GSV Capital Corp. Elects RIC Status and Announces Intent to Approve Distribution for 2015
October 14 2015 - 4:34PM
GSV Capital Corp. ("GSV Capital" or the "Company")
(Nasdaq:GSVC) has elected to be treated as a regulated investment
company ("RIC") for the 2014 taxable year. The Company is also
announcing its intent to distribute to its stockholders a portion
of its net realized gains for fiscal year 2015, subject to approval
by the Company's board of directors.
"An ongoing priority of ours is to capitalize on attractive
opportunities and monetize positions in our portfolio. We are
pleased to announce that we sold our entire position in 2U at an
average price of $35.77 per share, generating $37.2 million in
realized gains in the third quarter," said Michael Moe, Chief
Executive Officer of GSV Capital. "2U was our second-largest
position at the end of the second quarter and resulted in a very
attractive return."
Company |
|
|
Shares Sold |
|
Average Share
Price |
|
Net Proceeds |
|
Realized Gain |
|
IRR |
|
|
|
|
|
|
|
|
|
|
|
|
2U, Inc. |
|
|
1,319,233 |
|
$35.77 |
|
$47,192,835 |
|
$37,160,719 |
|
65.1% |
Moe continued, "Our portfolio continues to mature and we have
begun to generate cumulative net realized gains. As required
to maintain our status as a RIC, we intend to distribute a portion
of such gains to stockholders in the form of dividends."
GSV Capital's Distribution Plans for Fiscal Year
2015
As previously reported, GSV Capital has elected to be treated as
a RIC under Subchapter M of the Internal Revenue Code, as amended,
for U.S. federal income tax purposes for the 2014 taxable year and
intends to maintain its RIC status for the 2015 taxable year. To
qualify for RIC tax treatment, among other things, GSV Capital must
distribute to its stockholders, for each taxable year, at least 90%
of its "investment company taxable income," which is generally the
Company's ordinary income plus the excess of its realized net
short-term capital gains over its realized net long-term capital
losses.
During the nine months ended September 30, 2015, GSV Capital
generated net realized gains of approximately $53 million. The
timing and actual amount of the Company's distribution, if any,
remain subject to the sole discretion of GSV Capital's board of
directors.
Selected Portfolio Company Developments by Investment
Themes
As previously reported, GSV Capital's net assets totaled $303.6
million, or $15.72 per share, at June 30, 2015.
Education Technology
- Coursera, Inc.: Coursera, one of the largest providers of
massive open online courses, raised $60 million in its Series C
funding in August 2015. Coursera partners with top
universities to offer over 1,400 courses, and serves over 15
million students globally. With its additional capital, the
company plans to focus on continued product innovation and
international growth, particularly in the Asia
market. Investors to date include New Enterprise Associates,
Kleiner Perkins Caufield & Byers, International Finance
Corporation, and Times Internet Limited.
- General Assembly Space, Inc.: General Assembly, a global
education company that provides professional training and
education, successfully raised a $70 million round of Series D
financing in September 2015 led by Advance Publications and
Wellington Capital Management. In 2015, the company will
enroll over 14,000 students in its 3-month programs and will reach
over 25,000 alumni through the company's worldwide network. To
date, General Assembly has raised $110 million from investors
including Institutional Venture Partners, Maveron, Learn Capital,
and Rethink Education.
- DreamBox Learning, Inc.: DreamBox Learning offers Kâ8 adaptive
and personalized SaaS-based mathematics instruction. The
company closed $10 million in Series B funding in August 2015 led
by Owl Ventures, and plans to use the new funds to expand its
content offering and develop the next generation of its intelligent
adaptive platform.
Cloud and Big Data
- Declara, Inc.: Declara, a search engine technology and
analytics company that focuses on building technology for
personalized learning tools, announced that its CEO and Founder,
Ramona Pierson, and the company were chosen by the White House to
be among a select group of innovative startups to be showcased at
the first-ever White House Demo Day on August 4, 2015. A video clip
of President Obama's comments regarding Ms. Pierson and Declara can
be viewed at http://tinyurl.com/RamonaWH.
- Dropbox, Inc.: Cloud file-sharing and storage provider Dropbox
secured a significant deal to provide its enterprise services to
Arizona State University's 10,000 faculty and staff. Dropbox
now has over 400 million registered users, and the company
continues to focus on collaboration, simplicity, and accessibility.
Dropbox also made a number of key hires in recent months, including
Todd Jackson (Vice President of Product), Vanessa Wittman (Chief
Financial Officer), and Thomas Hansen (Head of Sales).
- Palantir Technologies Inc.: Palantir, a data analytics platform
used by law enforcement, government agencies, financial services
firms, and healthcare industries, raised $450 million in a new
round of funding in July 2015. With an estimated $20 billion
valuation, Palantir is considered to be the third most valuable
private company in the U.S.
Social Mobile
- 4C Insights (f/k/a The Echo System Corp.): 4C Insights, a data
science software company that powers the future of advertising,
acquired Teletrax on July 30, 2015 to create the world's most
comprehensive platform for social and television
advertising. 4C Insights closed a further investment led by
Jump Capital to provide for additional growth funding.
- Enjoy Technology, Inc.: Online e-commerce company, Enjoy
Technology, raised $50 million in Series B funding in August 2015
led by Highland Capital, bringing total funding to date to $80
million. GSV Capital participated in the most recent round with a
$4 million investment. Founded by former Apple retail chief Ron
Johnson, Enjoy entitiles its members to an exclusive range of
executive concierge, travel, personal security, legal and
assistance services upon purchasing a product. Other investors
to date include Kleiner Perkins Caufield & Byers and Oak
Investment Partners.
Marketplaces
- GSVlabs (f/k/a nestGSV, Inc.): GSVlabs, a hub of innovation
focused on accelerating the high-growth, high-impact verticals of
Education Technology, Sustainability, Big Data, and Mobility,
hosted the 2015 GSV Pioneer Summit from October 7â9, 2015, at which
more than 100 speakers presented. The Pioneer Summit aims to
accelerate transformative companies and connect a community of
game-changing entrepreneurs, global corporations, and growth
investors in the Global Silicon Valley. Private companies that
attended the Pioneer Summit have raised $4 billion in
funding. For more information, visit
www.pioneersummit.com.
- Lyft, Inc.: Lyft, the San Francisco-based ridesharing startup,
announced a cross-border partnership with Didi Kuaidi, China's
largest ride-hailing company that controls approximately 80 percent
of the overall ride-hailing market in China. Didi Kuaidi also
invested $100 million in Lyft's latest round, alongside Alibaba and
Tencent.
- New Zoom, Inc.: New Zoom, a company that specializes in
the design, software development, technology, and operation of
automated retail stores, filed for Chapter 11 bankruptcy in
September 2015.
About GSV Capital
Corp.
GSV Capital Corp. (Nasdaq:GSVC) is a publicly traded investment
fund that seeks to invest in high-growth, venture-backed private
companies. Led by industry veteran Michael Moe, the fund seeks
to create a portfolio of high-growth emerging private companies via
a repeatable and disciplined investment approach, as well as to
provide investors with access to such companies through its
publicly traded common stock. GSV Capital is headquartered in
Woodside, CA. www.gsvcap.com
Follow GSV Capital on Twitter: @gsvcap
The GSV Capital Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=12750
Forward-Looking Statements
Statements included herein may constitute "forward-looking
statements," which relate to future events or our future
performance or financial condition. These statements are not
guarantees of our future performance, condition or results and
involve a number of risks and uncertainties. Actual results
may differ materially from those in the forward-looking statements
as a result of a number of factors, including those described from
time to time in our filings with the SEC. GSV Capital Corp.
undertakes no duty to update any forward-looking statements made
herein, unless required to do so by law.
CONTACT: GSV Capital Corp.
William Tanona
(650) 235-4769
IR@gsvam.com
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