The market for IPOs & secondaries has been warming up in recent months, so it ought to be true that more and more public companies are laying plans to go to the public markets for new capital, right?

And it ought to be true that the market for PIPEs transactions would be starting to show signs of cooling down, right? 

Nope. Not this year. Today, despite the resurgence of the public markets, the PIPEs market continues to flourish, and in fact, it is expanding.  In the first quarter alone, PIPEs recorded their highest quarterly number since 2001.  Analysts predict this year's total will reach beyond the 1350 placements ($19 billion) recorded for 2003, which was itself a 28% gain over 2002.

However, some industry experts are beginning to express concern.  On the one hand, they say, the market is attracting positive interest as more and more companies (issuers) and funding sources (e.g., private equity funds as well as special funds of funds) want a piece of the action.  And yet, on the other hand, the market is also becoming increasingly sophisticated, competitive, and complicated.

The purpose of this special MASTERCLASS -- led by experts who are pioneers in the field -- is to give you an in-depth look at what's happening in the PIPEs market this year, as well as how issuers and their bankers are structuring their deals and how the smart money is participating in them. 

If you are a venture capitalist, private equity investor, hedge fund manager, executive of a public company, investment banker, placement agent, or attorney working in the finance field, this MASTERCLASS will provide you with the information you need to understand the complexities of PIPE transactions in 2004.

This MASTERCLASS is chaired by Andy Arno, who heads the capital markets group at C. E. Unterberg, Towbin, the prominent investment banking firm and by Mitch Hull, managing director of PIPE Equity Partners LLC, one of the country's leading PIPEs funds. Joining them will be Kurt Kim as well as 15 expert speakers, including general partners, fund-of-fund managers, consultants, attorneys, and accountants who are all well-versed in PIPEs investing.  The final panel consists of investors and executives who have been through the experience, and will share their hard-won lessons learned.

Plenty of free time is built into this program so you can interact with the 15 faculty members, and get answers to the particular questions that are pressing for you and the members of your team.