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Private Equity

Sudrania Fund Services Hosts Hedge Fund and Private Equity Summit

The SFS Hedge Fund and Private Equity Summit 2020 is focused on delivering insights and perspectives for the Alternative Investment Industry. The interactive, webinar series will feature industry…

(PRWeb August 27, 2020)

Read the full story at https://www.prweb.com/releases/sudrania_fund_services_hosts_hedge_fund_and_private_equity_summit/prweb17354281.htm

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Sudrania Fund Services; Hedge Funds; Private Equity; Venture Capital, Real Estate; Cloud-based Fund Administration

SFS Hedge Fund & Private Equity Summit 2020 | LEARN MORE: https://sudrania.com/Hedge-Fund-Summit.html

Sudrania is pleased to announce our Hedge Fund & Private Equity Summit 2020, a webinar series featuring insights and perspectives on the current trends/challenges facing funds with alternative assets.

Sudrania Fund Services (Sudrania) announces today that they will host a Hedge Fund and Private Equity Summit focused on delivering insights and perspectives for managers and investors. The interactive, four-part webinar series will feature industry experts in areas including investment allocation, custody, legal, tax/audit, banking, and fund administration. RSVP for the series HERE

Topics to include:

Demystifying Valuation | September 23rd – 11 AM EST

Moderator: Nick Evans, Managing Editor, Hedgeweek

Panelists:

  • Dennis Schall, Partner, Marcum
  • Paul Clark, Managing Director, Houlihan Capital
  • Evan Stremler, Senior Due Diligence Analyst, Albourne Partners
  • Chris Meader, SVP, Sudrania Fund Services

Cayman Funds Regulation Update | October 7th – 11 AM EST

Moderator: Chris Meader, Founding Director, NAFAA

Panelists:

  • David Lloyd, Managing Director, Bell Rock Group
  • Kevin Fawcett, Senior Manager, Deloitte
  • John Klimek, Co-Founder & CEO, 4ALTS, LLC

Navigating Recent Tax Law Changes | October 28th – 11 AM EST

Moderator: Nathaniel Baker, Editor, Contrarian Investor

Panelists:

  • Colleen Fay, Tax Principle, Withum
  • Christopher Rogers, Senior Tax Partner, Capital Fund Law Group
  • Nilesh Sudrania, CEO, Sudrania Fund Services

For updated details about this series, visit SFS Hedge Fund and Private Equity Summit 2020.

ABOUT SUDRANIA

Sudrania Fund Services is a global fund administrator based in Chicago, Illinois who combines the robust power of cloud computing with a scalable boutique service model. Sudrania’s Seamless platform is an integrated portfolio, fund, and investor accounting system with a full-scale general ledger system. Our solutions can process high-frequency trading volumes to deliver daily NAV for impact funds, hedge funds, cryptocurrency funds, commodity pools, and mortgage funds. This integrated software system is equally capable of supporting automation of capital calls/distribution and other complex calculations for private equity funds, real estate funds, and Special Purpose Vehicles. For more information, visit http://www.sudrania.com.

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Source: https://www.prweb.com/releases/sudrania_fund_services_hosts_hedge_fund_and_private_equity_summit/prweb17354281.htm

Private Equity

Venture Capital: Toast Valued At $8B In Secondary Share Offering By Employees

Toast, which makes software for restaurants, has rebounded from the pandemic like a phoenix. Consider this: In February, shortly before the pandemic, the start-up raised $ 400 million at a valuation of $ 4.9 billion. After the virus, in April, Toast faced up to the economic devastation and cut its workforce by 50% through layoffs and furloughs. It also was forced to cut executive pay, freeze hiring, and halt bonuses. However, the startup’s software for takeout orders enabled in-house dining restaurants to pivot to the alternative mode of service. Result: business is good again.

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Venture Capital: Toast Valued At $8B In Secondary Share Offering By Employees

https://platodata.net/wp-content/uploads/2020/11/venture-capital-toast-valued-at-8b-in-secondary-share-offering-by-employees.png

Vested shares held by employees sold at $75 each.

Toast, which makes software for restaurants, has rebounded from the pandemic like a phoenix. Consider this: In February, shortly before the pandemic, the start-up raised $ 400 million at a valuation of  $ 4.9 billion. After the virus, in April, Toast faced up to the economic devastation and cut its workforce by 50% through layoffs and furloughs. It also was forced to cut executive pay, freeze hiring, and halt bonuses. However, the startup’s software for takeout orders enabled in-house dining restaurants to pivot to the alternative mode of service. Result: business is good again. (CNBC)

Toast valued at $8 billion

In a nutshell, despite the ravages from the virus pandemic, Toast managed to hike its valuation from nearly $ 5 billion in February to $ 8 billion in November.

With business now booming, Toast did not forget its employees. It allowed them to encash some of their shareholdings by selling up to 25% of their vested shares for $ 75 each in a secondary sale.

People with knowledge of the matter told CNBC that the secondary offer was for 800,000 shares worth about $ 60 million.

“In order to support our employees and former employees as they navigate the impact of Covid-19, we did complete a secondary offering recently,” a company spokesman confirmed to CNBC, though he refused to reveal the identity of the buyer(s) or the valuation.

A sea change in Toast’s fortunes

According to CNBC, recent bids in the secondary market have valued Toast significantly above this $ 8 billion valuation.

The company also rehired many of the personnel it had laid off earlier.

Meanwhile, the market considers the start-up as a candidate for an IPO in 2021.

Related Story:  Restaurant Software Maker Toast Raises $400 Million

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Source: https://dailyalts.com/toast-valued-at-8b-in-secondary-share-offering-by-employees/

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Private Equity

AA indicates it would accept £218m PE takeover offer

Warburg Pincus and TowerBrook offer 35p per share

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UK roadside assistance firm AA could return to private equity ownership after saying it would be prepared to recommend a £218m takeover offer from London-based TowerBrook Capital Partners and New York-based Warburg Pincus.

The two private equity groups have offered to pay 35p a share and invest £380m in the company to reduce its current debt pile of £2.6bn – much of which was accumulated when the motoring group was previously under private equity ownership.

Until 2014, when it was floated with debts of £3bn, the AA was owned by private equity firms CVC and Permira.

Rick Haythornthwaite, a former chairman of Centrica, has been lined up to chair the AA following the acquisition.

The AA said in a statement: “The board, having considered carefully the viability of a range of alternative potential debt and equity refinancing options together with its financial advisers, has indicated to the consortium that it would be willing to recommend a cash offer on the terms of the proposal.

“Accordingly, the company is engaged in advanced discussions with the consortium in relation to the possible offer.”

To contact the author of this story with feedback or news, email PEN Editorial

Source: https://www.penews.com/articles/aa-indicates-it-would-accept-218m-pe-takeover-offer-20201124

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Private Equity

Digital Assets: Gazprombank Switzerland Flags Off Bitcoin Transactions

Gazprombank Switzerland, which is the wholly-owned Swiss arm of Russia’s Gazprombank (JSC), has debuted its bitcoin trading according to an announcement on November 19 by Avaloq, a provider of digital banking solutions.

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Digital Assets: Gazprombank Switzerland Flags Off Bitcoin Transactions

https://platodata.net/wp-content/uploads/2020/11/digital-assets-gazprombank-switzerland-flags-off-bitcoin-transactions.jpg

Gazprombank Switzerland announced that it successfully performed its first transactions in bitcoin.

Gazprombank Switzerland, which is the wholly-owned Swiss arm of Russia’s Gazprombank (JSC), has debuted its bitcoin trading according to an announcement on November 19 by Avaloq, a provider of digital banking solutions.

We wrote last month that the Swiss Financial Market Supervisory Authority had cleared Gazprombank Switzerland for offering crypto custody and trading services to its institutional and corporate clients.

Under that regulatory green signal, the bank kicked off its first transactions in bitcoin offered inside a solution that leverages its relationship with Avaloq, a leader in digital banking solutions, and METACO, a provider of security-critical infrastructure enabling financial institutions to enter the digital asset ecosystem. (Fintech Switzerland)

OpenVASP Association

The announcement also said that a bilateral agreement had been signed for the first time in Switzerland between a bank (Gazprombank) and Bitcoin Suisse (a virtual asset service provider, or VASP). The latter is a longtime partner of Gazprombank and one of the earliest Swiss players in crypto-financial services.

The bank also became a member of the OpenVasp Association which facilitates the transmission of transaction information between VASPs and other parties. It also helps VASPs comply with the anti-money laundering regulations issued by the Financial Action Task Force.

Transacting cryptocurrencies easily

“Digital assets will become increasingly important for our clients and the global economy,” said Roman Abdulin, CEO at Gazprombank. “Our solution allows us to make transactions with cryptocurrencies as easy as transactions with traditional assets.”

“The rollout of our crypto offering represents an important milestone in our journey to power the development of crypto and blockchain technology and provide investors, wealth managers, and financial institutions with more convenient, transparent, and simple solutions in order to accelerate their investment in crypto assets,” said Thomas Beck, Group Chief Technology Officer at Avaloq.

“This milestone highlights both the strength of our institutional operating system for digital assets, SILO, as well as the significant demand among financial institutions for trusted infrastructure partners,” said Adrien Treccani, CEO and Founder of METACO. “This rollout is another step towards our vision of bringing crypto asset management technology to financial institutions across the globe.”

Related Story:  Gazprombank (Switzerland) FINMA-Cleared For Crypto Bank Accounts

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Source: https://dailyalts.com/gazprombank-switzerland-flags-off-bitcoin-transactions/

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