Retail traders spark yet another meme stock frenzy (Bloomberg)
Genesis Cuts Workforce, CEO Leaves Amid Bankruptcy (CNBC)
WeWork Co-Founder, Adam Neumann Secures $350M in Funding
According to a New York Times report, Adam Neumann has finalized a private funding deal for his new startup, Flow. The company seeks to acquire residential properties for the purpose of offering a holistic "service hub" throughout communities. Neumann has been steadily adding to Flow's portfolio, acquiring residential units throughout Georgia, Florida and Tennessee. The deal with Andreessen Horowitz, the largest in the firm's history totaling $350M, values Flow at more than $1B.
“We understand how difficult it is to build something like this, and we love seeing repeat-founders build on past successes by growing from lessons learned...For Adam, the successes and lessons are plenty, and we are excited to go on this journey with him and his colleagues building the future of living.”
Modulate, a software development company, has raised $30M in its Series A funding round that included Eric Mindich's single-family office, Everblue Management
Chicago, IL-based Builders Private Capital has taken part in a $109M Post-IPO Equity follow-on deal with Greenlight Biosciences, an RNA biotechnology research firm
Greenoaks Capital Management engaged in a Series A investment with Superblocks, an internal tooling platform for mission-critical software, totaling $37M
Astor Investment Management finalizes on a $1.18M Seed deal with Bounty Media, an advertising media company
According to a report from the Investment Advisor Association (IAA) and National Regulatory Services (NRS), the total number of RIA clients grew to a new record high of 64.7 million in 2021. However, since 2019 the growth rate of total clients has decreased, climbing just 6.4% in 2021 compared to 17.1% the previous year. Experts point to an increasing number of "do-it-yourself" investors as well as individuals fearing an upcoming recession as reasons for the slowdown. IAA Chief Executive, Karen Barr, shares her reasoning for the slowdown:
“From my perspective, the growth in individuals as clients is really stemming from people reassessing their retirement plan, people dealing with a pandemic, the turbulent market volatility, concerns about the geopolitical environment, inflation..."
Karen Barr, IAA
Zara Founder Goes on Energy and Real Estate Buying Spree
In the past year, Amancio Ortega has gone on a deal spree that rivals some of the largest in history. Ortega is the founder of Zara, a global Spanish apparel retailer that now operates under the fashion group Inditex. Oretega's Family Office, Pontegadea, sought exposure in a number of energy companies and real estate properties, investing $1B and $2B respectively. In an effort to seek more stable income after Inditex lost nearly a third of its value, Pontegadea has targeted office and retail space across the U.S., Spain, Portugal, Canada and Scotland. More noteworthy, the majority of Ortega's $53.8B portfolio remains concentrated in his $48B majority stake in Inditex, according to the Bloomberg Index.
“Very few industries are growing at such a fast pace...Such high levels of growth for clean energy may be sustained due to elevated fossil fuel prices, net-zero policies and other factors."
Rob Barnett, Bloomberg Intelligence
Nintendo Founder's Family Office Bids for Marine Engineering Firm
Hiroshi Yamauchi, great-grandson of Nintendo's founder, has expressed interest in buying out marine engineering company, Toyo Construction. The family office, named Yamauchi No. 10, was formed in 2020 to manage and diversify the wealth of the gaming company's founding family. The group sees potential growth in sustainable marine operations as focus towards environmental maritime projects increases. In recent weeks, Toyo has tried to sell itself to a rival in an attempt to block the takeover. Yamauchi No. 10 offered to buy Toyo at ¥1,000 per share.
Signature Estate & Investment Advisors (SEIA) announced an equity investment from Reverence Capital Partners, who services over $16B in AUM (Cision)
Overland Park, KS-based financial services firm launches $2B RIA named TFB Advisors LLC (FA Advisor)
Creative Planning LLC has acquired Wipfli Financial Advisors, adding $5B in AUM and bringing their total to $225B (Cision)
Written by:
Andrew Popp | Data Research Associate
FINTRX delivers an industry-leading suite of private wealth data and research solutions to the alternative investment space and private capital markets. Engineered to help clients identify and access family office and RIA capital intuitively, the FINTRX platform ensures accurate and updated data and research on 850,000+ private wealth records globally. To subscribe to our newsletter and see previous versions click below.
