nAMTD GlobalLoop Capital\n\n\nDigital financial services provider being spun out of AMTD.\n\n\nMiromatrix Medical (MIRO)Eden Prairie, MN\n$32M$162M\n$7 - $94,000,000\nCraig-Hallum\n\n\nDeveloping novel bioengineering technology for organ transplants.\n\n\nUnicycive Therapeutics (UNCY)Los Altos, CA\n$25M$116M\n$8.50 - $10.502,635,000\nRoth Cap.\n\n\nEarly-stage biotech developing in-licensed therapies for kidney disease.\n\n\n\nStreet research is expected for seven companies, and lock-up periods will be expiring for up to two companies.","news_type":1},"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129014293,"gmtCreate":1624343700612,"gmtModify":1634007482211,"author":{"id":"3575052326515092","authorId":"3575052326515092","name":"20392cc9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575052326515092","authorIdStr":"3575052326515092"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129014293","repostId":"1161710506","repostType":4,"repost":{"id":"1161710506","kind":"news","pubTimestamp":1624340790,"share":"https://www.laohu8.com/m/news/1161710506?lang=&edition=full","pubTime":"2021-06-22 13:46","market":"us","language":"en","title":"Family offices tap into the Spac boom","url":"https://stock-news.laohu8.com/highlight/detail?id=1161710506","media":"FT","summary":"Last year, when Isabelle Freidheim was preparing to launch a special purpose acquisition company (Sp","content":"<p>Last year, when Isabelle Freidheim was preparing to launch a special purpose acquisition company (Spac) and join the trend for speculative investments that had so captivated Wall Street last year, one of the first people she contacted to raise the money to get started was Candice Beaumont.</p>\n<p>The two women had known each other since they started in finance two decades ago. Freidheim was eager to engage Beaumont as an adviser to and investor in Athena Technology Acquisition Corp, an all-women-led Spac that Freidheim had co-founded. These investment units have been playing a key roles in the wider Spacs boom — due to their flexibility and relationships with other wealthy deal backers. “Right away, I was like, I’d be delighted to help, I’d be delighted to invest, and I’d be delighted to recommend other women to the board,” says Beaumont.</p>\n<p>Soon afterwards, Beaumont put up part of the risk capital for Freidheim’s Athena Technology Acquisition Corp vehicle — money that is typically used to fund the sponsor team’s expenses, such as fees, legal advice or staff, as they hunt a target. Beaumont also brought in Kay Koplovitz, a friend and former chief executive of the USA Network cable television company, to the Athena board. In March, the Spac raised $250m in its initial public offering (IPO).</p>\n<p>Spacs, which are essentially shell companies set up by their sponsors with the aim of finding a business to acquire and take public through a merger, have boomed during the pandemic. Also known as blank-cheque investment vehicles, they have gone from being largely shunned on Wall Street to raising more than $100bn so far this year, according to Refinitiv, eclipsing the total for 2020.</p>\n<p>Family offices have participated in the boom, albeit in smaller numbers than hedge funds and other institutional investors. Among the most prominent names active in the sector are the family offices of tech entrepreneur Michael Dell, billionaire real estate mogul Barry Sternlicht and former hedge fund executive Dan Och. Some billionaires have even set up their own Spacs, with or without family office backing, including former Facebook executive Chamath Palihapitiya and hedge fund manager Bill Ackman. Billionaire financier George Soros’s family office has also begun hunting for Spac opportunities.</p>\n<p>The clock starts ticking once a Spac goes public, typically at an IPO price of $10 a share. They normally have two years to complete a merger that shareholders will have to approve. Sponsors often need additional capital to complete the transactions, which are financed through private investments in public equity (Pipes).</p>\n<p>Investors have various options to participate. Some, like Beaumont with Athena, contribute to the risk capital for the sponsor — an investment that typically comes in exchange for private placement warrants and gives backers the opportunity to buy shares or warrants, or both, in the combined company later, at a pre-agreed price.</p>\n<p>If there is no deal at the end of the countdown and the Spac fails to get shareholders to agree to an extension, the risk-capital investors lose their money.</p>\n<p>Investors can also buy units, comprising common shares and warrants, in the Spac at the IPO or acquire shares on the public market once the blank-cheque company starts trading; the latter route has given opportunities to retail investors during the past year. Pipes are another entry point for investors.</p>\n<p>Among wealth managers, there is a widely cited credo that “if you’ve seen one family office, you’ve seen one family office” — high-net-worth individuals’ investment operations defy generalisation. Their capital pools are not bound by a need to provide pension payouts or endowment-funded scholarships. Plus, a lack of disclosure requirements makes it difficult to follow family offices — something that has attracted renewed scrutiny after the implosion of financier Bill Hwang’s family office Archegos.</p>\n<p>Family offices, most obviously, are about relationships, perhaps more so than in other areas of finance. The meeting of minds between Freidheim and Beaumont captures that well — they first met when Freidheim was an analyst at Lehman Brothers, the now-defunct broker, and Beaumont worked at Lazard, the investment boutique.</p>\n<p>Since then, both have risen through the ranks on Wall Street. Freidheim joined Invesco’s private equity group after leaving Lehman and later was an investor at venture capital funds The London Fund and MissionOG. In 2018, she founded her own investment firm with a focus on growth tech companies. Beaumont also took the private capital route. After several years in Lazard’s mergers and acquisitions practice, she worked as a private equity principal at hedge fund Argonaut Capital before joining L Investments as CIO in 2013.</p>\n<p>With risk capital and IPO investments in a Spac — which require a high level of conviction and trust from investors that a sponsor has the ability to find a lucrative target company to take public — “it comes down to the track record of this team; what have they done before, who are they?” says Alex Chaloff, co-head of investment strategies at Bernstein Private Wealth Management. “In the family office space, which is such a Rolodex universe, it’s really who you know,” he adds.</p>\n<p>Family offices also tend to be more flexible with their capital. For some, that means prioritising capital preservation at all cost; for others, it means being more comfortable with taking on riskier bets for potentially higher upside than other asset managers might. But they are not immune to Wall Street trends, and Spacs are just the latest example of that.</p>\n<p>“Family offices are largely exempt from registering with the SEC [US Securities and Exchange Commission] and they’ve got a lot of great connections,” says Jane Leung, chief investment officer at Silicon Valley Bank. “They’re able to have a lot more flexibility and nimbleness when it comes to making investments in Spacs.”</p>\n<p>The result is a patchwork of family office activity across the blank-cheque vehicle universe. The Dell family office’s Spac, MSD Acquisition Corp, was launched this year, raising $575m in its IPO.</p>\n<p>Starwood Capital Group founder Sternlicht has been involved with at least six Spacs. His Jaws Acquisition Corp last year announced a planned merger with healthcare company Cano Health, while his Jaws Spitfire Acquisition Corp will merge with 3D printing company Velo3D. Hedge fund investor Och, who launched his Spac Ajax I last year, said in March the company was planning to merge with car sales portal Cazoo in a $7bn deal.</p>\n<p>Yet, in recent months, concerns have grown about the health of the Spac market and deal flow has slowed. While Spacs raised more than $93bn in IPO proceeds and an additional $232bn in merger funding in the first quarter of this year alone, those numbers have dipped, with only $7bn in IPO and $109bn in acquisition proceeds in the second quarter, as of May 21, according to Refinitiv data.</p>\n<p>Family office investors have not held back in their criticism of sponsors with little dealmaking experience and “frothy” trading. “It’s a lot out of control — if you can walk, you can launch a Spac,” Sternlicht told CNBC in March. “We’ve done over 150 investments in my family office, so we see, we know these people.” He added that, in the Pipes market especially, investor sentiment has shifted, with institutions such as BlackRock and Fidelity putting the brakes on rushed deals and sky-high valuations. For some family offices that are not necessarily eager to launch Spacs themselves, that has created new opportunities.</p>\n<p>Dawn Fitzpatrick, chief investment officer of Soros’s private family office, told Bloomberg in March: “When it came to [Spac] Pipes, it was a sellers’ market and you had to take the terms. Now it feels like Pipes are going to get done where the buyers can be smart structurers. We think that could get very interesting when the target company is attractive.”</p>\n<p>Public trading of Spacs has cooled, as well. That has caused many Spac shares to trade below the legally protected trust value of the usual $10 plus accrued interest. For investors, including family offices, that has created an arbitrage opportunity, because Spac investors can redeem shares for their fair trust value if there is no deal, or if they do not want to stay invested after the deal.</p>\n<p>Peter Weprin, an adviser to family office Hemingway Group, says buying Spac shares at or below their IPO price can be a “clever alternative” to regular equity investing in an environment where stocks are expensive and have become more volatile, with some fearing a correction on the horizon. “If the market goes off a cliff, Spacs will be the best ‘performing’ part of a long portfolio because, in essence, you don’t lose a penny, as long as you are pre-merger and you have the time to wait to redeem,” Weprin says.</p>\n<p>Alex Band, head of public equities at Partners Capital, which manages portfolios of family offices and institutional investors, says his team is “most active” in arbitrage opportunities with Spacs. “It’s a pretty good investment if you execute it in a disciplined way,” he says.</p>\n<p>Athena shares are still trading around their fair-trust value as its sponsor team is hunting for a tech company to acquire, ideally one that shows some alignment with the values of Freidheim and her co-lead Phyllis Newhouse, an entrepreneur and former US army cyber-security specialist.</p>\n<p>Freidheim, who is the Spac’s chair, says she assembled her team of advisers and investors — comprising a former SEC commissioner, former chief executives, dealmakers and bankers — on the basis of who would be most helpful and not, as often, most generous with their financial resources.</p>\n<p>Beaumont fits in as a highly networked family investor with a strong record of sourcing deals internationally. Global experience has become increasingly important, as US sponsors have looked abroad for targets to avoid competition from the near-500 blank-cheque companies that have launched since the start of 2019 and were still looking for a deal as of late May.</p>\n<p>“It’s a very different perspective,” Freidheim says. “So it was important to me to have someone like Candice at the table.”</p>","source":"lsy1607686395552","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Family offices tap into the Spac boom</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFamily offices tap into the Spac boom\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 13:46 GMT+8 <a href=https://www.ft.com/content/059ce5cd-f166-4e9d-8795-d415bf3f7f25?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev><strong>FT</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last year, when Isabelle Freidheim was preparing to launch a special purpose acquisition company (Spac) and join the trend for speculative investments that had so captivated Wall Street last year, one...</p>\n\n<a href=\"https://www.ft.com/content/059ce5cd-f166-4e9d-8795-d415bf3f7f25?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.ft.com/content/059ce5cd-f166-4e9d-8795-d415bf3f7f25?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161710506","content_text":"Last year, when Isabelle Freidheim was preparing to launch a special purpose acquisition company (Spac) and join the trend for speculative investments that had so captivated Wall Street last year, one of the first people she contacted to raise the money to get started was Candice Beaumont.\nThe two women had known each other since they started in finance two decades ago. Freidheim was eager to engage Beaumont as an adviser to and investor in Athena Technology Acquisition Corp, an all-women-led Spac that Freidheim had co-founded. These investment units have been playing a key roles in the wider Spacs boom — due to their flexibility and relationships with other wealthy deal backers. “Right away, I was like, I’d be delighted to help, I’d be delighted to invest, and I’d be delighted to recommend other women to the board,” says Beaumont.\nSoon afterwards, Beaumont put up part of the risk capital for Freidheim’s Athena Technology Acquisition Corp vehicle — money that is typically used to fund the sponsor team’s expenses, such as fees, legal advice or staff, as they hunt a target. Beaumont also brought in Kay Koplovitz, a friend and former chief executive of the USA Network cable television company, to the Athena board. In March, the Spac raised $250m in its initial public offering (IPO).\nSpacs, which are essentially shell companies set up by their sponsors with the aim of finding a business to acquire and take public through a merger, have boomed during the pandemic. Also known as blank-cheque investment vehicles, they have gone from being largely shunned on Wall Street to raising more than $100bn so far this year, according to Refinitiv, eclipsing the total for 2020.\nFamily offices have participated in the boom, albeit in smaller numbers than hedge funds and other institutional investors. Among the most prominent names active in the sector are the family offices of tech entrepreneur Michael Dell, billionaire real estate mogul Barry Sternlicht and former hedge fund executive Dan Och. Some billionaires have even set up their own Spacs, with or without family office backing, including former Facebook executive Chamath Palihapitiya and hedge fund manager Bill Ackman. Billionaire financier George Soros’s family office has also begun hunting for Spac opportunities.\nThe clock starts ticking once a Spac goes public, typically at an IPO price of $10 a share. They normally have two years to complete a merger that shareholders will have to approve. Sponsors often need additional capital to complete the transactions, which are financed through private investments in public equity (Pipes).\nInvestors have various options to participate. Some, like Beaumont with Athena, contribute to the risk capital for the sponsor — an investment that typically comes in exchange for private placement warrants and gives backers the opportunity to buy shares or warrants, or both, in the combined company later, at a pre-agreed price.\nIf there is no deal at the end of the countdown and the Spac fails to get shareholders to agree to an extension, the risk-capital investors lose their money.\nInvestors can also buy units, comprising common shares and warrants, in the Spac at the IPO or acquire shares on the public market once the blank-cheque company starts trading; the latter route has given opportunities to retail investors during the past year. Pipes are another entry point for investors.\nAmong wealth managers, there is a widely cited credo that “if you’ve seen one family office, you’ve seen one family office” — high-net-worth individuals’ investment operations defy generalisation. Their capital pools are not bound by a need to provide pension payouts or endowment-funded scholarships. Plus, a lack of disclosure requirements makes it difficult to follow family offices — something that has attracted renewed scrutiny after the implosion of financier Bill Hwang’s family office Archegos.\nFamily offices, most obviously, are about relationships, perhaps more so than in other areas of finance. The meeting of minds between Freidheim and Beaumont captures that well — they first met when Freidheim was an analyst at Lehman Brothers, the now-defunct broker, and Beaumont worked at Lazard, the investment boutique.\nSince then, both have risen through the ranks on Wall Street. Freidheim joined Invesco’s private equity group after leaving Lehman and later was an investor at venture capital funds The London Fund and MissionOG. In 2018, she founded her own investment firm with a focus on growth tech companies. Beaumont also took the private capital route. After several years in Lazard’s mergers and acquisitions practice, she worked as a private equity principal at hedge fund Argonaut Capital before joining L Investments as CIO in 2013.\nWith risk capital and IPO investments in a Spac — which require a high level of conviction and trust from investors that a sponsor has the ability to find a lucrative target company to take public — “it comes down to the track record of this team; what have they done before, who are they?” says Alex Chaloff, co-head of investment strategies at Bernstein Private Wealth Management. “In the family office space, which is such a Rolodex universe, it’s really who you know,” he adds.\nFamily offices also tend to be more flexible with their capital. For some, that means prioritising capital preservation at all cost; for others, it means being more comfortable with taking on riskier bets for potentially higher upside than other asset managers might. But they are not immune to Wall Street trends, and Spacs are just the latest example of that.\n“Family offices are largely exempt from registering with the SEC [US Securities and Exchange Commission] and they’ve got a lot of great connections,” says Jane Leung, chief investment officer at Silicon Valley Bank. “They’re able to have a lot more flexibility and nimbleness when it comes to making investments in Spacs.”\nThe result is a patchwork of family office activity across the blank-cheque vehicle universe. The Dell family office’s Spac, MSD Acquisition Corp, was launched this year, raising $575m in its IPO.\nStarwood Capital Group founder Sternlicht has been involved with at least six Spacs. His Jaws Acquisition Corp last year announced a planned merger with healthcare company Cano Health, while his Jaws Spitfire Acquisition Corp will merge with 3D printing company Velo3D. Hedge fund investor Och, who launched his Spac Ajax I last year, said in March the company was planning to merge with car sales portal Cazoo in a $7bn deal.\nYet, in recent months, concerns have grown about the health of the Spac market and deal flow has slowed. While Spacs raised more than $93bn in IPO proceeds and an additional $232bn in merger funding in the first quarter of this year alone, those numbers have dipped, with only $7bn in IPO and $109bn in acquisition proceeds in the second quarter, as of May 21, according to Refinitiv data.\nFamily office investors have not held back in their criticism of sponsors with little dealmaking experience and “frothy” trading. “It’s a lot out of control — if you can walk, you can launch a Spac,” Sternlicht told CNBC in March. “We’ve done over 150 investments in my family office, so we see, we know these people.” He added that, in the Pipes market especially, investor sentiment has shifted, with institutions such as BlackRock and Fidelity putting the brakes on rushed deals and sky-high valuations. For some family offices that are not necessarily eager to launch Spacs themselves, that has created new opportunities.\nDawn Fitzpatrick, chief investment officer of Soros’s private family office, told Bloomberg in March: “When it came to [Spac] Pipes, it was a sellers’ market and you had to take the terms. Now it feels like Pipes are going to get done where the buyers can be smart structurers. We think that could get very interesting when the target company is attractive.”\nPublic trading of Spacs has cooled, as well. That has caused many Spac shares to trade below the legally protected trust value of the usual $10 plus accrued interest. For investors, including family offices, that has created an arbitrage opportunity, because Spac investors can redeem shares for their fair trust value if there is no deal, or if they do not want to stay invested after the deal.\nPeter Weprin, an adviser to family office Hemingway Group, says buying Spac shares at or below their IPO price can be a “clever alternative” to regular equity investing in an environment where stocks are expensive and have become more volatile, with some fearing a correction on the horizon. “If the market goes off a cliff, Spacs will be the best ‘performing’ part of a long portfolio because, in essence, you don’t lose a penny, as long as you are pre-merger and you have the time to wait to redeem,” Weprin says.\nAlex Band, head of public equities at Partners Capital, which manages portfolios of family offices and institutional investors, says his team is “most active” in arbitrage opportunities with Spacs. “It’s a pretty good investment if you execute it in a disciplined way,” he says.\nAthena shares are still trading around their fair-trust value as its sponsor team is hunting for a tech company to acquire, ideally one that shows some alignment with the values of Freidheim and her co-lead Phyllis Newhouse, an entrepreneur and former US army cyber-security specialist.\nFreidheim, who is the Spac’s chair, says she assembled her team of advisers and investors — comprising a former SEC commissioner, former chief executives, dealmakers and bankers — on the basis of who would be most helpful and not, as often, most generous with their financial resources.\nBeaumont fits in as a highly networked family investor with a strong record of sourcing deals internationally. Global experience has become increasingly important, as US sponsors have looked abroad for targets to avoid competition from the near-500 blank-cheque companies that have launched since the start of 2019 and were still looking for a deal as of late May.\n“It’s a very different perspective,” Freidheim says. “So it was important to me to have someone like Candice at the table.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161126247,"gmtCreate":1623912448489,"gmtModify":1631889071293,"author":{"id":"3575052326515092","authorId":"3575052326515092","name":"20392cc9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575052326515092","authorIdStr":"3575052326515092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/1P2R.SI\">$1P2R.SI(1P2R.SI)$</a>What the heck is this?","listText":"<a href=\"https://laohu8.com/S/1P2R.SI\">$1P2R.SI(1P2R.SI)$</a>What the heck is this?","text":"$1P2R.SI(1P2R.SI)$What the heck is this?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161126247","isVote":1,"tweetType":1,"viewCount":224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
