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In today's Daily Pitch, you'll find: - In our latest analyst note, we use a proprietary index to assess the post-IPO record of SoftBank's portfolio companies.
- How VCs are furthering their ESG strategies by backing a unique type of fintech startup.
- Hamilton Lane managing partner Miguel Luiña joins the latest episode of "In Visible Capital" to share his perspective on the changing world of venture capital.
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| SoftBank's portfolio companies perform well on Wall Street | |  | | (Carl Court/Getty Images) | | | SoftBank's first Vision Fund is approaching its fifth birthday and growing up fast. A robust IPO market has enabled a steady stream of exits from the Japanese firm's portfolio—from DoorDash to DiDi Global.
Our latest analyst note delves into the Vision Funds' recent performance, and includes a proprietary index that assesses the post-IPO record of the firm's portfolio companies. Key takeaways include: - The Vision Funds' US-listed public holdings have performed well on a market cap-weighted basis. However, a small number of companies are responsible for the bulk of that growth.
- The first Vision Fund has a fund life of 12 to 14 years, so the gains will likely continue to accrue for many years. But that also means the firm will need to shift its focus from venture investing to managing public companies.
- Vision Fund 2 has again increased in size, now totaling $40 billion. Fully funded by the company and CEO Masayoshi Son, SoftBank now has a larger interest in Vision Fund 2 than it did in the original $98.6 billion Vision Fund.
| | | | | | | | | | 'Earned wage' startups winning over VCs with an ESG agenda | |  | | (Filo/Getty Images) | | | VCs are increasingly trying to position themselves as socially responsible investors by funding businesses that benefit society—while steering clear of companies that are considered harmful.
Likely part of this trend, fintechs have started catering to workers with low credit scores by offering earned wage access products, an alternative to traditional payday lending. EWA allows workers to receive all or some of their earnings before scheduled paydays. - Startups in the EWA space have raised $1.13 billion in debt and equity so far this year, surpassing total funding collected by the companies in the sector from 2015 to 2020, according to PitchBook data.
- Last month, LendUp, a payday lending platform backed by QED Investor, GV and PayPal Ventures, reportedly stopped originating payday loans out of ethical considerations.
- Although QED declined to comment on LendUp, the firm's managing partner and co-founder Nigel Morris said in a separate interview, "We are very excited about earned wage access." QED invested in five EWA companies around the world.
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| A message from InCloudCounsel | | |
| Guide: The top 10 terms in side letters | | In this guide, InCloudCounsel has outlined key side letter terms, highlighted some of the challenges in complying with those terms and assessed the potential operational impact for GPs.
While these are just a handful of the most important provisions commonly found in side letters, GPs often deal with thousands of individual obligations to multiple LPs across multiple funds all at the same time.
How are you staying on top of it all?
Download the guide today | | | | | | | |
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| On the podcast: LPs' take on the changing world of venture | | LPs are increasingly investing in the venture market to get a share of the outsized returns within that asset class while satiating the growing capital demands by VCs. Hamilton Lane managing partner Miguel Luiña joins the latest episode of "In Visible Capital" to share his perspectives from leading the firm's efforts and advising LPs on allocations to venture capital and growth equity. Highlights include: - The challenges facing emerging fund managers in a competitive space dominated by established players
- What kind of institutions are increasing their allocation to venture capital
- As startups continue to stay private for longer periods, secondaries should present strong growth opportunities in the coming years
| | | | | | | | | | Libraries can purchase print books in bulk from sellers of their choice, with the right to lend them to readers free of charge. That same doctrine, however, doesn't apply to e-books. [The New Yorker]
Rising mortgage rates, the continued popularity of the suburbs, and what else to expect in 2022's housing market. [Fortune]
New research on the 47 largest clothing companies shows that there's no such thing as sustainable fashion. [Fast Company] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 326 Deals | 1400 People | 351 Companies | 19 Funds | | | | | | |
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| 2013 Vintage Global Funds-of-Funds | | | | | | |
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| Hope is not a strategy: 5 steps for business succession planning | | 70% of business owners don't have a succession plan. With corporate valuations exceeding pre-pandemic highs, now is the time to consider your next move—whether that's selling your business or keeping it in the family.
By implementing a succession plan with a trusted network of advisers, you can ensure the continuation of your vision and values far into the future.
Gain access to Citizens' succession planning insights to learn: - Ways to maximize your company's value
- How to avoid the most common mistakes in valuing your business
- Key considerations when crafting your succession plan
Get started today | | | | | | | |
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| A16z Crypto hires Miles Jennings as general counsel | | | | | | |
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| Real estate tech startup snags $363M | | | HomeLight, the creator of a real estate tech platform for those looking to buy or sell a home, has raised $363 million in a round led by Zeev Ventures, with support from Group 11, STCAP and Menlo Ventures. The financing, which values HomeLight at $1.6 billion, comprises $100 million in Series D equity and $263 million in debt funding. Founded in 2012, the startup has offices in San Francisco, New York, Seattle and Scottsdale, Ariz. | | | | | | | | Disc Medicine gathers $90M to help treat hematologic diseases | | | Clinical-stage biotech startup Disc Medicine has raised a $90 million Series B led by OrbiMed, with support from new backers Arix Bioscience, Janus Henderson Investors, 5AM Ventures and others. Based near Boston, the startup is developing therapies to address ineffective red blood cell production in patients with serious and debilitating hematologic diseases. Disc Medicine was valued at $78 million after a $50 million round in 2019, according to PitchBook data. | | | | | | | | Corelight lands $75M for cybersecurity platform | | | Cybersecurity startup Corelight has raised $75 million in a Series D round led by Energy Impact Partners, with support from Accel, General Catalyst and other investors. San Francisco-based Corelight runs a network detection and response platform that's used by government agencies and customers in sectors including finance and healthcare. It was valued at $375 million in 2019, according to PitchBook data. | | | | | | | | Valar Ventures leads $46.5M round for Point | | | | | | |
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| Apollo wraps up $5B deal for Yahoo | | | Apollo Global Management has completed its previously announced acquisition of Yahoo (formerly Verizon Media) from telecom giant Verizon, who will retain 10% of the company. The deal values the digital media specialist at around $5 billion. Verizon purchased AOL for $4.4 billion in 2015 and Yahoo in 2017 for around $4.5 billion; it merged the two companies, eventually forming the current version of Yahoo. | | | | | | | | Thoma Bravo strikes $2.4B data deal | | | Thoma Bravo has completed its acquisition of Talend, a Redwood City, Calif.-based provider of data integration and integrity software, in a deal that values the company at about $2.4 billion. The firm paid $66 per share for the company, marking a 29% premium to Talend's closing price on March 9, the day prior to the deal's initial announcement. | | | | | |
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