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In today's Daily Pitch, you'll find: - Our new Allocator Solutions report, introducing methodologies to help LPs forecast cash flows and pace capital commitments.
- In an effort to make SPACs more like IPOs, the SEC has proposed rules that could add further pain to an already downtrodden market for blank-check deals.
- Virtual behavioral health treatment is likely here to stay, as is investor interest in the startups that make it possible.
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| Cash Flow Forecasting and Commitment Pacing: Introducing Allocator Solutions | | While the prospect of differentiated returns is enticing, introducing private fund structures to a portfolio can leave allocators with many unanswered questions. Pacing commitments and managing liquidity are just two of the complications LPs must navigate.
In our new Allocator Solutions report, we provide an answer to these challenges through the introduction of the Cash Flow Forecasting and Commitment Pacing methodologies. The report features a deep dive from PitchBook analysts into the models they use to help LP clients build and maintain private market allocations, leveraging historical data to build probabilistic forecasts and scenario analysis tailored to unique portfolios. | | | | | | | | | | Proposed SEC rules would upend SPACs' special status | |  | | SEC Chairman Gary Gensler (Evelyn Hockstein/Getty Images) | | | In an effort to make SPACs more like IPOs, the SEC has proposed rules that could add further pain to an already downtrodden market for blank-check deals.
The regulator's complaints closely resemble longstanding gripes of the industry's critics—that blank-check deals are replete with misaligned interests, misleading information and heaps of dilution.
The proposed rules aim to correct those perceived shortcomings with a laundry list of new disclosures and limits on the legal protections that blank-check mergers have thus far enjoyed. | | | | | | | |
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| Investors back virtual future for mental health care | |  | | (Ponomariova_Maria/Getty Images) | | | VC funding for behavioral health startups skyrocketed during the pandemic. Not only did the crisis expose the need for these services, but people were more willing than ever to meet with providers online.
Though COVID-19 appears to be winding down, telemedicine usage for behavioral health is likely here to stay, and so is investor interest in the startups that make it possible. | | | | | | | | | | Smart homes and connected vehicles drive IoT VC funding to new highs | | End-user spending for internet-of-things technology hit an estimated $423.4 billion in 2021, including high market sizes for use cases across manufacturing, supply chain and connected vehicles.
VC funding growth for IoT startups was muted in 2021, increasing nearly 76% to $33.5 billion. For context, US software VC funding grew 130% during the past year.
Our 2021 Annual IoT Report breaks down the key trends behind the maturing vertical across our comprehensive taxonomy of product segments like hardware, networking and connected buildings. | | | | | | | | | | Meet Starling Lab, a moonshot project that's using the blockchain to preserve the world's most important information. [Fast Company]
The sports-card industry is undergoing a tech revolution. Why one company wants to lead the charge. [Forbes]
A growing number of solo venture capitalists are raising bigger funds and writing larger checks. [The Information] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 473 Deals | 1887 People | 491 Companies | 29 Funds | | | | | | |
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| 2014 Vintage Global Real Assets Funds | | | | | | |
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| | | Cross River Bank, a provider of financial services, has raised $620 million in a round co-led by Andreessen Horowitz and Eldridge. The company plans to use the funding in part to further develop its embedded payments, cards, lending and crypto solutions. | | | | | | | | Neuron23 nabs $100M in SoftBank-led round | | | Neuron23 has raised a $100 million Series C led by SoftBank's Vision Fund 2. Based in the Bay Area, the company is developing precision medicines for genetically defined neurological and immunological diseases. | | | | | | | | Modern Treasury lands $50M | | | Modern Treasury has raised an additional $50 million for its Series C from SVB Capital and Salesforce Ventures, following an $85 million first close in 2021. Based in San Francisco, the company's payments software helps organizations manage and track transactions. | | | | | | | | Founders Fund leads $25M round for Mosaic | | | Mosaic has raised a $25 million Series B led by Founders Fund. Based in the San Diego area, the company's financial analytics platform provides predictive reporting tools. | | | | | |
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| Hg stakes EQT's cloud software companies | | | EQT has agreed to sell a large stake in cloud software providers IFS and WorkWave to Hg in a deal that values the companies at $10 billion. TA Associates will also sell a portion of its stake to Hg. | | | | | | | | The Jordan Company closes in on $1.5B deal for Five Star | | | The Jordan Company is close to purchasing a majority stake in Five Star in a deal that would value the manufacturer of flexible packaging, printed films, post-consumer resins and more at $1.5 billion, Bloomberg reported. Five Star's brands include StarPak, Polytex, Superbag, Fresh Pak and Jumbo Bag. | | | | | | | | Insight Partners leads $80M round for Beewise | | | Insight Partners has led a $80 million Series C funding round in Beewise, a climate tech precision robotics company that aims to protect the bee population. Beewise's technology works to increase pollination capacity and honey production while detecting threats such as pesticides and pests. | | | | | | | | KKR backs Knowlton Development | | | KKR has invested in Knowlton Development Corporation. The Canadian company partners with beauty, personal care and home care brands to help create, design and manufacture products. | | | | | |
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| Accel-KKR closes latest continuation fund on $1.7B+ | | | Accel-KKR has raised nearly $1.77 billion for its Accel-KKR Capital Partners CV IV vehicle, a continuation fund for the firm's 2013 tech buyout vehicle. The capital will be used to support follow-on investments in seven Accel-KKR portfolio companies. | | | | | | | | Gumi Cryptos Capital closes $110M fund | | | Gumi Cryptos Capital has raised $110 million for its sophomore fund, which will support early-stage startups in the blockchain sector. The vehicle's predecessor raised $21 million to back seed-stage investments. | | | | | |
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"Capital invested into startups reached a record high in 2021, and GPs will be keen to raise fresh capital to ensure they are well equipped to compete for larger rounds. Given the challenges facing wider financial products during COVID-19, LPs will be eager to pump capital into investment strategies that can deliver returns."
Source: PitchBook's 2021 Annual European Venture Report | | | | | |
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