| | | | | PitchBook's Manager Style Framework: PE spotlight | |  | | (PM Images/Getty Images) | | | As part of our newly announced Private Manager Style Framework, we're diving into this new metric to evaluate private equity's investment approach. Our latest analyst note demonstrates how to apply this tool to assess PE managers; a future note will explore the VC space. Highlights include: - The Manager Style Score can be used to assess a manager's deal concentration in past investments by industry or geography
- We use real-world examples to help visualize how well-known PE managers stack up against each other
- While the scores are not rankings of quality or expected performance, they can be useful to compare managers' evolving investment styles
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. | | | | | | | | | | Robinhood, Arrival aim to go public | | Robinhood is looking to go public in early 2021, according to Bloomberg, possibly joining a wave of IPOs next year.
The online trading platform operator has asked banks to pitch roles for a potential offering, the report said. In September, the Menlo Park-based company added $460 million to its Series G, propelling its valuation to $11.7 billion. This year alone, Robinhood has raised some $1.3 billion—nearly half of its total fundraising haul, according to PitchBook data.
Robinhood's listing could join grocery delivery provider Instacart, enterprise software specialist UiPath, dating company Bumble, home mortgage provider Better.com and fashion retailer Mytheresa, which are all reportedly laying the groundwork for offerings of their own in 2021.
Another company reportedly aiming to go public is Arrival, a London-based maker of electric vans and buses. Arrival is in talks to merge with special-purpose acquisition company CIIG Merger Corp., according to Bloomberg. The deal is expected to value the new company at between $5 billion and $6 billion.
Last month, BlackRock injected $118 million into Arrival, reportedly valuing it at about €3 billion (around $3.6 billion). The carmaker has also received backing from investors including UPS, Hyundai and Kia.
Related read: What's electrifying the romance between SPACs and cleantech? | | | | | | | | | | A message from BlueMark, a Tideline company | | | | Impact verification is key to building trust and confidence in impact investing | | As growth in impact investing accelerates, so too have concerns about impact-washing. Many fund managers are now using the "impact" label to position their organizations as socially and environmentally friendly and better compete for assets.
But how can investors be confident—and managers minimize their liability—that impact claims will translate to impact performance?
The answer is independent impact verification against industry standards and best practices, like the Operating Principles for Impact Management (OPIM) or the Sustainable Development Goals (SDGs). BlueMark, an independent verifier, is the industry leader in evaluating impact practices and impact reporting, providing institutional investors with greater trust in the "impact" label and allowing fund managers to more confidently market their "impact" products.
Learn more about BlueMark and impact verification | | | | | | | | | | Shamrock scoops up part of Taylor Swift's catalog in $300M deal | |  | A few months after releasing her latest album, Taylor Swift is battling with a private equity firm over her first six.
(Frazer Harrison/Getty Images) | | | Taylor Swift just can't seem to shake off private equity.
After a year of feuding with The Carlyle Group and music mogul Scooter Braun over the rights to her first six albums, another PE firm has stepped in and purchased them for around $300 million.
As a result, Swift is now plotting her own endgame: | | | | | | | | | | Healthcare providers and governments have now had more than eight months to grapple with the realities of the pandemic. But the market for crucial N95 masks remains chaotic, cutthroat and unclear. [The New York Times]
In Hollywood, Blackstone is making a 500,000-square-foot bet on the idea that content is king. [The Wall Street Journal]
Wind and solar power are now cheaper than fossil fuels. For entrepreneurs like Michael Polsky, that means the fun is just getting started. [Forbes] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 348 Deals | 1331 People | 317 Companies | 32 Funds | | | | | | | | | | | | | | | | | | | | 2009 Vintage Global Secondaries Funds | | | | | | | | | | | | | Cornell Capital promotes new partner | | | Cornell Capital has made Emily Pollack a partner. Pollack has worked at the New York-based private equity firm since 2017, helping oversee investments in financial services and insurance companies. Founded in 2013, Cornell Capital focuses on the consumer, financial and industrial sectors. | | | | | | | | Riverside names partner in Dallas | | | The Riverside Company has promoted Drew Flanigan to partner, a role in which he will help oversee the firm's office in Dallas and lead investments in the software and business services sectors. Flanigan joined the New York-based firm in 2010 after previously working in investment banking at Harris Williams. | | | | | | | | Emergence Capital announces promotions | | | Bay Area-based venture firm Emergence Capital has promoted Jake Saper to general partner and Carlotta Siniscalco to principal. Saper has worked at the firm since 2014 and is a board member at business software startup Guru, while Siniscalco joined Emergence in 2018 and is on the board of vendor security company Whistic. | | | | | | | | | | | | Relativity Space targets $500M at $2.3B valuation | | | Relativity Space, a maker of 3D-printed rockets, is raising a $500 million round led by Tiger Global, according to CNBC. The funding would reportedly value the company at $2.3 billion, more than five times the $430 million valuation it received last year, according to PitchBook data. | | | | | | | | PingCap picks up $270M Series D | | | | | | | | | DataRobot pockets $270M ahead of IPO | | | DataRobot has raised $270 million led by Altimeter Capital in advance of its planned IPO. Investors including NEA, Silver Lake and Tiger Global also participated in the financing, which more than doubles DataRobot's valuation to over $2.7 billion, up from $1.3 billion last year, according to PitchBook data. The Boston-based company's platform is used by businesses to build AI-powered machine learning models. | | | | | | | | Klaviyo collects $200M Series C | | | Klaviyo has raised $200 million in a round led by Accel, with participation from existing backer Summit Partners. The deal values Klaviyo at $4.15 billion, according to TechCrunch. The Boston-based company is a developer of customer data and marketing software that integrates with ecommerce platforms including Shopify and Stripe. Klaviyo has now raised $358.5 million in total private funding since it was founded in 2012. Accel partner Ping Li will join the company's board. | | | | | | | | Lightspeed leads $130M round for Cato Networks | | | Cato Networks, the developer of a cloud-based enterprise security platform, has raised $130 million in a round that values the company at more than $1 billion. Lightspeed led the funding, with participation from investors including Coatue, Greylock Partners and Singtel Innov8. Based out of Tel Aviv, Cato Networks raised $77 million in April. | | | | | | | | | Hover has secured a $60 million Series D co-led by insurance carriers Travelers, State Farm Ventures and Nationwide. Founded in 2011, the San Francisco-based company is the developer of 3D data platform that helps homeowners, insurance professionals and contractors manage home projects. In April 2019, Hover raised $25 million at a $280 million valuation, according to PitchBook data. | | | | | | | | ActivTrak takes in $50M Series B | | | ActivTrak has raised $50 million in a round led by Sapphire Ventures, with participation from Elsewhere Partners. The Austin-based company is the developer of a productivity analytics platform designed to monitor employee performance. ActivTrak was valued at $39 million in March 2019, according to PitchBook data. | | | | | | | | | | | | Clearlake embarks on minor deal spree | | | Clearlake Capital Group has agreed to buy PrimeSource, a distributor of specialty building materials, from Platinum Equity, which has owned the Texas-based company since 2015. Clearlake has also completed acquisitions of Zywave and Advisen, with plans to merge the two companies into a new platform that develops software for the insurance industry. Prior Zywave owner Aurora Capital Group invested alongside Clearlake in the deal. | | | | | | | | OMERS takes over TurnPoint from Trivest | | | | | | | | | Gridiron grabs outdoor gear dealer in SBO | | | | | | | | | Alpine backs ProfitSword add-on | | | ASG, a software company backed by Alpine Investors, has acquired ProfitSword, an Orlando-based provider of hotel property operations and data management software. As part of the deal, ASG's Rob Ryan will join ProfitSword as chief revenue officer and Alpine's Ali Jenab will become the company's executive chairman. Alpine launched ASG in 2016. | | | | | | | | KKR teams with Duke Rohlen to launch Zeus Health | | | KKR has teamed up with healthcare industry veteran Duke Rohlen to launch Zeus Health, a $100 million platform that will invest in medical device companies. Capital for the investment will come via KKR's Health Care Strategic Growth Fund, which it closed with $1.45 billion in commitments in 2017. Rohlen was previously CEO of Spirox, a maker of nasal implants that was later sold to Entellus Medical; he also worked with KKR to form Ajax Health in 2017. | | | | | | | | | | | | H&F inks $9.3B payments exit in Europe | | | Hellman & Friedman has agreed to sell Danish payments specialist Nets to Italian rival Nexi in a deal worth €7.8 billion (about $9.3 billion), according to Reuters. H&F acquired Nets in a $5.3 billion deal in 2017, with prior backers including Advent International and Bain Capital retaining minority stakes. Nexi agreed in October to conduct a separate $5.3 billion merger with Sia, a fellow payments company backed by the Italian government. | | | | | | | | Genstar to flip ISS in $2.3B sale | | | Genstar Capital has agreed to sell an 80% stake in Institutional Shareholder Services to marketplace operator Deutsche Börse, giving the Maryland-based company an equity valuation of nearly $2.3 billion. ISS is a provider of environmental, social, and governance data and research for asset managers and other clients. Genstar, which will retain the other 20% of ISS, bought the company from Vestar Capital Partners in 2017 at a valuation of $720 million. | | | | | | | | Autodesk to acquire Spacemaker for $240M | | | Publicly traded software specialist Autodesk has agreed to acquire Spacemaker for $240 million. Based in Oslo, Spacemaker develops AI-supported software for architecture and urban design. The company raised a $25 million Series A last year led by Atomico and Northzone. | | | | | | | | | | STG Partners pulls in $2B for software deals | | | Palo Alto-based STG Partners has closed its sixth flagship fund on $2 billion, exceeding a $1.5 billion target. The vehicle will invest in middle-market companies in the enterprise software and software-enabled tech services industries. | | | | | | | | | Nexus Capital Management has closed its third special situations fund with $1.25 billion in outside commitments. The Los Angeles-based private equity firm closed its most recent special situations vehicle on $550 million in 2018. Nexus typically invests $20 million to $150 million per transaction, with a focus on industries such as ecommerce, education and business services. | | | | | | | | Innovation Endeavors targets $325M fund | | | Palo Alto-based Innovation Endeavors has set a $325 million goal for its fourth venture fund, according to an SEC filing. The firm invests in sectors including cybersecurity, enterprise software and life sciences, with a portfolio that includes lending and personal finance platform SoFi and car-sharing startup Getaround. | | | | | | | | | | PNC to acquire BBVA USA for $11.6B | | | US banking group PNC Financial Services has agreed to buy the US operations of Spanish bank BBVA for $11.6 billion in cash. Based in Houston, BBVA USA manages $104 billion in assets and operates 637 branches throughout Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. PNC, which is the holding company of Pittsburgh-based PNC Bank, claims $462 billion in assets under management and operates some 2,200 branches. | | | | | | | | Mars and Kind to combine in $5B takeover | | | Iconic candy company Mars has agreed to acquire Kind North America, with The New York Times reporting the deal values the New York-based maker of snack bars at about $5 billion. Mars purchased a previous minority stake in Kind in 2017 at a reported $4 billion valuation. Kind's majority owner is Daniel Lubetzky, who bought back control of the company from former private equity owner VMG Partners for $220 million in 2014. | | | | | | | | Baidu lines up $3.6B streaming takeover | | | Chinese internet powerhouse Baidu has agreed to pay $3.6 billion in cash to acquire the YY Live streaming service in China from Joyy, a Chinese social media company. The deal marks a notable step into social media for Baidu, which has traditionally focused more on search, AI and other digital offerings. | | | | | | | | Simon, Taubman slash $800M off purchase price | | | Simon Property Group and Taubman Centers have agreed to new terms for Simon's planned acquisition of its fellow shopping-mall operator, reducing the price from $52.50 per share to $43 per share. The revision cuts about $800 million off the $3.6 billion price that the two sides first announced in February, according to CNBC. Shopping malls across the US have been hammered by the coronavirus in the months since the deal's original announcement. | | | | | | | | Santander picks up Wirecard assets | | | Spanish banking giant Santander has acquired the core European business of collapsed German payments provider Wirecard for €100 million (about $119 million), according to the Financial Times. Wirecard was declared insolvent in June after a $2 billion accounting scandal uncovered by its auditor, EY, led to the arrest of CEO Markus Braun. | | | | | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | Limited Partners | | | | Service Providers | | | | | | | | | |
No comments:
Post a Comment