| | | | | Introducing PitchBook's 'Manager Style Framework' | |  | | (Abstract Aerial Art/Getty Images) | | | Private markets have long lagged their public counterparts in their ability to apply systematic, quantitative metrics to evaluate a fund manager's investment approach. With the PitchBook Private Manager Style Framework, a new set of metrics will help investors evaluate how a general partner's check sizes and specializations across industries, geographies and strategies compare with the rest of the market, and learn how those practices have drifted from mandates over time.
Driven by our market-leading private market database, we apply a suite of quantitative systems aimed to help LPs and others investors: - Compare and contrast GP strategies
- Ensure that a manager's actual investment practices are consistent with stated strategy
- Understand broad levers GPs use to build funds
- Understand how a GP strategy fits within an investor's private market allocation
PitchBook subscribers can expect to find our manager style framework applied to GP profiles within our platform in early 2021. We hope you find this tool useful in your practice and as always, email us with any comments or questions. | | | | | | | | | | Airbnb shows pandemic resilience in IPO filing, but expects ongoing virus woes | |  | | (ArthurStock/Shutterstock.com) | | | Airbnb's IPO documents illustrate the vacation rental company as a diamond in the rough of a travel industry largely wrecked by the pandemic.
Aggressive cost-cutting, an upswing in short-distance travel and other tailwinds helped the travel giant to squeeze out a profitable third quarter.
But raging global coronavirus cases are threatening to cause a tepid rebound for travel. And Airbnb still has pre-pandemic challenges like annual profitability and slowing revenue growth to overcome: | | | | | | | | | | A message from Lincoln International | | | | The unpredictable year: M&A reflections and projections | | When COVID-19 hit, many in the banking industry anticipated that M&A would grind to a halt, the stock market would plummet, and many businesses would require restructurings or distressed sales. However, these expectations were proven wrong—the reality is that this year will close out far stronger than anticipated. In the absence of a crystal ball, those with direct and connected experience reveal the greatest insight about what lies ahead.
Lincoln is pleased to share perspectives from Mayor Rahm Emanuel and Gov. Chris Christie, who, during a recent Lincoln event, discussed implications of the 2020 election on dealmaking and business. In addition, Lincoln's North America CEO Rob Brown shares a series of predictions about what may be in store for investment banking.
To view video vignettes featuring Mayor Emanuel and Gov. Christie, including their predictions on the future of carried interest, and other perspectives from Lincoln International, click here. | | | | | | | | | | Crowdfunding poised to become VC alternative under new rules | |  | | (Chip Somodevilla/Getty Images) | | | The SEC recently upped the annual limit on how much companies can raise via equity crowdfunding to $5 million—more than four times the previous limit and more than twice the median seed round in the US this year.
Already popular in Europe, equity crowdfunding is poised to become a viable model for seed-stage startups in the US. And it could reshape the way they think about venture funding.
Here's why | | | | | | | | | | What's next for equity crowdfunding? | | The SEC has highlighted an emerging avenue to fundraising with the recent expansion of equity crowdfunding, which had shown only tepid adoption in the US since the first federal regulations were enacted in 2016.
By increasing the cap on fundraising from just over $1 million to $5 million, the updated rules may help entice more companies to embrace crowdfunding campaigns when raising cash.
The ultimate impact of the new limit may not be seen immediately, PitchBook analysts report, but with crowdfunding records already being broken during the pandemic, the interest is there to bring this once-fringe option into the mainstream: | | | | | | | | | | On the podcast: Possibilities and limitations of digital contact tracing | | In the latest episode of PitchBook's "In Visible Capital" podcast, we dive into digital contact tracing to explore its potential for success—and its limitations—during the COVID-19 crisis. This week, we're joined by Hangar Capital's Josh Mendelsohn and Alex Haefner and Matt Harris from workplace management startup Envoy. Topics discussed include: - The primary obstacles, both technological and ethical, to using contact tracing
- The investment outlook for contact tracing devices and software
- The long-term need for better partnerships and more holistic data management
Subscribe to "In Visible Capital" wherever you listen to podcasts, and look for new episodes every Tuesday: | | | | | | | | | | From electric aviation to spatial computing to quantum sensors, a look at the top 10 emerging technologies of 2020. [Scientific American]
Public transportation revenue has been hit hard in many major cities like New York. Even after the pandemic has subsided, will passengers return? [Financial Times]
At 5 months old, Chris Nikic underwent open-heart surgery. It took him years to learn how to tie his shoes. Now, at age 21, he is the first person with Down syndrome to complete the Ironman triathlon. [The New York Times] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 135 Deals | 443 People | 119 Companies | 7 Funds | | | | | | | | | | | | | | | | | | | | 2013 Vintage Global Venture Funds with less than $250M | | | | | | | | | | | | | | | | | | | | | SoftBank leads $100M round for MindTickle | | | | | | | | | Investors pump $65M into AliveCor | | | | | | | | | InterVenn Biosciences picks up $34M | | | | | | | | | | | | | EQT takes over Thinkproject | | | EQT has acquired a majority stake in Thinkproject, a Munich-based provider of intelligence software for the construction industry, from TA Associates, which had backed the company since 2017. As part of the latest deal, TA Associates, company founder Thomas Bachmaier and the management team will re-invest in Thinkproject. The company's technology helps clients across 60 countries improve their delivery times, reduce waste and energy consumption, and increase sustainability. | | | | | | | | KKR, Rakuten strike pact with Walmart for Seiyu | | | KKR has agreed to acquire a 65% stake in Seiyu from Walmart in a deal that values the Japanese supermarket chain at around 172.5 billion yen (about $1.6 billion). Rakuten will purchase a 20% stake in Seiyu, with Walmart retaining the remaining 15% stake in the company. | | | | | | | | Cerberus to take Dorel private | | | Cerberus Capital Management has agreed to acquire Montreal-based Dorel Industries for C$14.50 per share in cash. The deal values the company at C$470 million (around $359 million), according to Reuters. Founded in 1962, Dorel manufactures kids' bicycles, sporting goods, car seats and a range of other consumer products. | | | | | | | | | KKR has agreed to invest in CMC Machinery, an Italian provider of manufactured packaging services for the retail and logistics industries. The deal marks KKR's fourth investment from its Global Impact Fund, which closed on $1.3 billion in February. | | | | | | | | American Securities takes FBM private for $1.4B | | | American Securities has agreed to acquire a majority stake in Foundation Building Materials for $19.25 per share, or roughly $1.37 billion including debt. Based in Santa Ana, Calif., FBM is a distributor of wallboard, ceiling systems, metal framing and other specialty building products. Lone Star Funds acquired FBM in 2015 for $560 million before taking it public two years later. | | | | | | | | | | | | UiPath works with banks on 2021 IPO | | | | | | | | | Bird weighs public debut via SPAC | | | Electric scooter-sharing startup Bird could go public through a deal with a special-purpose acquisition company, according to Bloomberg. Bird has reportedly been in talks with several SPACs, but doesn't intend to make a public debut this year. In January, the Santa Monica, Calif.-based startup was worth $2.85 billion after picking up $75 million in funding, according to PitchBook data. | | | | | | | | Tom Siebel's C3.ai files for IPO | | | C3.ai, the enterprise software company founded by billionaire and former Oracle executive Tom Siebel, has filed for an IPO. The business was valued at $3.3 billion last year after raising $50 million from BlackRock, according to PitchBook data. It forged a partnership last month with Microsoft and Adobe on a new customer service product. Siebel and TPG Growth own the majority of C3.ai, according to an SEC filing. | | | | | | | | Reliance Retail picks up VC-backed Urban Ladder | | | | | | | | | | | | | Orbia Ventures makes first investment | | | Mexico City-based Orbia (formerly Mexichem) has announced its first investment through Orbia Ventures, a corporate venture fund that targets startups developing tech related to sustainability, smart cities, energy storage, communications and more. For its first deal, the vehicle invested $3 million in SeeTree, an agtech startup building technology for tree farming. Orbia is a provider of specialty products and solutions for the building and infrastructure, precision agriculture, healthcare delivery and data communications sectors. | | | | | | | | | | Home Depot reunites with HD Supply in $8B deal | | | | | | | | | | "Having peaked in 2018, France & Benelux cross-border deal value has fallen, registering €53.7 billion through Q3 2020. Although this drop-off can be largely attributed to a bumper year for M&A in 2018, major cross-border deals have still been conducted. In 2020, France-based Asteelflash, one of the largest electronic manufacturing services companies in Europe, was acquired by China-based Universal Scientific Industrial (SHG: 601231) for €450.0 million."
Source: PitchBook's Q3 2020 European M&A Report | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | Service Providers | | | | | | | | | |
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