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Tech funds adopt private equity strategies in race to return cash to investors

Tech funds adopt private equity strategies in race to return cash to investors Silicon Valley venture capital firms rush to establish 'continuation funds' Secondary funds have raised $64bn this year in order to buy up stakes in portfolio companies from venture and private equity investors © Bloomberg Silicon Valley venture capital firms are rushing to create private equity style structures in a race to protect their portfolios and return money to investors. VC funds that invest in tech start-ups typically run for 10 years with an option to extend for two years - at which point their backers expect a return on investment, without which they can force a sale of portfolio companies or shut them down. Providing those returns has become problematic, as a funding boom in fledgling tech companies during the pandemic has been followed by an uncertain economic environment that has led to start-ups staying private for far longer. In response, dozens of tech investors - including $25b...
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Chinese borrowers default

Chinese borrowers default in record numbers as economic crisis deepens More than 8mn people blacklisted by authorities after missed payments on mortgages and business loans Under Chinese law, defaulters are blocked from a range of economic activities, such as purchasing aeroplane tickets and making mobile phone payments, representing a drag on the economy Defaults by Chinese borrowers have surged to a record high since the outbreak of the coronavirus pandemic, highlighting the depth of the country's economic downturn and the obstacles to a full recovery. A total of 8.54mn people, most of them between the ages of 18 and 59, are officially blacklisted by authorities after missing payments on everything from home mortgages to business loans, according to local courts. That figure, equivalent to about 1 per cent of working-age Chinese adults, is up from 5.7mn defaulters in early 2020, as pandemic lockdowns and other restrictions hobbled economic growth and gutted household incomes. T...
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