NorthStar Realty Finance secured US$1.1bn through an overnight stock sale on Monday that saw the commercial mortgage REIT gain flexibility via a forward-sale arrangement. The forward-sale, which covers two thirds of the base amount raised, functions much like a revolving credit facility, only in equity rather than debt.
There are only a few companies that can consistently drum up US$1bn-plus of investor demand on an overnight basis. Health Care REIT is one among those that has benefited from its strong record as a consolidator of senior and assisted living properties.
Genetic testing provider Invitae is the latest early-stage biotech to benefit from participation of traditional, long-only institutional investors in both its IPO and late-stage private funding. Re-commitment by those same investors on the IPO culminated in an upsized deal, premium valuation, and healthy returns that participated along the way.