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In today's Daily Pitch, you'll find: - Our latest Quantitative Perspectives report.
- An analysis of why public PE firms are on a hot streak and how they could keep it going.
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| Measuring VC's pandemic resilience | | Despite the challenges posed by the pandemic, the US venture capital industry set several records in the past year and has continued its robust performance in 2021.
PitchBook's latest Quantitative Perspectives report provides a data-driven analysis on how the industry is charging full steam ahead, including insights on the correlation between public and private markets, mounting optimism from nontraditional investors and why the SPAC market has yet to establish itself as a game-changing exit route. Highlights from the report include: - With large tech stocks including Amazon and Netflix driving the market upward, institutional investors are increasingly seeking value in the next crop of VC-backed tech companies.
- Investors have concentrated their capital into fewer industries over the past 15 years. IT hardware and energy are among the sectors seeing the largest reduction in capital investment.
- Already in 2021, mega-funds have nearly eclipsed 2020's annual record. With the supply of capital higher than estimated demand, companies are securing funding more quickly than expected.
- In recent months, de-SPACing activity seems unable to keep up with SPAC announcements. This could indicate a lack of worthy SPAC targets, and that capital may be returned in the coming year as many SPACs come up against the two-year deadline to deploy capital.
| | | | | | | | | | How public PE firms notched a sizzling Q2 | |  | | (sitox/Getty Images) | | | It's a good time to be a publicly traded private equity firm.
Blackstone, KKR, Apollo Global Management, The Carlyle Group and Ares Management all reported robust performance across their business segments during the second quarter of 2021, according to our recent analyst note examining the PE giants. Topics in the research include: - How firms have taken advantage of market tailwinds to speed up fundraising, dealmaking and exits.
- How some firms have deployed M&A in the insurance space or other strategies to bolster their total assets under management.
- Why fund performance has continued to outpace the public equivalents, leading to growth in share prices and a boost in future distributable earnings available to shareholders.
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| The definitive guide to CRM for venture capital | | Customer relationship management software for venture capital firms is the foundation for how investment opportunities are found and completed. By bringing together a firm's complete relationship network—along with the ability to manage deals—VC CRM platforms can have a material impact on the performance of any fund or partner.
A CRM is designed to increase your effectiveness as a firm by helping automate, standardize and optimize your dealmaking process—all while helping you make the most of your relationship network in a single platform that contains your most valuable data.
Download the guide to learn how VCs can get the most from their CRM to close more quality deals faster.
The definitive guide to CRM for VCs | | | | | | | |
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| | Minimalist phone designers are here to revolutionize communication technology, and they're piquing venture capitalists' interest. [The Wall Street Journal]
Investors are earmarking trillions of dollars for sustainability, but is anyone looking at how the money is actually used? [Bloomberg]
How fintechs are challenging the steep fees banks charge people trying to send money back home to their families in other countries. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 343 Deals | 1306 People | 392 Companies | 24 Funds | | | | | | |
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| 2016 Vintage European Real Assets Funds | | | | | | |
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| Databricks to raise round at $38B valuation | | | Data management company Databricks is in talks for a new round of funding led by Morgan Stanley that would bring in at least $1.5 billion and value the company at $38 billion, Bloomberg reported. The San Francisco-based company was valued at $28 billion after raising $1 billion in February. It has also reportedly considered an IPO this year. Databricks' analytics platform helps organizations manage large data resources and AI workloads in the cloud. | | | | | | | | Ample drives off with $160M | | | Ample, a developer of technology that quickly swaps depleted electric vehicle batteries for fully charged ones, has raised a $160 million Series C. The round was led by Moore Strategic Ventures with participation from other investors including Thai oil and gas company PTT and Disruptive Innovation Fund. The round puts the San Francisco-based startup's total funding at $230 million. Ample currently operates five battery swapping stations in the Bay Area for participating Uber drivers. | | | | | | | | Tiger Global leads $50M round for Nacelle | | | Nacelle, an ecommerce infrastructure developer, has raised a $50 million Series B from Tiger Global. The funding comes six months after the Los Angeles-based startup closed its $18 million Series A. The capital will be used to accelerate Nacelle's go-to-market and product development. | | | | | | | | Enable secures $45M Series B | | | Enable has raised $45 million in a round led by Norwest Venture Partners, with participation from Menlo Ventures and Sierra Ventures. The San Francisco-based company is the developer of rebate management software intended to help manufacturers and distributors manage trading agreements with suppliers and customers. Sean Jacobsohn, partner at Norwest, will join the company's board. | | | | | | | | RepairSmith picks up $42M | | | | | | | | | | Metabase has raised a $30 million Series B led by Insight Partners, with participation from NEA and Expa. The San Francisco-based company is the developer of an open-source business intelligence platform designed to help companies measure, analyze and share their data. | | | | | | | | Diamond Age banks $8M seed round | | | Diamond Age has raised an $8 million seed round led by Prime Movers Lab and Alpaca VC, with participation from Dolby Family Ventures and Calm Ventures, among others. The Bay Area startup is focused on automating the construction process by developing a suite of robotic tools that reduce the manual labor required to build new homes by more than half. | | | | | |
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| Goldman Sachs to buy asset manager NNIP for $1.9B | | | Goldman Sachs has agreed to acquire Dutch asset manager NN Investment Partners from NN Group for €1.6 billion (about $1.9 billion). Based in The Hague, Netherlands, NNIP has around $355 billion in assets under supervision and about $70 billion in assets under advice. It employs more than 900 people across 15 countries. NNIP's staff will join Goldman Sachs Asset Management after the deal closes. | | | | | | | | Putman strikes deal for Toys R Us Canada | | | Putman Investments has agreed to acquire Toys R Us Canada and Babies R Us Canada from Fairfax Financial. Fairfax acquired Toys R Us Canada for $300 million in 2018 after the parent company filed for bankruptcy and liquidated a majority of its locations. Toys R Us Canada and Babies R Us Canada now have 81 stores across 10 provinces. | | | | | | | | Nordic, Insight Partners to take healthtech company private | | | A consortium led by Nordic Capital and Insight Partners has agreed to acquire Inovalon, a cloud-based provider of healthcare software, in an all-cash deal with an enterprise value of around $7.3 billion. The group paid $41 per share for the Maryland-based company, marking a roughly 25% premium to Inovalon's closing price July 26, the day before initial reports of the deal emerged. 22C Capital also participated in the deal. | | | | | |
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| Illumina completes Grail acquisition amid legal concerns | | | Gene-sequencing tool manufacturing giant Illumina has completed its acquisition of Grail despite a pending antitrust challenge from the FTC and an ongoing legal battle in Europe. Grail, which was founded inside Illumina and spun out in 2017, is a developer of liquid biopsies for early cancer detection. The Menlo Park, Calif.-based company has raised $2 billion in private funding from a long list of investors including Arch Venture Partners, GV and Johnson & Johnson Innovation. The FTC's complaint alleges that Illumina's control of Grail would reduce innovation in the US multi-cancer early detection test market. The trial is scheduled to start next week. Illumina said that it will hold Grail as a separate unit and accept whatever the court decides. | | | | | |
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| Northwestern forms university accelerator | | | Northwestern University has announced its plan to form a technology accelerator to support startups created by university faculty in health, life sciences and related fields. The Illinois General Assembly is allocating $50 million to the accelerator and university trustee Kimberly Querrey is donating $25 million to the project. | | | | | | | |
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