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A visual breakdown of VC activity in 3Q 2015
Venture Capital
<p>Venture capital invested globally increased for a second straight quarter, from $25.6 billion in 1Q to $30.1 billion in 3Q, while deal count fell for a second straight quarter, including a major drop from 2Q to 3Q (down 24%). Exit activity also continues to decline. Quarter-over-quarter, completed exits slipped by 22% in 3Q, while capital exited dropped by 37%. Valuations, of course, are flying high; but not just at the late stage. The median Series B valuation in 3Q—$58.6 million—jumped 65% from the same quarter last year. For a breakdown of global VC activity in 3Q, check out the datagraphic below.</p> <p>&nbsp;</p> <p>This article was originally published by ValueWalk. <br /> Photo: frankieleon <br /> &nbsp;</p>
These are the greatest tips Paul Tudor Jones can give
Lifestyle, 4:01
<p>These are the greatest tips Paul Tudor Jones can give.</p> <p>This was originally published by ValueWalk. </p>
Video: Warren Buffett on philanthropy
Lifestyle, 4:01
<p>Warren Buffett, despite dedicating most of his adult life to compounding his wealth, is absolutely no stranger to philanthropy. In June alone, the man donated $2.8 billion worth of Berkshire Hathaway shares to the Bill and Melinda Gates Foundation and to four other family charities – that’s more than what Bill Ackman’s worth at the moment.</p> <p>Here he is talking to the Financial Times about The Giving Pledge – the campaign he and Bill Gates launched in 2010 – and the act of giving itself. He apparently wants Silicon Valley’s young billionaires to join him and Gates in their crusade, though he does have some reservations:<br /> “When I wound up my partnership in 1970, I had $25m and if I’d given away a large portion of that then there would be far less to give now.”</p> <p>Photo: Fortune Live Media</p>
What we’re reading: Silvio, the Fed, and a woman screaming 'bear don’t eat my kayak'
Capital Markets
<p>From Silvio and Vladi sitting in a tree, to Bronte Capital’s views on Sun Edison, here are some great reads for you this weekend.</p> <p>Silvio Berlusconi and Vladimir Putin: the odd couple. A great look into the relationship between the fallen Italian president and his powerful Russian counterpart. Is it all business, or do they actually share something more? Financial Times</p> <p>Should U.S. monetary policy have a ternary mandate? Joe Peek, Geoffrey M.B. Tootell, and Boston Fed president Eric Rosengren apparently set out to examine “the role of financial instability concerns in setting monetary policy.” They did this by identifying buzzwords “related to financial instability appearing in FOMC meeting transcripts” and used their word counts to see how they impacted Fed policy. The results are astounding. Boston Fed (pdf)</p> <p>Lagarde-ian of the Galaxy. Guardians of the Galaxy reference aside, here’s a great interview with the IMF’s Christine Lagarde, where she shares her thoughts on Greece, the refugee crisis, and noisy Americans. Huffington Post</p> <p>Sun Edison - some comments and a way forward. Sun Edison’s recent fall took down more than few a big-named fund managers with it. Here’s John Hempton on why he took a long position on it. Bronte Capital</p> <p>Watch woman yell “bear don’t eat my kayak” as bear eats kayak. A riveting tale featuring a kayak, a bear, and a woman who pepper sprays it in the face. The Verge<br /> Photo: European People's Party</p>
The cost of living in a bubble: $455m
Lifestyle, 4:01
<p>If you are into unique properties, then look no further than “Palais Bulles”, the French Riviera estate of Italian-born designer Pierre Cardin that has just gone on the market.</p> <p>Looking like a terracotta cluster of bubbles, the $455 million property (insert joke about frothy real estate valuations here) is found atop a cliff in Massif de L’Esterel, a volcanic mountain range by the Mediterranean Sea.</p> <p>Designed by Antti Lovag, the estate spans 13,000 square feet and consists of 28 spherical rooms including 10 suites with round beds. It also has three swimmings pools, several gardens, and a 500-seat amphitheater. Forbes reports that the style is typical of the Hungarian architect who believed the straight line to be “an aggression against nature,” given its rare appearance in the organic world. </p> <p>The property is famous for hosting countless star-studded bashes over the course of  Cardin’s 20-year residency, including James Bond’s 40th Birthday Party.<br /> Photo: Alamy</p>
Asia challenges North America as most active continent for venture capital deals in Q3
Venture Capital
<p>Venture capital deals in Asia comprised 38% of the global number, and 45% of global deal value in the quarter, while North America represented 44% of both global number and value</p> <p>The venture capital industry in Asia has seen strong growth over the past year, and in Q3 the aggregate value of deals was comparable to the total value of deals in North America. India and China, the largest part of the Asian industry, marked 709 financings in the quarter, worth a combined $16.9bn. There were 932 venture capital deals in North America in the same period, worth an aggregate $17.5bn. Asia’s share of global deal flow has increased by seven percentage points from Q2 to Q3 2015, and its share of deal value has increased by nine percentage points. At the same time, the North American market share of the number of deals dropped by six percentage points from Q2, while the aggregate value that the region contributed to the global total fell by nine percentage points from 53% in Q2 to 44% in Q3.</p> <p>Other key venture capital deal market facts:</p> <p> Worldwide Figures: Globally, there were 2,121 venture capital financings in Q3 2015, worth a combined $39.8bn. Although this marks a 9% drop in deal numbers from Q3 2014, the aggregate value is 88% higher than the same period last year.<br /> European Decline: Europe witnessed 297 deals in Q3, a 7% drop from last quarter. In 2015 YTD, 980 deals have been seen in the region, a 25% decrease from the 1,307 deals in the first three quarters of 2014.<br /> Chinese Growth: In Q3 2015, the aggregate value of deals in Greater China increased 88% from Q1. In that quarter, there were 252 deals worth a combined $6.9bn, while in Q3 there were 437 deals, worth $13bn.<br /> Financing Rounds: Angel and seed investments comprised 22% of venture capital deals in Q3, unchanged from Q2. Series A deals comprised 20% of the number of deals, and series B comprised 10%. Add-on deals decreased from 8% of the number of deals in Q2 to 5% in Q3.<br /> Average Deal Size: The mean value of venture capital deals has increased across all financing stages from 2014 to 2015 YTD. Average series A deal value has increased 35%, from $7.9mn in 2014 to $10.7mn for 2015 YTD. Average venture debt deal size was stable in 2013 and 2014, at $9.7mn and $9.6mn respectively, but has now increased to $40.9mn in 2015 YTD.<br /> Biggest Deals: The two largest investments in Q3 2015 were both in Chinese transport technology firm Didi Kuaidi. The company received $2bn in July, and a further $1bn in September, from a consortium of investors including Alibaba and CIC. The next largest financing was $1bn to Uber Technologies Inc., from Microsoft Corporation (NASDAQ:MSFT) and Times Internet. Nine of the ten biggest venture capital deals in Q3 were based in Asia.<br /> Dry Powder: The unspent capital available to venture capital firms currently stands at $143bn globally, up slightly from the $141bn in dry powder recorded at the end of last quarter.</p>
Weekend Scan: US equities, bonds rally despite ugly jobs report
Capital Markets
<p>Good morning everyone. After dipping into the red shortly after the disappointing jobs report, U.S. markets staged a mid-day rally largely thanks to a spike in oil prices. The S&amp;P gained 1.4%, the Dow jumped 1.2%, while the Nasdaq soared 1.7%. The biggest moves however were in the U.S. bond markets, where the 10-year Treasury yield sank to a five-month low of 1.98% after returning 2.042% just the day before. 30-year bond yields meanwhile fell to 2.826%, while Fed funds rate futures – after indicating a 14% chance of an October rate hike earlier in the day – saw that chance slip to 5% shortly after the report. I wonder if the Fed feels the same way.</p> <p>Here’s what else you need to know:</p> <p>Russia, Saudi Arabia to keep foot on the gas. Despite the massive decline in oil prices, Russia and Saudi Arabia – the world’s largest oil producers – will be keeping the pedal to the metal as far as oil production is concerned. Russia apparently pumped an average of 10.74 million barrels a day in September, a figure unseen since the Soviet era. Wall Street Journal (paywall)</p> <p>World Cup sponsors demand Sepp Blatter’s head. With the Fifa president officially under criminal investigation, three of the World Cup’s largest sponsors – McDonald’s, Budweiser, and Coke – are all demanding for his resignation. Blatter’s lawyer however, had this to say: “Mr. Blatter respectfully disagrees with its position and believes firmly that his leaving office now would not be in the best interest of Fifa nor would it advance the process of reform and, therefore, he will not resign.” Financial Times (paywall)</p> <p>Civilian police worker shot in Australia. The man was murdered as he left work Friday. The gunman, who was shot and killed by police, fired shots at police officers leaving a police headquarters near Sydney. CNN</p> <p>Mudslide kills nine in Guatemala. Up to 600 people are also missing after heavy rains moved sludge and rock outside the capital city. Reuters</p> <p>At least 10 dead after Oregon shooting rampage that targeted Christians. A gunman opened fire at Umpqua Community College in Oregon, lining up victims and shooting those who said they were Christian. The suspect was killed. CNN</p> <p>Pope met with gay ex-student in Washington. Critics have slammed the pope for meeting with Kentucky clerk Kim Davis during his visit to the U.S. Davis has taken a public stance against gay marriage. The Vatican says that the pope’s visit with Davis does not mean an endorsement of Davis’ views. The pope also had a “real audience” with his former student Yayo Grassi. Grassi, a gay man, brought his partner of 19 years to meet the pope. New York Times<br /> You won’t believe this…<br /> Want a date? Use proper grammar. Grammar snobbery has become prevalent on dating sites, and is a “permissible prejudice.” Dating site users rank good grammar above a person’s confidence and teeth in</p>
People Moves: Temasek International lands its first CEO
Asset Management
<p>Temasek International appoints CEO. Lee Theng Kiat, the 62-year old former president and CEO of ST Telemedia, has been named CEO of Temasek Holding’s management arm, Temasek International. Here’s what the firm had to say about Lee's responsibilities:<br /> “As CEO of TI, Mr Lee will be responsible for Temasek’s role as an active investor and shareholder. He will oversee Temasek’s commercial strategies and portfolio, and build up the management and operational capabilities at TI to support the next phase of Temasek’s development and deliver sustainable long term returns.”<br /> Lee joined Temasek back in 2011, and was most recently Temasek International’s president. He will report Ho Ching, Temasek Holdings’ Executive Director and CEO. Temasek</p> <p>For Capital Markets moves, click here.<br /> Photo: Luke Ma</p>
Stefano Potorti’s top 7 Italian restaurants in London
Lifestyle, 4:01
<p>With more than 1,000 Italian restaurants to choose from in the City, finding the most authentic and best spot can be a challenge. Stefano Potorti, an Italian native and long-time Londoner and Managing Director of Sagitter One a boutique hospitality consultancy, gives us his top 7 picks.</p> <p>Stay away from any menu that has pasta and Alfredo sauce, or spaghetti costoletta alla Milanese – these aren’t Italian dishes, and the restaurant probably isn’t either.</p> <p>Potorti, who is originally from the most southwest region of Calabria, the mountainous and coastal region that composes the toe of Italy’s boot on a map, has lived in London for 12 years. He consults clients on various culinary projects, but because of his Italian roots, he is always asked about his favourite Italian restaurant in London. Here is his list:</p> <p>1) Cacio e Pepe</p> <p>46 Churton Street, London,<br /> Monday to Saturday 11:00am – 11:30pm</p> <p>I like this new stylish place in Pimlico for its regional cuisine from Lazio. It has a nice modern bar for an Aperitivo or light dinner on the ground floor and tables with comfy sofas in the basement where you can have some private space for a group of people. My favourite thing on the menu is their signature Roman pasta made with fresh tagliolini Cacio &amp; Pepe style in a parmesan basket – it’s very simple, beautiful and delicious! The outdoor seating will also let you soak in the last few days of Indian summer in London.</p> <p>2) Osteria dell’Angolo</p> <p>47 Marsham Street, Westminster<br /> Monday to Friday 12:00pm – 3:00pm<br /> Monday to Saturday 6:00pm – 10:30pm</p> <p>Located behind the Westminster Cathedral, this is a nice place for lunch and dinner in a quiet yet central part of London. I like their spacious space and classy tables. When they open windows and full walls on a warm day, you are instantly transported to the South of Italy. The bar is very inviting and I hardly pass by without an Aperol Spritz in hand. They also have a private dining room with dark wood furniture downstairs next to the wine cellar. I like their whole menu because the chef is from Naples and likes cooking seasonal dishes from the area. If I had to choose, I would go for their traditional pasta from Sorrento with fresh crab meat and courgettes.</p> <p>3) Princi</p> <p>135 Wardour St, London<br /> Open 24 hours/day</p> <p>This Milanese-style bakery is one of the buzziest places in Soho and it is open from 8:00am to midnight. It has a nice modern interior and you can have your meal either standing or seating – very Italian. All the bread, cakes and pastries are made in the spacious kitchen downstairs and served to you over the stone and glass counter by enthusiastic staff. They have warm croissants and brioches for breakfast, filled focaccias and colourful salads for lunch, hot dishes for dinner and, of course, amazing bread to take home! My usual order there is a warm focaccia with mortadella – it reminds me of one I used to live in Italy.</p> <p>4) Zafferano</p> <p>15 Lowndes St, London<br /> Monday to Sunday 12:00pm – 11:00pm</p> <p>Situated in the heart of Knightsbridge, in the summer their terrace is perfect for an Aperitivo and in winter, the red brick interior makes for cosy dinners. The atmosphere is great, the service is very attentive. The meal there is a real treat. If you have important guests coming from Italy – take them to Zafferano and they will love you! My fav</p>
The Trans-Pacific free-trade charade
Capital Markets
<p>NEW YORK – As negotiators and ministers from the United States and 11 other Pacific Rim countries meet in Atlanta in an effort to finalize the details of the sweeping new Trans-Pacific Partnership (TPP), some sober analysis is warranted. The biggest regional trade and investment agreement in history is not what it seems.</p> <p>You will hear much about the importance of the TPP for “free trade.” The reality is that this is an agreement to manage its members’ trade and investment relations – and to do so on behalf of each country’s most powerful business lobbies. Make no mistake: It is evident from the main outstanding issues, over which negotiators are still haggling, that the TPP is not about “free” trade.</p> <p>New Zealand has threatened to walk away from the agreement over the way Canada and the US manage trade in dairy products. Australia is not happy with how the US and Mexico manage trade in sugar. And the US is not happy with how Japan manages trade in rice. These industries are backed by significant voting blocs in their respective countries. And they represent just the tip of the iceberg in terms of how the TPP would advance an agenda that actually runs counter to free trade.</p> <p>Click here to read more</p> <p>© Project Syndicate</p> <p>This story originally appeared in Advisor Perspectives.<br /> Photo: International Monetary Fund</p>