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In today's Daily Pitch, you'll find: - Alternative asset managers had strong growth in Q2 due to GP stakes briskly changing hands
- Fund managers now have more disclosure flexibility for GP-led secondary deals
- Mythical Games was a Web3 gaming darling—then came layoffs, a down round and a lawsuit
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| For public and private alternative asset managers, GP stakes are back | | The firms that manage money in the alternative assets industry saw strong growth in Q2 2023, but it wasn't driven by fundraising, capital deployment or fund performance.
Stakes in GPs changed hands at a brisk pace in Q2. Nearly half of them were controlling stakes, and the other half represented minority stakes acquired by dedicated GP stakes funds.
PitchBook's Q2 2023 US Public PE and GP Deal Roundup pulls together insights on the seven largest US-listed alternative asset managers as well as stakes taken in privately owned managers. | | | | | | | | | SEC gives GPs disclosure options for continuation funds | |  | SEC Chairman Gary Gensler
(Win McNamee/Getty Images) | | | New SEC rules on GP-led secondary deals arms fund managers with disclosure options in addressing conflict of interest concerns.
In an attempt to provide more transparency to LPs without placing too heavy a burden on GPs operating in the burgeoning secondary market, the new regulation offers a looser standard than was initially proposed. | | | | | | | |
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| 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. | | | | | | | |
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| How Mythical became a cautionary tale of the Web3 gaming gold rush | |  | | (Jenna O'Malley/PitchBook News) | | | It seemed like good news: In June, Mythical Games had just held a first close of its Series C on $37 million, one of a few companies to raise money in a fading hype cycle for Web3 gaming.
Then the layoffs came. It was the latest in a string of challenging developments at Mythical that included canceled bonuses, a bitter lawsuit and a falling valuation. As VC investment in Web3 gaming plummets, PitchBook spoke to several former Mythical employees to understand how one of the sector's most well-funded companies has adapted to this harsh new reality. | | | | | | | | | Fact or fiction: Does fund family performance persist? | | LPs have a long-held, but controversial, expectation that a fund's performance is likely to be similar to its predecessor fund's performance. This has been backed by some academic studies, but more recent research on fund vintages newer than 2000 has shown that the correlation for so-called performance persistence is even less reliable now.
In our recent Allocator Solutions report, PitchBook analysts test if our new Manager Scoring methodology can settle the debate. If it can, would the data on predecessor funds be available early enough for LPs to make their bets? | | | | | | | | | Has the generative AI balloon started to deflate? | | Investors are growing impatient with the lack of revenue growth from generative AI innovators, according to our Q2 2023 Artificial Intelligence & Machine Learning Report. No longer are Big Tech stocks going up after new product or partnership announcements, putting pressure on startups to gain traction.
Still, there are opportunities within generative AI, like startups working toward automation in the legal industry and ways to make large language models better through data retrieval. | | | | | | | | | | The EU is desperate for its own AI giant. German startup Aleph Alpha might be its best hope. [Wired]
PE firms frustrated by the recruitment frenzy are seeking alternative ways to fill their junior ranks. [The Wall Street Journal]
VC firm Valor Equity's recent returns show the limits of Elon Musk's magic touch. [The Information] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 263 Deals | 2136 People | 440 Companies | 11 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage European PE Funds | | | | | | |
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| Don't miss our upcoming webinar | | In this discussion, PitchBook analyst Eric Bellomo hosts CEO Drew Marconi from Techstars-backed Intelligems, which offers a profit optimization and price A/B testing platform for ecommerce merchants. Key topics include: - Misconceptions and assumptions of online merchants surrounding their pricing strategies.
- Technical challenges and opportunities in optimizing and analyzing product pricing.
- Risks and challenges that both online merchants and enablement platforms are facing.
Register now to secure your spot. | | | | | | | |
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| Sycamore Partners has merged three of its apparel brands—Ann Taylor, Loft, which the firm acquired in 2020, and Talbots, acquired for $391 million in 2012—into one company called KnitWell Group. | | | | | |
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| Actera Group is looking at strategic options for its Istanbul-listed aviation services company, Celebi Ground Handling, including a sale or secondary public offering, Unquote reported. | | | | | |
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| Lithuanian early-stage VC firm Iron Wolf Capital has its eyes on €70 million for its second namesake fund, Unquote reported. | | | | | |
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| The Southern Ute Indian Tribe Growth Fund has formed a new PE firm, Kava Equity Partners, which will invest in lower-middle-market companies aligned with the Colorado tribe's cultural, economic and environmental values. | | | | | |
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