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In today's Daily Pitch, you'll find: - An analysis of why public PE firms are on a hot streak and how they could keep it going.
- Reddit is rocketing toward a $10 billion-plus valuation with its latest funding round.
- Summit Partners is targeting $7 billion for its new vehicle, the latest in a string of PE mega-funds.
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| 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 latest 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 and 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 pay shareholders.
| | | | | | | | | | Reddit targets $10B+ valuation | |  | | (Sezeryadigar/Getty Images) | | | Reddit announced Thursday that it plans to raise a $700 million Series F at a valuation of over $10 billion.
News of the round, to be led by Fidelity Management & Research and other existing investors, comes less than six months after the company hit a $6.4 billion valuation in February, according to PitchBook data.
The news sharing and discussion platform also reported $100 million in advertising revenue during Q2 2021, a 192% increase from the same period last year. The revenue will continue to support advertising efforts and further innovations. | | | | | | | |
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| A message from Yieldstreet | | |
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| Autonomous technology is a good fit for the trucking industry | |  | | (hwanchul/Getty Images) | | | Autonomous trucking technology can potentially solve many of the challenges faced by carriers today. From alleviating labor shortages to improving margins, self-driving technologies such as camera-based perception systems and lidar hold significant potential for use in long stretches of highway driving.
Our recent analyst note explores the major trends that have shaped the autonomous trucking industry in 2021, including why it may be the first area of the driverless vehicle sector to adopt self-driving tech on a large commercial scale. Key insights include: - In the first half of 2021, investors poured a record $5.6 billion into autonomous trucking companies such as TuSimple and Plus, eclipsing the $4.2 billion invested in all of 2020.
- PitchBook's unit economics analysis illustrates that autonomous driving technology could reduce the cost of trucking from $1.65 per mile to $1.30 per mile by mid-decade.
- The industry is attracting a broad set of investors, including incumbents and trucking logistics providers. As a result, valuations for autonomous trucking startups are climbing more quickly than startup valuations in the robotaxi industry.
- Autonomous trucking will face difficulties in commercializing at scale until clear regulatory guidelines are set for testing, deployment, driver licensing and driver hours of service.
| | | | | | | | | | Summit Partners eyes $7B for 11th growth fund | | Boston-based Summit Partners is targeting $7 billion for its 11th flagship growth fund, The Wall Street Journal reported. The vehicle adds to 2021's ever-growing list of private equity mega-funds. - Summit's new fund will reportedly focus on investments in North American businesses. The firm, which closed its 10th flagship growth vehicle at $4.9 billion in 2019, targets industries including technology, healthcare and life sciences.
- The news comes during a banner year for private equity mega-funds, which are defined as any vehicle that has raised over $5 billion. At least 14 US mega-funds have already completed one close or more this year, according to PitchBook data. For context, 18 mega-funds were closed in all of 2019, and 16 closed in 2020.
Related read: Two new mega-funds pile into climate-focused fund frenzy | | | | | | | | | | Digital freight startups aren't in the mood for risky mergers. Here's why they're sticking to steady, organic growth. [The Wall Street Journal]
One writer's thoughts on the ethical dilemmas raised by the ongoing face-off between the maker of Marlboro cigarettes and The Carlyle Group. [Bloomberg]
Silicon Valley may be gaining a European counterpart, as French entrepreneurs are no longer haunted by public bankruptcy records. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 384 Deals | 1246 People | 293 Companies | 17 Funds | | | | | | |
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| 2013 Vintage Global Secondaries Funds | | | | | | |
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| Apollo hires Vikram Mahidhar as operating partner | | | Apollo Global Management has hired Vikram Mahidhar as operating partner and head of its data and digital transformation efforts, which are part of the firm's portfolio performance solutions platform. Mahidhar was a previously a senior vice president at professional services firm Genpact and a managing director and deputy head of innovation at Deloitte. | | | | | |
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| Emeritus snags $650M Series E | | | Emeritus has raised $650 million at a $3.2 billion valuation in a round co-led by Accel and SoftBank's Vision Fund 2. Emeritus, part of Eruditus Executive Education, collaborates with over 50 universities to provide more than 250 education courses for professionals globally. | | | | | | | | Talkdesk lands $230M Series D | | | Talkdesk has raised $230 million at a more than $10 billion valuation from investors including Whale Rock Capital, Alpha Square Group, Amity Ventures and Top Tier Capital Partners. The San Francisco-based company is the provider of a cloud contact center that connects support and sales teams with customers. Talkdesk raised $143 million at a $3.1 billion valuation in 2020, according to PitchBook data. The company also announced the appointment of industry veteran Sydney Carey as CFO. | | | | | | | | TaxBit banks $130M Series B | | | TaxBit has raised $130 million at a $1.33 billion valuation in a round co-led by IVP and Insight Partners. The Utah-based company is a developer of cryptocurrency tax and accounting automation software. The funding comes less than six months after TaxBit raised a $100 million Series A at a $435 million valuation in March, according to PitchBook data. | | | | | | | | Hagar picks up $11.7M Series B | | | Tel Aviv-based Hagar has raised $11.7 million in a round led by return investor Columbia Pacific. The company is a developer of non-invasive glucose monitoring technology that uses radio frequency waves to measure blood glucose. | | | | | |
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| Ironbridge stakes access door builder | | | Ironbridge Equity Partners has acquired a majority stake in Cendrex Industries, a Montreal-based manufacturer of standard and made-to-order access doors for residential and non-residential construction projects across North America, PE Hub reported. | | | | | | | | Warburg backs cybersecurity's A-lign | | | Warburg Pincus has announced a growth investment in A-lign, a Tampa, Fla.-based provider of cybersecurity and compliance services. Existing investor FTV Capital has owned a stake in the company since 2018. A-lign provides clients with cybersecurity assessments and audits to ensure sensitive data is being protected. | | | | | |
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| EO Charging inks SPAC deal | | | UK-based electric vehicle charging startup EO Charging is merging with US blank-check company First Reserve Sustainable Growth. The deal is expected to deliver $150 million in cash and values the combined company at $675 million. EO Charging provides electric vehicle charging solutions to fleet operators including Amazon and DHL. | | | | | | | | Buffett-backed Nubank plots IPO | | | Brazilian fintech company Nubank is planning an initial public offering on the Nasdaq that could raise more than $2 billion and value the company at over $40 billion, Bloomberg reported. In June, Nubank raised $1.15 billion in a Series G round, reportedly at a $30 billion valuation, from Warren Buffett's Berkshire Hathaway, Sands Capital and others. | | | | | |
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| Sageview collects $710M for Fund III | | | Sageview Capital has closed its third flagship fund on $710 million, exceeding a $600 million target. The vehicle, which is already 25% deployed, will focus on making growth investments in software and tech-enabled companies. Founded in 2006, Sageview operates out of offices in Connecticut and California. | | | | | | | | Coatue launches new Asia fund | | | New York-based Coatue is raising a new fund that will be used to invest in Asia, according to an SEC filing. Coatue reportedly raised $700 million for an early-stage venture fund in 2019. The firm, which also operates out of California and Hong Kong, manages some $50 billion in assets, and focuses on investments in the technology, media and telecommunications sectors. | | | | | |
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