Centerbridge-backed American Renal files for IPO

American Renal Associates Holdings Inc. has filed to go public. Beverly, Massachusetts-based American Renal did not disclose the number of shares it would sell or their price range. That will come in future filings. Centerbridge Capital Partners owns nearly 80 percent of American Renal, which provides kidney dialysis services. PRESS RELEASE BEVERLY, Mass.–(BUSINESS WIRE)–American Renal Associates Holdings, Inc.(“ARA”) today announced that it has filed a registration statement on Form S-1 with the United States Securities and Exchange Commission (“SEC”) relating to a proposed initial public offering of its common stock. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. American Renal Associates Holdings, Inc. has applied to list its common stock on the New York Stock Exchange under the ticker symbol “ARA”. BofA Merrill Lynch, Barclays, Goldman, Sachs & Co., Wells Fargo Securities and SunTrust Robinson Humphrey are acting as joint book-running managers in the proposed offering. Leerink Partners is acting as a co-manager in the proposed offering. The offering will be made only by means of a prospectus. A copy of the preliminary prospectus related to the offering may be obtained, when available, from: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, email: dg.prospectus_requests@baml.com, Barclays Capital Inc., c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, email:Barclaysprospectus@broadridge.com, Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, email: prospectus-ny@ny.email.gs.com, Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, email: cmclientsupport@wellsfargo.com, or SunTrust Robinson Humphrey, Inc., Attn: Prospectus Department, 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326, email:strh.prospectus@suntrust.com. A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective. The registration statement and all subsequent amendments can be accessed through the SEC’s website atwww.sec.gov. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About American Renal Associates: As of June 30, 2015, American Renal Associates Holdings, Inc. (ARA) operated 181 dialysis clinic locations in 23 states and the District of Columbia, treating over 12,000 patients with end stage renal disease. ARA operates exclusively through a joint venture model, in which we partner with more than 320 local nephrologists to develop, own and operate dialysis clinics. Contacts

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Centerbridge-backed American Renal files for IPO

H Capital to raise $500 mln third fund

H Capital has set out to raise a $500 million third venture capital fund, according to a filing with the SEC. A first close has yet to be reported. The firm had raised a $300 million second fund earlier this year, an SEC document shows. H Capital has backed deals in China alongside investors such as Tencent, Tiger and DST. The new filing is here.

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H Capital to raise $500 mln third fund

Montreux Equity Partners collects $74.4 mln for fifth fund

Montreux Equity Partners has raised $74.4 million for its fifth fund, according to a Form D SEC filing. The venture firm closed its previous fund at $250 million in early 2008.

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Montreux Equity Partners collects $74.4 mln for fifth fund

VC-backed CytomX Therapeutics files for IPO

South San Francisco-based CytomX Therapeutics, a biopharmaceutical company focused on treating cancer, has filed for an IPO. The number of shares that will be sold as well as the stock’s pricing terms have yet to be determined. The company plans on trading the stock on the NASDAQ under the ticker symbol “CTMX.” BofA Merrill Lynch, Jefferies LLC and Cowen and Company LLC will serve as the lead underwriters. CytomX’s backers include Fidelity Management & Research Company, Casdin Capital, Cormorant Asset Management, Deerfield Management, Perceptive Advisors, Redmile Group, Tekla Healthcare Investors and Tekla Life Sciences Investors, Venrock Healthcare Capital Partners and Wellington Management Company. PRESS RELEASE SOUTH SAN FRANCISCO, Calif., August 28, 2015 – CytomX Therapeutics, Inc., a biopharmaceutical company developing Probody™ therapeutics for the treatment of cancer, today announced the filing of a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined. CytomX intends to list its common stock under the symbol “CTMX” on the NASDAQ Global Market. BofA Merrill Lynch, Jefferies LLC and Cowen and Company LLC will act as joint book-running managers for the offering. Oppenheimer & Co. will serve as manager for the offering. A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the offering may be obtained from BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department, or by email at dg.prospectus_requests@baml.com; Jefferies LLC, Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com; or Cowen and Company, LLC, c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 631-274-2806 or by fax at 631-254-7140.

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VC-backed CytomX Therapeutics files for IPO

VC-backed Cortendo files for IPO

Cortendo AB, a Swedish biopharmaceutical company focused on orphan endocrine disorders, has filed for an IPO. The number of shares that will be sold as well as the stock’s pricing terms have yet to be set. Cortendo will trade on the NASDAQ under the ticker symbol “SBBP.” BofA Merrill Lynch and Stifel are serving as the lead underwriters. Cortendo’s backers include Longwood Capital, TVM Capital, Granite Point Capital, RA Capital, New Enterprise Associates, Broadfin Capital and HealthCap. PRESS RELEASE STOCKHOLM–(BUSINESS WIRE)–Regulatory News: Cortendo AB (publ) [ticker: CORT on NOTC-A], today announced it has filed a registration statement on Form F-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Cortendo AB has applied to list its ordinary shares on The NASDAQ Global Market under the ticker symbol “SBBP.” BofA Merrill Lynch and Stifel are acting as joint book-running managers of the proposed offering. JMP Securities is acting as lead manager, Roth Capital Partners is acting as co-manager and Arctic Securities is acting as an advisor. The offering will be made only by means of a prospectus. A copy of the preliminary prospectus related to the offering may be obtained, when available from: BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attention: Prospectus Department or by emailing dg.prospectus_requests@baml.com; or Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, CA 94104, Attention: Syndicate, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com. A registration statement on Form F-1 relating to the proposed offering has been filed with the Securities and Exchange Commission but has not yet become effective. The shares to be registered may not be sold nor may offers to buy be accepted prior to the time when the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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VC-backed Cortendo files for IPO

Have the courage to walk away

One thing I love about a newsroom is the spontaneous debates that spring up among reporters and editors. It’s part of the energy of a place where everyone’s job is to ferret out the most relevant facts and have a keen nose for BS. I had one of these debates the other day with my colleague Sam Sutton about the recent column in Bloomberg written by Naked Capitalism’s Yves Smith, the pen name of Susan Webber, who has quickly become one of the major media critics of private equity. Webber argued that public pensions should be barred from investing in private equity if they can’t monitor private equity managers on their own. She was responding to a letter sent in July by state treasurers and comptrollers representing many of the largest public systems in the country asking the SEC to force private equity firms to be more transparent around fees and expenses. “One can only conclude that the state and local officials are trying to shift responsibility to the SEC for their own failure to perform their fiduciary duties,” Webber wrote. I agree with this argument to a point: Public systems hold ultimate power over a GP if they don’t like terms — they can deny the GP their money. But Sam argued it’s not so simple: Public pensions face pressures that force them to commit to managers with terms they might hate, but with strong performance. They need private equity in the portfolio to help them hit their targets so they can meet obligations to retirees. It’s a tough position to be in. Webber’s point is that public systems, which collectively represent the bulk of money raised by the private equity industry, can force GPs to comply with their wishes. If they want more information about fees and expenses, demand it. If a GP decides not to comply, don’t commit capital. Pretty simple solution. Most systems have not been willing to take this step, however. The fundraising numbers tell the tale. Last year was the strongest fundraising year for private equity since 2007. Private equity, including buyouts, growth, distressed, co-investments and mezzanine, raised about $206 billion, according to data from Buyouts. The peak was in 2007, when private equity raised $300 billion, according to Buyouts. These days, LPs are parking more money with fewer GPs — a strategy many big systems like the California Public Employees’ Retirement System and the New York City Retirement System — have pursued. Cutting down the number of manager relationships makes private equity programs more manageable for public systems, which are frequently under-resourced. These factors — strong fundraising targeting fewer managers — have created an environment where a lot of money is chasing only a handful of managers. LPs develop a herd mentality as they stampede toward the same funds. Managers in this position can set the terms they like, and if one LP walks away, others will step in. It’s a concerning dynamic, not only because of the risk of expensive economic terms or loose governance rights, but also because of the high-priced deal environment. Too much money is flowing into a hyper-expensive market, making it imperative that managers find deals off the beaten path, away from auctions where bids can soar. All of this considered, LPs should simply walk away when they don’t get terms they like. If a GP has no reason to negotiate, it might be best to skip that particular vintage and see how that manager does. Oregon has done this, and CalPERS for several years has negotiated hard and formed customized relationships with some big shops, getting the economics they want in exchange for big checks. Smaller systems also need to have the courage to break from the pack. I’m not suggesting they try to time the market, but they can dig harder and find unknown managers that are hungry and will work on terms that make sense. Photo courtesy of Shutterstock

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Have the courage to walk away