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| In today's Daily Pitch, you'll find: | | | | | |
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| Strong fundraising in Q2 a positive sign for VC market | | The second quarter of 2022 saw a tighter investing environment for the US venture ecosystem. However, several areas of the VC market seem to be relatively unaffected thus far—including the earliest stages of venture, which continue to show strong dealmaking activity, and fundraising for large VC funds, which continue to attract interest from LPs.
The latest PitchBook-NVCA Venture Monitor, sponsored by Insperity and J.P. Morgan, now includes league tables ranking the industry's most active players. The report details how dealmaking, exits, fundraising and valuations responded to venture investors reassessing their investment pace and strategies during Q2. Key takeaways include: - More than 100 late-stage mega-deals were closed for the sixth consecutive quarter, but the final tally for Q2 is the lowest during that streak by roughly 26%.
- The IPO window was virtually shut in Q2 as VC-backed public listings reached a 13-year quarterly low.
- Fundraising topped $120 billion for the second consecutive year, driven primarily by established managers across the US.
| | | | | | | | | PE fundraising capital on pace for record year despite wavering global markets | |  | | (Nuthawut Somsuk/Getty Images) | | | PE firms raised $176 billion across 191 funds through the first half of 2022 and are on pace to surpass last year's fundraising value total.
Mega-funds have made up a majority of this year's fundraising value, and more funds sized over $5 billion are expected to close by December. | | | | | | | | | Q&A: Former Renaissance quant David Magerman on how VC can use data | |  | | (Courtesy of Differential Ventures) | | | Five years after leaving his longtime post at quantitative hedge fund Renaissance Technologies, David Magerman now counts himself a member of the venture capital set.
As the head of Differential Ventures, Magerman has given some thought to whether the techniques of leading hedge funds can be used in venture capital. His take: There are a number of opportunities but even more pitfalls.
We recently caught up with Magerman to hear about how VCs can employ data—and when they shouldn't. | | | | | | | | | | Jack Ma plans to cede control of Ant Group, as the Chinese fintech giant seeks to move on from a tough year. [The Wall Street Journal]
The buy now, pay later juggernaut is about to be tested. [Bloomberg]
The story of the decadelong, stop-and-start quest to build a better fee structure. [Institutional Investor] | | | | | |
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| 2017 Vintage European Real Assets Funds | | | | | | |
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| Retool hits $3.2B valuation | | | Retool has raised $45 million at a $3.2 billion valuation from investors including Sequoia. Based in the Bay Area, the company makes an application development platform for internal tools. | | | | | | | Estonia's Crypto Snack scoops up $50M | | | Online gaming cryptocurrency Crypto Snack has secured a $50 million investment from GEM Digital. | | | | | | | Diagnostic Robotics grabs $45M | | | New York-based Diagnostic Robotics has raised a $45 million Series B led by StageOne. Its predictive analytics software is used by healthcare professionals to manage patient care. | | | | | | | | | Frontegg has raised a $40 million Series B led by Insight Partners. The company, based in Tel Aviv, has a user management platform for B2B apps. | | | | | | | Ozette takes in $26M Series A | | | Ozette, a developer of a single-cell immune monitoring platform, has raised $26 million in a round led by Madrona Ventures. | | | | | | | | | | | | |
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| Don't miss our upcoming webinar | | Join our supply chain webinar to get up to speed on the substantial changes in this industry over the past two years and what to expect in the future. Though supply chains have struggled to meet demands through the COVID-19 pandemic, the space continues to see innovation and VC interest.
In this webinar, our analysts will explore some of the new technologies expected to address major industry pain points and how this may impact future VC activity. Key topics include: - The trajectory of supply chain developments.
- Past and present VC deal activity.
- Emerging tech opportunities that could help global supply chain industries.
Register now to secure your spot. | | | | | | | |
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| Mainsail Partners invests $40M in Fexa | | | Mainsail Partners has invested $40 million in SaaS provider Fexa, which supports facility maintenance departments and service providers. | | | | | | | Sentinel Capital buys Bandon Holdings | | | | | | | | Summit Partners stakes PriceLabs | | | Summit Partners has invested $30 million in PriceLabs, which provides dynamic pricing and revenue management services for the short-term rental industry. | | | | | | | PE-backed Forward Solutions acquires Utility Sales Associates | | | | | | |
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| Silversmith raises $1.2B+ for Fund IV | | | Silversmith Capital Partners has closed its fourth growth equity fund on $1.25 billion. Alongside the LP commitments, Silversmith's team will contribute a further $90 million to the vehicle. | | | | | | | Portage eyes $1B for fintech fund | | | Sagard subsidiary Portage has launched a late-stage structured equity fund, Portage Capital Solutions. The firm is aiming to raise between $750 million and $1 billion to back fintech companies seeking to avoid valuation drops in the downturn, Reuters reported. | | | | | |
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| Carlyle sees earnings drop, PE returns flat in Q2 | | | The Carlyle Group reported $245 million in earnings in its latest financial release, down from $925 million in the same period last year. The firm's corporate private equity returns broke even during the quarter, as its infrastructure and natural resources division outperformed its other portfolios, returning 13% during the quarter. Carlyle reported its distributable earnings—the allocation of cash that can be returned to investors—rose to $529 million from $395 million in Q2 of last year. The firm reported its AUM had risen to $376 billion, up 25% year-to-date. | | | | | |
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