The Securities and Exchange Commission recently announced the agenda for the upcoming meeting on September 27, 2021, of the SEC's Small Business Capital Formation Advisory Committee.  The Committee will meet virtually, and the meeting will be a webcast on the SEC's website.  The Committee will discuss pre-IPO investments and the role of cross-over investors in late-stage pre-IPO rounds.  The detailed agenda cites Pitchbook data from a report, titled "Crossing Over Into Venture," which notes that last year, 74% of IPOs by count and 77% by value included crossover investment in pre-IPO rounds. The Committee will hear from the PitchBook team that authored the report and discuss how this trend is changing the dynamics of capital raising leading up to public offerings.  In addition, the Committee will discuss alternatives to traditional IPOs, including direct listings and combinations with SPACs.

See the press release and agenda here.

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