2 min read · 03 November 2008
2 min read · 03 November 2008
1 min read · 03 November 2008
* KKR's IPO isn't a real IPO, in that it isn't offering any new shares to the public. But even a fake IPO is too scary for 2008, so the firm is pushing off its Big Board trip until 2009. * Publicly-traded ethanol maker VeraSun files for Chapter 11. Very bad news for shareholders like Eos Partners, and fairly bad news for ethanol evangelists like Vinod Khosla. * John McCain's InTrade stock hits an all-time low. Where are the shorts? * Speaking of elections, here's a state-by-state chart that includes presidential polls, home value change, income change and unemployment rates. * Checking in with the TechCrunch Layoff Tracker. * GM needs a bankruptcy, not a bailout. It seems the Bush Administration might agree.
1 min read · 03 November 2008
The presidential election is two weeks from today, so peHUB has asked some prominent VC supporters of Senators McCain and Obama to explain why other investors should follow their lead at the ballot box. Writing in favor of McCain is Bob Grady, founder of Carlyle Venture Partners and a former deputy assistant to President George H.W. Bush. The pro-Obama piece is co-written by Mark Gorenberg, a managing director with Hummer Winblad Venture Partners, and Julius Genachowski, a founding partner of LaunchBox Digital and a special advisor to General Atlantic:Why Venture Capitalists Should Support Barack ObamaThis is a defining moment in our history and the most important election of our lifetimes. We face unprecedented economic, energy, environmental, and healthcare challenges.Click here to read more about Obama.Why Venture Capitalists Should Support John McCainIn his speech at the Democratic National Convention in Denver, former President Bill Clinton correctly said that the two most important issues in this election are the future of the U.S. economy and America’s standing in the world.Click here to read more about McCain.
1 min read · 03 November 2008
Earlier today, Erin posted about a group of religious sillies who headed to Wall Street, hoping that some facetime with the Golden Bull would help bring economic prosperity (insert Old Testament irony here). Too bad they couldn't have waited until today, when zombies invaded Manhattan. Happy Halloween... And here are even more zombies at the bankruptcy court:
1 min read · 31 October 2008
What follows are eight VC deals culled from recent Regulation D filings with the SEC. They have not been otherwise disclosed: * CaliSolar Inc., a Sunnyvale, Calif.-based developer of solar cells using “dirty” metallurgical grade silicon, has raised $51.9 million in Series B preferred stock funding. It also has secured another $50 million in convertible securities, for a round total of nearly $102 million. Hudson Clean Energy led the round, and was joined by return backers Advanced Technology Ventures and Globespan Capital Partners. Prior press reports say that the company plans to build a commercial plant in California next year. It had previously raised around $9 million. www.calisolar.com * Sriya Innovations Inc., a Marietta, Ga.-based biorefinery startup, has raised $15 million in Series A funding. Kleiner Perkins Caufield & Byers led the round with partners Ajit Nazere and Bill Joy taking board seats. * WiChorus Inc., a San Jose, Calif.-based developer of 4G core infrastructure products, has raised $18 million in Series C funding. Return backers include Accel Partners, Mayfield Fund and Redpoint Ventures. The company has now raised over $40 million in total funding. www.wichorus.com * Xtalic, a Marlborough, Mass.-based developer of nanostructured alloys for corrosion and wear resistance, has raised around $10 million in Series B funding. Backers include
2 min read · 31 October 2008
Is private equity the next financial shoe to drop? That’s the question answered affirmatively by Doug Kass over at TheStreet.com, and then seconded by Jim Cramer (vid after jump). None of what Kass argues should be terribly surprising to readers of this space, but the very existence of his argument may portend a revival of private equity as public whipping boy. It might have to wait its turn behind the credit card companies and hedge fund managers, but there certainly would be plenty of thong and cracker left for the onetime kings of capitalism. The Kass case is basically that private equity firms binged on leverage, and that the repercussions will be devastating both for the firms and for their investors. That latter class is particularly vulnerable, Kass says, because illiquid private equity investments “will result in a crowding out of inflows into other alternative strategies.” Kind of the denominator effect’s flipside. Kass doesn’t explicitly say it, but he hints that LP troubles would have a trickle-down effect to the economy at large, because so many of them are
3 min read · 31 October 2008
* Still need a Halloween costume? Carney's got you covered. Sadly, it seems the $79 Evil Hank and Evil Ben masks are already sold out... * Doug Kass: Private equity is the next financial shoe to drop. * China quietly launches a corruption probe related to foreign investments, and has already detained two officials. * VCs pumped $1.6 billion into cleantech companies last quarter. This is going to be a mess. * Unless something dramatic happens today, global equity markets may have just experienced their worst month ever. * The Economist endorses Obama. Sure the mag has been critical of the Bush tax cuts, but it's been anything but a lefty rag. In fact, it endorsed Bush in 2000 (which would actually be the best argument for ignoring its latest endorsement).
1 min read · 31 October 2008
Earlier this year, The Blackstone Group's Stephen Schwarzman guest lectured at Yale School of Management, as part of Professor Robert Shiller's course on financial markets. Other lecturers in the series included Carl Icahn and David Swensen. You can view all the videos here, but Yale has graciously allowed us to repost the Schwarzman talk. Watch it after the jump, and make sure to take good notes...
1 min read · 30 October 2008
