The Securities and Exchange Commission The Small Business Capital Formation Advisory Committee will meet on Monday, September 27. The committee was created by Congress to support the Commission with advice and recommendations on rules, regulations and policy issues relating to small businesses, which have sometimes been overlooked in the past. .
This next meeting will focus on the evolution of the capital raising ecosystem for private companies as well as the evolution of the IPO environment, including after-sales service.
According to the SEC, the first session will focus on trends of “cross-investors” – such as mutual funds and other investors who traditionally focus on public companies – investing in pre-IPO funding rounds at a time. advanced stage.
The committee is expected to discuss how these investors are changing the dynamics of raising capital before the IPO and the effects on the timing of the IPO.
The next session will deal with public procurement, how businesses and investors perceive traditional IPOs, direct listings, and Special Purpose Acquisition Companies (SPACs).
The committee meeting will take place from 10 a.m. to 2:30 p.m. ET and will be webcast live on SEC.gov.
The full agenda is available below.
Date: Monday, September 27, 2021
Time: 10:00 a.m. – 2:30 p.m. (ET)
10:00 a.m. Call to order
Introductory remarks by the commissioners
10:15 am Committee Members’ Perspectives: What is the Horizon for Small Business Capital Formation?
10:45 am Cross-investors: how the dynamics of investing before the IPO are evolving
In recent years, “cross-investors,” such as mutual funds and other investors who traditionally focus on public companies, have increased their investment activity in late-stage pre-IPO cycles. . A recently released PitchBook analyst note “Crossing Over Into Venture ”explores the increased presence of these cross investors in venture capital transactions, noting that last year 74% of IPOs in number and 77% in value included cross investments in pre-IPO rounds. The committee will hear from the PitchBook team who wrote the report and discuss how this trend is changing the dynamics of raising capital leading to public offerings.
Speaker: Dylan cox, Head of Private Market Research, PitchBook
There will be a lunch time from 12:00 p.m. to 1:00 p.m.
1:00 Public access routes: the changing dynamics of IPOs, direct listings and after-sales service
There are multiple avenues for entering public markets, from traditional IPOs to new direct listings, to the re-emergence of mergers with Special Purpose Acquisition Companies (SPAC). The committee will examine how companies assess the different avenues and discuss the implications for investors and companies seeking access to public markets.
2:30 p.m. Conclusion and adjournment