Nick S.’s Post

Venture Capital News - Venture Capital News Headlines

LIDO’s Conundrum: Journeying to the Past to Fix Present I spent a few moments parsing through a hotly debated topic on LidoFinance about strengthening their treasury. In 2022, the proposal was initially introduced, it was intended to guage the community’s thoughts on what to do with their treasury. _ Sell some $ETH for $DAI to increase Runway _ Leverage $ETH as collateral to borrow $DAI _ Do Nothing   These were the options provided to the community & it set the stage for a highly opinionated Temp_check. I have to say, there are plenty brilliant people in crypto with incredible ideas, each of them supporting one of the options laid out and outlining compelling reasons for their choices. What I witnessed made me reiterate my conclusions on DAO governance: The overall strategy of a DAOs core functions should be determined by the members but the tactical part should be left to select pros to handle.   Considering Lido: Strategy could be: - Having compulsory 2yr Runway ($Stablecoin denominated) - Diversification (Asset classes & weightings) - Yield (risk appetite & platform partnerships)   Tactical operations will include: - Converting % surplus treasury holdings to stablecoins - Periodic portfolio rebalancing to maintain asset weightings - Optimized Yield strategies - Hedging actions   The great Lido treasury debate continued deep into 2023, and then came along Karpatkey who eased some troubles with its proper risk-managed Yield strategy. As long as you’re earning xtra, I’m pleased with your product but I’ll go further & offer extra insights in areas I believe Lido & DAOs in general overlook when considering treasury plays. 1. Strategic deals: (Mergers, acquisitions/buyouts & OTC deals). A lot is to be gained by increasing your market presence & streamlining costs or activities, a project like Lido can finance projects outright (for token share) or get involved in offering venture funding to projects not only via grants but through sourced deals. Following the 3-year ambitious strategy offered by Hasu (read here: https://lnkd.in/d4UvuCkT), projects building resilient security or seamless validator onboarding platforms should be of investment interest to Lido. 2. Short-term Loans: This market is still nascent especially in the private arena. Projects that disapprove of VC funding & other equity-dilutive financing but are in need of funds could provide investment opportunities for Lido. Enhanced due diligence should be carried out for this but the upside will yield returns higher than most defi-centered yield strategies.   It’s exciting to see most of these plays and opportunities that could’ve been if not for the sluggishness in agreeing via governance. Nevertheless, DAOs are young and improving, we’ll get there because we’re trying. Treasury management is vital, get good strategic advisors around your project, feel it blossom! Cheers Nwachukwu | zWeb3Warren

Venture Capital News - Venture Capital News Headlines

Deal updates on the Dealscribe platform this week: Executed doc changes: KKR CLO 40 - KKR $460 million full refinancing of classes A to E. Includes amendment to the classes eligible for repricing. Non-call period for the refinanced notes is one year. Notices: KKR CLO 30 - KKR The date for the redemption of the notes has been changed. Redemption/refinancing notices: Anchorage Capital CLO 3-R - Anchorage Capital Group, L.L.C. The proposed redemption has been cancelled and a new date will be set. Apidos CLO XXXII - CVC Credit Equity has directed a redemption of the notes in whole through a refinancing. Ares XXXVII CLO - Ares Management Corporation Equity has directed a partial refinancing of classes A-1-R to C-R. Proposed first supplemental indenture relates to the refinancing. Capital Four CLO IV - Capital Four Equity has directed a redemption of the notes in whole through a refinancing. Carlyle Euro CLO 2022-3 - The Carlyle Group Equity has directed a redemption of the notes in whole through a liquidation. Cathedral Lake VII - WhiteStar Asset Management Equity has directed a redemption of the notes in whole through a refinancing. Harvest CLO XXIX - Investcorp Equity has directed a redemption of the notes in whole through a refinancing. Hayfin Emerald CLO X - Hayfin Capital Management LLP Equity has approved the additional changes that will be made through this refinancing. These include changes to the monthly reports section, to the post-acceleration priority of payments waterfall and to the definitions of Exchanged Obligation and Interest Smoothing Account. Man GLG Euro CLO I - Man Group The redemption threshold amount for the redemption of the notes in whole is €292,943,901.48. MKS CLO 2017-2 – MKS CLO Advisors The date for the redemption of the notes has been changed. Neuberger Berman CLO 25 - Neuberger Berman Equity has directed a redemption of the notes in whole through a refinancing. Providus CLO VII - Permira Equity and the manager have directed a redemption of the notes in whole through a refinancing. Signal Peak CLO 6 - ORIX Group Equity has directed a redemption of the notes in whole through a liquidation. Symphony CLO XX - Nuveen, a TIAA company The manager with the consent of equity has directed a partial refinancing of classes A to D, other than class A-2a-R. Proposed third supplemental indenture relates to the refinancing. Trinitas CLO V - WhiteStar Asset Management Equity has directed a partial refinancing of class D-R and class E. Venture XXV CLO - MJX Asset Management LLC Equity has directed a redemption of the notes in whole through a liquidation. Zais CLO 11 - ZAIS Group Proposed first supplemental indenture relates to a partial refinancing of classes A to C and includes some other changes.   Discover more on www.dealscribe.com #realintelligence #CLOdocservice #thedevilisinthedetail

Venture Capital News - Venture Capital News Headlines

Part 1 of Deal updates on the Dealscribe platform this week: Allegro CLO XI - AXA Investment Managers $331.2 partial refinancing of classes A-1a, A-2a, and classes B to E-1a. Amendments include addition of ESG provisions and collateral quality test and investment criteria consent changes during a partial refi. Non-call period of the refinanced notes is 0.5 years.   Anchorage Capital CLO 6 - Anchorage Capital Group, L.L.C. Equity has directed a redemption in whole through a refinancing.   Barings Euro CLO 2018-1 - Barings The proposed redemption is not expected to occur on that date due to some conditions not being satisfied.   BlueMountain CLO 2016-3 - Sound Point Capital Management, LP $295.79 million partial refinancing of classes A-1R and A-2R. Amendments include changes to repriceable classes. Non-call period for the refinanced classes is 0.5 years.   Carlyle Global Market Strategies CLO 2015-4 - The Carlyle Group $399.05 million partial refinancing of classes A and B. Fitch no longer rates the notes. Non-call period for the refinanced notes is 0.5 years.   CIFC Funding 2017-III - CIFC Asset Management Proposed amended and restated indenture relates to a refinancing of the notes in whole.   Clontarf Park CLO - Blackstone In connection with the pending redemption of the notes, the issuer has agreed to sell assets (via a participation deed) to Fernhill Park CLO and Cumulus Static CLO 2024-1 (two other Blackstone CLOs).   Clover CLO 2018-1 - Clover Credit Management Equity with consent from the manager has directed a redemption in whole through a refinancing.   Contego CLO X - Rothschild & Co Equity has directed a redemption in whole through a refinancing.   Harvest CLO VII - Investcorp The notes were redeemed in full on 12 April 2024.   KKR static CLO 2 - KKR Equity with consent of the manager has directed a redemption in whole through a refinancing.   Man GLG Euro CLO II - Man Group The redemption date for the refinancing of the notes has changed. Additional notice states the redemption threshold amount will be €75,147,577.06.   Marble Point CLO XIX - Investcorp Equity with the consent of the manager has directed a partial redemption of the class A, class C, class D and class E notes from refinancing proceeds. Proposed second supplemental indenture relates to this refinancing.   Nassau 2022-I - Nassau Global Credit LLC $293 million partial refinancing of class A to class C. Moody's no longer rate the notes. Non-call period for the refinanced notes is 0.5 years.   Nassau Euro CLO II - Nassau Global Credit LLC The class F delayed issue notes have been sold for €9 million on 11 April 2024 and the applicable margin has been reduced to 7.5%.   Northwoods Capital XIV-B - TPG Angelo Gordon Equity and the manager are considering a redemption of the notes in whole or in part through a refinancing. Discover more on www.dealscribe.com #CLOdocservice #thedevilisinthedetail

#PrivateEquity On Steroids Piper Sandler analyst at Crispin Love highlights that “the two big areas that are going to be a driving factor of alternatives over the next few years are private wealth management and then insurance.” “If we could now create a set of products that give alternative portfolios something more predictable, durable, and principal-protected, we could build something really special for investors,” says the co-founder of Blue Owl, Lipschultz. “We could serve as a picks and shovels provider to this great gold mining industry of private equity.” New York City’s Blue Owl Inc. is a relatively new name in the world of private capital, but it is run by veterans of the business. It was formed in May 2021, after a $12.5 billion SPAC merger between Owl Rock and Michael Rees’ Dyal Capital Partners, known for buying minority stakes in other private equity firms. Since then the firm has roughly quadrupled in size. It managed $174 billion in assets at the end of the first quarter this year, with $91 billion in its credit business. Following acquisitions of Kuvare Asset Management and real estate lender Prima Capital in April, Blue Owl has effectively ballooned to more than $200 billion. Its stock is up 86% in the last year, becoming a rare success story among companies borne from SPACs. Co-CEOs Doug Ostrover, 61, and Lipschultz, 55, as well as Rees, a co-president still overseeing its $56 billion general partnership stakes segment, are all billionaires. Blue Owl specializes in financing software buyouts and private equity-backed businesses in other growing industries with recurring cash flows, and Ostrover boasts that his firm has never lost money on an enterprise software deal. Its track record of avoiding defaults is superb, with firm-wide annualized losses of just 0.06% in its credit portfolio. Blue Owl’s core private credit business has closed no fewer than 600 loans amounting to $100 billion in gross originations since Owl Rock’s founding in 2016. Some $15 billion of those loans are held by Blue Owl Capital Corp., one of the company’s NYSE-listed business development companies, which has logged an internal rate of return of 9.8% since inception in 2016.

Part 2 of Deal updates on the Dealscribe platform this week: OZLM XVII - Sculptor Capital Management Equity has directed a partial redemption of the class A-1, class A-2a, class A-2b-b-R and class B notes from refinancing proceeds. The proposed redemption date is 22 April 2024. There is also a revised proposed second supplemental indenture in relation to this refinancing.   Palmerstown Park CLO - Blackstone In connection with the pending redemption of the notes, the issuer has agreed to sell assets (via a participation deed) to Fernhill Park CLO and Cumulus Static CLO 2024-1 (two other Blackstone CLOs).   Penta CLO 12 - Partners Group Equity has directed a redemption in whole through a refinancing.   Richmond Park CLO - Blackstone In connection with the pending redemption of the notes, the issuer has agreed to sell assets (via a participation deed) to Fernhill Park CLO and Cumulus Static CLO 2024-1 (two other Blackstone CLOs).   Sound Point CLO XXI - Sound Point Capital Management, LP The manager has directed a partial redemption of the class A-1A and class A-1B notes from refinancing proceeds.   Sound Point CLO XXVIII - Sound Point Capital Management, LP The redemption date for the partial refinancing of the class A-1 notes has changed.   Toro European CLO 4 - Chenavari Investment Managers The notes were redeemed in full on 15 April 2024.   Venture 41 CLO - MJX Asset Management LLC Proposed first supplemental indenture relates to a partial refinancing of the class A-1N notes and makes changes relating to EU/UK transparency requirements.   Wind River 2015-1 CLO - First Eagle Investments $438.63 million partial refinancing of classes A-1 to B-RR. KBRA no longer rates the notes. As the class A-1 notes issued in the second refinancing have been refinanced, the controlling class condition has been satisfied. This has led to changes to the second lien, minimum borrower bucket, cov-lite, restricted trading period and post-re WARF rules.   Discover more on www.dealscribe.com #CLOdocservice #thedevilisinthedetail

In a twist on GP Staking strategies, the co-GP balance sheet approach invests in the GP's own assets, helping growth, survivability: https://lnkd.in/ee9qtpvk