Some notes to kick off your Thursday:
• Hi, it’s Mark: It’s the end of the month, which means that Fidelity has once again published carrying values for its privately-held stocks. Most of the changes were downward, even though the NASDAQ Composite rose around 1.25% during the same period.
Some kind of strange stuff this time around, including a markdown for Domo (even though it soon raised an up round) and a flat mark for Oscar Health (first full month of Fidelity’s holding, and it invested at a crazy high valuation vis-a-vis public comps). I haven’t yet done a post on all of this, so instead I’m just including the month-to-month valuation changes below.
Two preemptive notes: (1) Fidelity only publishes dollar amounts in its monthly mutual fund reports, so we do not know if shares were bought, sold or swapped between funds during the month. It’s unusual, but possible (and, if so, would render the following data moot). (2) In cases where Fidelity holds multiple classes of the same stock, the valuation change sometimes differs a percentage point or two:
No change: Pinterest, Jet.com, Uber, Pax Labs, Moderna Therapeutics, Bracket Computing, Intellia Therapeutics and WeWork.
Up: Blue Apron (13.47%), Pronutria Biosciences (98%), SpaceX (8.23%), Airbnb (17.85%), Honest Co. (13.84%) and Snapchat (62.3%).
Down: Dropbox (-19.94%), Intarcia Therapeutics (-20.45%), Blue Bottle (-5.21%), Nutanix (-10.52%), Taboola (-9.88%), Turn (-15.29%), MongoDB (-17.66%), Domo (-29.17%), Dataminr (-6.36%), Appirio (-18.08%), Zenefits (-24.69%), (-9.18%), 23andMe (-6.37%), Delphix (-11.66%), Handy Technologies (-20.74%), CloudFlare (-9.74%), Cloudera (-37.54%), Twilio (-12.56%),
• Litigation update: Earlier this month we discussed the possible tax implications of the Michael Goguen/Amber Baptiste lawsuits, based on Baptiste’s claims that Goguen directed her to set up a non-profit organization through which he could partially pay her living expenses (ostensibly so his wife wouldn’t take special note of the withdrawals). What we didn’t know, however, was how either Goguen or Baptiste referred to these payments in their personal tax filings (neither one’s attorney agreed to comment when I asked).
Yesterday, a spokesman for Goguen did send over a statement, however: “Mr. Goguen never perpetrated a tax fraud. He never took a charitable deduction for monies if any paid to Every Girl Counts or any payment to Ms. Baptiste or any of her companies.”
• Litigation update II: Lisa Lee issued a statement yesterday after CVC filed a response to her lawsuit. It says, in part: “CVC’s blanket denials are not a surprise. CVC takes a dreary page from the playbook of too many misogynistic firms who attempt to defend the indefensible. Ms. Lee will do what she set out to do in commencing this action: She will prove her claims and also demand a new culture at CVC in which women are respected and treated fairly.”
• Get energized! Fortune is hosting its annual Brainstorm E conference on May 16-17 in Carlsbad, California. For the uninitiated, this is an invite-only event to discuss energy, technology and sustainability.
Participants include Steven Chu (former US Energy Secretary), Jeremy Grantham (GMO), Lynn Jurich (SunRun CEO), Bill Ford (Ford Motor Co. exec chairman), Kaye Ceille (Zipcar president), Kimbal Musk (The Kitchen), Tony Earley (PG&E CEO), Brendan Bechtel (Bechtel Group president), Dan Doctoroff (Sidewalk Labs CEO), Hugh Grand (Monsanto CEO) and George Whitesides (CEO of Virgin Galactic).
And, for the first time, I’ll be there too. If you’re interested in receiving an invitation, please drop me an email and I’ll do my best… Full info here. Hope to see a bunch of you in Carlsbad.
THE BIG DEAL
• Airware, a Newport Beach, Calif.-based drone OS startup that is expanding into hardware, has raised $30 million in Series C funding. Return backers Andreessen Horowitz and Kleiner Perkins Caufield & Byers were joined by former Cisco CEO (and new Airware board member) John Chambers. Read more.
VENTURE CAPITAL DEALS
• Garena, a Singapore-based mobile entertainment and e-commerce company, has raised $170 million in Series D funding led by Khazanah Nasional Berhad. The WSJ reports that the deal gives Garena a post-money valuation of $3.75 billion. Existing shareholders include General Atlantic, Ontario Teachers’ Pension Plan and Keytone Ventures. Read more.
• Cockroach Labs, a New York-based developer of open-source database solutions, has raised $20 million in Series A1 funding from Benchmark, Google Ventures and Index Ventures. www.cockroachlabs.com
• Playbuzz, a New York-based platform for online content engagement and social distribution, has raised $15 million in new VC funding. Saban Ventures led the round, and was joined by The Walt Disney Co., 83North, Carmel Ventures and FirstTime Ventures. www.playbuzz.com
• Gauss Surgical Inc., a Los Altos, Calif.-based maker of a real-time monitoring platform for surgical blood loss, has raised $12.6 million in Series B funding. Providence Health & Services led the round via its Providence Ventures investment arm, and was joined by Jump Capital and return backers Promus Ventures, LifeForce Ventures, Summation Health Ventures and the StanfordStartX Fund. www.gausssurgical.com
• Branch.co, a San Francisco-based provider of mobile financial services in sub-Saharan Africa, has raised $9.2 million in Series A funding led by Andreessen Horowitz. Read more.
• GoReact, an Orem, Utah-based developer of a video-based skills training platform used in the classroom, has raised $4 million in growth equity funding from Five Elms Capital. www.goreact.com
PRIVATE EQUITY DEALS
• Ceridian, a Toronto-based provider of human capital management software and services, has raised $150 million in new equity funding from existing shareholders Thomas H. Lee Partners, Fidelity National Financial Ventures Group and company management. www.ceridian.com
• Clearview Capital has acquired a majority stake in Controlled Products LLC, a Dalton, Ga.-based maker of synthetic turf for applications like sports and landscape. No financial terms were disclosed. www.cpturf.com
• Driven Brands, a Charlotte, N.C.-based portfolio company of Roark Capital Partners, has acquired 5 Oil Change Inc., a New Orleans-based quick lube chain, from Trivest Partners. No financial terms were disclosed. www.drivenbrands.com
• Jeni’s Splendid Ice Creams, a Columbus, Ohio-based retailer and wholesaler of branded ice creams, has raised an undisclosed amount of private equity funding from Castanea Partners. www.jenis.com
• United Guaranty Corp., a Greensboro, N.C.-based mortgage insurance unit of AIG, has filed for a $100 million IPO. It plans to trade on the NYSE with J.P. Morgan and Morgan Stanley serving as lead underwriters. Read more.
• US Foods, an Illinois-based foodservice giant, has added KKR to its IPO prospectus as an underwriter (the only one listed so far). The company, which was acquired by KKR and Clayton Dubilier & Rice for $7.1 billion in 2007, plans to trade on the NYSE under ticker symbol USFD. www.usfoods.com
• FourQuest Energy, a Canadian pipeline and process services company owned by Fulcrum Capital Partners, has sold its Middle East, Caspian and North African business to Actuant Corp. (NYSE: ATU) for approximately $60 million. www.fourquest.com
• IBM (NYSE: IBM) has agreed to acquire Bluewolf Group LLC, a New York-based provider of cloud consulting and implementation services, from private equity firm Riordan, Lewis & Haden. No financial terms were disclosed. www.bluewolfgroup.com
• Quora, a Mountain View, Calif.-based Q&A site, has acquired online discussion community Parlio. No financial terms were disclosed for the deal, which is Quara’s first-ever acquisition. Quora backers include Benchmark, Matrix Partners, North Bridge Venture Partners, Tiger Global and Y Combinator. Parlio had been seeded by Matter and Metamorphic Ventures. Read more.
• Allianz has hired Goldman Sachs to help it find a buyer for a $5 billion portfolio of Italian life insurance policies, according to Reuters. Read more.
• Dalian Wanda Group of China said that it may seek to privatize its commercial properties unit, which went public just 15 months ago via a $3.7 billion IPO in Hong Kong. Read more.
• Tata Steel of India said that it is seeking a buyer for its British manufacturing facilities, and that it may shutter the plants if no adequate suitor emerges. Tata’s British plants employ around 15,000 people. Read more.
FIRMS & FUNDS
• The Carlyle Group is targeting $1 billion for its fifth Asia-focused growth equity fund, according to the WSJ. Read more.
• McCarthy Capital, an Omaha-based growth equity firm, has closed its sixth fund with $353 million in capital commitments. www.mccarthycapital.com
• Pomona Capital is raising upwards of $1.75 billion for its ninth private equity secondaries fund, according to a regulatory filing. That is the same amount that Pomona raised for its eighth fund back in 2014. www.pomonacapital.com
MOVING IN, ON & UP
• Dick Kramlich, co-founder of New Enterprise Associates, has been named to the board of GCA Savvian Corp. www.gcasavvian.com
• Russell Read has been named chief investment officer of the $51 billion Alaska Permanent Fund Corp. He previously was CIO and deputy CEO of the Gulf Investment Corp. in Kuwait and, before that, founded C Change Investments and served as CIO at CalPERS. Read more.
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