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In today's Daily Pitch, you'll find: - A year ago, the UK government took steps to increase investment in its fintech industry; now the sector is seeing record funding from foreign investors.
- An analysis of how sustainable investments are defined and carried out in the private markets, focusing on the different schools of thought in ESG and impact investing.
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| Year after UK review, overseas VCs drive record fintech growth | |  | | (Adrian Dennis/Getty Images) | | | In the 12 months following the UK government-backed Kalifa Review aimed at spurring activity in the fintech industry, VC investment in the sector has broken new records, mostly thanks to foreign investors. - Fintech investment in the UK totaled $14.35 billion across 662 deals in 2021, representing an increase of roughly 250% and 12% from the previous year, respectively.
- While funding has grown dramatically, most of the largest fintech deals for UK VCs in 2021 were led by funds from outside the UK, signaling that domestic investors remain reticent backers.
| | | | | | | | | | Peeling back the layers of ESG and impact investing in PE, VC | |  | | (Galeanu Mihai/Getty Images) | | | While fund managers may aim to do well by doing good, they can take different approaches to environmental, social and governance and impact investing.
Our recent analyst note explores how sustainable investments are defined and carried out in the private markets, focusing on the different schools of thought in ESG investing. Peeling back the layers of these philosophies—purist, pragmatist and pluralist—reveals why they can lead to such different-looking portfolios in PE compared to VC.
Where advocates for one approach might see a legitimate sustainable investment program, skeptics might see "greenwashing"—a fund manager claiming sustainability but not following through. While investors are unlikely to rally around only one ESG or impact philosophy, each perspective represents an effort to cultivate a more sustainable economy. | | | | | | | | | | Options for options: New products emerge to help employees take control of equity | |  | | (Randy Faris/Getty Images) | | | To stay competitive in a tight labor market, private companies are not only offering higher salaries but also luring employees with equity.
Add that to the trend of companies staying private longer and a growing number of startups, and the result is an ever-larger pool of employee stock options.
But exercising these is expensive—often prohibitively so. Every year, billions of dollars are left on the table. In response, a range of new possibilities has emerged for employees seeking to gain value from their options. | | | | | | | | | | Weee! picks up $425M for ethnic online grocery delivery | |  | | (pixelfit/Getty Images) | | | Weee!, an online grocer specializing in ingredients for Asian and Hispanic cuisines, has raised $425 million in a round led by SoftBank's Vision Fund 2, as the company seeks to solidify its position in the ethnic grocery and food delivery space.
The funding comes on the heels of a banner year for VC-backed online grocers. Global foodtech startups raised $39.3 billion in VC investment in 2021, and more than half of those dollars were directed to online grocers, apps and marketplaces, according to a recent PitchBook report on the sector. | | | | | | | | | | On the podcast: PE giant Advent bulks up on tech deals | | As a private equity industry stalwart, Advent International has invested in just about every industrial sector except tech—until recently, that is. - In recent years, the East Coast-based firm has made a deliberate effort to build a tech practice in Silicon Valley. Along the way, Advent has led growth-equity deals and even some early-stage venture rounds.
- On the latest episode of "In Visible Capital," presented by Upwork, PitchBook Editor-in-Chief Alexander Davis sits down with head of Advent Tech Bryan Taylor to talk about the firm's tech strategy, how it assembled its investing team and why recent turmoil in the market might affect buyout opportunities in tech companies.
| | | | | | | | | | Blackstone CEO Steve Schwarzman took home a record $1.1 billion in 2021, underscoring the private equity giant's growing dominance on Wall Street. [The Wall Street Journal]
Corporate America is lifting prices and bragging about bigger profits as consumers open their wallets and spend heartily. [The New York Times]
Could a nuclear renaissance be the answer to the climate change crisis? [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 507 Deals | 1577 People | 493 Companies | 35 Funds | | | | | | |
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| 2012 Vintage Global VC Funds | | | | | | |
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| Aurora Solar pulls in $200M Series D | | | Aurora Solar has raised $200 million in a round co-led by Coatue and Energize Ventures. Based in the Bay Area, the company is a developer of solar software designed to manage and sell installations. Aurora Solar was valued at more than $2.1 billion in May, according to PitchBook data. | | | | | | | | FPL Technologies eyes $1.5B valuation | | | FPL Technologies plans to raise more than $100 million at a $1.5 billion valuation in a round led by Temasek, TechCrunch reported. The Indian fintech company is the operator of OneCard, which offers a mobile-first credit card. | | | | | | | | Biomason locks in $65M Series C | | | Biomason has raised $65 million in a round led by 2150, with support from investors including Celesta Capital and Hartree Partners. Based in Durham, North Carolina, the company uses natural micro-organisms to grow biocement and other building materials without emitting carbon dioxide. | | | | | | | | | Qventus has raised $50 million in a round led by Thomas H. Lee Partners. The company is a developer of hospital management software designed to help healthcare professionals manage operational decisions in real time. | | | | | |
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| Brookfield to buy First Abu Dhabi Bank unit | | | | | | | | | KPS to acquire building products company | | | KPS Capital Partners has agreed to acquire Oldcastle BuildingEnvelope for $3.45 billion. The transaction is expected to close midway through the year. Dallas-based Oldcastle manufactures architectural hardware, glass and glazing systems. | | | | | | | | Infinedi Partners invests in LaSalle Network | | | Infinedi Partners has invested in LaSalle Network, a Chicago-based national staffing, recruiting and culture firm. Founded in 1998, LaSalle Network specializes in technology, cybersecurity, accounting and finance, healthcare revenue cycle and other sectors. | | | | | | | | The Rise Fund picks up dental surgery network | | | | | | |
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| PAI Partners seeks $7B+ for eighth fund | | | Paris-based PAI Partners is targeting more than $7 billion for its eighth fund, The Wall Street Journal reported. The firm plans to invest around 15% of the new fund in North American businesses. PAI Partners closed its seventh fund at €5 billion in 2018. | | | | | | | | Behrman closes $500M continuation fund | | | Behrman Capital has raised $500 million for its Behrman Capital Micross vehicle, a single asset continuation fund, in connection with the firm's sale of its portfolio company Micross Components. | | | | | |
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| Universal buys Neil Diamond's music catalog | | | Singer-songwriter Neil Diamond has sold his music catalog and recording rights to Universal Music Group, according to reports. The deal includes rights to all recordings from Diamond's career, 110 unreleased tracks and an unreleased album. | | | | | |
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