For sale: Tiger's portfolio companies

Q&A: Pear VC on seed investing; fintech investors show preference for B2B; KKR, HarperCollins bid for Simon & Schuster

Read online | Don't want to receive these emails? Manage your subscription. Log in The Daily Pitch: VC, PE and M&A June 19, 2023 The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data In today's Daily Pitch, you'll find: Tiger Global finds a new way to hawk its portfolio in search for liquidity How Pear VC has evolved into one of Silicon Valley's largest seed funds VC fintech investors show favoritism for B2B startups at Money20/20 Europe Analysts consider the future of AI, as well as Microsoft's future in the space   Today's Top Stories   Exclusive: Tiger Global opens full portfolio to individual bids (winfinity/Shutterstock) Tiger Global has been trying to generate liquidity from its pandemic-era shopping spree for months. After its initial attempt to sell a curated portfolio of assets in a secondary strip transaction didn't result in a deal, Tiger told a select group of secondary investors they could bid on any individual private company in its portfolio. By offering to sell its assets piecemeal, Tiger is showing more pressure for liquidity compared to other venture firms, said one investor who has been having conversations with Tiger's advisor about buying direct stakes. read more   Share: Q&A: Pejman Nozad on ripening Pear VC into a top seed-focused firm (Courtesy of Gary Sexton Photography) Since it was founded 10 years ago, Pear VC has grown into one of Silicon Valley's best-performing seed firms. Last month, the firm announced a fourth fund of $432 million. PitchBook spoke with Pear's founder, Pejman Nozad, about what attracted new LPs to the firm, how Pear cuts through the hype of AI and what it now takes to raise a Series A. read more   Share:   A message from PitchBook   PitchBook's 2023 Media Kit released With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects. By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market. Our 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience. Click here to download it today or to speak to someone on the media team. Share:   Fintech VC investors search for best opportunities in B2B Venture investors active in fintech are shifting their preference toward B2B companies, but capital deployment remains slower than in previous years. At this year's Money20/20 Europe conference in Amsterdam, more than 8,000 participants gathered to discuss the emerging opportunities in open banking, embedded finance, payments and generative AI. read it now   Share: Microsoft embraces the age of AI (Future Publishing/Getty Images) In January, Microsoft made its third round of investments in OpenAI, the creator of ChatGPT. Microsoft's productivity software combined with advanced foundational AI models promise to be a powerful force. In a recent report, Morningstar analysts consider Microsoft's future capabilities as well as the future of AI, including regulations and internal corporate standards, controls and disclosures. Ultimately, the analysts believe AI will be available across virtually all software offerings—and Microsoft will have a head start. And while the widespread adoption of the technology could result in future job losses, new jobs will be created, too. read the report   Share: Europe's top 5 VC cities: Paris plays catch-up with London (Andy.LIU/Shutterstock) London remains Europe's largest VC hub in terms of venture funding despite seeing significant declines in dealmaking. Paris, on the other hand, is increasing its share of Europe's total amount raised as it looks to knock London off the top spot. read more   Share: Recommended Reads Cava's IPO was a "break in the clouds" for the icy IPO market, says one of its early investors. Will others follow? [Fortune] These programs bring cleaner forms of transportation to the low-income communities most affected by car pollution. [The New York Times] Interview podcasts are expanding social learning at an unprecedented scale. [Wired]   Since yesterday, the PitchBook Platform added: 27 Deals 114 People 41 Companies See what our data software can do   The Daily Benchmark: 2020 Vintage Global Debt Funds Median IRR 11.04% Top Quartile IRR 13.85% 0.18x Median DPI Select top performers Castlelake V Dislocated Opportunities WestRiver Innovation Lending Fund VIII MTP Energy Opportunities Fund III *IRR: net of fees 72 Funds in Benchmark » Check out the latest version of PitchBook Benchmarks   VC Deals   Beekeeper's Naturals, a health and wellness products startup, has secured a $14 million investment co-led by Devonshire Investors and CAVU Consumer Partners. Sparetech, a German data platform for industrial spare parts, has raised a €10 million Series A led by Insight Partners. Weather risk data company Reask has raised a $6.6 million seed round co-led by Mastry Ventures and Collaborative Fund. Polish tire recycling startup Contec has secured €5 million from Pruszyński. Decentralized infrastructure provider Intuition has raised a $4 million seed round led by Superscrypt.   PE Deals   KKR and HarperCollins are bidding to acquire book publisher Simon & Schuster, whose attempted $2.18 billion sale to Penguin Random House in 2020 was blocked by the Department of Justice, The Wall Street Journal reported. TPG has agreed to acquire Waste Harmonics from Arcapita and merge the waste management company with Keter Environmental Services, which TPG acquired in 2021. ChrysCapital has invested $100 million in Indian eyewear brand Lenskart. Perwyn has acquired Monaco's cruise sales company Cruiseline, which provides voyages in the Mediterranean, North Sea, Latin America and the Caribbean. Inflexion-owned Rosemont Pharmaceuticals has acquired Lucis Pharma, a specialist pharmaceutical business in the UK.   Exit & IPOs   Munich-based bus company Flix, which also owns the Greyhound Lines bus system in North America, has discussed the possibility of an IPO with several investment banks, Reuters reported. General Atlantic, Permira, and TCV led the company's $650 million Series G round in 2021.   Chart of the Day   Source: PitchBook's Q1 2023 Global M&A Report   Who's in the newsletter today? Investors Arcapita CAVU Consumer Partners ChrysCapital Collaborative Fund Devonshire Investors General Atlantic HarperCollins Inflexion Insight Partners KKR Mastry Ventures Penguin Random House Permira Perwyn Pruszyński. Rosemont Pharmaceuticals Superscrypt TCV TPG Companies Beekeeper's Naturals Contec Cruiseline Flix Greyhound Lines Intuition Keter Environmental Services Lenskart Lucis Pharma Reask Simon & Schuster Sparetech Waste Harmonics     About PitchBook | Terms of use | Advertise with us | Contact Follow us: This email was sent to edwardlorilla1986.paxforex@blogger.com via the PitchBook Platform. Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here. © 2023 PitchBook. Win what's next. All rights reserved.