San Francisco, Calif. – May 2, 2016 – CodeCombat, which offers the most engaging platform for helping kids learn computer science (CS), announced today that it has closed a $2M seed round of funding from Third Kind Venture Capital, Andreessen Horowitz and Allen & Company. The funding was primarily to help CodeCombat finish its new classroom offering, which launches today after extensive beta testing by more than 25,000 students in grades 3-12. CodeCombat was designed to make learning to code
Executives Christian Stark – IR Brady Dougan – CEO David Mathers – CFO Analysts Daniele Brupbacher Kinner Lakhani – Citi Michael Helsby – Bank of America Fiona Swaffield – RBC Stefan Stalmann – Autonomous U.S. Jeremy Sigee – Barclays Christopher Wheeler – Mediobanca Jernej Omahen – Goldman Sachs Dirk Becker – Kepler Cheuvreux Andrew Lim – Societe Generale Andrew Simpson – Bank of America Presentation Christian Stark Good morning and welcome to our second quarter results call. Before we begin, let me remind you to take note of the important disclaimer on slide 2, including the statements on non-GAAP measures and Basel III disclosures. I now turn it over to Brady Dougan, our CEO. Brady Dougan Great. Thank you very much Christian. Welcome everybody and thanks for joining our second quarter 2014 earnings call. I'm joined
<p>Credit Suisse Group (NYSE:<a href='http://seekingalpha.com/symbol/cs' title='Credit Suisse Group AG'>CS</a>)</p> <p>Q2 2014 Earnings Conference Call</p> <p>July 22, 2014 02:30 ET</p> <p/> <p>
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DLJ Merchant Banking Partners, Credit Suisse‘s mid-market leveraged buyout business, has spun off into an independent advisory firm, aPriori Capital Partners, established by the existing DLJ MBP management team led by Colin Taylor and Susan Schnabel. aPriori Capital will manage the DLJ Merchant Banking Partners III, L.P. and DLJ Merchant Banking Partners IV, L.P. private equity funds (together with related vehicles, the MBP Funds), collectively representing approximately $2 billion of value across 22 portfolio companies as of December 31, 2013.
Credit Suisse today announced that DLJ Merchant Banking Partners (“DLJ MBP”), the bank’s mid-market leveraged buyout business, has spun off into an independent advisory firm, aPriori Capital Partners L.P. (“aPriori Capital”), established by the existing DLJ MBP management team led by Colin Taylor and Susan Schnabel.
aPriori Capital will manage the DLJ Merchant Banking Partners III, L.P. and DLJ Merchant Banking Partners IV, L.P. private equity funds (together with related vehicles, the “MBP Funds”), collectively representing approximately $2 billion of value across 22 portfolio companies as of December 31, 2013. Colin Taylor and Susan Schnabel, Co-Heads of DLJ MBP, will continue to manage the MBP Funds and lead aPriori Capital. All other investment professionals comprising the DLJ MBP management team are joining aPriori. As the new general partner and investment manager of the MBP Funds, aPriori is expected to be a strong platform for the DLJ MBP team to manage and maximize the value of the MBP Funds as well as raise capital in the future. The new firm will continue to operate from offices in New York, Los Angeles and London.
Nicole Arnaboldi, Vice Chairman of Credit Suisse’s Asset Management business, said, “We are pleased to have completed this spin-off and are grateful for the efforts and performance of the team over many years at DLJ and Credit Suisse. We wish aPriori Capital much success in the future.”
“The team is excited by the opportunity to establish an independent fund advisory business and a new platform for the future. We appreciate the strong support we have received from our investors throughout this transition and in particular would like to thank Credit Suisse for their partnership and support over the past 14 years,” said Colin Taylor and Susan Schnabel, Co-Heads of aPriori Capital.
This spin-off is part of Credit Suisse’s previously announced divestment plans.
Credit Suisse AG
Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse is able to offer clients its expertise in the areas of private banking, investment banking and asset management from a single source. Credit Suisse provides specialist advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients worldwide, and also to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 46,000 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
aPriori Capital Partners
aPriori Capital Partners is a leveraged buyout fund advisor that completed its spin-out from Credit Suisse on 31 March 2014. Formerly known as DLJ Merchant Banking Partners, the firm is focused on mid-market opportunities in the US and Europe and manages the DLJ Merchant Banking Partners III, L.P. and DLJ Merchant Banking Partners IV, L.P. private equity funds. These funds collectively represent approximately $2 billion of value across 22 portfolio companies as of December 31, 2013. The firm is headed by former DLJ Merchant Banking co-heads Colin Taylor and Susan Schnabel and operates from offices in New York, Los Angeles and London.
Cautionary statement regarding forward-looking information
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:
•our plans, objectives or goals;
•our future economic performance or prospects;
•the potential effect on our future performance of certain contingencies; and
•assumptions underlying any such statements.
Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:
•the ability to maintain sufficient liquidity and access capital markets;
•market and interest rate fluctuations and interest rate levels;
•the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of continued slow economic recovery or downturn in the US or other developed countries in 2012 and beyond;
•the direct and indirect impacts of continuing deterioration or slow recovery in residential and commercial real estate markets;
•adverse rating actions by credit rating agencies in respect of sovereign issuers, structured credit products or other credit-related exposures;
•the ability to achieve our strategic objectives, including improved performance, reduced risks, lower costs, and more efficient use of capital;
•the ability of counterparties to meet their obligations to us;
•the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations;
•political and social developments, including war, civil unrest or terrorist activity;
•the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
•operational factors such as systems failure, human error, or the failure to implement procedures properly;
•actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations;
•the effects of changes in laws, regulations or accounting policies or practices;
•competition in geographic and business areas in which we conduct our operations;
•the ability to retain and recruit qualified personnel;
•the ability to maintain our reputation and promote our brand;
•the ability to increase market share and control expenses;
•the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
•acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets;
•the adverse resolution of litigation and other contingencies;
•the ability to achieve our cost efficiency goals and cost targets; and
•our success at managing the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the information set forth in our Annual Report 2012 under “Risk factors” in the Appendix.
Grosvenor Capital Management has completed its buy of the Customized Fund Investment Group from Credit Suisse Group. Financial terms weren’t announced. CFIG provides customized private equity solutions globally with approximately $18 billion of assets under management and 11 offices around the world. The sale was announced in August.
CHICAGO, Jan. 2, 2014 /PRNewswire/ – Grosvenor Capital Management, L.P. and its affiliates (together, “Grosvenor” or the “Firm”), one of the world’s largest discretionary allocators to hedge funds, today announced the successful completion of the previously announced acquisition of the Customized Fund Investment Group (“CFIG”), a leading global private equity, infrastructure and real estate investment management company, from Credit Suisse Group AG (“Credit Suisse”) (NYSE: CS). The combined business, with more than $44 billion in assets under management and over 375 professionals, will be one of the largest of its kind in the world.
“We are very pleased to complete our acquisition of CFIG. We are confident that the transaction fundamentally strengthens our platform and makes us a more valuable partner for our clients,” said Michael Sacks, chief executive officer of Grosvenor. “Together, we will offer clients the ability to access the entire alternative investments landscape. And importantly, our core values are aligned with CFIG’s. Both groups focus on investment performance, customized solutions that meet the unique needs of a global investor base, and comprehensive, transparent client service.”
“The CFIG team is thrilled to join Grosvenor, with its industry-leading investment capabilities, experienced management team and strong commitment to clients,” said Kelly Williams, formerly managing director and group head of CFIG, who will serve as president of GCM Customized Fund Investment Group (or “GCM CFIG”) and report to Michael Sacks. ”Our clients will have access to a broad range of alternative investment products and solutions, supported by Grosvenor’s best-in-class operational infrastructure. We are excited about becoming part of the Grosvenor culture, which is team-oriented and always puts the needs of clients first.”
GCM CFIG will be a subsidiary of Grosvenor and will operate as Grosvenor’s private markets business alongside Grosvenor’s existing public markets hedge fund business. The entire GCM CFIG management team will join Grosvenor and the business will maintain its primary office in New York.
About Grosvenor Capital Management Grosvenor is one of the world’s largest and most diversified independent alternative asset management firms, with over $44 billionin assets under management. The Firm offers comprehensive public and private markets solutions through its two alternatives groups, providing clients with a broad suite of investment and advisory choices that span hedge funds, private equity, infrastructure and real estate. Grosvenor specializes in developing customized investment programs tailored to meet the unique objectives of each client. Grosvenor also manages commingled investment products with specialty exposures and structures.
Grosvenor has been managing alternative investment portfolios on behalf of clients since 1971. Its global client base is primarily institutional and includes public pensions, sovereign wealth entities, banks, corporations, insurance companies, charitable organizations and endowments. Grosvenor has 6 global offices and multiple regional offices staffed by over 375 professionals.
Grosvenor’s public markets solutions group provides hedge fund investment management and advisory services to clients worldwide. With over $24 billion in assets under management in commingled and customized investment programs, it is one of the world’s leading discretionary allocators to hedge funds.
Grosvenor’s private markets solutions group, GCM Customized Fund Investment Group, invests client assets in primary fund investments, secondary fund investments and co-investments across the private equity, infrastructure and real estate sub-asset classes. It is one of the largest private markets fund investment and co-investment managers globally, with approximately $20 billion in assets under management.
Additional information about Grosvenor is available at www.gcmlp.com.
Credit Suisse has reached an agreement to spin off the DLJ Investment Partners business including the existing investment team led by Igor DaCosta and Charles Harper, to Portfolio Advisors. Portfolio Advisors will become the new investment manager of DLJ Investment Partners, L.P, DLJ Investment Partners II, L.P., and DLJ Investment Partners III, L.P.
Credit Suisse today announced that it has reached an agreement to spin off the DLJ Investment Partners business (“DLJIP”), including the existing investment team led by Igor DaCosta and Charles Harper, to Portfolio Advisors, LLC.
Portfolio Advisors, an independent, employee-owned firm that provides tailored private equity, private credit and real estate investment solutions to both institutional and high net worth clients through separately managed accounts and commingled fund-of-funds programs, will become the new investment manager of DLJ Investment Partners, L.P. (“DLJIP I”), DLJ Investment Partners II, L.P. (“DLJIP II”), and DLJ Investment Partners III, L.P. (“DLJIP III”) (collectively, the “DLJIP Funds”). Messrs. DaCosta and Harper will continue to manage the DLJIP Funds and all other investment professionals (collectively, the “DLJIP Team”) are expected to join Portfolio Advisors. No changes to the DLJIP Team are expected as a result of the spin-off.
DLJIP provides private debt and equity capital, on behalf of institutional and other investors, primarily to middle market companies in connection with the financing of leveraged buyout transactions or in support of growth, acquisition, recapitalization and refinancing activity. Since its inception in 1995, DLJIP has raised $3.6 billion of capital commitments dedicated to mezzanine investing and has completed 75 transactions across its various funds.
Nicole Arnaboldi, Vice Chairman of Credit Suisse’s Asset Management business, said, “We are pleased to have reached this agreement. We believe that Portfolio Advisors will provide a strong platform for the DLJIP Team to continue to manage the DLJIP Funds and to raise capital in the future.”
Brian Murphy of Portfolio Advisors said, “We are excited that the DLJIP Team is joining the Portfolio Advisors platform. The DLJIP Team is a group of highly talented and experienced investors and we share significant relationships across both general partners and limited partners. As a result, we view this as an important opportunity to continue to grow our firm and our franchise in private credit.”
“The DLJIP team is extremely pleased to be joining Portfolio Advisors, a highly respected name in the private equity fund investing space,” said Igor DaCosta and Charles Harper, Co-Heads of DLJIP. “Their emphasis on private equity style investing and long term approach will serve our limited partners well and should increase our mezzanine opportunity set going forward.”
This spin-off is part of Credit Suisse’s previously announced divestment plans and will facilitate the continued growth of the DLJIP business in light of the changing regulatory environment. This transaction is subject to customary closing conditions, including the approval of limited partners, and is expected to close by the end of 2013.
Credit Suisse AG
Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as “Credit Suisse”). As an integrated bank, Credit Suisse is able to offer clients its expertise in the areas of private banking, investment banking and asset management from a single source. Credit Suisse provides specialist advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients worldwide, and also to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 46,300 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York.
Portfolio Advisors, LLC
Portfolio Advisors (“PA”) is an independent, employee-owned firm that provides tailored private equity, private credit and real estate investment solutions to both institutional and high net worth clients through separately managed accounts and commingled fund-of-funds programs. PA invests on behalf of its clients across the private equity, private credit and private real estate spectrum through primary fund commitments, purchases of secondary private equity limited partnership interests and co-investments alongside well-regarded private equity sponsors. Portfolio Advisors manages over $32 billion in assets under management on behalf of over 600 limited partners and has offices in the United States, Asia and Europe Additional information about.
SOURCE Credit Suisse AG