| |
| |
| Q1 US PE activity points to a strong 2021 | | As the industry normalizes after the roller coaster of 2020, US private equity deals, exits and fundraising saw robust activity in Q1. Healthy PE activity will likely endure through 2021 as the vaccine rollout continues, unprecedented fiscal stimulus takes effect and pent-up demand flows through the dealmaking process.
Sponsored by Plante Moran, Liberty GTS and MidCap Financial, our Q1 US PE Breakdown takes a deep dive into several trends that materialized during the first three months of 2021. The SPAC wave crested. At the same time, the IPO pipeline has strengthened, giving GPs more exit options for the months ahead. Other key takeaways include: - GPs are acting opportunistically to put dry powder to work as the pandemic fallout continues in sectors such as retail and hospitality.
- Public companies came out of 2020 with more buying power after bulking up balance sheet cash during the downturn, and corporate acquisitions drove a significant portion of the total $162 billion in exit activity last quarter.
- The rebound in fundraising saw 97 US PE funds amass $88.5 billion in Q1, with most of that capital coming from a handful of mega-funds.
| | | | | | | | | | Indonesia's Traveloka in talks with Peter Thiel-backed SPAC | | Online travel search engine operator Traveloka is in advanced discussions to go public via a merger with Bridgetown Holdings, a SPAC managed by billionaires Peter Thiel and Richard Li, Bloomberg reported. - The deal could value the Jakarta-based company at $5 billion, the report said, a nearly two-time step-up from Traveloka's July valuation of $2.75 billion, according to a PitchBook estimate. The valuation jump suggests that a post-pandemic rebound is expected for the travel sector.
- Traveloka, which was founded in 2012 and operates across Southeast Asia and Australia, is backed by Sequoia, Rocket Internet, East Ventures and Expedia Group, among others.
- Bridgetown Holdings is the first of two SPACs backed by Thiel's firm, Thiel Capital, and Pacific Century Group, a Hong Kong-based investment company led by Li.
| | | | | | | |
|
| A message from INSIGHT2PROFIT | | |
| | COVID-19 had visible impacts on retail, education and tech, but what was its impact on B2B, one of the sturdiest sectors of the market? In partnership with PitchBook, INSIGHT2PROFIT dives into the details, ranging from modest, one-time impacts in manufacturing to more severe impacts on business services.
PE dealmaking in B2B products actually rose 20% in 2020, while investments in B2B service companies were nearly cut in half last year. While B2B ecommerce came of age out of necessity, companies changed their purchasing habits, perhaps permanently. With a mountain of data to study, B2B companies can adjust their plans around pricing, cross-selling, product positioning and sales productivity. PE investors will be paying close attention to B2B as the recovery unfolds.
To download the report, click here. | | | | | | | |
|
| LPs bend their own rules in a bid to bet on emerging fund managers | |  | | (David Malan/Getty Images) | | | It has been challenging for limited partners to invest in emerging managers amid the pandemic, but the allure of outsized returns has inspired investors to rethink who they're connecting with. - In 2020, emerging managers accounted for just 11.7% of PE capital raised globally, down from 18% in 2019, according to a recent PitchBook report.
- But PitchBook data also showed that as of Q2 2020, 17.7% of first-time funds had an IRR of over 25%.
- LPs may consider co-investing alongside GPs, but the opportunities can be scarce when it comes to highly sought-after managers.
| | | | | | | | | | For kids across the US, the past year of school shutdowns and family trauma has triggered social isolation, stress and mental health issues. [The Wall Street Journal]
Will asynchronous communication replace real-time exchanges in the workplace? [BBC]
New Jersey's Clementon Park and Splash World opened in 1907 and shuttered in 2019, only to be auctioned for parts. Can the amusement park be saved? [The New York Times] | | | | | |
|
| |
| | Since yesterday, the PitchBook Platform added: | | 27 Deals | 126 People | 22 Companies | | | | | | |
| |
| |
| |
| |
| |
| |
| 2017 Vintage Global Real Estate Funds | | | | | | |
|
| |
| |
| Better.com to hit $6B valuation with new funding | | | SoftBank is investing $500 million into Better.com at a roughly $6 billion valuation, The Wall Street Journal reported. The New York-based online mortgage lender was valued at $4 billion in November, according to PitchBook data. Amid a hot housing market, Better lent $25 billion last year and has extended $14 billion in loans in Q1 2021, the report said. | | | | | | | | MasterClass eyes $2.5B valuation | | | Fidelity Investments is doubling down on its funding of MasterClass, which provides expert-led online courses, by leading a new funding round at a $2.5 billion valuation, according to an Axios report. The San Francisco startup raised its previous financing, a $100 million Series E also led by Fidelity, last May at a reported valuation of $800 million. New and existing investors in last year's deal included Owl Ventures, 01 Advisors, NEA, IVP and Atomico. | | | | | | | | Game developer Tripledot Studios scores $78M | | | Mobile gaming developer Tripledot Studios has raised a $78 million Series A from Eldridge, Access Industries and Lightspeed. The funding values the London-based startup at nearly $500 million. The capital will be used to acquire other studios and roll out new titles. | | | | | | | | | Community, the developer of a business communication platform, has raised $40 million in a round led by Salesforce Ventures. The company raised $35 million at a $135 million valuation in 2019, according to PitchBook data. | | | | | |
|
| |
| |
| CBRE Caledon inks fiber network deal | | | | | | | | | McNally Capital buys national security services company | | | McNally Capital has acquired Orbis Operations. The company is a provider of intelligence and national security advisory services, software engineering and cyber services, and situational awareness training to the US government and commercial clients. | | | | | | | | | | KPS to pick up Crown's cans unit in $2.7B deal | | | New York based-KPS Capital has agreed to acquire 80% of Crown Holdings' tinplate business in a deal reportedly worth $2.7 billion. The European unit produces cans and promotional packaging in 17 countries across Europe, the Middle East and Africa. Pennsylvania-based Crown saw its stock shares close up nearly 3% following news of the sale Friday. | | | | | | | | Berkshire Partners backs hair care company Mielle | | | Berkshire Partners has made a significant investment in Mielle Organics, a Black-owned natural hair care company. The funds will support Mielle's mission to help unite women and girls across the US, Caribbean and Africa. Based in Boston, Berkshire typically makes investments of between $100 million and $1 billion. | | | | | |
|
| |
| |
| Impossible Foods weighs potential $10B IPO | | | Impossible Foods is exploring a potential IPO that could value the plant-based food creator at a reported $10 billion. The company is considering a reverse merger with a SPAC as one route, according to Reuters. Impossible Foods raised a $200 million Series G led by Coatue Management in August, according to PitchBook data. It has also received past funding from Alphabet, and from individual investors including Jay-Z, Bill Gates and Serena Williams. | | | | | |
|
| |
| |
| |
|
No comments:
Post a Comment