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In today's Daily Pitch, you'll find: - Our latest Global Fund Performance Report uses data through Q3 2021 to provide a comprehensive look at the returns of various fund strategies.
- Critics will say this is the beginning of the end for NFT projects, which have been characterized largely by over-promises and flash over substance, but PitchBook analyst Ryan Vaswani makes the case for a different outcome.
- Kleiner Perkins chair John Doerr is donating $1.1 billion to fund a Stanford University climate school as the firm sits out a cleantech resurgence.
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| Global fund performance holds strong, but a decline could be on the horizon | | One-year horizon IRRs through Q3 2021 remained incredibly strong despite another wave of COVID-19 during the quarter that raised concerns about a pullback in performance. Returns to date indicate that the majority of private market funds have been able to pivot to handle pandemic-related challenges.
Our latest Global Fund Performance Report uses data through Q3 2021 as well as some preliminary Q4 figures to provide a comprehensive look at the returns of various fund strategies. We also examine why public market comparisons may lead to disappointing private markets performance in coming quarters. Key highlights of the report include: - PE returns cooled in Q3 2021, dropping to 6.8% amid a quickly changing macroeconomic backdrop. That figure represents the strategy's lowest quarterly IRR since Q1 2020.
- Real estate hit a 17.2% one-year horizon IRR, its best one-year performance since 2014, with preliminary Q4 IRR suggesting a bright future for the asset class.
- Private debt performance waned drastically during the quarter, but still remains strong on an annual basis, though deceleration of these figures is anticipated in coming quarters.
- Secondaries funds stepped up to a new level of fundraising in 2020 and experienced a substantial uptick in performance during 2021, notching a one-year horizon IRR of 52.5%.
| | | | | | | | | | After a crash, what comes next for NFTs? | |  | | (Andrei Askirka/Getty Images) | | | The red-hot market for NFTs is freezing over as transactions and daily sales plummet.
Critics will say this is the beginning of the end for NFT projects, which have been characterized largely by over-promises, "rug pull" scams and flash over substance.
PitchBook analyst Ryan Vaswani makes the case for a different outcome: The purge in NFT speculation will refocus entrepreneurs on bringing clear value to digital assets. | | | | | | | |
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| A message from Velocity Global | | |
| How asynchronous work benefits your team | | Asynchronous work is when a company's roster isn't expected to be online at the same time or complete their work simultaneously. This model gives employees scattered across multiple time zones the flexibility to get work done on their terms.
However, asynchronous work isn't without challenges. These models require transparency, communication, and documentation across different borders and multiple time zones.
Read Velocity Global's guide to async work to learn how to implement a successful strategy so your office can hire anyone, anywhere in the world. | | | | | | | |
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| John Doerr gives $1.1B to climate school as Kleiner Perkins sits out cleantech resurgence | |  | | (Andriy Onufriyenko/Getty Images) | | | An enthusiasm for planet-saving tech has firmly gripped the venture industry. But Kleiner Perkins, a onetime leader in the space, has largely sat on the sidelines of the recent wave.
The firm's actions contrast those of chair John Doerr, who, along with his wife Ann Doerr, is donating $1.1 billion to Stanford University for the creation of a new school focused on sustainability and climate change. | | | | | | | | | | The story of how one Vietnamese blockchain unicorn turned the country into the world's most surprising crypto startup hotspot. [Fortune]
Nintendo of America president Reggie Fils-Aimé on the Wii's launch in the US and why he thought it would get him fired. [Fast Company]
As online platforms have increased their dominance, many have leveraged their power by raising fees and changing rules. At what cost? [Harvard Business Review] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 418 Deals | 1149 People | 297 Companies | 29 Funds | | | | | | |
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| 2010 Vintage Global Funds-of-Funds | | | | | | |
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| Sameer Dholakia joins Bessemer as partner | | | | | | |
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| Sentry hits $3B+ valuation | | | Sentry has raised a $90 million Series E co-led by Bond and Accel that values the company at more than $3 billion. San Francisco-based Sentry offers an application monitoring platform that tracks errors, performance and more. | | | | | | | | | Mosyle has raised a $196 million Series B led by Insight Partners. The company offers a unified software platform that helps businesses and educational institutions manage Apple devices. | | | | | | | | Tailscale nabs $100M Series B | | | Tailscale has raised $100 million in a round co-led by CRV and Insight Partners. The Toronto-based company is the provider of a corporate virtual private network for banks and other organizations. | | | | | | | | Apnimed locks down $62.5M | | | Apnimed has raised $62.5 million in a round led by Sectoral Asset Management. Based in the Boston area, the company is a developer of pharmacologic treatments for people affected by obstructive sleep apnea and related disorders. | | | | | | | | | Allocate has raised a $15.3 million Series A led by M13. Based in the Bay Area, the company's digital investment platform helps tech startups access noninstitutional venture capital investors. | | | | | | | | Sensible Weather snaps up $12M | | | Sensible Weather has raised a $12 million Series A led by Infinity Ventures. The company provides a climate risk analytics platform, and partners with the hospitality and recreation industries to offer customers weather-related travel reimbursements. Sensible raised a $4 million seed round in December. | | | | | |
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| EnCap Flatrock Midstream invests $300M in Rangeland Energy | | | EnCap Flatrock Midstream has made a $300 million investment in Texas-based Rangeland Energy to support the formation of Rangeland Energy IV. The new entity will continue Rangeland's strategy of pursuing midstream acquisitions and development across the US and Canada, while exploring new opportunities in decarbonized infrastructure. | | | | | | | | OTPP leads $193M investment in Alan | | | The Ontario Teachers' Pension Plan has led a $193 million investment in Alan, valuing the French health insurance startup at nearly $3 billion, The Wall Street Journal reported. Alan was valued at €1.4 billion (about $1.5 billion) in April 2021, according to PitchBook data. | | | | | | | | Godspeed's Huckabee acquires Rachlin Partners | | | | | | | | | The Zabel Companies purchases Frame It Easy | | | The Zabel Companies has acquired Frame It Easy, a manufacturer of custom frames for consumers and business customers. Frame It Easy manufacturers all frames in-house at their facility in Derby, Conn. | | | | | | | | One Equity Partners-backed Ameco lands F&M Mafco | | | Ameco, a construction and maintenance delivery company backed by One Equity Partners, has acquired F&M Mafco, an international supplier of tools and equipment rental, sales and service programs. Based in Cincinnati, F&M Mafco provides tools across many industry segments, including power generation, manufacturing, marine and chemical. | | | | | |
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| Providence seeks buyer for Tempo music catalog | | | Providence Equity Partners is looking to offload its Tempo music catalog, as first reported by the Financial Times. The catalog includes songs from artists Wiz Khalifa and Florida Georgia Line, and could carry a price tag of between $400 million and $600 million. | | | | | |
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| Magnify Ventures announces $52M fund | | | Magnify Ventures has debuted with $52 million in new funding. Based in Los Angeles, the early-stage firm backs companies related to parenting and family life, the future of work, household optimization and aging and longevity. Magnify Ventures' portfolio includes startups like employee leave platform Cocoon and Seven Starling, a provider of postpartum therapy. | | | | | |
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