| |
| |
| Robinhood's rescue: The VC deal that turned a crisis into one of 2021's biggest IPOs | |  | | (Justin Sullivan/Getty Images) | | | When Robinhood came under fire amid the GameStop fiasco earlier this year, the company's IPO prospects would have been dim if not for an infusion of capital from its VCs. Within a matter of days, those investors structured a $3.5 billion convertible debt deal. - Six months later, the company is set for its long-awaited public debut, pricing at $38 per share on Wednesday night.
- The investors in the emergency funding round stand to be rewarded with a return of 44% at the offering price, according to PitchBook's calculations.
- Despite the company's impressive recent revenue growth, Robinhood's shares priced significantly below the $50 to $60 range where the company's secondary market bids had hovered since March.
| | | | | | | | | | Unpacking impact funds by category and geographical presence | |  | | (Natnan Srisuwan/Getty Images) | | | While impact investing is commanding more attention and capital than ever, it hasn't been easy for LPs and GPs with specific categories of impact in mind to find each other.
Adopting the Impact Reporting and Investing Standards framework, PitchBook's latest analyst note breaks down fund data to discover which asset classes, global regions and specific impact categories are closing the most impact-focused funds and luring the most capital commitments to the space. Key insights include: - We estimate there is $286 billion in assets under management targeting impact funds as of Dec. 31, and PitchBook has data on the space going back as far as 1984.
- Energy is a perennial target of impact funds, as it can absorb a large number of investment dollars, while the biodiversity and ecosystems sector garners infrequent attention.
- Climate-focused impact investments are backed largely by North America-based funds, while a focus on education is more often found in funds outside of North America and Europe.
| | | | | | | |
|
| |
| | The most innovative firms partner with founders long before fundraising begins. By including founders in diligence through Tegus, investors build a relationship along the way: - Redpoint and their peers introduce founders to prospective customers. Leverage your network and third parties to expand a founder's reach.
- First Round Capital and Pear VC invite founders to expert calls. Conducting diligence side by side with founders is a win-win—you get up to speed; founders learn directly from experts.
- Greenoaks and the Investment Group of Santa Barbara make learning frictionless for portfolio companies. Sharing diligence tools expedites a founder's path to product-market fit and makes learning frictionless.
Try Tegus for yourself with a free trial. | | | | | | | |
|
| Foreign VCs are left to lick their wounds after China bans for-profit tutoring | |  | | Cindy Mi's VIPKid is one of several Chinese tutoring startups that attracted foreign backers. (Dave Zhong/Getty Images) | | | Tutoring companies that cater to school-age children must shun profits, foreign investors and IPOs, Chinese regulators have ruled. That puts some of the world's most valuable edtech startups in a bind. - Online tutoring leaders like Yuanfudao and Zuoyebang have grown dramatically with backing from global investors like SoftBank, Tiger Global and Temasek.
- Venture capital-backed tutoring companies in China raised $6.5 billion in 2020 alone, with much of that going to a select few.
- What's next? "For many investors, it's down to minimizing losses," said Joshua Chao, a venture capital analyst at PitchBook.
| | | | | | | | | | Coming soon: New episodes of 'In Visible Capital' | | PitchBook's "In Visible Capital" podcast is returning for its fourth season. Tune in to hear from a wide range of players in the private markets, including investors, founders, journalists and, of course, the PitchBook analyst team.
New episodes begin Aug. 3. In the meantime, listeners can catch up on past seasons of the podcast. | | | | | | | | | | As port congestion and a lack of fishers cause prices to spike, many restaurant diners may find that seafood has vanished from menus. [Bloomberg]
Hellman & Friedman CEO Patrick Healy on SPACs, inflation and whether the IPO boom will last. [CNBC]
Discounted pricing has created competition between investment banks and independent research providers in the UK and Europe. [Financial Times] | | | | | |
|
| |
| | Since yesterday, the PitchBook Platform added: | | 462 Deals | 1567 People | 437 Companies | 23 Funds | | | | | | |
| |
| |
| |
| |
| |
| |
| 2018 Vintage Global Real Estate Funds | | | | | | |
|
| |
| |
| | | Gupshup has raised $240 million from investors including Tiger Global, Think Investments and Malabar Investments. The San Francisco-based company offers a platform to boost customer engagement through conversational messaging such as chatbots. Gupshup raised $100 million at a $1.4 billion valuation this past April, according to PitchBook data. | | | | | | | | Algolia picks up $150M Series D | | | Algolia has raised $150 million at a $2.25 billion valuation in a round led by Lone Pine Capital. The San Francisco-based company offers a search platform to increase online engagement and more. Algolia was valued at $641.2 million in 2019, according to PitchBook data. | | | | | | | | SonderMind brings in $150M Series C to support mental health platform | | | | | | | | | Class books $105M for remote learning tools | | | | | | |
|
| |
| |
| KKR consortium raises Spark Infrastructure bid to nearly $3.8 billion | | | KKR and Ontario Teachers' Pension Plan Board have raised their bid for Australian electricity investor Spark Infrastructure, valuing the company at A$5.13 billion (about $3.78 billion). The offer includes a bid of A$2.95 per share, a 13.5% premium to Spark's last market close, Reuters reported. The bid comes weeks after Spark rejected the consortium's offer of A$2.80 a share. | | | | | | | | Blackstone stakes PE firm GTCR | | | Through its GP Stakes business, Blackstone has taken a minority stake in Chicago-based private equity firm GTCR. As part of the deal, the firm will have access to a range of services Blackstone provides internally, and the portfolio companies that use the firm's ESG, sustainability, human capital management, cybersecurity, product development and other capabilities. | | | | | | | | Arcline acquires sensor maker Dwyer Instruments | | | Arcline Investment Management has purchased Dwyer Instruments, a Michigan City, Ind.-based designer and manufacturer of sensor and instrumentation solutions for the process automation, HVAC and building automation markets. Dwyer serves customers through its offices in the US, UK, Hong Kong, Australia and Singapore. Arcline typically backs middle-market companies in sectors including aerospace, defense and life sciences. | | | | | | | | Partners Group lands deal for HVAC provider | | | Switzerland-based PE firm Partners Group has agreed to acquire Reedy Industries, a Deerfield, Ill.-based provider of commercial heating, ventilation and air conditioning, from Audax Group. Founded in 1930, Reedy today serves 9,000 customers and holds nearly 5,000 preventative maintenance contracts. Audax has backed the company since 2019. | | | | | |
|
| |
| |
| Pritzker Private Capital locks down $2.7B for third fund | | | Chicago-based Pritzker Private Capital has closed its third namesake fund on a hard cap of $2.7 billion, surpassing a target of $2 billion. The vehicle will support the firm's focus on family- and entrepreneur-owned companies in the manufactured products, services and healthcare sectors. Pritzker's second namesake fund closed at $1.8 billion in 2018. | | | | | | | | Blue Owl closes debut opportunities fund with $2B in commitments | | | Publicly traded alternative asset manager Blue Owl Capital has closed its first opportunistic vehicle on $2 billion. The firm's strategy, which has $2.5 billion in investable capital, will be devoted to debt and equity, including situations like rescue financings, recapitalizations, debtor-in-possession loans and broken syndications. Blue Owl, which listed on the NYSE in May, was created when Owl Rock Capital and Dyal Capital Partners merged with blank-check company Altimar Acquisition Corporation. | | | | | |
|
| |
| |
|
No comments:
Post a Comment