[White Paper] Private Equity Secondary Markets Demystified

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In the last several years, the private equity secondary market has transitioned and the debate around liquidity has continued.  Explore different views on the liquidity in the private markets as we study transaction costs and their impact in the secondary markets.

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Toast Files For $250M Investment

Toast authorized enough shares for a $250 million raise at a valuation of $2.6 billion, if all shares authorized are issued. The all-in-one point-of-sale and restaurant management platform is previously backed by Tiger Global Management LLC, T. Rowe Price Associates, Inc. and Bessemer Venture Partners to name a few. The most recent round, Series E, follows the $115 million raised for Series D valuing the company at $1.46 billion. The terms surrounding the Series E include a pari passu liquidation with all other preferred, and conventional convertible meaning they will not participate with common stock if there are remaining proceeds. The most recent price per share is $27.2997, an up round from Series D at $17.307.

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The RealReal is About to Be Our Next Unicorn

The RealReal authorized enough shares for a $70 million raise at a valuation of $1.06 billion, if all shares authorized are issued. The luxury consignment e-commerce company is previously backed by Great Hill Partners, Sandbridge Capital, PWP Growth Equity, Industry Ventures, Greycroft Partners, and Canaan Partners to name a few. The most recent round, Series H, follows the $115 million raised for Series G valuing the company at $753 million. The terms surrounding the Series H include a pari passu liquidation with Series G and F, and conventional convertible meaning they will not participate with common stock if there are remaining proceeds. The most recent price per share is $6.8748, an up round from Series G at $5.2850.

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Affirm Gets Some Financing of Their Own, to the Tune of $316 million

Affirm authorized enough shares for a $316 million raise at a valuation of $2.45 billion, if all shares authorized are issued. The consumer finance company providing transparent financing solutions is previously backed by The Founders Fund, Spark Capital Partners, Khosla Ventures, Lightspeed Venture Partners and Andreessen Horowitz to name a few. The most recent round, Series F, follows the $200 million raised for Series E valuing the company at $1.79 billion. The terms surrounding the Series F include a pari passu liquidation with all other preferred, and conventional convertible meaning they will not participate with common stock if there are remaining proceeds. The most recent price per share is $13.1831, an up round from Series E at $11.3406.

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ezCater Just Ordered $150M Investment at $1B+ Valuation

ezCater authorized enough shares for a $150 million raise at a valuation of $1.294 billion, if all shares authorized are issued. The catering ordering service is previously backed by Insight Venture Partners, ICONIQ Capital, Wellington Management Company, and Launchpad Venture Group to name a few. The most recent round, Series D-1, follows the $100 million raised for Series D valuing the company at $750 million. The terms surrounding the Series D-1 include a pari passu liquidation with Series C, C-1, C-2, and D, and conventional convertible meaning they will not participate with common stock if there are remaining proceeds. The most recent price per share is $47.08, an up round from Series D at $31.6195.

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Can I Raise Venture Capital as a Public Benefit Corporation?

Guest post by Benjamin D. Stone – Corporate Attorney, Mintz

As societies and markets increasingly insist that corporations generate positive social impact alongside profit, investors have taken notice. The global impact investing market alone, for instance, doubled from $114 billion in 2017 to $228 billion in 2018, and will almost certainly continue to accelerate. [1]

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