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| In today's Daily Pitch, you'll find: | | | | | |
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| Equities decline in April amid market volatility, expectations of rising rates | | The public markets saw a sharp sell-off in April, headlined by the Nasdaq's monthly decline of 13.3%. VC-backed IPOs have posted losses of nearly half their value over the past year, and unicorn creation faltered as equity market valuations cooled. Consumer staples was the only sector to rise in April, climbing 2.5%.
Our Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also explores private markets activity, including major deals, IPO performance and unicorn creation by region. In this monthly digest, we provide the datasets that PitchBook's research team is keeping an eye on as financial markets remain volatile. | | | | | | | | | | 'Tourist' investors haven't fled VC, but there are signs of a tactical retreat | |  | | (Andriy Onufriyenko/Getty Images) | | | Corporate venture arms, hedge funds, private equity firms and other nontraditional backers have rushed into venture during the last few years, with participation reaching over 78% of total US deal value in 2021.
But now, many of these investors are starting to retreat from VC-backed startups amid high stock market volatility and increasing interest rates. | | | | | | | |
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| KKR's distributable earnings, performance fees spike YoY in Q1 | |  | | (SOPA Images/Getty Images) | | | The third private equity giant to report its Q1 finances this year, KKR saw its distributable earnings climb almost 50% to $1 billion in Q1, compared to the same period last year.
The firm's performance income—the revenue from fees charged to the investors whose money KKR manages—also grew year-over-year, hitting $609 million in the first quarter, up 250% from $171 million in Q1 2021. | | | | | | | | | | The COO of software company ZenLedger boasted of his work history with the likes of Goldman Sachs and Larry King. But did anyone check to see if it was true? [The New York Times]
Why some investors are worried by a subtle wording change in the SEC's proposed new rules. [Institutional Investor]
Despite soaring commodity prices, oil-and-gas giant BP reported a massive loss in the first quarter after taking a $25.5 billion hit by exiting its Russian holdings. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 159 Deals | 351 People | 137 Companies | 11 Funds | | | | | | |
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| 2019 Vintage Global VC Funds | | | | | | |
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| Zepto carts off $200M Series D | | | Zepto has raised $200 million at a $900 million valuation in a round led by Y Combinator, according to reports. The Mumbai-based company operates a grocery delivery service across multiple cities in India. | | | | | | | | | Point has raised a $115 million Series C led by growth equity firm WestCap. Based in Palo Alto, the company offers equity financing to homeowners in exchange for a fractional share of the future value of their homes. VCs like Andreessen Horowitz and Ribbit Capital also participated in the round. | | | | | | | | Teleport raises $110M Series C | | | Teleport has raised $110 million in a round led by Bessemer Venture Partners, valuing the company at $1.1 billion. Based in Oakland, Calif., Teleport offers an identity-based authentication platform that helps customers such as Snowflake and DoorDash manage digital infrastructure. The startup raised a $30 million Series B in August 2021. | | | | | | | | Seattle's Edge Delta secures $63M | | | Edge Delta has raised a $63 million Series B led by Quiet Capital. The company uses distributed stream processing and machine learning to offer data analytics and insights in real time. | | | | | | | | Traceable AI picks up $60M | | | Traceable AI has raised a $60 million Series B led by IVP, with support from Tiger Global, Unusual Ventures and Big Labs. Based in the Bay Area, the company offers an API security platform intended to detect and manage malicious attacks. The funding values the company at more than $450 million. | | | | | | | | | LottieFiles has raised a $37 million Series B led by Square Peg Capital. Based in San Francisco, the company is the developer of a motion graphics platform intended to help designers manage and collaborate on projects. LottieFiles raised a $9 million Series A in January 2021. | | | | | | | | | Element5 has raised a $30 million Series B led by Insight Partners. The San Jose-based company offers robotic process automation software to help post-acute care providers manage staffing operations. | | | | | | | | Scalapay snags $27M for Series B | | | Scalapay has raised a $27 million Series B extension from Poste Italiane, the Italian provider of a service infrastructure network and payment cards. Scalapay offers a buy now, pay later platform. The new capital brings the round's total to $524 million. | | | | | | | | Valence adds $25M in new funding | | | Valence has raised a $25 million Series A led by Insight Partners, TechCrunch reported. The Toronto-based company offers digital tools that enable managers to track team performance. | | | | | |
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| Brookfield eyes data center specialist Switch | | | Brookfield Asset Management is exploring a potential takeover of Switch, which has a market value of about $7.6 billion, Bloomberg reported. The company is among the largest publicly listed data center operators in the US. | | | | | | | | Stonepeak to back Inspired Education Group | | | Stonepeak will make a €1 billion (about $1.05 billion) minority equity investment in London-based Inspired Education Group. Founded in 2013, Inspired operates private schools for more than 55,000 students across five continents. | | | | | | | | PE-backed VCM Products purchases Vic West Brands | | | Rock Mountain Capital-backed pest repellent manufacturer VCM Products has acquired Vic West Brands. Headquartered in Austin, Vic West offers direct-to-consumer plant-based pest solutions. | | | | | | | | PE-backed MissionWired lands direct marketing provider | | | Stone-Goff Partners-backed MissionWired has purchased Chapman Cubine Allen + Hussey, a provider of direct marketing campaigns for nonprofits and political clients. MissionWired is a tech-enabled business services company that helps nonprofits and political clients with digital fundraising. | | | | | | | | Crestview-backed SyBridge does add-on deal | | | | | | | | | Apollo, Roku make joint bid for Starz stake | | | | | | |
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| Catalio snags over $381M for Fund III | | | Catalio Capital Management has closed its third life sciences fund with more than $381 million in capital commitments, surpassing a target of $300 million. The fund will be used to back biomedical tech companies at all stages of growth. Operating out of New York, Baltimore and London, the firm raised $100 million for the vehicle's predecessor. | | | | | | | | The Home Depot reveals $150M VC fund | | | The Home Depot has announced the launch of Home Depot Ventures, a $150 million fund. The vehicle will back early- and growth-stage emerging tech companies that are working to improve the customer experience and are focused on home improvement. | | | | | | | | Israel's Hetz Ventures wraps third fund with $123M | | | Hetz Ventures, an Israeli seed-stage VC firm, has collected $123 million for its third namesake fund. Launched in 2018, Hetz backs companies across verticals like cybersecurity, fintech and DevOps. The firm raised $77 million for its second flagship vehicle in 2020. | | | | | |
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"FoF invested mainly in PE that were common 15 years ago have vastly declined in popularity—dropping from two thirds of the FoF capital raised in 2006 to only 18% in 2021. On the other hand, VC has spiked from 5.6% of FoF capital raised to 57.9%. LPs want venture, which is on a performance hot streak not seen for over 20 years."
Source: PitchBook's 2021 Annual Private Fund Strategies Report | | | | | |
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