Research: PIPES Red Hot In Q1

Apr 26 2007 | 11:29am ET

The first quarter of 2007 was one of the most active periods in the last twelve years for PIPES transactions, according to Sagient Research Systems, a publisher of independent research for the financial services industry. The firm recently published a league table identifying the most active PIPE investors and financial/legal advisors on its Web site. Some notable hedge funds ranked in the league table include U.K.-based GLG Partners, Northbrook, Illinois-based Crestview Capital Partners and Minneapolis, Minnesota-based Whitebox Advisors.

"During the first quarter, we recorded 302 PIPE transactions totaling $10.92 billion in equity and equity-linked capital raised (excluding Structured Equity Lines and Canadian issuers),” said Robert Kyle, executive vice president of Sagient Research. “This represented an astounding 48% increase over the total amount raised in the market during the first quarter of 2006 and puts the market on track for yet another record year.”

 

The 2007 PIPE Market Institutional Investor League Table
By Number of Transactions (through 3/31/07):

     
                                       Transaction          Total

 Investor Name                            Count        Amount Invested

 -------------                         -----------     ---------------

 Iroquois Capital, L.P.                    19           $16,442,384.00

 Heights Capital Management, Inc.          17           $81,113,503.00

 Enable Capital Management                 16           $49,744,567.00

 UBS Capital Americas, LLC                 12           $38,571,301.00

 Highbridge International, LLC             11           $68,682,578.00

 SF Capital Partners, Inc.                 11           $33,454,418.00

 Cornell Capital Partners, L.P.             9           $31,433,651.00

 Hudson Bay Capital Management, L.P.        9           $15,244,391.00

 Atoll Asset Management, LLC                9            $7,890,023.00

 Downsview Capital, Inc.                    9            $6,138,355.00

 Lehman Brothers, Inc.                      8           $60,320,718.00

 Roswell Capital Partners, LLC              8           $12,510,263.00

 Credit Suisse First Boston Corp.           7           $14,517,252.00

 Vision Capital Advisors, LLC               7           $13,788,481.00

 Cantara (Switzerland) S.A.                 7            $4,793,679.00

 Heller Capital Partners                    7            $4,658,056.00

 Nite Capital Management, LLC               7            $2,399,998.00

 Paramount BioSciences, LLC                 7            $1,554,385.00

 Ramius Capital Group, LLC                  6           $14,064,754.00

 Fort Mason Capital                         6           $13,545,426.00

 Crestview Capital Partners, LLC            6            $9,492,002.00

 GLG Partners, L.P.                         5           $20,618,150.00

 MGP Advisors, LLC                          5           $14,166,889.00

 Millennium Management, LLC                 5           $10,534,000.00

 Whitebox Advisors, LLC                     5           $10,126,085

 

Source: Sagient Research Systems


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Editor's Note