Small Business Investment Companies

Size: px
Start display at page:

Download "Small Business Investment Companies"

Transcription

1 Small Business Investment Companies

2 Small Business Investment Companies The economy depends on privately held businesses, and privately held businesses need capital to grow. The SBIC (Small Business Investment Company) lawyers at Foley Hoag help investors deliver needed capital and reap the returns by assisting in all aspects of private equity fund formation, including SBICs created through the U.S. Small Business Administration (SBA). SBIC Program Background History SBICs are privately formed and managed investment funds which, if licensed by the SBA, may borrow from SBA two times their privately-raised capital on very favorable rates and terms. The SBIC Program was created in Currently about 300 SBICs are operating. Foley Hoag has assisted over 200 applicants to obtain SBIC licenses. Overview SBIC s must invest their private and borrowed funds in small businesses, but small is large enough for most investment funds. SBICs can invest in most industries, except real estate development, certain large projects (e.g. oil wells), extractive industries, other financial intermediaries, holding companies, foreign companies (with certain exceptions) and casinos. SBICs can invest up to 30% of their private capital in any one portfolio company. Once licensed, SBA normally does not pre-review or approve the licensee s deals, and the fund operates much like a non-regulated fund. SBICs file quarterly reports to SBA and are examined for regulatory compliance (but not financial safety and soundness) each year on-site by SBA examiners. SBICs are usually structured as limited partnerships with an LLC General Partner -- both tax neutral. SBICs can be, and many are, subsidiaries of larger parent funds, including BDCs. How it works The current form of SBA Leverage is designed primarily for a debt fund, although some equity financing is allowed. The fund issues overlapping 10-year notes ( debentures ) to SBA which are bullets or balloon notes, with principal due only upon maturity. There is no prepayment penalty. Interest is payable twice a year. So, the licensee s largest (2/3rds) investor (SBA) provides inexpensive leverage, the profit on which goes only to the private investors and the fund managers, significantly magnifying their returns. Draw requests are a simple statements of intended investments, without submission of term sheets, financials, or other significant data. SBICs may charge a management fee of 21/2% times their private capital times 3, in each of the first five years, if private capital does not exceed $20 million. Foley Hoag SBIC Overview Foley Hoag, with offices in Boston, New York, Washington D.C. and Paris, has represented over 200 SBICs. We represent funds with buy-out, growth capital, venture capital, seed capital and credit investment strategies, including portfolios that are unleveraged, traditionally leveraged and Government leveraged. Our lawyers have experience in all aspects of investment manager representation, including fund formation; negotiation with institutional investors; fund combinations and portfolio purchases; management organization and reorganization; SEC and SBA regulatory compliance, and investment transactions. More specifically, our lawyers have represented hundreds of SBICs and their portfolio companies for more than four decades. Our former partner Arnold Zaff worked closely with SBA to produce the standard debenture SBIC Limited Partnership Agreement several decades ago, and subsequently our partner Mike Wyatt was General Counsel of SBA, in which position he sat on the Committee that licenses SBICs. We offer our SBIC clients a full range of services in the Debenture, Impact, SSBIC, and Early Stage Leverage programs. Our attorneys assist SBIC clients with initial structuring, fund formation, licensing, management organization, buyouts, post-licensure regulation, examinations, and investment transactions. Clients also seek the firm s expertise in related areas, such as non-sbic structures that satisfy the requirements of financial institutions sensitive to qualification under the Community Reinvestment Act (CRA), and to exemptions from the Volcker Rule. We participated in the first and to date only transfer of an SSBIC license to a regular SBIC licensee.

3 Foley Hoag Finance Practice for SBICs In addition to our SBIC fund formation and licensing work, Foley Hoag lawyers have extensive experience representing SBIC and non-sbic funds in structuring, negotiating and documenting portfolio investments. This work is handled by Foley Hoag s Capital Markets and Debt Finance groups. Our lawyers regularly represent investors and companies in complex debt and equity financing and securities matters and have extensive experience representing lenders and borrowers in secured and unsecured debt financings, including syndicated senior bank credit facilities, first and second lien financings, asset-based (ABL) credit facilities, mezzanine and other subordinated debt financings, acquisition financing transactions, financings of management buy-outs, tender offers, and other leveraged acquisitions, bridge financings, portfolio purchases and sales, debtor-in-possession financings, public and Rule 144A debt offerings, and convertible debt transactions. We also regularly represent private equity firms and their portfolio companies in M&A transactions, recapitalizations and restructurings drawing on the resources and expertise in related practices such as partnership, tax, securities, employment, benefits, energy and environmental law. Our Capital Markets and Debt Finance lawyers experience includes the following: $9.9 million Secured Note and Preferred Stock financing of privately held semiconductor company Private Equity Fund $20 million Secured asset-based credit facility to rigging and transportation services company Lease-to-Own Payment Company $6 million Secured second-lien asset-based loan $14.3 million Senior debt, mezzanine debt and preferred equity recapitalization SBIC Fund Mezzanine Fund $6.25 million Mezzanine debt, preferred stock and warrant investment in Katahdin Industries, Inc BCA Mezzanine Mezzanine debt, preferred stock and warrant investment in Thermacore, Inc Mezzanine debt and preferred stock investment in Merrill Industries, LLC $8.75 million Secured mezzanine debt and preferred stock investment in a designer, developer, and marketer of tableware serving high-end hospitality and retail customers $325 million Senior secured asset-based credit facility Debt financing leveraged buyout of Skullcandy involving $85 million term loan and $40 million asset-based credit facility $7.35 million Secured Note and Preferred Stock financing of Unidine Corporation $28 million Mezzanine financing with Capital Royalty L.P. $5.75 million Secured mezzanine debt and warrant investment by CapitalSouth $30 million Agent and lead lender in syndicated ABL revolver and term loan senior credit facilities Variety of secured term and revolving loan credit facilities ranging from $5 million to $15 million for companies in industries ranging from renewable energies to security alarm services Public Life Sciences & Biological Products Company $20 million Senior revolver and term loan credit facilities Aerospace Manufacturer Acquisition of aerospace supplier financed by a private equity-sponsored leveraged recapitalization involving new equity investments, a $36 million senior syndicated loan facility funded by major bank lenders and a $25 million subordinated debt facility provided by several mezzanine funds Major Bank $100 million Syndicated senior revolving credit facility to retail marketing company Manufacturing Company Leveraged buyout involving $80 million first lien credit facility, $20 million second lien credit facility and $40 million ABL credit facility Major Defense Contractor $590 million Syndicated senior secured revolver and term loan credit facilities to finance acquisition and provide working capital

4 Our Key SBIC Attorneys Michael K. Wyatt Michael Wyatt is a Private Equity and SBIC partner at Foley Hoag, specializing in U.S. Small Business Administration (SBA) matters. Michael has extensive experience representing SBICs in a variety of structuring, fund formation, licensure, regulatory, operational, taxation, transactional, restricted operations, liquidation, receivership and other matters affecting SBICs and their portfolio companies. Prior to joining Foley Hoag, Michael served as General Counsel to the SBA, managing over 300 lawyers and staff, representing the agency on all matters of operations and policy and handling over 6,000 active litigation matters. In this role he was also responsible for clearing all Agency regulations, policy statements, proposed legislation and official correspondence. Bruce A. Kinn bkinn@foleyhoag.com As Co-Chair of the Private Funds practice, Bruce Kinn focuses his practice on domestic and international private equity funds and private equity transactions. Bruce represents international and domestic venture capital, buy-out and later stage, mezzanine and other private equity funds in connection with fund formations, fund management arrangements and restructurings, and general advice. He also counsels private equity investors in connection with investments in early and later stage companies, including both domestic and cross-border transactions, leveraged buy-outs and recapitalizations, investment vehicles, and transactional structuring. Malcolm Henderson mhenderson@foleyhoag.com Malcolm Henderson is a partner in Foley Hoag s Business Department. His practice focuses on corporate finance and bank lending. Malcolm has extensive experience representing lenders and borrowers (including SBICs) in secured and unsecured debt financings, including syndicated senior bank credit facilities, first and second lien financings, asset-based (ABL) credit facilities, mezzanine and other subordinated debt financings, debtor-in-possession financings, public and Rule 144A debt offerings, and convertible debt transactions. He routinely handles debt and equity financings for acquisitions and leveraged recapitalizations. He has also advised lessees in leveraged equipment lease transactions. Robert G. Sawyer rsawyer@foleyhoag.com As a Partner in the firm s Business Department and Co-Chair of the Private Funds practice, Robert Sawyer s practice focuses on investment advisers and private investment funds, including SBICs and other private equity funds, venture capital funds and hedge funds. He assists advisers with a range of regulatory compliance and licensure matters, including compliance with SBA regulations, formulation of policies and procedures for compliance with securities laws and regulations, advice and assistance with respect to current regulatory developments and compliance with registration and reporting requirements. In addition, Robert represents funds in structuring and negotiation of a range of debt and equity portfolio company investments and other financing transactions. Jennifer V. Audeh jaudeh@foleyhoag.com Jennifer Audeh is a Partner in the firm s Business Department and focuses her practice on small business investment companies, corporate finance, and securities law. Jennifer represents small business investment companies in connection with fund formation and licensing, portfolio transactions and regulatory compliance matters. She also advises clients on general corporate and transactional matters including representing buyers and targets in mergers and acquisitions; representing borrowers and lenders in secured and unsecured debt financings; representing companies and investors in private equity and venture capital financings; advising private equity funds in connection with fund formation and general advice; and advising companies on federal and state securities laws and corporate governance. Jennifer also assists public companies comply with SEC and Securities Exchange regulatory requirements.

5 BOSTON NEW YORK PARIS WASHINGTON FOLEYHOAG.COM

Mergers and Acquisitions/ Private Equity. Providing In-Depth Deal Coverage for Buyers, Sellers, and Investors. Attorney Advertising

Mergers and Acquisitions/ Private Equity. Providing In-Depth Deal Coverage for Buyers, Sellers, and Investors. Attorney Advertising Mergers and Acquisitions/ Private Equity Providing In-Depth Deal Coverage for Buyers, Sellers, and Investors Attorney Advertising In every transaction, business perspective informs our legal strategy.

More information

SBICs: More Popular Than Ever Should You Form One? Cynthia M. Krus, Sutherland February 6, 2014

SBICs: More Popular Than Ever Should You Form One? Cynthia M. Krus, Sutherland February 6, 2014 SBICs: More Popular Than Ever Should You Form One? Cynthia M. Krus, Sutherland February 6, 2014 SBIC Program Overview A Small Business Investment Company ( SBIC ) is a privately owned and operated company

More information

New York Bar admission (or eligibility to obtain admission promptly) is required.

New York Bar admission (or eligibility to obtain admission promptly) is required. Job Opportunities To apply to any of the positions send cover letter referencing job opening with resume and salary requirements to info@bryantrabbino.com Senior Level Corporate Finance Attorney We are

More information

The ABCs of SBICs A PilieroMazza Webinar. October 25, 2017

The ABCs of SBICs A PilieroMazza Webinar. October 25, 2017 The ABCs of SBICs A PilieroMazza Webinar October 25, 2017 Presented by Jon Williams, Partner jwilliams@pilieromazza.com (202) 857-1000 Kimi Murakami, Counsel kmurakami@pilieromazza.com (202) 857-1000 2

More information

U.S. Small Business Administration Office of Investment and Innovation. SBIC Overview

U.S. Small Business Administration Office of Investment and Innovation. SBIC Overview U.S. Administration Office of Investment and Innovation SBIC Overview 1 Office of Investment and Innovation @30,000 Feet SBA s Office of Investment and Innovation (OII) leads programs that provide the

More information

SOLAR. Representing clients across the renewable energy industry. Troutman Sanders LLP. troutman.com

SOLAR. Representing clients across the renewable energy industry. Troutman Sanders LLP. troutman.com SOLAR Representing clients across the renewable energy industry What clients value Troutman Sanders served as counsel to over 5600 MWs of solar projects in 2016-2017. U.S. News Best Lawyers Our innovative

More information

FS INVESTMENTS & KKR FORM STRATEGIC PARTNERSHIP. Combining FSIC & CCT platforms to create stockholder value

FS INVESTMENTS & KKR FORM STRATEGIC PARTNERSHIP. Combining FSIC & CCT platforms to create stockholder value FS INVESTMENTS & KKR FORM STRATEGIC PARTNERSHIP Combining FSIC & CCT platforms to create stockholder value FS INVESTMENTS AND KKR TO ESTABLISH INDUSTRY-LEADING PARTNERSHIP FS Investments ( FS ) and KKR

More information

Action: Notice of an application for an order under sections 6(c), 12(d)(1)(J), and 57(c) of the

Action: Notice of an application for an order under sections 6(c), 12(d)(1)(J), and 57(c) of the This document is scheduled to be published in the Federal Register on 05/23/2014 and available online at http://federalregister.gov/a/2014-11965, and on FDsys.gov 8011-01p SECURITIES AND EXCHANGE COMMISSION

More information

Katten Shanghai Office TEAM

Katten Shanghai Office TEAM Katten Shanghai Office TEAM FENG XUE Feng Xue, Chair of Katten s Asia/China Practice and Managing Partner and Chief Representative of the firm s Shanghai office, concentrates on private equity, mergers

More information

KOHLBERG CAPITAL CORPORATION. May 2007

KOHLBERG CAPITAL CORPORATION. May 2007 KOHLBERG CAPITAL CORPORATION May 2007 Safe Harbor Statement Private Securities Litigation Reform Act of 1995 Forward Looking Information This presentation may include forward-looking statements. These

More information

Client Advisory. The SBIC Program - An Oasis of Liquidity in an Arid Economic Environment. Corporate Department. SBICs Prior History.

Client Advisory. The SBIC Program - An Oasis of Liquidity in an Arid Economic Environment. Corporate Department. SBICs Prior History. Client Advisory Corporate Department The - An Oasis of Liquidity in an Arid Economic Environment Raising capital has never been easy. In today s economy it is even more difficult. For every successful

More information

Proposed Accounting Standards Update: Financial Services Investment Companies (Topic 946)

Proposed Accounting Standards Update: Financial Services Investment Companies (Topic 946) February 13, 2012 Financial Accounting Standards Board Delivered Via E-mail: director@fasb.org Re: File Reference No. 2011-200 Proposed Accounting Standards Update: Financial Services Investment Companies

More information

Robert A. Greising Partner

Robert A. Greising Partner Robert A. Greising Partner P: (317) 238-6215 F: (317) 636-1507 E: rgreising@kdlegal.com Indianapolis Office One Indiana Square Suite 2800 Indianapolis, IN 46204-2079 Robert Greising serves as a Partner

More information

NEW YORK MARITIME FINANCE

NEW YORK MARITIME FINANCE NEW YORK MARITIME FINANCE HUGELY SOPHISTICATED PRACTICE FOCUSED ON THE REPRESENTATION OF FINANCIAL INSTITUTIONS AND MAJOR OWNERS AND OPERATORS IN ALL ASPECTS OF SHIPPING FINANCE INCLUDING RESTRUCTURING.

More information

FSIC FRANCHISE. Frequently asked questions

FSIC FRANCHISE. Frequently asked questions Frequently asked questions FSIC FRANCHISE 1. What are the details of the announced transaction? FS Investments ( FS ) and KKR Credit ( KKR ) announced an agreement to form a partnership to provide investment

More information

Capital Raising Alternative for Middle Market

Capital Raising Alternative for Middle Market Presenting a live 90 minute webinar with interactive Q&A Capital Raising Alternative for Middle Market Companies: Small Business Administration's s SBIC Program Navigating Funding and Licensing Requirements

More information

Robert A. Greising Partner

Robert A. Greising Partner Robert A. Greising Partner P: (317) 238-6215 F: (317) 636-1507 E: rgreising@kdlegal.com Indianapolis Office One Indiana Square Suite 2800 Indianapolis, IN 46204-2079 Robert Greising is a Partner in the

More information

[Investment Company Act Release No ; ] New Mountain Finance Corporation, et al.; Notice of Application

[Investment Company Act Release No ; ] New Mountain Finance Corporation, et al.; Notice of Application This document is scheduled to be published in the Federal Register on 10/17/2014 and available online at http://federalregister.gov/a/2014-24685, and on FDsys.gov SECURITIES AND EXCHANGE COMMISSION [Investment

More information

Cannabis Practice Group

Cannabis Practice Group Cannabis Practice Group McMillan LLP Vancouver Calgary Toronto Ottawa Montréal Hong Kong Cannabis mcmillan.ca Practice Group 1 Medical cannabis is booming and McMillan is at the forefront of developments

More information

Michael B. Abbott. Partner

Michael B. Abbott. Partner Michael B. Abbott Partner michael.abbott@faegrebd.com Contact Information 801 Grand Avenue, 33rd Floor Des Moines, Iowa 50309 T: +1 515 447 4720 F: +1 515 248 9010 Services & Industries Private Equity

More information

Oft-overlooked SBA program appears poised for comeback

Oft-overlooked SBA program appears poised for comeback Oft-overlooked SBA program appears poised for comeback By John Reosti Published July 12 2018, 1:48pm EDT A largely overlooked Small Business Administration program may be slowly gaining traction. Bankers

More information

Approach A Solution-Oriented Perspective

Approach A Solution-Oriented Perspective Approach A Solution-Oriented Perspective Our leasing attorneys focus on real-world business issues. Our Leasing Practice Includes: Office Leasing: We ve helped landlords and tenants negotiate office leases.

More information

Banking & securities accounting and reporting update

Banking & securities accounting and reporting update Banking & securities accounting and reporting update Tuesday, May 22, 2018 Agenda Subject to change Topic Time Speaker(s) Registration/lunch 12:30 p.m. 1:00 p.m. Welcome/introduction 1:00 p.m. 1:05 p.m.

More information

KKR & Co. L.P. Morgan Stanley Financials Conference: June 13, 2018

KKR & Co. L.P. Morgan Stanley Financials Conference: June 13, 2018 KKR & Co. L.P. Morgan Stanley Financials Conference: June 13, 2018 ($ in trillions) KKR Growth in Alternative Asset Market Share KKR AUM +20% CAGR +21% CAGR Alternative AUM +12% CAGR $190 (1) ($ in billions)

More information

KKR & Co. (Guernsey) L.P. (Formerly known as KKR Private Equity Investors, L.P.) Interim Financial Report (Unaudited)

KKR & Co. (Guernsey) L.P. (Formerly known as KKR Private Equity Investors, L.P.) Interim Financial Report (Unaudited) KKR & Co. (Guernsey) L.P. (Formerly known as KKR Private Equity Investors, L.P.) Interim Financial Report (Unaudited) AS OF AND FOR THE QUARTER ENDED SEPTEMBER 30, 2009 TABLE OF CONTENTS Page Naming Conventions...

More information

Description of the Small Business Investment Company Program Participation by Unleveraged Funds

Description of the Small Business Investment Company Program Participation by Unleveraged Funds Description of the Small Business Investment Company Program Participation by Unleveraged Funds January 2019 Christopher A. Rossi rossic@pepperlaw.com A Small Business Investment Company (SBIC) is a privately

More information

Textron Reports Second Quarter 2014 Income from Continuing Operations of $0.51 per Share, up 27.5%; Revenues up 23.5%

Textron Reports Second Quarter 2014 Income from Continuing Operations of $0.51 per Share, up 27.5%; Revenues up 23.5% Textron Reports Second Quarter 2014 Income from Continuing Operations of $0.51 per Share, up 27.5%; Revenues up 23.5% 07/16/2014 PROVIDENCE, R.I.--(BUSINESS WIRE)-- Textron Inc. (NYSE: TXT) today reported

More information

Mara H. Rogers, Partner Norton Rose Fulbright

Mara H. Rogers, Partner Norton Rose Fulbright Mara H. Rogers Partner Norton Rose Fulbright US LLP New York T:+1 212 318 3206 F:+1 212 318 3400 mara.rogers@nortonrosefulbright.com vcard (+Outlook) Related services Corporate, M&A and securities Mergers

More information

KKR and FS Investments Form Strategic BDC Partnership Creates the Leading $18BN Alternative Lending Platform. December 2017

KKR and FS Investments Form Strategic BDC Partnership Creates the Leading $18BN Alternative Lending Platform. December 2017 KKR and FS Investments Form Strategic BDC Partnership Creates the Leading $18BN Alternative Lending Platform December 2017 Strategic BDC Partnership Introduction On December 11, 2017, KKR and FS Investments

More information

U.S. Mergers and Acquisitions

U.S. Mergers and Acquisitions U.S. Mergers and Acquisitions Industry depth Notable quotes Addressing your needs At the forefront of industry-specific issues, ranging from unique compliance / risk issues to industrydriven transaction

More information

Latin America. Pillsbury Winthrop Shaw Pittman LLP pillsburylaw.com

Latin America. Pillsbury Winthrop Shaw Pittman LLP pillsburylaw.com Latin America Pillsbury Winthrop Shaw Pittman LLP pillsburylaw.com Latin America Practice Pillsbury Winthrop Shaw Pittman LLP Overview Decades of Experience in Latin America Pillsbury s Latin America practice

More information

Textron Reports Third Quarter 2014 Income from Continuing Operations of $0.57 per Share, up 62.9%; Revenues up 18.1%

Textron Reports Third Quarter 2014 Income from Continuing Operations of $0.57 per Share, up 62.9%; Revenues up 18.1% Textron Reports Third Quarter Income from Continuing Operations of $0.57 per Share, up 62.9%; Revenues up 18.1% 10/17/ PROVIDENCE, R.I.--(BUSINESS WIRE)-- Textron Inc. (NYSE: TXT) today reported third

More information

David Fenwick is a partner in the Latin America Group, where he focuses on international finance and other cross-border matters.

David Fenwick is a partner in the Latin America Group, where he focuses on international finance and other cross-border matters. Contact David Fenwick Partner São Paulo +55.11.3045.1250 dfenwick@proskauer.com David Fenwick is a partner in the Latin America Group, where he focuses on international finance and other cross-border matters.

More information

Kenneth L. Bachman, Jr.

Kenneth L. Bachman, Jr. Kenneth L. Bachman, Jr. Partner, Washington Office Kenneth L. Bachman is a partner based in the Washington, D.C. office. Mr. Bachman's practice focuses on financial institution and economic sanctions matters,

More information

François G. Laugier's Representative Experience

François G. Laugier's Representative Experience François G. Laugier's Representative Experience Practice Area: International, Mergers & Acquisitions Key Issues: Acquisitions (For Buyer) Client Type: Foreign Publicly-Traded Naval Technology Company Description:

More information

Enayat Qasimi. Partner. Experience M Street, NW Suite 450N Washington, DC Phone: Fax:

Enayat Qasimi. Partner. Experience M Street, NW Suite 450N Washington, DC Phone: Fax: 2018 Whiteford, Taylor & Preston LLP Enayat Qasimi Partner 1800 M Street, NW Suite 450N Washington, DC 20036 Phone: 202.659.6792 Fax: 202.327.6174 Email: eqasimi@wtplaw.com Experience Mr. Qasimi?s practice

More information

Description of the Small Business Investment Company Debenture Program. Michael B. Staebler

Description of the Small Business Investment Company Debenture Program. Michael B. Staebler Description of the Small Business Investment Company Debenture Program Michael B. Staebler DESCRIPTION OF THE SMALL BUSINESS INVESTMENT COMPANY DEBENTURE PROGRAM A Small Business Investment Company (SBIC)

More information

Session 3: Financing Independent Sponsors Issues and Approaches for Providers of Junior Capital

Session 3: Financing Independent Sponsors Issues and Approaches for Providers of Junior Capital Session 3: Financing Independent Sponsors Issues and Approaches for Providers of Junior Capital 11:00 12:00 PM Moderator: Stuart Chasanoff, Of Counsel, Dorsey & Whitney LLP Panelists: Jason Block, Partner

More information

Investor Presentation. November 2018

Investor Presentation. November 2018 Investor Presentation November 2018 KKR Today Private Markets Public Markets Capital Markets Principal Activities $104bn AUM $91bn AUM Global Franchise $19bn of Assets $81bn Private Equity, Growth Equity

More information

SBA Expands and Clarifies Ability of SBICs to Finance in Passive Businesses

SBA Expands and Clarifies Ability of SBICs to Finance in Passive Businesses SBA Expands and Clarifies Ability of SBICs to Finance in Passive Businesses CLIENT ALERT January 5, 2017 Christopher A. Rossi rossic@pepperlaw.com NEW SBA RULE AFFECTS THE HOLDING COMPANY AND THE BLOCKER

More information

STROOCK & STROOCK & LAVAN LLP STROOCK. Infrastructure. This document may be attorney advertising.

STROOCK & STROOCK & LAVAN LLP STROOCK. Infrastructure. This document may be attorney advertising. STROOCK Infrastructure This document may be attorney advertising. STROOCK & STROOCK & LAVAN LLP NEW YORK LOS ANGELES MIAMI WASHINGTON, DC 180 MAIDEN LANE, NEW YORK, NY 10038-4982 TEL 212.806.5400 FAX 212.806.6006

More information

Stikeman Elliott at the IBA. Rome 2018 Visit stikeman.com/iba

Stikeman Elliott at the IBA. Rome 2018 Visit stikeman.com/iba Stikeman Elliott at the IBA Rome 2018 Visit stikeman.com/iba Our Team Patrick L. Benaroche (Page 2) Eric H. Bremermann (Page 2) Peter J. Cullen (Page 3) Philip J. Henderson (Page 3) Samaneh Hosseini (Page

More information

Selected Recent Track Record

Selected Recent Track Record Finance Practice Firm Presentation The law firm of Biris Goran was launched in 2006. Since then, we have quickly established ourselves as counsel of choice for heavyweight international investors and local

More information

Raising & Investing an SBIC Fund

Raising & Investing an SBIC Fund Raising & Investing an SBIC Fund pehub Webinar, November 2012 Brad Whitman Partner, Renovus Capital Overview of Renovus Capital SBIC Fund founded in January 2010 Received Greenlight in September 2010 Licensed

More information

Los Angeles Office. Skadden.

Los Angeles Office. Skadden. Skadden. Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates... Accounting Alternative Dispute Resolution Antitrust & European Union/International Competition Appellate Litigation and Legal Issues Asia

More information

Challenging Times: Sustaining Your Business While Waiting for Financing. January 14, 2009

Challenging Times: Sustaining Your Business While Waiting for Financing. January 14, 2009 Challenging Times: Sustaining Your Business While Waiting for Financing January 14, 2009 Attorney Advertising Prior results do not guarantee a similar outcome Models used are not clients but may be representative

More information

Nasir, Dao PKM Abdul Partner PwC Legal (Vietnam) Co., Ltd

Nasir, Dao PKM Abdul Partner PwC Legal (Vietnam) Co., Ltd Nasir, Dao PKM Abdul Partner PwC Legal (Vietnam) Co., Ltd Get in touch Tel. (direct): +84 (8) 3824 0109 nasir.pkm@pwc.com Professional profile Nasir is a partner and the Legal Services Leader in Vietnam.

More information

Capital Raising Alternative for Middle Market

Capital Raising Alternative for Middle Market Presenting a live 90 minute webinar with interactive Q&A Capital Raising Alternative for Middle Market Companies: Small Business Administration's s SBIC Program Navigating Funding and Licensing Requirements

More information

Private Equity to us does not solely consist of preparing tailor-made acquisition, financing and exit structures, as well as developing and negotiatin

Private Equity to us does not solely consist of preparing tailor-made acquisition, financing and exit structures, as well as developing and negotiatin Private Equity to us does not solely consist of preparing tailor-made acquisition, financing and exit structures, as well as developing and negotiating, e.g., joint venture, purchase and participation

More information

Cynthia M. Krus. P: E:

Cynthia M. Krus. P: E: ATTORNEY BIOGRAPHY Cynthia M. Krus Partner Washington P: +1.202.383.0218 E: cynthiakrus@eversheds-sutherland.com Education J.D., cum laude, Tulane University Law School B.A., Emory University Bar Admissions

More information

Chapter 5. Forms of Business Ownership and Organization

Chapter 5. Forms of Business Ownership and Organization Chapter 5 Forms of Business Ownership and Organization Learning Objectives 1 2 Discuss why most businesses are small businesses. Determine the contributions of small businesses to the economy. 7 Outline

More information

W H AT W E D O SPONSORS. Contents INVESTMENT TERMS SENIOR MANAGEMENT

W H AT W E D O SPONSORS. Contents INVESTMENT TERMS SENIOR MANAGEMENT Contents W H AT W E D O 3 SPONSORS 6 INVESTMENT TERMS 7 A D VA N TA G E S 8 SENIOR MANAGEMENT 9 C O N TA C T 10 What we do Typical Real Estate Capital Stack Milestone Partners Real Estate Capital Stack

More information

RENEWABLE ENERGY. Contact. Professionals

RENEWABLE ENERGY. Contact. Professionals Hodgson Russ has been involved in renewable energy from the earliest days of hydropower, to the first successful defense of a permit denial due to excess greenhouse gas emissions. We have counseled clients

More information

Ying Li. Proskauer.com. Partner. Hong Kong Beijing New York

Ying Li. Proskauer.com. Partner. Hong Kong Beijing New York Contact Ying Li Partner Hong Kong +852.3410.8088 Beijing +86.10.8572.1888 New York +1.212.969.3000 yli@proskauer.com Ying Li is a partner in the Corporate Department. Having been based in China and Hong

More information

KKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018

KKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018 KKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018 KKR Today Private Markets Public Markets Capital Markets Principal Activities $104bn AUM $91bn AUM Global Franchise $19bn

More information

THOMAS I. QUEEN, JR.

THOMAS I. QUEEN, JR. THOMAS I. QUEEN, JR. Shareholder CORPORATE & SECURITIES, MERGERS & ACQUISITIONS DIRECT PHONE: 512.480.5782 DIRECT FAX: 512.480.5841 EMAIL: tqueen@gdhm.com ABOUT Thomas Queen concentrates his practice in

More information

4 th Quarter Earnings Conference Call

4 th Quarter Earnings Conference Call 4 th Quarter Earnings Conference Call KKR & Co. L.P. Investor Update February 8, 2018 4Q17 Reflections Fundamentals Are Strong (Dollars in millions, except per unit amounts and unless otherwise stated)

More information

David served several years on the firm's Executive Committee and as one of the firm's first Co- Chairs of its Real Estate Group.

David served several years on the firm's Executive Committee and as one of the firm's first Co- Chairs of its Real Estate Group. David Abromowitz Of Counsel dabromowitz@goulstonstorrs.com Boston: +1 617 574 4016 David Abromowitz is a real estate attorney who is nationally known for his work on complex development and finance deals,

More information

Viking Advisory Group. Company Presentation September 2011

Viking Advisory Group. Company Presentation September 2011 Viking Advisory Group Company Presentation September 2011 Viking Advisory Group Mission To offer value added, high quality services within the disciplines of financial management, accounting, legal, insurance,

More information

Role of the Secondaries Market and LP Trends

Role of the Secondaries Market and LP Trends Role of the Secondaries Market and LP Trends November 4, 2009 2009 Akin Gump Strauss Hauer & Feld LLP. All Rights Reserved. Trends in Secondary Fund Transactions in the Current Market The Current Environment

More information

Overview of Venture Equity

Overview of Venture Equity Overview of Venture Equity SVB Analytics Report 2017 Written by SVB Analytics: Steve Liu Managing Director sliu@svb.com Sean Lawson Senior Manager slawson2@svb.com Steven Pipp Senior Associate spipp@svb.com

More information

Greg Nelson. Houston. Practice Areas. Admissions. Education. Partner, Tax Department

Greg Nelson. Houston. Practice Areas. Admissions. Education. Partner, Tax Department Greg Nelson Partner, Tax Department gregnelson@paulhastings.com Greg Nelson is office chair of the firm s Houston office and a partner in the Tax practice of Paul Hastings. He concentrates his practice

More information

Chartwell Introduction and AEC Capabilities

Chartwell Introduction and AEC Capabilities Chartwell Introduction and AEC Capabilities Comprehensive Financial Advisory Experience Chartwell provides financial advisory solutions to the middle market; areas of expertise include corporate finance,

More information

Michael G. Dailey Partner

Michael G. Dailey Partner Michael G. Dailey Partner michael.dailey@dinsmore.com Cincinnati, OH Tel: (513) 977-8644 Mike combines his extensive legal experience with strategic business sense in order to help his clients navigate

More information

Jim Labe. The Global Leader in Venture Finance

Jim Labe. The Global Leader in Venture Finance Jim Labe CHIEF EXECUTIVE OFFICER & CO-FOUNDER Jim Labe is the Chief Executive Officer and co-founder of TriplePoint Capital. Mr. Labe is widely recognized as the pioneer of the venture leasing and lending

More information

KKR & Co. L.P. Goldman Sachs U.S. Financial Services Conference: December 6, 2017

KKR & Co. L.P. Goldman Sachs U.S. Financial Services Conference: December 6, 2017 KKR & Co. L.P. Goldman Sachs U.S. Financial Services Conference: December 6, 2017 KKR Growth in Alternative Asset Market Share KKR AUM +20% CAGR Alternative AUM +12% CAGR ($ in trillions) ($ in billions)

More information

WRITTEN SUBMISSION OF GE CAPITAL TO THE FINANCIAL CRISIS INQUIRY COMMISSION

WRITTEN SUBMISSION OF GE CAPITAL TO THE FINANCIAL CRISIS INQUIRY COMMISSION WRITTEN SUBMISSION OF GE CAPITAL TO THE FINANCIAL CRISIS INQUIRY COMMISSION MICHAEL A. NEAL CHAIRMAN AND CEO OF GE CAPITAL AND VICE CHAIRMAN OF GE May 6, 2010 Chairman Angelides, Vice-Chairman Thomas,

More information

Revenue of $100 million to $1 billion and EBITDA in excess of $20 million

Revenue of $100 million to $1 billion and EBITDA in excess of $20 million NEWSTONE CAPITAL PARTNERS, LLC invests in mezzanine securities of larger middle-market companies involved in leveraged buyouts, recapitalizations, and later-stage growth financings. For the last 20 years,

More information

Philip N. Feder. Los Angeles. Practice Areas. Admissions. Languages. Education. Partner, Real Estate Department

Philip N. Feder. Los Angeles. Practice Areas. Admissions. Languages. Education. Partner, Real Estate Department Philip N. Feder Partner, Real Estate Department philipfeder@paulhastings.com Philip N. Feder is a partner and former chair of the Global Real Estate practice of Paul Hastings and is based in the firm s

More information

Teresa V. Pahl Partner

Teresa V. Pahl Partner Teresa represents clients in all phases and aspects of their businesses. Teresa s expertise includes matters involving general corporate law, securities law and real property law. Teresa works with early-stage

More information

Amsterdam. allenovery.com

Amsterdam. allenovery.com Amsterdam 2 Allen & Overy Amsterdam Companies today have to be able to respond to global trends while still building on strong, local foundations. As a truly global firm, with strong attachment to our

More information

Michael G. Menkowitz Partner

Michael G. Menkowitz Partner Michael G. Menkowitz Partner Philadelphia, PA Tel: 215.299.2756 Fax: 215.299.2150 mmenkowitz@foxrothschild.com For nine consecutive years, Michael has been ranked as one of the leading bankruptcy and restructuring

More information

EQUITY STRUCTURES FOR HIGH GROWTH ENTREPRENEURIAL VENTURES

EQUITY STRUCTURES FOR HIGH GROWTH ENTREPRENEURIAL VENTURES I. Introduction EQUITY STRUCTURES FOR HIGH GROWTH ENTREPRENEURIAL VENTURES Authored By Philip N. Krause Two categories of entrepreneurial ventures: Revenue Model Growth Model this is what we are discussing

More information

Michael Evan Ellis. Matters. Proskauer.com. Partner. New York

Michael Evan Ellis. Matters. Proskauer.com. Partner. New York Contact Michael Evan Ellis Partner New York +1.212.969.3543 mellis@proskauer.com Michael E. Ellis is a partner in the Corporate Department. He is a general corporate lawyer with a focus on public and private

More information

Summary The Small Business Administration (SBA) administers several programs to support small businesses, including loan guaranty programs to enhance

Summary The Small Business Administration (SBA) administers several programs to support small businesses, including loan guaranty programs to enhance SBA Small Business Investment Company Program Robert Jay Dilger Senior Specialist in American National Government Oscar R. Gonzales Analyst in Economic Development Policy January 10, 2011 Congressional

More information

Brookfield Investment Partners, LLC 330 South Executive Drive #307 Brookfield, WI July 29, 2011

Brookfield Investment Partners, LLC 330 South Executive Drive #307 Brookfield, WI July 29, 2011 Item 1- Cover Page Michael J. Steppe William H. Bergner Lora J. Olenchek Brookfield Investment Partners, LLC 330 South Executive Drive #307 Brookfield, WI 53005 262-785-6751 July 29, 2011 This Brochure

More information

Finance. Midwest Capital Markets

Finance. Midwest Capital Markets Finance Midwest Capital Markets Finance Midwest Capital Markets Our team Dave Hendrickson Managing Director +1 312 228 2517 david.hendrickson@am.jll.com Keith Largay Managing Director +1 312 228 3111 keith.largay@am.jll.com

More information

Experienced. Focused. Reliable.

Experienced. Focused. Reliable. Experienced. Focused. Reliable. Trusted advice during uncertain times. Argus Capital Partners LLC is an independent merchant banking firm focused on providing flexible and creative private equity solutions.

More information

Investing in Digital Assets and Blockchain Technology. Thursday, August 3, 2017

Investing in Digital Assets and Blockchain Technology. Thursday, August 3, 2017 Investing in Digital Assets and Blockchain Technology Thursday, August 3, 2017 Disclaimer This information and any presentation accompanying it (the Content ) has been prepared by Schulte Roth & Zabel

More information

Revenue of $100 million to $1 billion and EBITDA in excess of $20 million

Revenue of $100 million to $1 billion and EBITDA in excess of $20 million NEWSTONE CAPITAL PARTNERS, LLC invests in mezzanine securities of larger middle-market companies involved in leveraged buyouts, recapitalizations, and later-stage growth financings. For the last 20 years,

More information

4 th Quarter Earnings Conference Call

4 th Quarter Earnings Conference Call 4 th Quarter Earnings Conference Call KKR & Co. Inc. Investor Update February 1, 2019 Key Metrics Assets Under Management Management Fees ($ in billions) ($ in millions) $195 $1,069 $168 $905 $100 $107

More information

experience knowledge innovation

experience knowledge innovation LEAVE IT WITH US. experience knowledge innovation PROVIDING FULL LEGAL SERVICES TO BRING YOUR BUSINESS WORLDWIDE MC Valois Miranda is a new International Partnership with head-office in Lisbon, providing

More information

Financing Alternative Energy

Financing Alternative Energy Financing Alternative Energy Development Finance Organizations ( DFOs) as Deal Origination & Risk-Sharing Partners in DOE's Loan Guarantee Program Section 1705 FIPP Steven Klein and Thomas H. Cochran Advisors

More information

The Co-investment Climate in Private Equity

The Co-investment Climate in Private Equity The Co-investment Climate in Private Equity Maximize Your Competitiveness and, for Some, Ensure Your Survival Claudia Montoto The Mergermarket Group (Moderator) Julia D. Corelli Pepper Hamilton LLP Bruce

More information

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 8-K

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported)

More information

KKR & Co. Inc. Reports Second Quarter 2018 Results

KKR & Co. Inc. Reports Second Quarter 2018 Results & Co. Inc. Reports Second Quarter 2018 Results NEW YORK, July 26, 2018 - KKR & Co. Inc. (NYSE: KKR) today reported its second quarter 2018 results. GAAP net income (loss) attributable to KKR & Co. L.P.

More information

RJR Nabisco Case Prepared by Robert M. Bushman

RJR Nabisco Case Prepared by Robert M. Bushman RJR Nabisco Case Prepared by Robert M. Bushman Overview This case examines the leveraged buy-out of RJR Nabisco, Inc. by Kohlberg Kravis Roberts & Co. (KKR). The deal was implemented by KKR through a system

More information

Real Estate Joint Ventures & Equity Investment

Real Estate Joint Ventures & Equity Investment Real Estate Joint Ventures & Equity Investment Sophisticated investors, developers and business owners across many industries look to Goulston & Storrs for advice and assistance related to all facets of

More information

Bios. James R. Kruse. Richard Best

Bios. James R. Kruse. Richard Best Bios James R. Kruse Since 1970, Jim has concentrated his practice on securities and corporate law, emphasizing new equity financings and corporate acquisitions and reorganizations involving publicly traded

More information

CRS Report for Congress Received through the CRS Web

CRS Report for Congress Received through the CRS Web Order Code 96-649 E Updated December 19, 2001 CRS Report for Congress Received through the CRS Web Summary Small Business Administration: Overview and Issues Bruce K. Mulock Specialist in Government and

More information

Textron Reports First Quarter 2016 Income from Continuing Operations of $0.55 per Share, up 19.6%; Reaffirms 2016 Financial Outlook

Textron Reports First Quarter 2016 Income from Continuing Operations of $0.55 per Share, up 19.6%; Reaffirms 2016 Financial Outlook Textron Reports First Quarter 2016 Income Continuing Operations of $0.55 per Share, up 19.6%; Reaffirms 2016 Financial Outlook April 20, 2016 06:30 AM Eastern Daylight Time PROVIDENCE, R.I.--(BUSINESS

More information

Contents. 1 Introduction... 1

Contents. 1 Introduction... 1 Contents 1 Introduction... 1 Part I Startup Funding Sources, Stages of the Life Cycle of a Business, and the Corresponding Intellectual Property Strategies for Each Stage 2 Sources of Company Funding...

More information

Institute of Brazilian Business and Public Management Issues

Institute of Brazilian Business and Public Management Issues Institute of Brazilian Business and Public Management Issues PUBLIC POLICIES FOR THE VENTURE CAPITAL INDUSTRY: THE BRAZILIAN AND NORTH AMERICAN EXPERIENCES FRANCISCO EURICO DE PAIVA GARRIDO Advisor: Prof.

More information

A Short History of the Business Catalysts

A Short History of the Business Catalysts Business Catalysts Company overview A Short History of the Business Catalysts Firm s principals, Daniel Voicu and Mugur Filipescu, founded the firm that is today Voicu & Filipescu through the acquisition

More information

LEVERAGED BUYOUTS NEW BOOK! Save 20% by Joseph A. Bartlett, Peter L. Korn, II, David Mittelstadt, Cathy L. Reese and Michael Rueda

LEVERAGED BUYOUTS NEW BOOK! Save 20% by Joseph A. Bartlett, Peter L. Korn, II, David Mittelstadt, Cathy L. Reese and Michael Rueda Save 20% Use promo code 2111872 when ordering to receive your discount. NEW BOOK! LEVERAGED BUYOUTS by Joseph A. Bartlett, Peter L. Korn, II, David Mittelstadt, Cathy L. Reese and Michael Rueda 105 Madison

More information

W e C r e a t e V a l u e. Corporate Profile. Innovation : Integrity : Relationships : People

W e C r e a t e V a l u e. Corporate Profile. Innovation : Integrity : Relationships : People W e C r e a t e V a l u e Corporate Profile Innovation : Integrity : Relationships : People About Us Liege Capital is the leading boutique investment bank in Sri Lanka backed by a team of multi disciplinary

More information

BNEF Market Review. Wednesday, September 24, 2014

BNEF Market Review. Wednesday, September 24, 2014 BNEF Market Review Wednesday, September 24, 2014 Moderator: Roger D. Stark, Partner, Stoel Rives LLP Email: rdstark@stoel.com Website: http://www.stoel.com/ Presented By Contact Information Moderator Roger

More information

OVER WHERE? Wednesday, April 30, 2014

OVER WHERE? Wednesday, April 30, 2014 OVER WHERE? Wednesday, April 30, 2014 Moderator: Roger D. Stark, Partner, Stoel Rives LLP Email: rdstark@stoel.com Website: http://www.stoel.com/ TELECONFERENCE WEBSITE www.renewableenergyinfo.org Presented

More information

KKR & Co. L.P. Announces Second Quarter 2014 Results

KKR & Co. L.P. Announces Second Quarter 2014 Results & Co. L.P. Announces Second Quarter 2014 Results Exit Activity Drives Record Total Distributable Earnings GAAP net income (loss) attributable to KKR & Co. L.P. was $178.2 million and $388.3 million for

More information

- University of St. Gallen (M.A. HSG in Law, 2010) - London School of Economics and Political Science (LL.M., 2016)

- University of St. Gallen (M.A. HSG in Law, 2010) - London School of Economics and Political Science (LL.M., 2016) David Weber M.A. HSG in Law, LL.M. Attorney at Law Senior Associate Languages: German, English, French Contact: +41 58 211 36 16, dweber@vischer.com General David Weber's practice focuses on banking and

More information