david toll

It was the sigh of relief heard ‘round the PE world last summer, when Congress exempted venture firms from having to register with the SEC as investment advisers. So why did Austin Ventures announce today that it has hired a general counsel and chief compliance officer? Kim Hughes, director of communications at Austin Ventures, wasn’t […]

Blackthorne Partners of Milwaukee has invested $2 million in growth equity in Integrated Medical Partners, which manages a number of health care information technology services companies. The three divisions of IMP include Dominion Medical Management, which helps hospital-based doctor groups with revenue cycle management, ProSperus, aimed at office-based doctors and small community hospitals, and Plexus TeleRadiology, aimed at radiologists.

"You are not alone," write Proskauer Rose LLP attorneys David T. Jones, Sean J. Hill and Sascha A. Rosebush in yesterday's edition of Buyouts Magazine. According to their guest article, a number of venture capital and buyout firms find themselves low on cash at the worst possible moment. Their portfolio companies are screaming for cash infusions, while their institutional backers have told them that capital calls have all the charm of a termite infestation right about now. Meantime, raising a new fund has become an improbable venture. So what's a cash-deprived GP to do? The authors go through the pluses and minuses of the different options confronting fund managers. They include the relaxing of recycling provisions, raising an annex fund, topping off an existing fund, borrowing money at the fund level, waiving management fees, and selling a stake in portfolio companies to generate cash. Given the magnitude of the problem, the editors of Buyouts Magazine have made the Proskauer Rose article free to all comers here. For those that need a bigger dose of advice, and the chance to ask questions, Thomson Reuters is hosting a convenient 90-minute Webinar on the subject on May 28.