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<ul class="summary-list"><li>Democrats want to ban hedge funds from buying houses in an effort to improve housing affordability.</li><li>A bill introduced in the Senate would require hedge funds to sell off their single-family homes over the next 10 years.</li></ul>Some streets aren't for Wall Street. As the housing affordability crisis drags on, lawmakers are seeking to kick big investors out of the housing market.Two bills proposed by Democrats in Congress this week aim to curb home ownership by big investors in an attempt to improve buying conditions for Americans, the New York Times <a href="https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html">reported</a>.In the Senate, the End Hedge Fund Control of American Homes Act of 2023 would force big investors to <a href="https://www.merkley.senate.gov/wp-content/uploads/2023/12/End-Hedge-Fund-Control-of-American-Homes-Act-1-page-Summary.pdf" target="_blank" rel="noopener">sell off all the single-family homes they own</a> over a period of 10 years, and eventually ban hedge funds from owning any single-family homes entirely. "The housing in our neighborhoods should be homes for people, not profit centers for Wall Street," co-author of the <a href="https://www.merkley.senate.gov/wp-content/uploads/2023/12/MCG23660.pdf">bill</a>, Senator Jeff Merkley, D-Ore., said in a <a href="https://adamsmith.house.gov/press-releases?ID=637A8E58-8F0D-4CB0-AECC-1D4690A00725">press release</a>. "Yet, in every corner of the country, giant financial corporations are buying up housing and driving up both rents and home prices. It's time for Congress to put in place commonsense guardrails that ensure all families have a fair chance to buy or rent a decent home in their community at a price they can afford."At the other end of Capitol Hill, Democrats in the House proposed a separate bill that would discourage Wall Street's involvement in the housing market by charging investors who own more than 75 homes an annual fee of $10,000 per home. The money would be pooled into a housing trust fund to be used to support families with down payments.While the Senate bill has hedge fund in the title, it appears to be targeting any large investor. The language defines "hedge fund taxpayer" as any applicable entity with $50,000,000 or more in net value or assets under management. Indeed, the truly massive insitutional buyer of single family homes in the US has been private equity, with giants like Blackstone and Starwood Capital snapping up large numbers of homes in recent years. And yet, it is also worth noting that large firms <a href="https://www.businessinsider.com/average-americans-beating-wall-street-new-homes-real-estate-homebuying-2023-11">aren't the only entities buying up houses</a>. Small mom-and-pop landlords in previous years have been the major money behind the investor home-buying spree. <a href="https://www.corelogic.com/intelligence/us-home-investor-share-remained-high-early-summer-2023/" target="_blank" rel="noopener">According to CoreLogic</a>, investors accounted for 26% of all single-family home purchases in June. That's up from pre-pandemic levels of less than 20%. Yet, a report from the Department of Housing and Urban Development also notes that institutions accounted for just 3% of all home purchases in 2021. Median home prices are up 38% from 2019 to $431,000, and mortgage rates have shot up since early 2022, touching 8% in October. While they <a href="https://www.businessinsider.com/mortgage-rates-drop-fastest-pace-2008-housing-market-crash-2023-12">eased sharply this month</a>, affordability remains a problem.To be sure, the price of homes is also up because the <a href="https://markets.businessinsider.com/news/stocks/housing-market-outlook-2024-home-price-forecast-rebound-rates-redfin-2023-12">supply available for sale has been tight,</a> with construction of new homes among the few sources of fresh inventory.But that supply crunch has been amplified by institutional investors who have snapped up houses, legislators say. "This [affordability] crisis has been exacerbated in recent years by an increasing number of large investors purchasing a significant percentage of single-family homes, squeezing out prospective buyers," said Rep. Adam Smith, D-Wash., in a <a href="https://adamsmith.house.gov/press-releases?ID=637A8E58-8F0D-4CB0-AECC-1D4690A00725" target="_blank" rel="noopener">statement</a>.The bill is unlikely to pass in a divided Congress, but lawmakers have insisted the conversation needed to be started.For its part, the investor community has said lack of new housing supply is the problem and the policy should be focused on development.

Democrats want to kick big investors out of the the housing market to improve affordability

<ul><li><keyword id="37885" type="ORGANIZATION" weightage="60" keywordseo="Cash">Cash</keyword> in money-market funds reached $4.6 trillion recently, <a href="https://www.wsj.com/articles/investors-are-sitting-on-the-biggest-pile-of-cash-ever-11592299801?mod=markets_lead_pos2">The Wall Street Journal</a> reported Tuesday, as investors wait for market volatility to die down and the US economy to stabilize.</li><li>The sum is the highest on record going back to 1992. It also leaves out other cash-like assets like bank deposits and short-term commercial paper.</li><li>The inflows to money-market funds send a mixed message to experts. While the holdings leave plenty of ammunition for investors to deploy in riskier <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, the increase also arrives amid fears that major stock indexes are overextended.</li><li>The stock market's rotation into riskier value names was "<a href="https://www.businessinsider.com/stock-market-investing-picks-retail-traders-beat-wall-street-goldman-2020-6">amplified</a>" by a surge in retail trading activity, Goldman Sachs said Friday, suggesting Main Street investors are moving into equities while institutional players stay put in cash-like assets.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlutm_campaign=bodyurl">Visit the Business Insider homepage for more stories</a>.</li></ul>Investors sprinted to money-market funds throughout the coronavirus pandemic as volatility ticked higher and experts warned of a longer-than-expected recession.Total assets in such funds reached $4.6 trillion recently, <a href="https://www.wsj.com/articles/investors-are-sitting-on-the-biggest-pile-of-cash-ever-11592299801?mod=markets_lead_pos2">The Wall Street Journal</a> reported Tuesday, citing data from Refinitiv Lipper. The sum is the highest on record going back to 1992, detailing a broad rush to safe havens to wait out the public health crisis. Money-market funds are just one example of a cash-like asset, with plenty of other outlets available for investors seeking stable stores of value.The inflows send a mixed message to experts. On one hand, record cash in money markets leaves plenty of ammo for investors to eventually deploy in riskier markets. On the other, the S&amp;P 500 turned year-to-date positive just last week before plummeting on renewed virus fears. Some experts feared the index retraced its losses too quickly amid a revival of risk-on attitudes.Read more: <a href="https://www.businessinsider.com/investing-advice-jim-rogers-stocks-commodities-purchases-amid-coronavirus-crisis-2020-6">Famed investor Jim Rogers earned a 4,200% return with George Soros. He explains why the US response to COVID-19 is 'embarrassing' — and breaks down 4 purchases he's made amid the fallout.</a>The rush to cash-like assets began in February, when markets first tumbled on coronavirus fears. Investors piled into money-market funds and Treasurys and indiscriminately dumped stock and corporate bond positions. The Federal Reserve's move into corporate-credit markets set a backstop for risk assets and fueled their rebound through April and May. The latest data on money-market fund holdings set up two warring factions: investors hoping for a V-shaped economic bounce and those preparing for a more dour reality.It's likely the split is formed along the border between retail and institutional investors. Goldman Sachs said in a Friday note that Main Street investors have <a href="https://www.businessinsider.com/stock-market-investing-picks-retail-traders-beat-wall-street-goldman-2020-6">trounced professional stock-pickers and hedge funds</a> since markets bottomed in late March. Much of the market's rotation into riskier value stocks was "amplified" by a surge in retail trading activity, the team led by David Kostin wrote.The data suggests most buying activity involved casual investors, and that institutional investors continue to hold cash on the sideline until new data points to a stabilizing economy.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/dollar-crash-swelling-deficit-deglobalization-stephen-roach-coronavirus-stimulus-recession-2020-6-1029312845">The dollar will collapse under a ballooning US deficit and deglobalization, former Morgan Stanley Asia chairman says</a><a href="https://markets.businessinsider.com/news/stocks/federal-reserve-begins-individual-corporate-bond-purchases-secondary-market-relief-2020-6-1029309910">The Fed begins purchases of up to $250 billion in individual corporate bonds</a><a href="https://www.businessinsider.com/stock-market-investing-picks-retail-traders-beat-wall-street-goldman-2020-6">Main Street traders have been crushing Wall Street in recent months. Goldman Sachs breaks down what retail investors should buy to keep winning — and lists the 12 stocks leading the charge.</a>

Investors sink a record $4.6 trillion into money-market funds to ride out pandemic uncertainty

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Shannon Stapleton/ Reuters</div></div></div>Executives at alternative investing giant KKR are obviously miffed. "I sometimes find we talk past each other," Scott Nuttall, global head of capital and asset management at KKR, said in the company's second-quarter earnings call. "We all invest, but our time frames and perspectives are quite different." He was talking to a crowd of Wall Street stock analysts after the firm reported better-than-expected second quarter earnings. Still, that performance wasn't enough to fend off questions about KKR's prospects. Nuttall said KKR operates and invests with a longer-term view, with over 70% of its management fees coming from capital that is locked up for at least eight years. Buyout funds typically have long lock up periods- ranging from five to 10 years- in exchange of delivering superior returns to insitutional investors. The investors who are buying and selling KKR shares have a much shorter timeframe, in contrast, and they're increasingly concerned about the impact of <a href="http://www.businessinsider.com/goldman-fragile-market-primed-for-fall-2016-6">volatile markets</a>, <a href="http://www.businessinsider.com/baml-we-are-in-a-buffalo-market-2016-6?r=UK&amp;IR=T">high stock valuations</a> and a sputtering global economy on KKR's performance. "Over the last 12 months, it is felt that the market sentiment has played an increasingly important role in how our units trade in the public markets, and this sentiment has felt to us very short-term-oriented in nature," Nuttall said.As a result, rather than running through what went up and down in the second quarter, KKR executives decided to try something different, publishing a slidedeck dedicated to <a href="http://files.shareholder.com/downloads/KKR/2017295199x0x901214/5F46826F-4C8A-4F01-8B06-4E032AB1CF69/KKR_Q2_16_Supplemental_Operating_and_Financial_Data.pdf">debunking investors' "perceptions.</a>"The deck includes a series of slides addressing a key concern among investors: that the firm hasn't returned as much cash to investors since its change in distribution policy last October, where KKR's board authorized a <a href="http://files.shareholder.com/downloads/KKR/2017295199x0x857475/F9905440-5657-4501-850F-DA30ED823382/KKR-Transcript-2015-10-27T21_00.pdf">$500 million share buyback plan</a>."We've returned more capital to shareholders in the last three quarters than we would have under our old policy," said Nuttall, citing a 103% payout ratio for the past three quarters. <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">KKR</div></div></div>Still, the word buyback popped up quite a lot on the call.Citigroup analyst William Katz, for example, asked what was the holdback in buying back shares. KKR's shares have plummeted 19% since its buyback announcement.Here is Nuttall (emphasis ours):<q><a>Well, I think I'm not going to revisit some of the topics that I hit before. I guess from my perspective the buyback conversation is really taking on a bit of a life of its own. And I find that we're talking more about buybacks than we are about our business and how we can grow and where we see opportunities from here. So, I think that's why we're pointing you to the comment. We're not going to predict ... this models our share account flat, that's what you should expect on a go-forward basis from us over time and we're going to leave it at that for now. </a></q> The executives also fielded questions on the firm's ability to generate cash and returns amid a volatile market, boost management fees and put money to work with markets near all-time highs.Here is Nuttall again: Many Asian and European equity markets are in the midst of a bear market with indices in Japan and China all declining more than 20%. Many European indices have declined as well between 10% and 20% over this timeframe. And in the US, we've seen a divergence between small cap and large cap companies. With the Russell 2000 underperforming both the Dow Jones and the S&amp;P 500 by over 700 basis points. As we've said before, this type of backdrop is great for us. With patient capital and the added benefit of $38 billion of record dry powder, we feel well-positioned to take advantage of opportunities that arise from this dislocation. In effect, when you have lots of capital and a lot of dry powder to deploy, it's great news when assets get cheaper. Dry powder is untapped capital, and the $38 billion figure is up 48% from the same period last year. The firm's second-quarter profits beat expectations, helped by appreciation in its private equity portfolio and sales of Walgreens Boots Alliance shares. <div class="KonaFilter image-container display-table"><div><div class="image on-image">KKR</div></div></div> Economic net income-which includes realized and unrealized investment gains- fell to $191.2 million, or 23 cents a share, from $746.7 million, or 88 cents a share, a year earlier. Analysts had forecast 6 cents on average, according to a Bloomberg poll.The firm now manages $131 billion in assets, up 14% from second-quarter last year. Other alternative asset managers, including Carlyle Group and Oaktree Capital Management, will report earnings this week. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/regret-avoidance-selling-lottery-tickets-mega-millions-2016-7">We tested an economic theory by trying to buy people's lottery tickets for much more than they paid</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VlOTU2MDE6tCw0GqSor_wM7L40EQEVfv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

A $130 billion investor is fighting back against against Wall Street's perceptions

<ul><li><keyword id="6357150" type="General" weightage="100" keywordseo="tcs" source="Orion">TCS</keyword> announced the surprise exit of CEO <keyword id="1422411" type="General" weightage="50" keywordseo="rajesh-gopinathan" source="Orion">Rajesh Gopinathan</keyword> on March 16, stating that <keyword id="16820734" type="General" weightage="50" keywordseo="krithi-krithivasan" source="Orion">Krithi Krithivasan</keyword> would be taking over. </li><li>Despite the unexpected exit, brokerages are optimistic about <keyword id="16817833" type="General" weightage="80" keywordseo="krithivasan" source="Orion">Krithivasan</keyword>’s leadership as there would be ‘nil disruption’. </li><li>Analysts at Nuvama Institutional Equities are of the view that the correction in shares of TCS over <keyword id="221979" type="General" weightage="80" keywordseo="gopinathan" source="Orion">Gopinathan</keyword>’s exit offers an investment opportunity. </li></ul>All eyes are on<a href="https://www.businessinsider.in/business/corporates/news/k-krithivasan-an-iit-kanpur-graduate-appointed-as-tcs-ceo-designate/slidelist/98725089.cms"> TCS’ CEO designate Krithi Krithivasan</a> who is<a href="https://www.businessinsider.in/business/corporates/news/tcs-is-an-integral-part-of-who-i-am-ill-be-a-part-of-tcs-too-as-it-soars-rajesh-gopinathan/articleshow/98722638.cms"> taking over the reins</a> of India’s largest IT services company from Rajesh Gopinathan. His exit came as a surprise as his term was extended for five years only last year. Yet, brokerages expect a smooth transition as the new CEO is an insider, and has worked with the company for 34 years. Prior to his appointment as CEO, Krithivasan headed the banking, financial services and insurance (BFSI) segment, which is TCS’ largest. According to the company’s<a href="https://www.businessinsider.in/business/corporates/news/overall-demand-scenario-not-changed-significantly-but-europe-is-a-problem-says-tcs-ceo/articleshow/96859049.cms"> December quarter results</a>, the BFSI segment contributed to 38% of TCS’ revenue, at ₹22,145 crore. Krithivasan’s appointment received a thumbs up from brokerages given his role in heading the BFSI segment. “BFSI is the largest segment within TCS, contributing over 30% of revenue in Q3 FY23, which makes Krithivasan the natural/perfect choice for the role,” said a report by Nuvama Institutional Equities. <cmsannotation type="cmsannotation" annotationid="‘Nil disruption from management transition’" comment="subhead" text="‘Nil disruption from management transition’">‘Nil disruption from management transition’</cmsannotation> Brokerages maintained an optimistic outlook on Gopinathan’s exit, largely due to Krithivasan’s experience in heading the company’s largest business segment, and his experience in leading the BFSI segment. Krithivasan is only the fifth CEO of TCS, which was founded 55 years ago and has over 6 lakh employees on its payroll. Both Krithivasan and Gopinathan are old hands at the company, and have risen through the ranks. “TCS is a well-oiled machine, and has a long history of seamless transitions at all management levels. Most of its leadership positions have been held by TCS veterans, who have risen through the ranks. We see nil disruption from this management transition,” the Nuvama report added. Analysts at ICICI Securities echoed similar sentiments, given Krithivasan’s experience with TCS in various roles, and the availability of Gopinathan over the next six months to support him settle into his new role. “This appointment is in line with TCS’ strategy of succession planning well in advance and grooming internal employees to take on leadership positions,” the ICICI Securities report added. Overall, most brokerages sounded confident about Krithivasan’s credentials and ability to lead India’s largest IT services company. Analysts at Motilal Oswal even expressed confidence that due to his experience in leading the BFSI segment, Krithivasan wouldn’t face questions that Gopinathan had to – when he took over as the CEO in 2017. “Notably, given his leadership of the unified BFSI vertical since 2017, he is unlikely to face external questions on client relationships that Gopinathan faced as CFO of TCS in 2017,” said a report by Motilal Oswal. <cmsannotation type="cmsannotation" annotationid="Treat price correction as opportunity to invest, say analysts" comment="subhead" text="Treat price correction as opportunity to invest, say analysts">Treat price correction as opportunity to invest, say analysts</cmsannotation> The sudden exit of Gopinathan combined with the negative sentiments in equity markets around the world have put downward pressure on the TCS stock. TCS’ shares were down over 2% mid-way through the trading session on Monday, to ₹3,100. According to the analysts at Centrum Broking, Gopinathan’s exit could be considered as a negative in the short-term. “Rajesh Gopinathan was re-appointed as CEO last year and therefore his resignation is a surprise and likely to be perceived negatively,” the Centrum Broking report noted. Analysts at Nuvama underlined that investors should consider any correction in TCS’ share price as an opportunity to buy into the stock. “Any drop in the stock price must be used as an opportunity to add as valuation is no longer expensive, which makes risk-reward profile attractive,” the Nuvama report said. TCS’ shares have corrected by 10.8% in the last one month. However, improvements in deal pipeline and margins has analysts bullish on the stock, who expect an upside in the range of 16% to 32% over the current market price. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Upside </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Centrum Broking </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Add </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,607 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct Research </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,780 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,810 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,834 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nuvama Insitutional Equities </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,100 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32% </td></tr></tbody></table> Note: Upside compared to current market price of ₹3,100 as on March 20, 2023 SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-hdfc-bank-merger-gets-nclt-clearance/articleshow/98735804.cms">HDFC-HDFC Bank merger gets NCLT clearance</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms">Reliance shares down 22% from all-time high: Attractive entry opportunity, says JP Morgan</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-is-an-integral-part-of-who-i-am-ill-be-a-part-of-tcs-too-as-it-soars-rajesh-gopinathan/articleshow/98722638.cms">TCS is an integral part of who I am, I’ll be a part of TCS too as it soars: Rajesh Gopinathan</a>

New CEO of TCS  Krithivasan gets a thumbs up from analysts who are betting on his experience & leadership skills

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">FundersClubFundersClub founders Alex Mittal and Boris Silver</div></div></div>Ask any startup founder: The process of securing cash for a new startup is a harrowing, time-consuming process that can involve <a href="http://www.businessinsider.com/canva-ceo-melanie-perkins-interview-2016-8">meeting dozens upon dozens of potential investors</a>, with no guarantee of success.It's a huge distraction from actually running a company, <a href="http://www.businessinsider.com/hustle-con-presentations-on-startups-from-nerdwallet-teespring-general-assembly-thirdlove-2015-4">during the days where your involvement is most needed</a>.This is a problem that Alex Mittal and Boris Silver are very well acquainted with, as former startup founders themselves."It's a very repetitive, inefficient process," Mittal says.That's why, four years ago, they started <a href="http://www.fundersclub.com">FundersClub </a>- what they see as a better, more humane way for startups and investors to find each other, taking advantage of very Silicon Valley ideas like network effects, crowdsourcing, and the power of the web."Software is eating the world; FundersClub is eating venture capital," Mittal says.FundersClub has been called the "Kickstarter for Venture Capital." Using FundersClub, would-be financiers all over the world can get in on the high-risk, high-reward world of Silicon Valley startup investing, even if they're not part of the traditional "<a href="http://www.businessinsider.com/ellen-pao-trial-closing-arguments-2015-3">old boys club</a>" of the venture capital scene.<div class="KonaFilter image-container display-table"><div><div class="image on-image">A selection of successful sales for FundersClub-backed companies.</div></div></div>Now, FundersClub has just shy of 18,000 members - individual investors from all over the world - who have made 247 early-stage investments in 195 companies. That includes Silicon Valley high-flyers like <a href="http://www.businessinsider.com/slack-ceo-stewart-butterfield-and-box-ceo-aaron-levie-bots-making-work-more-efficient-2016-8">Slack </a>and <a href="http://www.businessinsider.com/instacart-is-profitable-but-only-under-these-circumstances-2016-3">Instacart</a>. It looks like FundersClub is working as intended.Top Silicon Valley firms like Andreessen Horowitz, Sequoia, and Kleiner Perkins Caufield Byers have all followed on to early FundersClub investments. From July 2012 to March 2016, FundersClub reported unrealized net IRR of 37.1%.And on Friday, FundersClub announced the launch of FCVC Advisors - a new arm of the business to keep the momentum going by letting instutitional investors like hedge funds, endowments, and foundations to get in on the action.<h2>Not exactly Kickstarter</h2>Mittal says the Kickstarter comparison is "understandable," but only half-right: FundersClub has an in-house staff that does the same due diligence and vetting as any other venture capital firm. Those 18,000-ish members basically scout for prospective deals, but FundersClub won't list it on the platform unless it passes muster. Plus, the average FundersClub investment amount is around $250,000, Mittal says. So the firm is focused on smaller, younger companies with big opportunities in front of them, in order to get the most bang for their members' buck.<div class="KonaFilter image-container display-table"><div><div class="image on-image">SlackSlack CEO Stewart Butterfield</div></div></div>"There's actually a high standard, a bar that has to be cleared," Mittal says.Furthermore, to join the FundersClub "network," you need to be properly vetted and certified as an investor. With members making an average investment of $10,000 in each company, and a high risk that a <a href="http://www.businessinsider.com/washio-on-demand-laundry-shuts-down-2016-8">company could go bust and leave investors with nothing</a>, FundersClub isn't for everyone."We're very transparent about the risks," Mittal says. <h2>Advantages to each</h2>For both sides, there are clear advantages.For startup founders, they get access to that 18,000-member strong network. If a FundersClub-backed founder needs an introduction at, say, Facebook's Oculus, they can log on to the website, see if any of their backers works there, and ask for an introduction. Plus, it takes less time than the traditional hustle for capital, especially at the early stage.And for those investors, it gives them access to the Silicon Valley startup scene. The traditional FundersClub investor is usually well-off, but definitely not obscenely so - meaning that, unless they're lucky enough to know a guy who knows a guy at the earliest stages of building a company, it's hard to get a foot in the door and use startup investments to diversify your portfolio."That kind of access previously wasn't possible," Mittal says.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Michael Kovac/Getty ImagesAndreessen Horowitz founder and GP Marc Andreessen</div></div></div>Now, with the launch of FCVC Advisors, FundersClub is taking the same principle and bringing it to the more traditional sources of venture capital, including funds and foundations. Typically, larger institutional foundations, or LPs as they're called, opt to invest their money in VC stalwarts like Sequoia and Andreessen, but there's still <a href="http://www.businessinsider.com/andreessen-horowitz-raises-15-billion-fund-v-2016-6">a line out the door just to participate</a>."The problem is that it's very lonely at the top," Mittal says.By using this new insitutional arm to bring in larger investors, FundersClub can add them to the network and keep that train rolling. Startups get easier access to those institutional investors; those institutional investors get more direct access to startups. That's important, as startups take longer to enter the public markets.Most of all, though, Mittal says it's just furthering FundersClub's mission of reinventing venture capital - a model that he says hasn't changed much since the '60's - for the modern web era."We want to be the Sequoia of the internet," Mittal says. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/whats-wrong-with-brogramming-in-silicon-valley-2016-6">Bumble founder: Here's what's seriously wrong with the growing trend in Silicon Valley called 'brogramming'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o1NnIwNDE6ORIoQVzz7Flu4mNqS0TX-H" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

This company is trying to reinvent venture capital for the millennial era

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/CIDCTulips are placed into a shape of a clown at a floral park in Beijing</div></div></div>Good morning! Here's what you need to know in markets on Friday.It's CPI day in Europe. That means we'll get a flash reading of how much prices increased or fell increased in the eurozone during April. Consumer price inflation was entirely flat in March, but economists expect prices to fall by 0.1% this month. The eurozone reading drops at 10:00 a.m. BST (5:00 a.m. ET).<a href="http://www.businessinsider.com/afp-china-raises-yuan-rate-by-most-in-11-years-2016-4">China has raised the exchange rate for the yuan.</a> Officials have bumped the yuan by 0.56% against the US dollar from the previous day, the biggest increase in almost 11 years. The People's Bank of China (PBoC) fixed the yuan at 6.4589 to the greenback, according to the China Foreign Exchange Trade System, which operates the national foreign exchange market.<a href="http://www.businessinsider.com.au/china-is-mulling-whether-to-allow-credit-default-swaps-trading-2016-4">China is considering allowing financial insitutions to trade credit default swaps. </a>According to a report from <a href="http://www.bloomberg.com/news/articles/2016-04-28/china-said-to-consider-starting-trading-of-credit-default-swaps-injvcadc">Bloomberg</a>, citing persons familiar with discussions, China's National Association of Financial Market Institutional Investors, a subsidiary of the People's Bank of China which oversees interbank market bonds, sought opinions on CDS and credit-linked notes from market participants, including banks and brokerages, in March.<a href="http://www.businessinsider.com.au/traders-continue-to-pile-into-the-japanese-yen-2016-4">The yen is continuing to surge.</a> In early trading on Friday, the USD/JPY has dropped as low as 107.09, a low not seen since October 2014. That continues the yen's rally which saw it gain more than 3% on Thursday after the Bank of Japan shocked markets by not providing any more fiscal stimulus.<a href="http://www.businessinsider.com/r-oil-prices-dip-on-looming-opec-production-rise-2016-4">Crude oil prices fell in early trading on Friday. </a>The fall came as a looming rise in Middle East output may drag on the stronger markets seen in April, although falling U.S. production and a weakening dollar are still offering support. <a href="http://uk.businessinsider.com/facebook-just-had-some-layoffs-heres-why-2016-4">Facebook just laid off 40 people. </a>The tech giant told around 40 people late last week that they had 45 days to look for new roles within the company or else there would not be jobs left for them. Those staffers were part of the account-management and sales teams within the company's "publisher ad-tech group."<a href="http://www.ft.com/cms/s/0/c396d27e-0d3c-11e6-ad80-67655613c2d6.html#axzz47BuHSXKT">British companies are facing an increasing number of rebellions on executive pay.</a> On Thursday, three listed companies, Weir Group, Shire, and CRH faced major protests from shareholders over how much their bosses are paid, according to the Financial Times. That comes after investors in both Anglo American and BP voted against the remuneration packages offered to their CEOs for the last year.<a href="http://uk.businessinsider.com/carl-icahn-is-done-with-apple-2016-4">Carl Icahn is done with Apple.</a> The famous US investor said on Thursday that he has sold all of his shares in Apple in an interview with CNBC's Scott Wapner. Icahn told Wapner that he still liked Apple as a company. (He really does.) It's just that its issues with China have him spooked.<a href="http://www.businessinsider.com/afp-imf-announces-1.5-bn-loan-for-sri-lanka-2016-4">The IMF is giving Sri Lanka a loan. </a>The IMF has agreed a $1.5 billion loan for Sri Lanka in support of economic reforms aimed at reversing a two-decade decline in tax revenue and reviving growth, it said Friday. The International Monetary Fund's chief for Sri Lanka, Todd Schneider, said a staff-level agreement was reached to release $1.5 billion over a three-year period in support of the island's reform agenda.<a href="http://www.businessinsider.com/r-iran-holds-run-off-parliamentary-election-state-tv-2016-4">Iran is holding a run-off election.</a> Iranians started voting on Friday for a second round of parliamentary elections for 68 seats of the 290-seat assembly, state TV reported according to Reuters. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "insitutional investor" and got 6 results

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