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Fidelity venture capital fund9/6/2023 ![]() ![]() Nicole and Luke practice across many industries, including technology and life sciences. Nicole and Luke represent investment managers in fund formation and ongoing operational matters relating to domestic and international venture capital, growth equity and private equity funds and funds of funds, ranging from some of the most well-known multibillion dollar investment firms to angel and seed stage funds. We are delighted Nicole and Luke have chosen to join Goodwin.” “Both partners complement our highly regarded funds practice which counsels funds of all stages active in private equity, real estate, venture capital, infrastructure, hedge funds, and debt and credit asset classes. “Nicole and Luke’s collective venture funds expertise, particularly in the technology and life sciences industries, will be invaluable to our clients,” said Mandee Gruen, co-chair of Goodwin’s Private Investment Funds practice. The firm recently announced funds partners Manny Lauredo and Krishna Skandakumar in New York. ![]() ![]() Despite the diminished funding activities for startups globally over the past year, valuations of numerous larger startups have stayed constant.Global law firm Goodwin today announced the continued expansion of its global Private Investment Funds practice with the appointment of Nicole Peppe and Luke Bagley as partners, resident in the Boston office. The current wave of valuation cutbacks sheds new light on the impact of deteriorating worldwide economic conditions on fledgling startups. The firm was valued at as high as $15 billion in secondary markets late 2021, according to people familiar with the matter. Reddit, which has raised over $1 billion to date, counts Sequoia Capital and Andreessen Horowitz among its backers. This devaluation, part of a broader trend that has hit a variety of growth stage startups across the globe in the past year, raises uncertainties about whether Reddit will maintain its initial intent to reportedly go public at a valuation around $15 billion. Fidelity, also an investor in Indian startups such as Meesho and Pine Labs, has effected considerably less dramatic valuation cuts in these holdings in the past two years. Nevertheless, it merits pointing out that Fidelity has persistently implemented minor reductions in the worth of Reddit’s shares in the ensuing months. The substantial markdown of Reddit’s value by Fidelity predominantly occurred by the previous year. ![]() Fidelity - which has marked down its stakes in many startups including Stripe and Reddit in recent quarters - also slashed the value of its Twitter stake, it disclosed in the filing, valuing Elon Musk’s firm at about $15 billion. Reddit was valued at $10 billion when the social media giant attracted funds in August 2021. That’s down 41.1% cumulatively since August 2021 when the asset manager spent $28.2 million to acquire the Reddit shares, according to disclosures the firm has made in its annual and semi-annual reports. Fidelity, the lead investor in Reddit’s most recent funding round in 2021, has slashed the estimated worth of its equity stake in the popular social media platform by 41% since the investment.įidelity Blue Chip Growth Fund’s stake in Reddit was valued at $16.6 million as of April 28, according to the fund’s monthly disclosure released over the weekend. ![]()
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