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Asset/Investment Management
faralloncapital.com

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Investments

72

Portfolio Exits

36

Funds

6

About Farallon Capital Management

Farallon Capital Management, formerly Noonday Asset Management, is a global institutional asset management firm founded in 1986. Farallon manages approximately $19 billion for institutions, including college endowments, charitable foundations and pension plans, and for high net worth individuals. Farallon employs approximately 160 employees. Farallon is headquartered in San Francisco and has offices in London, Singapore, Hong Kong, Tokyo and Sao Paulo. Farallon invests in public and private debt and equity securities, direct investments in private companies and real estate.

Farallon Capital Management Headquarter Location

One Maritime Plaza Suite 2100

San Francisco, California, 94111,

United States

415-421-2132

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Latest Farallon Capital Management News

The Barbarians Are At The Gate. Don’t Resist Them

Jun 6, 2022

Don’t Resist Them 7:35 AM IST, 06 Jun 2022 7:35 AM IST, 06 Jun 2022 7:35 AM IST, 06 Jun 2022 Save (Bloomberg Opinion) -- One of the most storied global companies, Toshiba Corp., is set to get a serious makeover. Global hedge funds and private equity firms including the likes of Paul Singer’s Elliott Management Corp. and Farallon Capital Management LLC are circling to, as activists like to call it, unlock value. Change is looking like a real possibility after months of chaos and uncertainty. (Bloomberg Opinion) -- One of the most storied global companies, Toshiba Corp., is set to get a serious makeover. Global hedge funds and private equity firms including the likes of Paul Singer’s Elliott Management Corp. and Farallon Capital Management LLC are circling to, as activists like to call it, unlock value. Change is looking like a real possibility after months of chaos and uncertainty. It stands in stark contrast to the company’s recent past, which has been tainted by a series of crises and scandals — from accounting issues to a near brush with bankruptcy and a damning report that blew the cover on how Toshiba had effectively blocked shareholders’ from exercising their rights. A stream of progressive steps has boosted the stock price to multi year highs in recent weeks. Elliott and Farallon were nominated to the board, laying the ground for a much-needed shake-up. Toshiba also nominated as chair an executive of merger advisory and restructuring firm Houlihan Lokey K.K. Meanwhile, the company last week said it had eight offers for a buyout and two for capital and business alliances. It has signed confidentiality agreements with 10 potential investors as part of a process to work through its future plans. KKR & Co. and Blackstone Inc. are in the mix for a joint bid. The old guard seems to be moving out, making room for change. That’s set the stage for Toshiba’s best option at this point: a leveraged buyout — one that could be the largest in the country. Enterprise value to earnings before interest, depreciation and amortization multiples aside, it’s hard to say what the entire firm is really worth. Through the crises and issues, the company hasn’t found it easy to fund its various segments and attract talent. The businesses may have “weakened beyond repair,” as Jefferies Holdings analysts recently put it. Its latest earnings didn’t inspire much confidence, either. Most industrial businesses that don’t come close to the scale of Toshiba are valued at 10 times Ebitda, and the Japanese firm currently commands an enterprise value of over $20 billion. A big part of that is its more than 40% stake a Kioxia Holdings Corp., a highly valued business held by Bain Capital, which is preparing for an initial public offering. Taking the firm private at a reasonable takeover premium of, say, around 30%, levering it up and monetizing assets could help give Toshiba the overhaul it so desperately needs. The key question will be how much premium does the company deserve in the current context. Having major shareholders Elliott and Farallon on the board makes this reform far more possible than any other option. Foreign investors have previously won big after helping Toshiba out when it needed it most. This time presents a similar opportunity. On Friday, It noted one member was not in favor. That’s unlikely to scuttle the overall nomination approval, but it indicates continuing dissonance between stakeholders, and raises questions around whether Toshiba insiders are indeed ready for a new look. Any attempt to build up unnecessary resistance will just look foolish. There is no doubt that private equity style cost-cutting and hedge fund activism happening at the same time is a scary prospect. But without it, Toshiba’s future — sans growth — is perhaps even scarier. More From Bloomberg Opinion:

Farallon Capital Management Investments

72 Investments

Farallon Capital Management has made 72 investments. Their latest investment was in GreenYellow as part of their Unattributed on March 3, 2022.

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Farallon Capital Management Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/17/2022

Unattributed

GreenYellow

$120.35M

Yes

1

2/18/2022

Series C

Beta Bionics

$57M

No

4

2/10/2022

Series B - II

Ada Health

$30M

Yes

24

1/25/2022

Series B

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$99M

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10

10/26/2021

Series C

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$99M

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10

Date

3/17/2022

2/18/2022

2/10/2022

1/25/2022

10/26/2021

Round

Unattributed

Series C

Series B - II

Series B

Series C

Company

GreenYellow

Beta Bionics

Ada Health

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Amount

$120.35M

$57M

$30M

$99M

$99M

New?

Yes

No

Yes

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Co-Investors

Sources

1

4

24

10

10

Farallon Capital Management Portfolio Exits

36 Portfolio Exits

Farallon Capital Management has 36 portfolio exits. Their latest portfolio exit was LianBio on November 01, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/1/2021

IPO

18

10/21/2021

IPO

$99M

20

10/7/2021

IPO

11

10/1/2021

IPO

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$99M

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10

7/23/2021

IPO

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$99M

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10

Date

11/1/2021

10/21/2021

10/7/2021

10/1/2021

7/23/2021

Exit

IPO

IPO

IPO

IPO

IPO

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

18

20

11

10

10

Farallon Capital Management Acquisitions

2 Acquisitions

Farallon Capital Management acquired 2 companies. Their latest acquisition was Rota das Bandeiras on February 28, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

2/28/2019

$99M

Acq - Fin

1

12/7/2006

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$99M

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10

Date

2/28/2019

12/7/2006

Investment Stage

Companies

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Valuation

$99M

$99M

Total Funding

Note

Acq - Fin

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Sources

1

10

Farallon Capital Management Fund History

6 Fund Histories

Farallon Capital Management has 6 funds, including Farallon Special Situations Fund LP.

Closing Date

Fund

Fund Type

Status

Amount

Sources

10/11/2018

Farallon Special Situations Fund LP

Restructuring/Distressed Debt

Open

$562M

1

7/7/2016

FASS III

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$99M

10

2/29/2016

Farallon Real Estate Partners II

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$99M

10

3/14/2014

Farallon Asia Special Situations II LP

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$99M

10

2/19/2014

Farallon Real Estate Partners

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$99M

10

Closing Date

10/11/2018

7/7/2016

2/29/2016

3/14/2014

2/19/2014

Fund

Farallon Special Situations Fund LP

FASS III

Farallon Real Estate Partners II

Farallon Asia Special Situations II LP

Farallon Real Estate Partners

Fund Type

Restructuring/Distressed Debt

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Status

Open

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Amount

$562M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

Farallon Capital Management Team

11 Team Members

Farallon Capital Management has 11 team members, including current Chief Financial Officer, Gregory S Swart.

Name

Work History

Title

Status

Gregory S Swart

Chief Financial Officer

Current

Mark C Wehrly

Chief Operating Officer

Current

Daniel Goldberg

Founding Partner

Current

Andrew J.M. Spokes

Managing Partner

Current

Ray Zage

Chief Executive Officer

Former

Name

Gregory S Swart

Mark C Wehrly

Daniel Goldberg

Andrew J.M. Spokes

Ray Zage

Work History

Title

Chief Financial Officer

Chief Operating Officer

Founding Partner

Managing Partner

Chief Executive Officer

Status

Current

Current

Current

Current

Former

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