Late stage private placements with institutional investors, cross-over investors, corporate venture capital (“CVC”) funds, and strategic investors raise a number of considerations distinct from those arising in earlier stage and venture financing transactions. Privately held companies also have become more comfortable sponsoring liquidity programs for early investors, employees and consultants, as well as allowing these holders to sell to cross-over investors in late stage investment rounds. Despite the volatility and market downturn brought about by the global pandemic, unicorns have continued to access the private markets.
During our session, the panel will discuss:
- Market developments affecting the private markets, including late stage private placements;
- Unicorn investors and the emergence of new market actors;
- Participation by CVCs;
- Terms of late stage private placements and how these are changing as a result of the market downturn;
- Principal concerns for cross-over funds participating in private rounds;
- Legal considerations, including diligence, projections and information sharing;
- Issuer and third-party tender offers; and
- Structuring private placements with existing security holders.
- Anat Alon-Beck, Case Western School of Law
- Kevin Gsell, Nasdaq Private Markets
- Brooke Parker, Barclays Capital
- Anna Pinedo, Mayer Brown
- Thomas Vitale, Mayer Brown