This session has been organised by CFA UK's Private Equity special interest group
Crossover investing, where public market investors and asset managers “crossover” into the private markets to invest in privately held companies, has been on the rise over the last decade. These investors include mutual funds, hedge funds, family offices, and other large asset managers that generally invest in well-established start-ups at late-stage venture capital rounds and pre-IPOs in search of higher returns.
To put figures in context, circa US$60 billion of venture capital allocated in 2020 had crossover investor participation. This represented 36% of the total deal value for the year and a 57.7% increase over 2019. Additionally, in 2020, 74% of companies that executed an IPO raised capital via crossover investment in pre-IPO rounds, according to PitchBook.
In this session, Muz Ashraf, a Partner at TCV, will explore the rise of crossover funds and the unique opportunities and challenges of investing and owning technology assets across both the private and public markets.
Where recordings are made, these are a member benefit that are accessed through the member-only platform, CFA UK Discover.
Event: 17:30 - 18:30
CPD Points: 1.00
Muz Ashraf, Partner, TCV
Muz Ashraf joined TCV in 2015 and focuses on investment opportunities in the internet, software, FinTech, and technology-enabled services sectors. His current investments include Mollie and RELEX Solutions, where he serves on the board of directors, as well as Celonis, Klarna, Mambu, Miro, Spryker, and The Pracuj Group. His former investments include Retail Merchant Services (acquired by SaltPay).
Before TCV, Muz was an investor with Vector Capital in San Francisco, where he focused on sourcing, evaluating, and executing investments across the software, internet, and security sectors.
Muz started his career as an investment banker at Merrill Lynch, working with technology companies on strategic M&A transactions and financing activities. He also worked at T. Rowe Price, where he researched technology investment opportunities in Europe.
Muz earned his M.B.A. from Harvard Business School and graduated with a B.A. in economics and an M.S. in management science & engineering from Stanford University.
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