Stableton Navigator | Secondaries Market Boom, Shein's IPO & Anthropic's European Launch
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Welcome to this week's edition of the Stableton Navigator. Shein eyes a role for former British Chancellor Sajid Javid, reinforcing its IPO plans on the London Stock Exchange. Anthropic launches Claude AI chatbot in Europe and hires Instagram co-founder Mike Krieger. SpaceX expands Starlink to Indonesia. Francesco De Rubertis, co-founder of Medicxi, forecasts a surge in IPOs during the summer. Stay tuned for key market updates and insights.
Highlight of the Week
Shein is advancing its plans for a monumental IPO on the London Stock Exchange, valued at over £50 billion. The company has approached former Chancellor Sajid Javid for a potential board or advisory role. Executive chairman Donald Tang has also been in talks with other senior city figures. This move positions Shein to become the second-largest IPO in LSE history.(1)
Market Update
Francesco De Rubertis, co-founder and partner at Medicxi, states that the IPO market will see a wave of new offerings during the summer, with the window reopening this year. He points to the rise in secondary stock offerings, stating, "An increase in these offerings is already a signal of good health of the markets, as they show that investors are excited."(2)
Report from PitchBook shows secondaries AUM has grown 203% to $462.5 billion over the past decade. With $200 billion in dry powder, secondaries GPs are poised to buy prime assets at attractive prices. As PE and VC portfolios age, secondaries funds benefit from the mismatch in capital demand and supply, positioning them well amid the exit winter.(3)
Preqin reports that secondaries fundraising reached a record $93.8 billion in 2023, a 159% increase from 2022. Nearly two-thirds of LPs view secondaries as the best private equity opportunity. According to Hugh MacArthur, Chairman of the Global Private Equity Practice at Bain & Company, the appeal of secondaries is evident as even the lowest-performing quartile of these funds achieve positive returns.(4)
Portfolio News
 | Shein is advancing its plans for a monumental IPO on the London Stock Exchange, valued at over £50 billion. The company has approached Sajid Javid, the former Chancellor, for a possible role, either on its board or as an adviser. The company's executive chairman, Donald Tang, has also been in talks with other senior city figures. This step positions Shein to become the second-largest IPO in LSE history. |
 | Anthropic has launched its Claude AI chatbot in Europe, accessible via web and iOS. The Claude assistant, focusing on security and privacy, is available in multiple European languages. Claude Pro offers advanced models for a subscription, while business plans are priced at €28 monthly. This expansion follows significant EU AI regulations and underscores Anthropic's rapid market growth.(5) Instagram co-founder Mike Krieger has joined Anthropic as Chief Product Officer. Known for growing Instagram to 1 billion users, Krieger will oversee product engineering and design. Krieger's hire follows the debut of Anthropic's enterprise offerings and iOS app.(6) |
 | Elon Musk has launched SpaceX's Starlink internet services in Indonesia. Inaugurated in Bali, Starlink will provide internet access where it's currently limited or unavailable. Musk highlighted the transformative impact of internet connectivity, calling it a "life-changer" and "life-saver" for remote communities. This launch marks another step in Starlink's expansion in Southeast Asia, following its availability in Malaysia and the Philippines.(7) |
 | Revolut plans a $500m share sale for employees, aiming to keep its $33bn valuation. Morgan Stanley will coordinate the sale, which follows strong growth, doubling revenue to £1.7bn. Despite regulatory challenges, Revolut remains Britain's top fintech with over 40 million customers and is awaiting a UK banking license.(8) |
Chart of the Week
Impressive Growth: The IPO market is on an upward trajectory, with April marking the best month for IPOs since 2018 (excluding 2021) with 20 companies going public. High-profile companies like Reddit and Astena Labs achieved returns of 57% and 94%, respectively. This strong performance sets a promising stage for our upcoming IPOs.
The Untold Unicorn Story
Chime is a financial technology company founded in 2013 by Chris Britt and Ryan King. It offers fee-free banking services, including checking and savings accounts, debit cards, and automated savings tools. Chime's mission is to simplify banking and help people manage their money more effectively, bypassing traditional banking fees. The company has seen rapid growth with millions of users and is now one of the leading fintech firms in the United States.
A fun fact: Ryan King, the Chief Technical Officer and co-founder, flipped a coin to choose between computer science and music when applying to college. Despite his interest in both, it ultimately landed in software development which would shape his future significantly. Co-founding Chime was a result of this, and his technical expertise has been crucial in developing the cutting-edge banking platform we see today.
Q&A and Learning
Can Stableton overrule the selection criteria determining the target allocation?
We do not overrule the systematic selection process. Our aim is to closely reflect the top 20 unicorns as determined by the systematic process. It's worth noting that human judgment is still involved in executing this systematic strategy. We focus on eliminating the largest absolute difference to the target allocation. In addition, we may prioritize some transactions where shares are harder to locate. By following this approach, we strive to align the portfolio with the target allocation.
Where to Meet Us
Reach out if you would like to meet
SuperRetun / SuperVenture - Berlin (June 4-7)
AltsHK - Hong Kong (June 13)
Hightech Gründerfonds Berlin Family Day - Berlin (June 11-12)
Fund Forum - Monaco (June 24-26)
Apero and get together - Milan (July 10)
Israel Private Markets Summit - Tel Aviv (July 16)
And, of course, we are always happy to meet you at our main offices in Zurich, Switzerland!
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