Pivotal Systems IPO

Pivotal Systems, Inc.

45.8% of portfolio as of 9/30/18

IPO - July 2, 2018

Pivotal supplies flow control solutions to the semiconductor industry. The Fund's initial investment in Pivotal was made in 2012, and we have invested approximately $19.4 million in the company to date. We now hold 53,758,441 shares of common stock, representing 42.9% ownership of Pivotal's common stock, on a fully diluted basis.

As is customary in initial public offerings in Australia (and in the U.S.), we have entered into agreements (commonly called lock-up agreements) that restrict us from selling our Pivotal shares for a period of time. We currently expect approximately 70% of our Pivotal shares to be locked up for 24 months following the IPO. The remaining 30% of shares are expected to be released from escrow (lock-up) in three stages, as follows: (1) approximately 6% upon the filing of Pivotal's fiscal 2018 financial statements, (2) approximately 10.5% upon the filing of Pivotal's first-half 2019 financial statements, and (3) approximately 13.5% upon the filing of Pivotal's fiscal 2019 financial statements.

Latest News

On August 29, 2018, Pivotal announced its financial results for the first half of 2018.

IPO History

  • Year founded: 2009
  • SVVC initial investment: 2012
  • IPO date: 7/2/18
  • Status: Shares in Lock Up