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In today's Daily Pitch, you'll find: - How Andreessen Horowitz is putting its newly minted $2.2 billion crypto fund to work.
- Our Q3 Quantitative Perspectives report, packed with market insights, data and dozens of charts.
- A breakdown of the top VC investors in Israel this year.
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| Yields, jobs and capital supply: How macro trends are reshaping private markets | | Eighteen months ago, a forecast of surging private valuations and skyrocketing stocks seemed absurd. These days, large swaths of the financial markets couldn't look more buoyant—and a multitude of interesting storylines have emerged from the chaos.
Our latest Quantitative Perspectives report features nearly 70 pages of data and 75 charts, offering a bird's-eye view of alternative markets and illuminating key trends across a range of investment strategies. Topics include: - Fund cash flows, featuring full-year 2020 data capturing the rebound in average distributions and the record distributions by venture funds.
- The macro landscape, detailing how inflationary pressure and yield compression have pushed allocators to the private markets.
- Impact investing and its effect on real assets fundraising, particularly energy and agriculture.
- Debt markets and how their relationship to high-yield bonds may guide debt loads in PE buyouts.
| | | | | | | | | | A16z shows off deep crypto pockets | |  | | (Image courtesy of Axie Infinity) | | | Andreessen Horowitz has been putting its newly minted $2.2 billion crypto fund to work this week with mega-deals to back trading platform CoinSwitch Kuber and Sky Mavis, the maker of NFT game Axie Infinity.
These rounds also reflect the growing geographic diversity of its crypto portfolio: CoinSwitch Kuber is based in India and Axie Infinity in Vietnam.
Here's a look at a16z's largest crypto deals this year broken down by country. | | | | | | | |
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| Washington's VC scene has emerged | | The startup ecosystem in Washington, DC, is coming into its own. VC deal activity surged in the wake of the 2008 financial crisis, more than doubling between 2009 and 2014. Investment has remained high ever since, growing into an array of financings ranging from education to media and finance.
In an ongoing partnership with PitchBook Data, BridgeBank has released Markets to Watch: Washington, DC. The numbers show an emphasis on defense and aerospace, as well as several success stories with distinct Washington personalities: software platforms for regulatory monitoring and policy management and tailored to nonprofits, economic agencies and media groups. Washington startups are now catering to a broad clientele base and can take advantage of their proximity to influence.
To download the report, click here. | | | | | | | |
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| OurCrowd tops list of 2021's most active VCs in Israel | |  | Israel has attracted record amounts of venture funding in 2021.
(Ilan Shacham/Getty Images) | | | Israel has seen unprecedented levels of venture capital investment in 2021, driven largely by an increase in late-stage funding. We took a look at the most active VC investors in Israel so far this year.
Investment platform OurCrowd is leading the way, but who else made the list? | | | | | | | | | | Low interest rates are pushing insurers further into alternative assets. [Institutional Investor]
Will a new fantasy startup investing game provide a more democratic route into VC investing? [Sifted]
As the need for limitless clean energy becomes clearer, will hopes for a nuclear fusion-powered future become a reality? [The New Yorker] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 519 Deals | 1902 People | 415 Companies | 20 Funds | | | | | | |
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| 2016 Vintage Global Venture Funds | | | | | | |
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| A message from New York Life Investments Alternatives | | |
| Private equity in the pandemic: A look backward, a path forward | | New York Life Investments Alternatives partnered with Coalition Greenwich to conduct more than 100 in-depth interviews with middle-market sponsors to assess how the COVID-19 pandemic has changed their core business and investment processes. This report covers the results of that research, including important trends in investing, deal sourcing, transaction financing, exit strategies and fundraising. The findings reveal that sponsors that sharpen investment processes, adopt new technologies and build strong relationships can emerge from the pandemic with portfolios intact, record deal volumes and significant amounts of dry powder. The report offers lessons learned that can help sponsors remain diligent and prudent in capital deployment as markets recover and valuations rise.
Download the research report | | | | | | | |
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| Elemy secures $219M Series B | | | Elemy has raised $219 million at a $1.15 billion valuation in a round led by SoftBank's Vision Fund 2. Based in the Bay Area, the company is the developer of a healthtech platform intended to provide autism care. | | | | | | | | Twin Health brings in $140M | | | | | | | | | Zum drives off with $130M Series D | | | California-based Zum has raised $130 million in a round led by SoftBank's Vision Fund 2. Zum offers a ridehailing-style school transportation platform and plans to use the funding in part to add electric vehicles to its platform. The company was valued at $194 million in 2019, according to PitchBook data. | | | | | | | | | Neuroblade has raised an $83 million Series B led by Corner Ventures. The Tel Aviv-based company is the developer of a computational memory chip that accelerates data processing. | | | | | | | | The Mom Project raises $80M | | | | | | | | | Tiger Global leads Series A for Favo | | | Favo, the developer of a social commerce platform for Latin America, has raised $26.5 million in a round led by Tiger Global. Founded in 2019, the Sao Paulo-based company also helps entrepreneurs create new income streams through sales commissions. | | | | | |
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| Invictus leads $30M round in IT Central Station | | | Invictus Growth Partners has led a $30 million Series A in IT Central Station, an enterprise technology review platform. In the past year, New York-based IT Central Station surpassed 500,000 registered members and its platform was visited by 3.5 million enterprise software buyers. | | | | | | | | Ares lands clean energy provider Apex | | | Ares Management has agreed to acquire a majority stake in Apex Clean Energy, a Virginia-based renewable energy company. Apex develops, constructs and operates utility-scale wind and solar facilities across the US. | | | | | | | | Industrial Growth Partners picks up circuit board maker | | | | | | | | | TA's PDQ buys Apple device manager | | | TA Associates-backed IT asset management software company PDQ.com has acquired SimpleMDM, an Apple device management platform. SimpleMDM provides tools to manage macOS, tvOS and iOS devices to over 3,000 customers. | | | | | |
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| Elite Body Sculpture files for IPO | | | | | | | | | Carlyle weighs sale of Japan's Sunsho Pharma | | | The Carlyle Group is considering a sale of Sunsho Pharmaceutical in a deal that could value the manufacturer of health and nutrition products at $500 million, Bloomberg reported. Carlyle acquired the Japanese company in 2014. | | | | | | | | PE-backed HireRight files to go public | | | HireRight has filed to list on the New York Stock Exchange. The company, a provider of employment screening solutions, is majority-owned by General Atlantic. Stone Point Capital holds a minority stake in the company, which it backed in 2018. HireRight also merged with General Atlantic-backed GIS that year. | | | | | | | | BPEA, PAI eye exit from air freight company WFCI | | | Baring Private Equity Asia and PAI Partners are exploring a sale of World Freight Company International that could fetch as much as €1.5 billion (about $1.7 billion), Reuters reported. The two investors are said to have approached potential buyers, including other PE firms, about acquiring the French cargo freight services provider, and a sale process could be launched by the end of this year. | | | | | |
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| Francisco Partners seeks $10B for new fund | | | Tech-focused Francisco Partners is targeting $10 billion for its seventh flagship fund, which would be the PE firm's largest vehicle ever, The Wall Street Journal reported. Last year, the firm raised nearly $10 billion across three funds focused on the healthcare, cybersecurity and finance sectors—including $7.45 billion for its sixth flagship fund. | | | | | |
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