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| On the podcast: 'The Cult of We' | | To kick off the new season of "In Visible Capital," Eliot Brown, a reporter for The Wall Street Journal, joins the show to discuss "The Cult of We: WeWork and the Great Start-Up Delusion," the book he co-authored with Maureen Farrell detailing the rise and fall of WeWork.
Hear stories uncovered during their in-depth reporting as co-host Alec Davis and Brown dig into the lessons that investors can take from this tale. | | | | | | | | | | Seeding and anchoring: Options for accelerating the first-time fundraise | |  | | (Matthias Kulka/Getty Images) | | | Competition to raise a new PE fund has never been fiercer. Despite the high quality of new managers seeking capital, first-time vehicles as a proportion of closed PE funds declined in 2020 and again in H1 2021.
PitchBook's latest analyst note breaks down how seed and anchor commitments can help accelerate fundraising processes for new managers. A few key takeaways include: - An anchor is a large LP commitment accompanied by fee and carry discounts. In a seed deal, in exchange for making a substantial fund commitment and (in some cases) providing operating capital, the seeder receives an economic share in the GP, the management company, or both.
- Most LPs that seed or anchor first-time funds fall into one of five categories: sponsors, large institutional LPs, funds of funds, family offices, or endowments.
- The decision whether to take a seed or anchor is unique to each manager. Would-be first-time fund managers need to weigh the economics they'll be giving up against the potential benefits. Seeders must be highly selective in the managers they choose to back in order to avoid adverse selection effects.
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| The key to successful dealmaking | | The foundation of value creation is people. As recent Mercer research reveals, nearly half of deals that fail do so primarily due to inability to strategically identify and address people issues. How can these be avoided?
Mercer has conducted an in-depth survey of deal professionals worldwide, spanning Fortune 1000 companies to PE funds. Drawing from the survey's findings and PitchBook datasets, Mercer has created a comprehensive report that examines multiple aspects of the importance of people to value creation in transactions. Key findings include: - What the top priorities are for dealmakers as they embark on transactions, given the current market environment
- Which aspects of people issues drive the most success in deals
- How dealmakers' priorities across the transactional lifecycle have evolved over the past year
Read it now | | | | | | | |
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| Bolt hits $4.75B valuation as it looks to grocery delivery | |  | | (Courtesy of Bolt) | | | Ridehailing startup Bolt has raised €600 million (about $712 million) as it plans to enter the online rapid grocery delivery market. - The fresh funding values the Estonia-based company at over €4 billion (about $4.75 billion) and came from investors including Sequoia, D1 Capital and G Squared.
- Bolt will plow some of the cash into a 15-minute grocery delivery service, Bolt Market, which it plans to launch in 10 European countries over the next few months. The company will also invest in existing services such as restaurant food delivery, car-sharing, and scooter and bike rentals.
- The rapid grocery delivery market has become fiercely competitive in Europe during the pandemic. The sector has attracted hundreds of millions of dollars from VCs and is starting to reach a saturation point in many markets.
| | | | | | | | | | SPAC timelines are getting shorter and shorter—many that unveiled listing plans last week intend to merge within 12 months. [Bloomberg]
Bitcoin is infamous for its environmental baggage, but new miners hope there may be big profits in clean crypto. [Forbes]
Tax breaks and hopes for better returns are some of the reasons private equity firms are buying listed companies at a record rate. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 514 Deals | 1497 People | 434 Companies | 50 Funds | | | | | | |
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| 2013 Vintage Global Venture Funds with less than $250M | | | | | | |
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| A message from Masterworks | | |
| The next $6 trillion gold rush isn't just coming: It's already here | | There is an untapped asset class that has been around for centuries. Yet, only the 0.0001% had access due to high entry costs and limited supply. Most of the big players have a net worth in the billions, not millions.
It's not venture capital or private equity, or anything related to cryptocurrency.
It's blue-chip art.
To invest in contemporary art, you needed tens of millions of dollars to build a proper portfolio.
But no longer.
Masterworks has fractionalized investments in works by Banksy, Picasso and Warhol so you can invest at a portion of the typical purchase price.
In a recent interview with Masterworks founder Scott Lynn, Jim Cramer proclaimed that only two things hold their value during hyper-inflation, "mansions and Masterworks."
Watch here*
*See important disclaimer | | | | | | | |
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| | | | | | | | | Nozomi Networks secures $100M | | | | | | | | | Kuda Bank hits $500M valuation with Series B | | | Kuda Bank has raised a $55 million Series B at a valuation of $500 million, TechCrunch reported. Valar Ventures and Target Global reportedly led the funding, with participation from SBI and several angel investors. Based in London, Kuda offers a debit card and operates a mobile-only neobank in Nigeria. The company, which raised $25 million in March, will reportedly use the new funds in part to expand to other countries in Africa. | | | | | | | | Finite State raises $30M Series B | | | Finite State, a provider of security solutions for connected devices and infrastructure within software supply chains, has raised a $30 million Series B. Energize Ventures led the funding, with participation from Schneider Electric and Merlin Ventures. Columbus, Ohio-based Finite State was valued at $32.5 million last year, according to PitchBook data. | | | | | | | | Pet pharmacy startup reels in $20M | | | | | | |
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| Banking Circle eyes $5.9B valuation | | | Cross-border payments company Banking Circle is looking to raise around $500 million at a $5.9 billion valuation, Bloomberg reported. EQT bought a majority stake in Luxembourg-based Banking Circle in 2018 for a reported $300 million. | | | | | | | | Blackstone-backed company to buy Reese Witherspoon's studio for $900M | | | An unnamed media company owned by Blackstone has agreed to acquire Hello Sunshine, a streaming-focused studio owned by actress Reese Witherspoon, in a deal that values the business at around $900 million, according to reports. Hello Sunshine has produced shows including "Big Little Lies" and "The Morning Show." The studio has been backed by investors including AT&T and Emerson Collective. | | | | | | | | MidOcean gobbles up Louisiana Fish Fry | | | | | | | | | Gryphon Investors purchases HVAC wholesaler | | | San Francisco-based Gryphon Investors has acquired Wittichen Supply Company, a Birmingham, Ala.-based wholesale provider of heating, ventilation, air conditioning and refrigeration equipment and services. Founded in 1914, Wittichen serves residential and commercial customers throughout the US Southeast. The deal is the second investment closed by Gryphon's Heritage Fund, a vehicle that was launched in 2020. | | | | | | | | TowerBrook backs business consulting specialist | | | TowerBrook Capital Partners has invested in EisnerAmper, a New York-based business consulting and accounting firm that serves a variety of sectors including life sciences, healthcare and real estate. Founded in 1963, EisnerAmper employs more than 2,000 people and is made up of over 200 partners and principals. | | | | | |
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| Sumeru to unload Azuga for $391M | | | | | | | | | CenterOak Partners sells Cascade Windows for $245M | | | | | | |
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| BoxGroup closes on $255M for two new funds | | | New York-based venture capital firm BoxGroup has raised $255 million for two new funds, TechCrunch reported. The first fund, BoxGroup Five, will target emerging tech companies at the pre-seed and seed stages. The second, BoxGroup Strive, will back businesses in follow-on rounds. Each fund closed at $127.5 million. | | | | | | | | Element Ventures raises $130M fintech fund | | | | | | | | | Newtopia VC launches Latam tech fund | | | Newtopia VC has closed its first fund on $50 million, which will be used to focus on tech startups in Latin America, TechCrunch reported. The fund plans to make investments of $100,000 in pre-seed startups and investments of between $250,000 and $1 million in seed-stage startups. | | | | | |
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| | | Square plans to acquire buy-now, pay-later company Afterpay for about $29 billion in an all-stock deal. Afterpay, which is publicly traded in Australia, was previously considering an IPO in the US, Reuters reported in April. The company has been backed by Matrix Partners; Dana Stalder, a partner at the VC firm, serves on the board as an independent director. | | | | | |
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"The strength in the public markets has meaningfully contributed to the spike in exit value and volume—one not seen in a decade. In Q2 2021, 29 public listings worth €34.8 billion closed, marking YoY increases of 314.3% and 148.4%, respectively. Strong liquidity in the capital markets from the pandemic-induced stimulus, rising investor sentiment due to quickening vaccine rollouts, the addition of SPAC acquirers, and soaring liquid markets' valuations have radically pushed more sponsors to exit through public listings."
Source: PitchBook's Q2 2021 European PE Breakdown | | | | | |
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