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In today's Daily Pitch, you'll find: - Grocery delivery provider Instacart has cut its valuation to $24 billion in hopes of attracting talent and retaining employees by offering them more reasonably priced stock grants.
- Our latest Quantitative Perspectives report dives into how the US venture industry may be able to weather headwinds in 2022.
- US investors are dominating Chelsea Football Club's sale shortlist.
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| Quantitative Perspectives: US VC braces for possibility of slowdown | | Despite the breakneck momentum of the past two years, 2022 has ushered in some potential headwinds for the venture capital industry. Depressed equity markets, a prominent theme of inflation and geopolitical turmoil are all contributing to uncertainty.
Our latest Quantitative Perspectives report dives deep into how the US venture industry may be able to weather these difficulties. The report also offers a closer look at public market movements, which have historically been a good indicator of venture activity.
Key takeaways: - Investors have left themselves vulnerable to valuation corrections by sacrificing protective deal terms in exchange for access to deal flow.
- The prospect of increasing bond yields may reduce venture's allure to LPs, but that effect will likely be tempered if inflation persists.
- VC investment outside of traditional funding hot spots accelerated during the pandemic as investment ticked up substantially in many states, including Vermont and Montana.
| | | | | | | | | | Instacart's move to cut valuation a statement on employee talent wars | |  | | (Oscar Wong/Getty Images) | | | In an unusual move, grocery delivery provider Instacart acted on its own initiative to cut its valuation to $24 billion, a markdown of almost 40%. The company took the action to attract talent and retain employees by offering them more reasonably priced stock grants.
The decision to revalue the company was made by management, but Instacart's investors will likely follow suit.
While it is not clear if other companies will make their valuations public, a couple of LPs have told PitchBook they expect to see reduced marks for venture funds at the end of Q1. | | | | | | | |
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| A message from Twin Brook Capital Partners | | |
| Steadfast in a fast-paced environment | | | Twin Brook Partner Pete Notter recently joined Middle Market Growth Magazine's Conversations podcast to discuss the current state of the market, working with sponsors and borrowers through ongoing macroeconomic issues, and the value of experience and consistency in today's environment. | | | | | | | |
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| US financial clout on display as Americans dominate Chelsea sale shortlist | |  | | (Craig Mercer/Getty Images) | | | Four US-based investors are among a reported shortlist of bidders vying to buy Chelsea Football Club, one of the most coveted sports franchises in the world, as Americans' pursuit of foreign clubs accelerates.
The shortlist follows a week of deliberations by The Raine Group, the US bank overseeing the sale, which received at least 30 bids by its March 18 deadline. The World and European Cup champions could be sold for roughly $3.3 billion to $3.6 billion, according to estimates. | | | | | | | | | | Advances in gene-editing tech could alleviate livestock suffering. Or they could rocket factory farming into overdrive, with big consequences for animal welfare. [Vox]
Even as the world switches from fossil fuel to greener alternatives, energy insecurity may be here to stay. [The Economist]
Big tech has little choice but to follow the EU's new rules, and companies will need to break their tradition of implementing lax changes if they want to avoid further crackdown. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 22 Deals | 125 People | 36 Companies | | | | | | |
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| 2015 Vintage Global Secondaries Funds | | | | | | |
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| Firstbase picks up $50M Series B | | | Firstbase has raised $50 million in a round led by Kleiner Perkins, with support from investors including Andreessen Horowitz and Forum Ventures. Founded in 2019 and operating in New York and Scotland, the company offers a platform that helps remote teams manage physical office equipment. | | | | | | | | Clear Skye raises $14M for identity security | | | Clear Skye has raised a $14 million Series A co-led by Storm Ventures and Toba Capital. The Emeryville, Calif.-based company is the creator of an identity security and governance platform. | | | | | | | | Spark Capital leads $14M round for Unleash | | | Unleash, the provider of an open-source feature management platform for software developers, has raised a $14 million Series A led by Spark Capital. Based in Oslo, the company plans to use the funds in part to expand its operations in Europe and the US. | | | | | |
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| Brookfield to acquire Hibernia REIT for $1.2B | | | Brookfield Asset Management has agreed to acquire Ireland's Hibernia REIT for around €1.09 billion (about $1.2 billion), Bloomberg reported. Brookfield will pay €1.63 per share in cash for the company, representing a 33.9% premium to its average price over the past three months. | | | | | | | | Sixth Street invests $60M in Nasuni | | | Sixth Street has led a $60 million investment in Nasuni, a file data services company. This is the fourth round of investments made into Nasuni, which has now raised a total of $148 million. | | | | | | | | PE-backed STG Logistics lands XPO Logistics for $710M | | | | | | |
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| Blackstone-backed PE firm PAG planning $2B IPO | | | PAG, a Blackstone-backed and Asia-focused private equity firm, plans to file for an IPO, Bloomberg reported. The offering could raise upward of $2 billion for the Hong Kong-based firm, which is eyeing a market capitalization of about $10 billion to $15 billion. | | | | | |
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| Sequoia to raise $8B+ across four funds | | | The Chinese affiliate of Sequoia is seeking to raise more than $8 billion across four new funds, The Information reported. | | | | | |
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| Goldman Sachs, Kirkland & Ellis halt plans with oligarch-linked firm | | | Goldman Sachs and law firm Kirkland & Ellis have halted plans to form a new business with London's Pamplona Capital Management, the Financial Times reported. At least 80% of Pamplona's funds come from sanctioned Russian oligarch Mikhail Fridman's Luxembourg-based investment firm LetterOne, according to the report. Pamplona has announced plans to liquidate every fund where LetterOne had any interest. | | | | | |
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