SEC and other developments affecting private capital markets

Presented by

Lizzie Meager (IFLR), Anna Pinedo and Ryan Castillo (Mayer Brown), Kevin Gsell (Nasdaq), Angus Whelchel (Moelis & Company)

About this talk

IFLR & Mayer Brown's recently published book, A Deep Dive into Capital Raising Alternatives: https://www.iflr.com/article/b1nx66b8l1qv8g/book-publication-a-deep-dive-into-capital-raising-alternatives For a number of years now, significantly more capital has been raised by companies in the US private markets than in US SEC-registered offerings. In IFLR’s recently published book, A Deep Dive into Capital Raising Alternatives, we discuss the changes brought about to the exempt offering framework by the JOBS Act. The JOBS Act resulted in more companies remaining private for longer and relying on successive private placements to raise proceeds to fund their continued growth. In fact, some late-stage or pre-IPO private placements have raised proceeds in the billions. Private capital, especially for late-stage companies, has remained available despite the pandemic. In recent years, the SEC has sought to reform the legal framework applicable to private placements. •The market for late-stage or pre-IPO private placements in the US; •The recent changes to the accredited investor and the QIB definition, which are central to US private placements; •The SEC’s Concept Release on exempt offerings; •SEC discussions relating to retail participation in the private markets through fund vehicles; and •The SEC’s final amendments to the exempt offering framework adopted on November 2, 2020.

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