2005 and Beyond A Changing Market and a New Private Equity Paradigm
LAWRENCE R. GOLDFARB AND DANIEL CARLSON BayStar Capital Management
SINCE THE FIRST EDITION of this book in 2003, we have seen a great change in the way hedge funds must manage their portfolios. This has caused a shift in the overall PIPE market. Although the goal of any private transaction is still to raise money in a timely manner with low market impact, there have been significant changes in the marketplace affecting the behavior of issuers, purchasers, and agents. These changes have created a new paradigm for the PIPE market, such that prior purchasers need a total philosophical readjustment of their investment style or they risk being shut out of future financings. ...