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In today's Daily Pitch, you'll find: - Our latest Private Fund Strategies Report follows the money that flowed through the private fundraising market last year, breaking down the data across strategies, regions and more.
- Cultivated meat startups are diving into salmon, tuna and other premium products that justify the high cost of production.
- TPG and Apollo Global Management have made separate impact investing plays, as PE firms expand their commitment to back companies that help them achieve their ESG goals.
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| VC captures majority of fund count in 2021, while PE dominates capital raised | | Private capital fundraising totaled nearly $1.2 trillion in 2021, essentially flat year-over-year. Initial fund count figures, by contrast, declined—a trend echoed across all fund types, as larger vehicles continued to characterize the global fundraising environment.
Our 2021 Annual Private Fund Strategies Report, sponsored by Altvia, follows the money that flowed through the private fundraising market last year, as different regions and strategies rose and fell against the backdrop of an ever-evolving environment. Highlights include: - Funds over $5 billion drove PE fundraising, which brought in a total of $456 billion and continued to lead all strategies in terms of capital raised.
- VC hit a fund count of over 1,500 during 2021, accounting for 55% of the total—the first time any strategy has captured a majority share.
- Real estate funds collected more than $126 billion in aggregate amid a dramatic increase in fund sizes; the five largest vehicles accounted for 25% of all capital raised.
- North America increased its share of fundraising to a record 63% of the total raised—growth that came largely at the expense of Asia, whose share fell to 10%.
| | | | | | | | | | Cultivated meat startups try the Tesla strategy | |  | | (Courtesy of Wildtype) | | | Plant-based meat has become synonymous with processed foods like burgers, sausages and nuggets, but up-and-coming cultivated meat startups are banking on premium products that justify the high cost of production.
Call it the Tesla strategy. - Cultivated salmon maker Wildtype has raised a $100 million Series B at a nearly $450 million valuation, according to PitchBook data. L Catterton led the round alongside Leonardo DiCaprio, Bezos Expeditions, Temasek and others. The startup's salmon has striations of flesh and fat that imitate the real thing, an effect created with protein "scaffolding" that helps to organize fish-derived cells as they grow.
- In a similar vein, lab-grown meat maker Finless Foods is developing sushi-grade tuna and Vow is developing exotic "meat" derived from kangaroo and alpaca. Eat Just, which launched cultivated chicken nuggets at a restaurant in Singapore in 2020, is working on Wagyu-style beef under the Good Meat brand.
- "Wildtype is establishing brand value and a high price point closer to production costs," said Alex Frederick, an analyst at PitchBook. "Also, infrastructure isn't there yet for mass production, so supplies will be constrained for the foreseeable future."
Related read: Lab-grown protein is cultivating investor interest | | | | | | | |
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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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| TPG, Apollo make separate impact investing plays | |  | | (Galeanu Mihai/Getty Images) | | | TPG's global impact investing platform has acquired a newly formed decarbonization company, as PE firms expand their commitment to back businesses that help them achieve their environmental, social and governance goals.
Bluesource, a carbon credit developer, and Element Markets, which focuses on renewable natural gas marketing and environmental commodities, are merging to form what TPG described as the largest marketer and originator of carbon and environmental credits in North America.
Capital for the deal will come in part from TPG's Rise Climate Fund; the firm announced the vehicle's first close on $5.4 billion this past July.
On the same day as the merger was announced, Apollo Global Management also unveiled an impact investment play—buying Tenneco, a vehicle emissions-control systems specialist, in a deal valued at $7.1 billion. | | | | | | | | | | Human movement-tracking tech sparks VC interest | |  | | (rzarek/Getty Images) | | | Startups are leveraging advancements in human movement tracking to integrate data from biometric devices and enable connected fitness applications, providing performance feedback in real time.
In addition, sleep-tech startups are exploring ways to enhance sleep quality—turning their attention to products that intervene during sleep, rather than using light therapy or temperature-regulation technology.
Our recent analyst note examines trends driving VC investment in movement-tracking and sleep tech as well as key providers in the space. | | | | | | | | | | How virtual lenders are shaking up Hong Kong's banking industry. [The Wall Street Journal]
Companies like Meta and Google may be allowing some employees to permanently work from home, but big tech is still doubling down on commercial office real estate. [The New York Times]
Retailers such as Forever 21 and Nike are rushing to create virtual stores in the metaverse as they seek to boost real-world profits. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 435 Deals | 1695 People | 456 Companies | 56 Funds | | | | | | |
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| 2020 Vintage European PE Funds | | | | | | |
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| An all-time high for life sciences' venture investment at $47 billion | | Multiple records set in 2020 across venture investment activity all fell last year as dealmaking soared to a frenzy. No less than $47 billion was invested across just over 2,000 completed transactions. The latest edition of Orrick's life sciences publication series is now available, summarizing key trends in dealmaking and providing insights into recent industry developments, with highlights including: - A roundtable discussing longevity, featuring executives from HCW Biologics, Inc., Oisin Biotechnologies, BioAtla, Boehringer Ingelheim and others.
- Financing metrics on deal sizes and valuations.
- Analysis of record-breaking exit activity and future liquidity potential.
Read it now | | | | | | | |
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| Kidney care provider Somatus secures $325M+ | | | Somatus has raised more than $325 million in a Series E round led by Wellington Management. The funding values the company at more than $2.5 billion. Somatus is a provider of healthcare services for patients with kidney disease. | | | | | | | | BlueVoyant picks up $250M Series D | | | BlueVoyant has raised $250 million in a round led by Liberty Strategic Capital. The New York-based company is the developer of a cybersecurity platform designed to detect and manage breaches and attacks. | | | | | | | | | FeeX, formerly known as Pontera, has raised $80 million across three recent funding rounds led by Lightspeed. The New York-based company is the developer of a fintech platform designed to help financial advisers manage retirement accounts. | | | | | | | | Secureframe locks in $56M | | | Secureframe has raised a $56 million Series B led by Accomplice VC, with support from Gaingels, Optum Ventures, Kleiner Perkins and others. Based in San Francisco, the company offers a security compliance automation platform. Secureframe was valued at $88 million in March 2021, according to PitchBook data. | | | | | | | | | Facilio has raised a $35 million Series B led by Dragoneer Investment Group. The company is the developer of a property operations platform for real estate owners and operators. Facilio was valued at $23.4 million in 2018, according to PitchBook data. | | | | | |
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| Water Street backs Alcor Scientific | | | Water Street Healthcare Partners has invested in Alcor Scientific, a Rhode Island-based provider of diagnostic instrumentation and medical devices. Founded in 2010, the company provides automated testing to help diagnose and monitor autoimmune diseases, cancer and more. | | | | | |
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| Saudi Arabia's sovereign wealth fund weighs options for $86B Aramco stake | | | Saudi Arabia's Public Investment Fund is assessing options for its $86 billion interest in energy giant Saudi Aramco, Bloomberg reported. Potential advisers are said to be offering possibilities such as a full or partial sale of the 4% stake. Other options include pledging the stock against the issue of convertible debt instruments or loans, the report said. | | | | | | | | PE-backed Travelport considers US IPO | | | UK travel-booking software company Travelport is considering an initial public offering in the US, Bloomberg reported. This is the second time in a month that a UK company has been reported to be eyeing a stateside IPO. Money transfer specialist Zepz is also said to be seeking a US listing. Travelport was delisted when Elliott Management and Siris Capital Group acquired the business in 2019. | | | | | |
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"The incredible fundraising environment is being driven by the unprecedented pace of capital deployment into growth deals and the phenomenal performance figures being posted. Performance for many growth funds is above 50% net over the past year as high-flying investments hit public markets and continue to swell in value or the investments are marked higher by another, more richly priced growth round."
Source: PitchBook's 2021 Annual US PE Breakdown | | | | | |
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