News & Insights

A recent order by the Securities and Exchange Commission reduced the minimum initial offering period for certain tender offers for equity securities from 20 business days to 10 business days, easing one of the most cited inconveniences in conducting a tender offer. The shorter timeline may only be used for tender offers for private company stock when the offer is made by the issuer of the securities (i.e., the company itself) or a wholly-owned subsidiary of the issuer, which may increase the appeal of structuring large liquidity programs as company-led (rather than third party-led). This timing advantage will likely push more private company liquidity events into issuer-structured programs.

The California Department of Financial Protection and Innovation (“DFPI”) announced the suspension of implementation and enforcement of the Fair Investment Practices by Venture Capital Companies law (“FIPVCC”) pending new rulemaking

The deadline for making certain initial, annual and amended securities filings for the year ended December 31, 2025 is Tuesday, February 17, 2026

In the second installment of Gunderson Dettmer’s Private Fund Focus series, Malcolm Nicholls, Christi Niehans Frentz and Ryan Purcell explore cutting-edge strategies and complex transaction structures that are reshaping the liquidity landscape.

Gunderson Dettmer partners Malcolm Nicholls, Christi Niehans Frentz and Ryan Purcell explore the factors that influence the choice among alternative liquidity strategies, and the mechanics, opportunities, and challenges of each.

Kleiner Perkins announces the formation of its 22nd venture fund, KP22, a $1 billion fund to back early-stage companies, and $2.5 billion in growth funds to back high-inflection, category-defining businesses.

Holly Ventures announces the formation of its $33 million debut fund, a solo-led cybersecurity vehicle built for early-stage cyber startups.

Ascenta Capital, a venture firm investing in multi-medicine development-stage biotechnology companies, announces the formation of its $325 million inaugural fund

Gunderson Dettmer leads PitchBook’s Global League Tables for the third consecutive quarter in 2025, reinforcing the firm’s position as the world’s most active law firm in venture capital and emerging company transactions.

Gunderson Dettmer provides a range of its recent fund formation deals that were closed. 

Gunderson Dettmer ranks as the most active law firm in the world for the second quarter in a row in PitchBook’s Q2 2025 Global League Tables, with 336 financings across the globe exceeding $25 billion in value