Theinitialreturnearned by uninformed investors was affectednot only by publicly known pre-IPOmarket return but also by the turnover rateof stock transactions in the first day oftrading.
Silver Lake Waterman will focus on the primary debt market, lending to well-established pre-IPO companies that want to raise additional capital without the dilution from additional equity rounds.
"Clearly Facebook drove the acceptance of the market, " accounting for a majority of recent trading in pre-IPO stocks on exchanges, says Christopher Yang, who specializes in technology at Grove Street Advisors LLC, a Millennium investor that advises pension funds on venture investing.