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| How VC managers have adapted over time | |  | | (OsakaWayne Studios/Getty Images) | | | In the high-risk, high-reward game of staking startups, venture capitalists have shown a willingness to rewrite their playbook—changing their industry focus and oscillating between more and less specialized approaches.
Our latest analyst note dives into how US VC manager styles have drifted over the last 15 years. Key takeaways include: - Veteran venture investors have become increasingly split between highly specialized and generalist firms, with fewer managers taking the more moderate, targeted approach.
- New GPs tend to specialize, often leveraging the networks and industry know-how they developed in past roles.
- In recent years, specialist firms have dominated in terms of overall fundraising, bringing in $100 billion across 678 funds. Leading biotech investors, in particular, have become more specialized.
| | | | | | | | | | Opaque private equity is marketing to retail investors despite pushback | |  | | (Spencer Platt/Getty Images) | | | It's been a year since federal officials announced policies that use 401(k) plans and other pensions to crack open private equity funds for the first time to retail investors.
Along the way, dueling views on the risks and returns of these products have sparked fierce debate over whether the asset class has driven the returns it claims to offer. - On the one hand, allowing retail investors to tap into private equity funds exposes them to an asset class that's historically been reserved for pensions, endowments and other institutional investors.
- On the flip side, private equity funds have shown to be complex, illiquid and chock-full of expensive management fees that cut into overall returns.
- While the debate rages, private equity firms have used workarounds to get access to retail traders through the public markets.
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| A message from Twin Brook Capital Partners | | |
| Mid-market healthcare: An active, resilient sector | | | Faraaz Kamran, senior partner at Twin Brook Capital Partners, discusses the past, present and future of healthcare in the middle market, including the resilience of the sector through the COVID-19 pandemic and factors driving robust activity in the space. | | | | | | | |
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| | Some workers may be dreading the prospect of a return to the office. But many who have been liberated from their daily commutes during the pandemic are experiencing a void they can't quite name. [The Atlantic]
At look at the "huge" investment opportunities in Asia, and the research firms trying to help investors find them. [Institutional Investor]
How a former Reddit CEO is hoping to use his startup to tackle climate change through forest restoration. [Forbes] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 412 Deals | 1692 People | 457 Companies | 21 Funds | | | | | | |
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| 2014 Vintage Global VC Funds-of-Funds | | | | | | |
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| Northvolt brings in $2.7B+ to boost batteries | | | Lithium-ion battery maker Northvolt has raised $2.75 billion in a private placement co-led by OMERS Capital Markets and four Swedish pension funds. Investors including Goldman Sachs, Volkswagen, Baillie Gifford and Norrsken VC also participated. Stockholm-based Northvolt is expanding the annual capacity of its gigafactory by 50% to meet growing demand for its batteries, which are sustainably manufactured and 97% recyclable. | | | | | | | | | | | | | | | Verbit snags $157M Series D | | | Verbit has raised $157 million at a more than $1 billion valuation in a round led by Sapphire Ventures. The startup, which is based in New York, San Francisco, Tel Aviv and Kyiv, Ukraine, is a provider of AI-powered speech recognition technology for use in transcription and captioning. Verbit was valued at $290 million in November, according to PitchBook data. | | | | | | | | Cybersecurity specialist Aura locks in $150M | | | Aura has raised a $150 million Series E led by Warburg Pincus, bringing the cybersecurity startup's total funding to about $450 million. The Massachusetts-based company offers a platform to help protect against identity theft and digital fraud. | | | | | | | | Sequoia leads $150M Amplitude funding | | | Amplitude has raised a $150 million Series F at a $4 billion pre-money valuation. The round was led by Sequoia, with participation from GIC, Battery Ventures and IVP. The company provides a product intelligence platform designed to help businesses analyze and optimize customer experience. Amplitude raised $50 million at a $1 billion valuation in May 2020, according to PitchBook data. | | | | | | | | | Strateos, a developer of remote access laboratories and lab control software for the life sciences sector, has raised a $56.1 million Series B. The financing was led by DCVC and Lux Capital, with participation from Eli Lilly, Castor Ventures and others. The new capital will be used to support the company's SmartLab platform, which integrates data generation, AI and automation to accelerate pharmaceutical and synthetic biology R&D. Strateos raised a $46.5 million round at a $136.5 million valuation in December, according to PitchBook data. | | | | | |
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| One Rock inks $800M tire additives deal | | | One Rock Capital Partners has agreed to buy the global tire additives unit of Kingsport, Tenn.-based Eastman Chemical Company. The $800 million sale price includes $725 million in cash at closing, plus up to $75 million to be paid based on the performance of the rubber additives business after closing through 2023. | | | | | | | | HCAP ups investment in healthcare software provider | | | HCAP Partners has completed a follow-on investment in TCS Healthcare Technologies, an Auburn, Calif.-based provider of managed care software solutions. The funding will support TCS' acquisition of DataSmart Solutions, a predictive risk analytics software provider. HCAP first backed TCS in 2019. | | | | | | | | Genstar snags 2020 Technologies in SBO | | | | | | |
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| Marqeta stock rises after $1.2B IPO | | | Fintech company Marqeta began trading on the Nasdaq after raising $1.23 billion in its IPO. The Oakland, Calif.-based company's stock ended the first day up 13% with a market capitalization of more than $16 billion. Marqeta was valued at $4.3 billion last year. Its leading private backers include Granite Ventures, which held an 11.2% pre-IPO stake, Iconiq Capital (8.7%) and 83North (8%). | | | | | |
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| Madison Dearborn hauls in $5B | | | Madison Dearborn Partners has closed its eighth flagship fund on $5 billion, exceeding a $4.5 billion target, according to Buyouts. The Chicago-based firm makes control and growth investments in middle-market companies across a range of industries, including software, finance and healthcare. It raised $4.4 billion for its seventh flagship fund in 2016. | | | | | | | | Shamrock Capital secures $1B for fifth growth fund | | | Shamrock Capital has closed its fifth namesake growth fund on $1 billion. The fund will focus on Shamrock's core industries of media, entertainment and communications. The firm's fourth growth vehicle brought in $700 million in 2016. | | | | | | | | Butterfly Equity eyes $750M for third fund | | | Butterfly Equity is targeting $750 million for its third namesake fund, The Wall Street Journal reported. Based in Los Angeles, the firm invests across the food and beverage, agriculture and aquaculture sectors, among others. Butterfly's second namesake fund closed on $521 million in 2019. | | | | | |
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| Sequoia considers changes to returns distributions amid proposed tax increases | | | Sequoia is considering changing how its investment returns are distributed in an effort to help it avoid the Biden administration's proposed tax increases on carried interest, Bloomberg reported. Sequoia could reportedly distribute some of its portfolio companies' shares before taking them public; it could also keep shares in a special purpose vehicle rather than distributing them directly to GPs in an immediate payout, thus avoiding future tax rates that are higher. | | | | | |
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