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Simon Combes
PIPE Investors, 7 selection tips
PIPEinvestor.com
Private Investment. Public Equity
Seven PIPE Investment Selection Techniques Proven To Deliver Outstanding Results
You can invest in an infinite number of ways. However, certain investment techniques have proven themselves repeatedly for many years. By applying the lessons learned by professional investors over the years you can give yourself an edge when you are serious about benefitting from an alternative investment strategies like Private Investment in Public Equity.
The following seven techniques are some of the easiest to employ and most powerful in the PIPE space. Of course you are smart enough to know, they do not guarantee success and by no means is this an exhaustive list. Every PIPE investment involves the risk that you will lose money. When it comes to Private Investment in Public Equity these seven techniques can give you an edge and are a good place to start evaluating the space.
1. Build a Trusted Network.
The operative word in Private Investment in Public Equity is “Private” - companies do not publically advertise that they are seeking PIPE financing. Companies hire bankers or corporate finance consultants to raise capital from their clients. These professional relationships are critical to be able to source quality deals and the foundation of any successful PIPE strategy. Professionals who have a proven reputation in PIPE finance will provide a consistent flow of quality deals to review and choose from.
2. Evaluate the Company Fundamentals.
Stock price and liquidity are essentially the market’s reaction to the perceived quality of the company and its business plan. What will the market’s reaction to a company be? No one has any idea - Accept the fact that you have no idea and have no control! All you can do is try to stack the odds in your favor by performing your own rational analysis of a company’s fundamentals and select companies you perceive to be of quality.
Many PIPE investors view Private Investment in Public Equity as a trading strategy and focus almost exclusively on technical analysis and the discounts; they pay little heed to the actual business of the company. PIPE investments are normally intended to be short term but often involve months of illiquidity before you can sell. In our opinion it is short sighted and overly risky to invest without an analysis of a company’s fundamentals. Identifying strengths and weaknesses help you asses potential and identify risks and determine if the PIPE deal terms you are being offered are acceptable.
3. Evaluate Management.
The best business plan and value proposition in the world means little if the company does not have the expertise necessary to execute. PIPE investors take considerable risk investing and invest their capital directly in the company, often without immediate liquidity. You are entrusting company management with your capital and you should be comfortable that they are worthy of that trust. Good PIPE investors will understand the management’s background and spend some time in direct discussion with them.
4. Understand the Use of Funds
Knowing what the company intends to do with the proceeds from the PIPE investment tells you a lot about the state of the company. Even though you may get a discount and other favorable terms it is wise to invest in companies that expect growth and that the funds will be used to drive that growth. Business only has two directions growth and decline you don’t want to be in the position of funding a declining business. You might say what about a turn around? Well tread with caution but turnaround is a growth strategy and funding a well-executed turn around can be extremely profitable.
5. Trust but Verify
Much of the information regarding a PIPE investment will be provided by the company or the banker representing the company. If you are working with your trusted network they will be open and forthcoming but recognize their motivations are different from yours- their job is to sell the investment. Always seek as much independent verification and research as practicable, this might include hiring experts if the company deals in a field you are not expert in. We frequently hire consultants in areas like biotech, energy, where the company’s value proposition is based on scientific data we are not expert in. Speak to suppliers, other investors and comb through public data.
6. Have an exit plan
There is a good reason private equity PIPE investors can get investment terms such as discounts and convertible debt- you are risking your capital including the potential for a complete loss. Perhaps the biggest risk with a PIPE investment is liquidity. There are regulatory restrictions on when PIPE equity can be sold and the market will also place restrictions. Remember with a PIPE you are selling new shares into the market and depending on the liquidity in the stock this may substantially limit how fast you can sell out. So evaluating these factors ahead of your investment decision and projecting your expected liquidity is an essential element to judging whether the terms of your PIPE deal are acceptable and likely to give you a good result and offer enough downside protection.
7. Without the Right Terms it’s a Transaction NOT a Deal
Just because a company is seeking PIPE funding and you can get stock at a price better than the current market does not mean you are getting a good deal. By the same token great deal terms can make a mediocre company and stock a very attractive investment opportunity. It is these privately negotiated deal terms that make Private Investment in Public Equity such an attractive and potentially powerful investment strategy.
Ultimately PIPE investing is about judging whether the deal terms offered provide enough downside protection and upside opportunity to justify putting your capital at risk. There is not a formula for the perfect PIPE deal as every situation is unique and the PIPE investment must be tailored to the opportunity at hand. PIPE investment success ultimately comes down to three factors:
1) Access to quality deals
2) A disciplined process to select deals and
3) A disciplined process to exit and take profits and losses.
The team at Mickelson Investment Management has spent years In the Private Equity PIPE space. We are one of the most active PIPE investors in the market having participated in over 200 PIPE transactions in the last decade. We work with accredited investors to educate them about the PIPE and provide access to the market via a variety new opportunities.
By Simon Leach
Mickelson Capital Consulting
About the Author
The team at Mickelson Investment Management has spent years In the Private Equity PIPE space. We are one of the most active PIPE investors in the market having participated in over 200 PIPE transactions in the last decade. We work with accredited investors to educate them about the PIPE and provide access to the market via a variety new opportunities.
http://mickcap.com
AFC Simon Combes Award '06 to David Shepherd