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In today's Daily Pitch, you'll find: - Female founders in the US tallied a record number of public listings and acquisitions in 2021, when exits were a huge part of the venture story.
- Trident founder and CEO Eric Taylor on the S and G of ESG, how diversity drives returns in PE, and more on the "In Visible Capital" podcast.
- Our US VC Valuations Report explores how record dry powder and the proliferation of nontraditional investors propelled startup valuations in 2021.
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| Exclusive: Lyric Capital targets $500M with new music royalty fund | |  | | (Michael Putland/Getty Images) | | | Music royalties-focused PE firm Lyric Capital Group is raising a new $500 million fund to expand its portfolio as it seeks to capitalize on burgeoning investor interest in the growing, but still niche, asset class.
This reflects the growing appeal of song catalogs as a class of potentially lucrative assets thanks in part to the persistent growth of streaming. Investors are attracted by the recurring income stream and the potentially high returns for those willing to come to grips with the sometimes complicated financial models required to value music catalogs. | | | | | | | | | | US VC valuations notch records in 2021 | | Valuations of VC-backed companies soared in tandem with record levels of dry powder and the proliferation of nontraditional investors into the venture ecosystem during the past year.
Our 2021 Annual US VC Valuations Report explores how startup valuations across the venture lifecycle and within different sectors changed throughout the year. Key takeaways include: - Early-stage valuations reflected the tsunami of capital flowing into the venture industry, with the median pre-money valuation growing at 50% year-over-year to $45 million.
- Nontraditional investors' rise in participation put upward pressure on both deal sizes and valuations. At the late stage, the median valuation of deals with nontraditional investors reached $200 million—double that of 2020.
- Public market investors sustained an elevated level of demand for growth assets in the past year, with the valuation step-up for public listings notching a record high of 1.6 times in the fourth quarter.
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| | DealCloud technology isn't just a CRM—it's a purpose-built platform that helps capital markets professionals harness the cumulative intellectual capital of their firm's people and processes.
When firms implement and leverage the DealCloud platform, their dealmakers gain access to a single source that helps enable better relationship management practices, seamless deal execution, faster due diligence, enhanced reporting and data analytics, and increased productivity.
Learn more | | | | | | | |
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| Charting female founders' standout year for VC exits | |  | | (lerbank/Getty Images) | | | Female founders in the US tallied a record number of public listings and acquisitions in 2021, when exits were a huge part of the venture story.
The number of public listings with a female founder or co-founder more than doubled year-over-year to 48 in 2021, generating nearly $57 billion in exit value, according to PitchBook data. Acquisitions continued to be the most common exit type, realizing more than $9 billion for female founders.
Here's a look at exit activity involving female founders in 2021 and how the numbers line up against the overall exit boom in the venture ecosystem. | | | | | | | | | | On the podcast: Seeking alpha while doing good | | This week on the "In Visible Capital" podcast, we speak to Eric Taylor, founder and CEO of Trident, a middle-market private equity firm focused on removing bias from investing.
In the episode, Taylor discusses Trident's approach to diversity, equity and inclusion, in addition to the broader challenges facing the private equity industry when it comes to responsible investing. Topics include: - How private equity can use diversity and inclusion not just as means of achieving ESG goals but as a way of driving better returns.
- What technology, data and processes can be used to remove unconscious bias from investing.
- A broader look at representation within private equity firms, how the industry has evolved to be more inclusive and what it can do to improve.
| | | | | | | | | | Can Quebec's dams power New York City? Blackstone is betting $4.5 billion on it. [The Wall Street Journal]
The US Postal Service could lead the electric-vehicle revolution with its new fleet of delivery trucks. What's standing in the way? [The Atlantic]
One writer's thoughts on why the relationship between rising interest rates and slumping tech stocks may not be as clear-cut as many investors believe. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 367 Deals | 1581 People | 457 Companies | 26 Funds | | | | | | |
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| 2012 Vintage Global Debt Funds | | | | | | |
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| Unabated: Reflecting on 15 years of private capital markets growth | | Over the past 15 years, there have been several key inflection points that have contributed to the growth, maturation and deepening of the global private capital markets. From the global financial crisis and the first unicorn to recent US elections and the pandemic, these factors paved the way for today's record-breaking investment landscape—and will undoubtedly have a lasting impact on the future.
What past financial events do you think contributed to today's dealmaking environment? What future implications do these events present for the next 15 years? PitchBook wants to hear your thoughts!
Submit your ideas to pr@pitchbook.com and you may be quoted in an upcoming feature. | | | | | | | |
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| Crypto startup Helium raises $200M | | | Helium has raised $200 million at a $1.2 billion valuation from investors including Tiger Global and FTX Ventures, Axios reported. The San Francisco-based company's decentralized wireless network rewards individual hotspot operators with crypto tokens. | | | | | | | | Icon secures $185M for 3D-printed homes | | | Icon has raised $185 million in a Series B extension led by Tiger Global, TechCrunch reported. The Austin-based company uses its 3D-printing tech to build homes and structures across the US and Mexico. | | | | | | | | | Raydiant has raised a $30 million Series B co-led by 8VC and Atomic Ventures. The San Francisco-based company is the developer of a customer experience platform for brick-and-mortar businesses. The funding values Raydiant at $120 million, according to PitchBook data. | | | | | | | | Coast lands $27.5M Series A | | | Coast has raised $27.5 million in a round co-led by Accel and Insight Partners. The New York-based company offers a B2B card payments platform to manage fleet transactions. | | | | | |
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| Fanatics to take over Mitchell & Ness | | | PE-backed sports memorabilia company Fanatics has agreed to buy a majority stake in Mitchell & Ness from Juggernaut Capital Partners, The New York Times reported. The deal will see Fanatics take a 75% stake in the brand merchandising company, while a celebrity cohort that includes rapper Jay-Z and Maverick Carter will take a 25% stake, according to the report. | | | | | | | | Advent stakes Brazil's Tigre | | | Advent International has backed Tigre Group, a Brazilian construction materials manufacturer, Reuters reported. Advent paid 1.35 billion reals (about $262 million) for the 25% stake in Tigre. | | | | | | | | Integrum to pick up Merchant e-Solutions stake | | | Integrum Holdings has agreed to pay up to $290 million to acquire a stake in Merchant e-Solutions from Brazilian payments processor Cielo, Reuters reported. Integrum will pay $140 million upon the deal's close and up to $150 million when certain conditions are met. US-based Merchant provides a fintech platform from businesses. | | | | | | | | Everlane backs DemandDrive | | | | | | |
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| General Catalyst closes $4.6B fund | | | General Catalyst has raised $4.6 billion for its 11th flagship investment vehicle. The new capital will be used for three areas: $2.7 billion for companies at later stages in the public and private markets, $1.1 billion for seed and early-stage startups, and $800 million for other company-creation efforts. | | | | | |
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| PE loses out to Celanese in $11B deal for DuPont unit | | | | | | |
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