A Down 2022, Less Impact Fund Terms More on Returns (Preqin)
As inflation, high rates, and war each take their toll on private capital returns, how managers emerge from the cycle will determine their future success. What impact will current market conditions, which include down equity markets, rising inflation, and rising interest rates, have on alternative assets? Rising rates will for sure have an impact on the cost of capital while inflation will erode returns.
Scale Venture Partners Raises $900m for Its Biggest Fund Yet (Opalesque)
Silicon Valley-based venture capital firm Scale Venture Partners just raised its largest fund ever. It raised $900 million for its eighth venture fund. Scale plans to use the money to back cloud and software-as-a-service startups, with an emphasis on cognitive apps. The fund was subscribed by a combination of existing and new investors, said a press release from the early-stage venture capital firm. Scale Partner Rory O’Driscoll said: “The last nine months have been a sea change in terms of the funding environment but tech innovation remains strong. Valuations are impacted by interest rates but innovation is not. That is the long-term bet we are all making, entrepreneurs and investors alike.”
Hedge Fund Elliott Tightens Swedish Match Grip With 7.25% Stake (Bloomberg)
Hedge fund Elliott Investment Management continued to increase its stake in Swedish Match AB and has emerged as the biggest single shareholder in the Swedish smokeless tobacco company, further threatening the takeover bid from Philip Morris International (PMI). Regulatory filings showed for the second day in a row on Friday that Elliott had upped its stake in Swedish Match and now holds 7.25% of the votes. Earlier this month, Bloomberg reported that some of the world’s largest hedge funds had built holdings in Swedish Match with the aim of forcing PMI to sweeten its offer.
Friday 9/30 Insider Buying Report: COIN, IGMS (Nasdaq.com)
At Coinbase Global, a filing with the SEC revealed that on Tuesday, Director Tobias Lutke purchased 5,941 shares of COIN, at a cost of $65.29 each, for a total investment of $387,888. Bargain hunters have the opportunity to grab COIN at a price even lower than Lutke did, with shares trading as low as $61.07 in trading on Friday — that’s 6.5% below Lutke’s purchase price. Coinbase Global is trading up about 2% on the day Friday. Before this latest buy, Lutke bought COIN on 7 other occasions during the past twelve months, for a total investment of $2.56M at an average of $74.53 per share. And on Wednesday, Director Michael D. Loberg purchased $139,539 worth of IGM Biosciences, purchasing 6,679 shares at a cost of $20.89 each. Before this latest buy, Loberg made one other purchase in the past year, buying $499,997 shares at a cost of $23.00 each. IGM Biosciences Inc is trading up about 18.1% on the day Friday.
Over $352 Million Bet On Occidental Petroleum? 3 Stocks Insiders Are Buying (Benzinga)
Tricida: The Trade: Tricida, Inc. (TCDA) 10% owner Nimish Shah acquired a total of 587,214 shares an average price of $8.90. To acquire these shares, it cost around $5.23 million. Occidental Petroleum: The Trade: Occidental Petroleum Corporation (OXY) 10% owner Warren E Buffett acquired a total of 5,985,190 shares at an average price of $58.89. To acquire these shares, it cost around $352.49 million.
