| | | | | CVC Capital could take minority stake in San Antonio Spurs | |  | | The San Antonio Spurs and head coach Gregg Popovich are drawing PE interest. (Pool/Getty Images) | | | CVC Capital Partners is in talks to buy a roughly 15% stake in the San Antonio Spurs in a deal that could value the NBA franchise at around $1.3 billion, the Financial Times reported. Such a move would be the latest example of private equity's surging appetite for pro sports investments, with the news coming just a week after the NBA's owners relaxed league rules to allow investment firms to own up to a 20% stake in as many as five different teams.
CVC Capital has long been an active investor in the world of sports. Earlier this week, the Luxembourg-based firm struck a deal with the International Volleyball Federation to launch Volleyball World, a new partnership aimed at driving the game's global growth. Other firms, including Dyal Capital Partners and Arctos Sports Partners, are raising funds with the specific aim of acquiring passive stakes in sports teams. | | | | | | | | | | Bespoke new PitchBook Benchmarks for PE, VC and more | | Every quarter, our PitchBook Benchmarks present a snapshot of the most recent data available on how funds are performing across a huge range of geographies and strategies. Now, to make it easier for LPs and GPs to compare performance across more representative peer groups, the Benchmarks are getting even bigger.
In addition to our usual look at the full global data, we're now offering new editions catered specifically to the Europe, North America, private equity and venture capital markets. The benchmarks are also timelier than ever, with preliminary data from Q3 2020, when many markets began to recover from a pandemic nadir.
We've got the full range of data on IRR, cash multiples and other performance metrics for whichever scope best meets your needs. | | | | | | | | | | | | How VCs raise their early funds | | The democratization of VC means that more early-fund investors are on the hunt for LPs than ever before.
DocSend surveyed dozens of VC firms to demystify how these funds were able to successfully raise at a time of intense competition. An industry-first report, "Looking behind the curtain: How VCs raise their early funds," shares exclusive data on the fundraising process for funds 1-6, analyzes why some funds raise faster than others and challenges that more meetings do not equal a more successful fundraise.
Download the report | | | | | | | | | | Carlyle cashes in on Supreme, boosts earnings past estimates | | The Carlyle Group's big bet on a trendy fashion brand paid off in the fourth quarter of 2020, helping the firm to an earnings day surprise that sent its stock soaring.
Carlyle posted net income of $518.8 million in Q4, a sharp turnaround after the firm lost around $8 million in the same period a year earlier. That boost was driven in large part by selling its stake in Supreme, a New York-based streetwear company, to apparel conglomerate VF in a November deal that valued Supreme at around $2.1 billion. The exit came just three years after Carlyle bought a 50% stake in the company for half that price.
In addition to the spike in income, Carlyle's distributable earnings jumped to $236.9 million in Q4 2020, or 64 cents per share. That easily outpaced reported analyst expectations of 44 cents per share. Carlyle's private equity portfolio appreciated 11% over the final three months of the year, slightly trailing the S&P 500's 11.7% gain. Add it all up, and Carlyle's shares soared 7% on Thursday, taking the Washington, DC-based firm's market cap to some $12.7 billion.
Related read: Blackstone bets on infrastructure, economic rebound as earnings jump | | | | | | | | | | Private equity could face a reckoning as power shifts in Congress | |  | Sen. Elizabeth Warren has long railed against the private equity industry for alleged predatory investing.
(Chip Somodevilla/Getty Images) | | | After years of operating with minimal government intervention, the US private equity industry could face new regulatory scrutiny in 2021 and beyond. The Democratic Party now controls both chambers of Congress and the White House, giving progressive lawmakers who have long criticized the PE industry their best chance yet to enact significant change.
Chief among those lawmakers is Sen. Elizabeth Warren, the primary force behind the Stop Wall Street Looting Act. | | | | | | | | | | An ice cream startup called Ample Hills was thriving, winning famous fans like Oprah Winfrey and Bob Iger. Then, it all came melting down. [Marker]
A 24-year-old graduate student who turned a 40,000% profit in less than three weeks by betting on GameStop looks back on his brief, wild ride. [The Wall Street Journal]
The fascinating tale of a lion, a polygamist, and a biofuel scam that bilked the government for hundreds of millions of dollars. [Wired] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 520 Deals | 1661 People | 554 Companies | 25 Funds | | | | | | | | | | | | | | | | | | | | 2013 Vintage Global Funds-of-Funds | | | | | | | | | | | | | Sriram Krishnan joins a16z as GP | | | | | | | | | | | Rad Power Bikes picks up $150M | | | | | | | | | Top Hat books $130M, brings on new CEO | | | Top Hat has raised a $130 million Series E from existing investor Georgian. The Toronto-based company is the developer of an edtech platform that offers digital course content, assessments and other related learning tools for colleges and universities across North America. Top Hat has also named Joe Rohrlich, former chief revenue officer at Bazaarvoice, as its new CEO. | | | | | | | | Tovala cooks up $30M Series C | | | Tovala, which offers a smart oven and meal service, has raised $30 million in a round led by Left Lane Capital. In June, the company raised $20 million at a $75 million valuation, according to PitchBook data. | | | | | | | | | | Stone Point, Insight strike $6B deal for CoreLogic | | | Stone Point Capital and Insight Partners have agreed to acquire CoreLogic, an Irvine, Calif.-based provider of property info and analytics software, for $80 per share in cash, or roughly $6 billion. The deal marks a 51% premium to the company's closing price on June 25, 2020, the final day before sale rumors began. A previous report indicated CoreLogic rival CoStar made a bid to purchase the company for some $6.7 billion. | | | | | | | | Carlyle to take control of Varo Energy | | | The Carlyle Group has agreed to purchase an additional stake in Varo Energy from Dutch investor Reggeborgh, with Bloomberg reporting the deal will increase Carlyle's stake in the Swiss company from 33% to 66%. Varo is an oil refiner and supplier operating in Northwestern Europe, with refineries in Germany and Switzerland. | | | | | | | | Trilantic, Energy Impact to take over Powin | | | | | | | | | IK inks deal for Skill & You | | | IK Investment Partners has agreed to acquire a majority stake in Skill & You, a provider of vocational teaching software, from Andera Partners, which has owned the French company since 2018. Skill & You specializes in a range of verticals including healthcare, childcare, animal health, IT and more. | | | | | | | | | | Sana Biotechnology debuts in IPO | | | Sana Biotechnology, which bioengineers cellular therapeutics, has arrived on Wall Street in an IPO that raised more than $587 million. The Seattle-based company's upsized offering of 23.5 million shares priced at $25 apiece. The stock opened for Nasdaq trading on Thursday at $35 and traded as high as $38.45. Sana had previously raised about $865 million from investors including Arch Venture Partners, Baillie Gifford and Bezos Expeditions. | | | | | | | | 23andMe to go public in Richard Branson-led SPAC deal | | | 23andMe, a provider of at-home DNA test kits, has agreed to go public through a merger with VG Acquisition Corp., a SPAC led by Richard Branson's Virgin Group. The deal gives the company an enterprise valuation of around $3.5 billion. 23andMe has raised about $874 million in private funding from Sequoia, Altimeter Capital, Breyer Capital and others, according to PitchBook data. The SPAC will inject up to $509 million in Sunnyvale, Calif.-based 23andMe, while Branson and 23andMe co-founder Anne Wojcicki will each invest $25 million as part of a $250 million private placement. | | | | | | | | Alex Rodriguez swings for $500M SPAC IPO | | | Slam Corp., a blank-check company started by baseball legend Alex Rodriguez and hedge fund Antara Capital, plans to raise around $500 million in an initial public offering, according to a regulatory filing. The SPAC will seek targets in sectors including sports, media, entertainment, health and wellness, and consumer technology. It does not plan to acquire a professional sports franchise. Rodriguez's investment firm, A-Rod, has backed real estate tech companies Sonder and Apartment List. | | | | | | | | MeridianLink mulls $3B+ fintech debut | | | Thoma Bravo is preparing an IPO for MeridianLink, a developer of lending and banking software, according to a Reuters report. The listing could reportedly value the California-based company at more than $3 billion. Thoma Bravo has backed MeridianLink since 2018, when it acquired the company and merged it with three prior divisions of CRIF Lending Solutions. | | | | | | | | Carlyle-backed Atotech prices below range | | | Atotech, a Berlin-based specialty chemicals company backed by The Carlyle Group, has raised $498 million in its IPO. The company sold 29.3 million shares for $17 apiece, below its range of $19 to $22. Atotech's stock rose more than 13% Thursday to end its first day of trading at $19.25 per share. Carlyle acquired the company from energy giant Total in 2016 for $3.2 billion. | | | | | | | | New Mountain's Signify sets IPO range | | | Signify Health has revealed plans to sell 23.5 million shares for between $17 and $19 apiece in its upcoming IPO on the NYSE, with a midpoint pricing set to raise $423 million. The company operates a payments platform for in-home healthcare. Signify has been a portfolio company of New Mountain Capital since 2017. | | | | | | | | Advent eyes $1B mattress exit in China | | | Advent International is considering a potential $1 billion sale or other strategic options for King Koil China, a mattress maker it has backed since 2016, Bloomberg reported. In 2018, Advent combined King Koil China with Serta's business in China. Advent has owned the larger Serta Simmons Bedding company since 2012. | | | | | | | | Veracyte reveals $600M deal for Decipher | | | Veracyte has agreed to pay $600 million to acquire Decipher Biosciences, a precision oncology company based in San Diego that is focused on urologic cancers. The payment will consist of $250 million in cash and $350 million in stock. Decipher filed for an IPO about two weeks ago. The company has raised prior venture funding from investors including Tekla Capital Management, CD-Venture and Novalis Lifesciences. | | | | | | | | | | African investor raises $143M food fund | | | Phatisa, a private equity firm that invests primarily in sub-Saharan Africa, has closed its second food-focused fund on $143 million. The vehicle will target investments across Africa's entire food value chain, including areas such as mechanization, meat production, food processing and logistics. | | | | | | | | Endicott closes $142M fund | | | Endicott Group has raised $142 million for a lower-middle-market vehicle called Endicott Growth Equity Partners, its first private equity fund focused on the information services sector. Endicott, a New York-based investment firm that was founded in 1996, launched its growth equity platform in 2019. | | | | | | | | Acrew launches diversity fund | | | Theresia Gouw's Acrew Capital has launched a VC fund that seeks to diversify the ownership of late-stage companies by bringing in LPs that identify as female or people of color. The Diversify Capital Fund plans to write checks ranging from $5 million to $15 million as a co-investor alongside growth firms. Acrew will use its network to help portfolio companies bring diversity to their boards and leadership teams. The firm is a backer of expense-management startup Divvy, fintech company Chime and Solv Health. | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | |
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