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| Estimating the true volatility of private market returns | |  | | (RapidEye/Getty Images) | | | When investors take stakes in public companies, tracking returns is a straightforward exercise. But the opaque nature of the private markets makes it much harder for institutional investors to accurately track how their investments have performed.
Our latest analyst note breaks down how the uneven presentation of private market returns has impacted asset allocators. Takeaways include: - How unaudited accounting practices and the tendency to underestimate valuations have led to lower volatility metrics within the private markets.
- How a return "desmoothing" formula developed by MIT professor David Geltner can give institutional investors a better sense of volatility and the level of diversification within a portfolio.
- How artificially smoothed returns can impact asset allocation modeling investors have relied on for years.
| | | | | | | | | | Blackstone bets on tech data giant IDG in $1.3B deal | | Blackstone has agreed to acquire International Data Group from Oriental Rainbow, a subsidiary of China Oceanwide Holdings Group. The deal, which comes with an enterprise value of $1.3 billion, represents an indirect bet on the future of the tech data industry. - Founded in 1964 and based in Boston, IDG provides market and data intelligence and research for the tech sector. Blackstone's backing will allow IDG to take on more strategic tech acquisitions. The company acquired IT benchmarking and sourcing specialist Metri in May; it purchased Triblio, a provider of account-based marketing software, in June 2020.
- In 2017, IDG was bought by Beijing-based China Oceanwide and IDG Capital, with a Wall Street Journal report at the time indicating a purchase price of less than $1 billion. Through the deal, China Oceanwide acquired a 90% stake in the company, and IDG Capital picked up the remaining 10%.
- The acquisition will add to Blackstone's already extensive portfolio. The private equity giant had $619 billion in assets under management as of January.
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| How PE fundraisers are adapting for the future | | Allocations to PE surged in the past decade, culminating in record sums committed to the asset class in the past few years. However, as the dealmaking landscape intensifies, how are PE firms adapting their strategies as they look toward the future?
Datasite's latest market brief unpacks the key trends defining the past and present of PE fundraising, offering insight into the priorities of fund managers as they plan for their next vehicle. Highlights include: - Analysis of PE fundraising datasets by size, manager experience, speed of close and more
- Commentary on persisting technical gaps common in the PE industry
- Insights as to the operational and relational edges PE fund managers can eke out to stand out amid competition
Read it now | | | | | | | |
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| Fintech takes aim at a $400B healthcare puzzle | |  | | (Rubberball/Nicole Hill/Getty Images) | | | Over the last two decades, the financial burden on patients has skyrocketed amid the rising costs of healthcare in the US and the growing prevalence of high-deductible medical plans.
Hospitals now rely on patients' out-of-pocket payments more than ever to keep their doors open—but these bills are proving hard to collect. - Fintech startups that allow individuals to pay for healthcare in small increments seek to make bills more manageable for patients and increase providers' cash flows.
- The challenge for these companies is convincing the famously bureaucratic health systems to adopt new tech solutions.
| | | | | | | | | | Enhanced and extended unemployment benefits, childcare responsibilities, and the risk of COVID-19 exposure are making it difficult for restaurants and supermarkets to find workers. [The Wall Street Journal]
How America's largest homebuilder is capitalizing on the craze for new homes. [Fortune]
At any given time, about 1 million US families are looking to adopt a child. An inside look at the lucrative—and murky—business of baby brokering. [Time] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 513 Deals | 1884 People | 471 Companies | 32 Funds | | | | | | |
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| 2018 Vintage Global Buyout Funds | | | | | | |
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| Gong brings in $250M Series E | | | | | | | | | Intrinsic emerges from stealth with $113M | | | Intrinsic has raised a $113 million Series A led by Define Ventures, with participation from Link Ventures. The New York-based company acquires health and wellness brands to help scale their operations on ecommerce sites such as Amazon. | | | | | | | | Alation banks $110M Series D | | | | | | | | | Orbital mapping specialist LeoLabs snags $65M | | | LeoLabs has raised a $65 million Series B co-led by Insight Partners and Velvet Sea Ventures. Founded in 2016 and based in Menlo Park, Calif., the company offers mapping technology and services to track small debris and satellites in low-Earth orbit. It was valued at $33 million in 2018, according to PitchBook data. | | | | | | | | Realtime Robotics secures new funding | | | | | | |
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| STG-led group inks $1.2B deal for FireEye products unit | | | A consortium led by STG Partners has agreed to acquire FireEye's products business, including the FireEye name, in a $1.2 billion all-cash deal that is expected to close by the end of the year. The cybersecurity specialist received a $400 million investment from Blackstone and ClearSky in December. | | | | | | | | Warburg to buy stake in GHX from Thoma Bravo | | | Warburg Pincus has agreed to acquire a minority stake in Global Healthcare Exchange, a Louisville, Colo.-based provider of patient care software, from Thoma Bravo. As part of the deal, Singapore-based investment firm Temasek will continue as the majority shareholder in the business, which it originally bought from Thoma Bravo in 2017. | | | | | | | | Apollo agrees to buy industrial staffing firm | | | Apollo Global Management has agreed to acquire Atlanta-based EmployBridge, one of the largest industrial staffing companies in the US. EmployBridge helps employ more than 400,000 temporary associates across 48 states each year. The company was acquired in 2015 for $410 million by Select Staffing. | | | | | |
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| Babylon Health secures SPAC deal | | | | | | |
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| Lux Capital raises nearly $1.5B across two funds | | | Lux Capital, a VC firm focused on emerging science and tech, has raised $675 million for its seventh namesake early-stage fund. The firm has also collected $800 million for an opportunities fund, which will be used to back companies on the edge of scientific and technological breakthroughs. The new funds bring Lux's total committed capital to $4 billion. Over the last year, the firm completed or announced exits of around a dozen portfolio companies, including Desktop Metal, Latch and Recursion. Lux Health Tech Acquisition, a blank-check company sponsored by the firm, also went public. | | | | | | | | VenBio closes on $550M for fourth life sciences fund | | | San Francisco-based VenBio has raised $550 million for its fourth life sciences venture fund. The oversubscribed fund closed a little more than a year after the firm announced the closing of the series' third vehicle on $394 million. Founded in 2011, VenBio targets companies that are working to create therapeutics for unmet medical needs. | | | | | | | | Paceline Equity pulls in $350M for opportunities vehicle | | | Paceline Equity Partners has raised $350 million for its debut flagship opportunities fund, pushing the firm's total raised capital to $449 million. Based in Dallas, Paceline makes special situations, opportunistic and other investments in corporate credit, real assets and private equity. | | | | | |
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