ApeVue's weekly secondary market update and deep dive into Redwood Materials.
Rippling Private Stock Valuation and Market Context
ApeVue's Instacart IPO PreVue through Secondary Market Activity
ApeVue reviews May 2023 private markets performance.
How did April fare for private markets?
TikTok’s parent, ByteDance, has outpaced growth of almost every social media platform, and its meteoric rise in value profoundly challenges all those on the social media podium. Following testimony from Shou Zi Chew (ByteDance CEO), the outsized selling pressure was expected to continue, but ApeVue has seen a reversal.
With clarity, ApeVue expects that SVB’s loans deemed “more sensitive to market correction,” those being Early Stage (3%), Growth Stage (6%), and Innovation C&I (12%), had a profound impact on assurances of repayment. In our view these hold substantial duration risk, given the counterparties are typically beholden to markets for when they can next raise or structure new capital deals.
2022 was a year of immense change in private markets. How will 2023 fare in comparison?
Some managers continue to ignore the private market’s equity fallout YTD of -34.19% through November, as tracked by the ApeVue50 index of the 50 most active unicorns in the secondary market. Most managers with whom ApeVue has spoken are either already remarking, or are in the process of evaluating their valuations coming into year end.
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