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| Two new mega-funds pile into climate-focused fund frenzy | |  | | (Xuanyu Han/Getty Images) | | | TPG and Brookfield Asset Management have each announced first closes for vehicles dedicated to technology that aims to curb climate change. - On Tuesday, TPG held a first close for its new Rise Climate Fund on $5.4 billion. The fund's target is $7 billion, up from an initial goal of $5 billion.
- The same day, Brookfield announced an initial closing of $7 billion for a climate-focused vehicle that hopes to achieve a net-zero carbon economy. The vehicle, which will be hard-capped at $12.5 billion, would be the largest devoted to climate sustainability if it meets that figure, according to PitchBook data.
- The new vehicles come during what's been a $100 billion-plus banner year so far for private equity mega-funds.
| | | | | | | | | | What's driving global M&A to record heights in 2021 | | Big deals are making a comeback as corporates surface from 2020's fallow period with an appetite for new mergers and acquisitions. A healthy stock market, the availability of cheap debt and an upbeat attitude have helped global M&A activity bounce back in 2021.
PitchBook's Q2 2021 Global M&A Report shows how activity—17,000 deals closed worth over $2 trillion in aggregate—is set to reach new highs in the second half of the year, buoyed by a vibrant IPO market and SPAC activity, among other things. Other takeaways include: - Deal activity hit new highs in Europe in Q2, setting a record for deal value, thanks to a surge in mega-deals driven partly by non-European investors in search of bargains.
- M&A activity appeared to be in robust health in North America in the first half of the year. However, regulatory reforms expected from the Biden administration may dampen deal activity.
- Some sectors are more attractive than others. Deals are being sought in faster-growing industries such as technology, healthcare and financial services, as well as those left ravaged by lockdowns.
- Not all sectors have been able to ride the wave of economic recovery. B2B has been hit by high commodity prices, supply chain backlogs and labor shortages—all part of a broader global pandemic hangover.
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| A message from SS&C Intralinks | | |
| The investment pie is shrinking, so how GPs bring LPs to the table is critical | | Fundraisers are hungrier and more competitive than ever, but investors are moving from hedge funds to private equity, private debt, real assets and even direct investment in new ventures. Where LPs choose to allocate can come down to user experience: Are their reporting requirements and demands for data access and transparency being met?
In our new report, Mastering the Top Five Challenges in Investor Onboarding, we look at five ways that new smart technologies have enabled fund managers to capture and retain more investment by creating the right LP onboarding experiences and providing the tech-enabled communications that today's investors demand. We explore: - Simplifying document complexity
- Ensuring complete data sets
- Fulfilling AML requirements
- Enabling electronic signatures
- Tracking investor activity
Download this timely report now | | | | | | | |
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| Senior female VCs call out major funding disparity in Europe | |  | Experior VC partner Kinga Stanislawska is one of the women behind a report showing a major gap in funding for female investors in Europe.
(Noam Galai/Getty Images) | | | A group of prominent women VCs in Europe is calling for more capital to go to female-led vehicles to help support female-founded startups. - Despite a record amount of capital invested this year, European female founders have received only 0.7% of the total funding.
- A recent report put out by European Women in VC found that a major block to gender parity for women-led startups is the lack of female general partners in European firms.
- The group is aiming to have at least 30% of the available LP and funds-of-funds capital go to women-led vehicles within the next five years.
| | | | | | | | | | UK changes rules to attract SPACs amid global clampdown | |  | The FCA proposed the rule changes in April, on the heels of recommendations from a government-commissioned report.
(Courtesy of the FCA) | | | The UK's financial watchdog has revised its rules for SPACs, as the country seeks to lure more blank-check companies to its public markets. - SPACs have been required to suspend trading once they announced acquisition plans, essentially locking in their investors. The Financial Conduct Authority has loosened this and other restrictions, in line with the proposed changes announced this spring.
- The move comes as other global regulators, including the SEC, are increasing their scrutiny on blank-check companies on the heels of the SPAC listing frenzy this year.
| | | | | | | | | | Last call: Surveying sustainable investing practices | | PitchBook is taking the pulse of investors and other private market participants on their incorporation of impact strategies and ESG risk factors. Please share your firm's approach to sustainable investing and what drives it. The survey closes this Friday, July 30, and will take about 10 minutes.
All who complete the survey will be entered in a prize drawing, and for each completed response, PitchBook will make a donation to World Central Kitchen.
Take the survey now | | | | | | | | | | Robinhood took the spotlight earlier this year with its controversial decision to halt the trading of meme stocks. Now it's back with promises to change. Here's what to know about Robinhood's IPO. [Insider]
Jeff Bezos' recent trip on the New Shepard rocket may have been 11 minutes, but in 1971, astronauts spent 18 and a half hours on the lunar surface when NASA put a car on the moon. [The New York Times]
Despite the recent flurry of corporate climate pledges, many companies aren't yet living up to their commitments. [The Guardian] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 426 Deals | 1577 People | 421 Companies | 37 Funds | | | | | | |
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| 2007 Vintage Global Buyout Funds | | | | | | |
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| PitchBook Webinar: US VC in Q2 2021, rebounding in full force | | Due to unprecedented levels of capital being poured into VC-backed companies in Q2, 2021 is already on pace to shatter records that were set just last year. The industry's rebound from the pandemic is in full force, with more than $150 billion in capital being invested in H1.
Join experts from PitchBook, NVCA and Silicon Valley Bank on Aug. 4 as they dive into the most impactful trends highlighted in our Q2 2021 PitchBook-NVCA Venture Monitor and explore their predictions for the rest of the year.
Key takeaways include: - Mega-deals are being closed at an unprecedented clip, surpassing prior records on both a capital investment and deal count basis.
- Exit activity has accelerated in the first six months of 2021, with more than $280 billion becoming liquid—matching the annual exit value seen in 2020.
- Fundraising activity has yet to wane, with over $70 billion in new capital raised by VC firms. This figure is on track to easily shatter 2020's record of $80.5 billion.
Register here to secure your spot. | | | | | | | |
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| Blackstone hires Brian Tierney as senior managing director | | | Blackstone has hired Brian Tierney as a senior managing director and global head of infrastructure portfolio operations and asset management. Tierney previously served as a chief financial officer and executive vice president at American Electric Power, where he worked for 23 years. | | | | | |
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| Fireblocks hits $2B+ valuation | | | Fireblocks has raised a $310 million Series D at a valuation of over $2 billion. Sequoia, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X, the venture arm of Thailand-based Siam Commercial Bank, co-led the round. The New York-based company provides infrastructure to securely transfer, store and issue digital assets. This investment brings Fireblocks' total funding to $489 million. | | | | | | | | Wiliot snags $200M Series C | | | Wiliot, the developer of a self-powered environment-sensing internet of things chip, has raised $200 million in a round led by SoftBank's Vision Fund 2. The company extended its Series B to $70 million in 2020. Existing investors 83North, Grove Ventures, M Ventures and Norwest Venture Partners also participated in the latest funding, among others. | | | | | | | | At-Bay secures $185M Series D | | | At-Bay has raised $185 million at a $1.35 billion valuation in a round co-led by Icon Ventures and Lightspeed. The San Francisco-based company helps customers manage digital risk with preventative cyber insurance. | | | | | | | | Contentful racks up $175M in new funding | | | Content management software provider Contentful has raised a $175 million Series F led by Tiger Global, with participation from Base10 and Tidemark. The funding values the company at more than $3 billion. Contentful raised $80 million at a $550.4 million valuation in 2020, according to PitchBook data. | | | | | | | | Landis brings home $165M in debt and equity | | | Landis has raised $165 million in debt and Series A funding led by Sequoia. The New York-based company offers a platform to help renters improve their credit scores and manage mortgage payments while transitioning to owning a home. | | | | | | | | Accel leads $100M round for 1Password | | | 1Password, a digital security company and developer of password management products, has raised a $100 million Series B led by Accel. The funding values the Toronto-based company at $2 billion. Founded in 2005, 1Password raised a $200 million Series A in 2019. | | | | | |
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| Warburg Pincus, Tilia back food inspection company | | | Warburg Pincus and Tilia Holdings have made a growth investment in FlexXray, an Arlington, Texas-based provider of X-ray inspection and recovery services for food processors and manufacturers. The company's X-ray machines can detect metal, glass particles, stone, bone, plastic and other materials. Levine Leichtman Capital has sold its stake in FlexXray as part of the deal. | | | | | | | | TA Associates takes majority stake in Swedish medical device company | | | TA Associates has completed a majority growth investment in Elos Medtech, a publicly traded Swedish medical device developer that specializes in prosthetics, implants, plates and other related products. In June, TA bid 215 Swedish kronor ($24.92) per share for the company. | | | | | | | | O2 backs unWired Broadband | | | O2 Investment Partners has invested in unWired Broadband, a fixed-wireless internet service provider. Founded in 2003 and based in Fresno, Calif., the company offers a network of over 167 towers, providing internet service to over 22,000 customers. | | | | | | | | The Jordan Company to buy Dental365 | | | The Jordan Company has agreed to acquire Dental365, a New York-based dental service specialist. The business offers general and pediatric dentistry, orthodontics, and oral and maxillofacial surgery. | | | | | |
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| Eurazeo direct lending program hits $2.4B with new fund close | | | Eurazeo's private debt program has reached a total of €2 billion (about $2.4 billion) with the close of the firm's fifth direct lending fund. Paris-headquartered Eurazeo reached a €1.5 billion final close on the vehicle, beating its initial €1.2 billion target. Launched in 2019, the fund is nearly 80% deployed. Eurazeo's private debt team arranges senior or subordinated debt for European small and medium-sized enterprises valued at between €30 million and €300 million. | | | | | |
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