News
Oppenheimer

Oppenheimer & Co. Forms Private Stock Secondary Markets Group, Hires Directors

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Oppenheimer & Co. has hired Boaz Rahav as managing director to establish and lead the firm’s Private Shares Group. The new group will be exclusively focused on providing liquidity and new capital solutions for private companies and their shareholders, including venture capital firms and angel investors. Boaz has over 20 years of investment experience, portfolio management, and new product development. He was formerly the chief economist for the Government of Israel Ministry of Finance in New York.

Executive Moves

Growth Capital Personnel Moves

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SEC Names Julie Lutz to Direct Denver Office
The U.S. Securities and Exchange Commission named Julie K. Lutz as director of the Denver Regional Office, where she will oversee the SEC’s enforcement and examinations in a seven-state region. Lutz has supervised the enforcement program in the Denver office as associate director since 2010. She has been serving as acting co-director of the office for the past few months. Lutz joined the SEC staff in 1977 and worked in San Francisco and Washington, D.C., before moving to the Denver office in 1996. Lazard’s Gabrielski Moves to Stephens Inc.
Stephens Inc. hired Will Gabrielski as a senior analyst and senior vice president and will be covering Engineering and Construction as well as Oilfield Services companies.

Legal
crowdfunding

Crowdfunders Receive Blueprint

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The Securities and Exchange Commission’s 585 pages of proposed rules for crowdfunding released last month amped up the chatter from online platforms, angel investors and third party service providers catering to entrepreneurs, startups and small growth companies. Crowdfunding supporters had waited more than 18 months for a hint of what the rules would entail after the JOBS Act legalized the funding-by-the-masses concept and directed the SEC to craft the regulatory oversight. The proposal, known as Regulation CF, is broadly focused on raise and investment limits related to the incomes of non-accredited investors. Reaction has been typical: The SEC did a good job crafting some rules, and poor job on others. Among the policies put forth, the commission revealed that it would allow companies to conduct separate offerings at the same time.

Markets
OrbiMed

OrbiMed Closes Fifth Healthcare Fund

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OrbiMed Advisors has closed its OrbiMed Private Investments V with just over $735 million, including $36 million from the general partner. Fund V will invest in all stages and sectors of the healthcare industry, with a focus on biopharmaceutical, medical device and diagnostics companies in North American and Europe. Investors in the fund include some of the largest endowments, foundations, sovereign wealth funds and financial institutions globally. OrbiMed Advisors is an long active investor in equity private placements into emerging growth biotechs and medical device companies. Recent investments include Exact Sciences Corp (EXAS), ADADIA Pharmaceuticals (ACAD) and Aerocrine AB (AEROB:SS).