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| In today's Daily Pitch, you'll find: | | | | | |
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| Introducing PitchBook's manager performance scoring | | Evaluating a fund manager's track record is a particularly opaque process for LPs. Typical benchmarking metrics can be too narrow—assessing individual funds through the broad strokes of IRR quartiles—or too wide—scrutinizing a manager's overall performance regardless of asset class.
To address this, PitchBook has developed a method to score an asset manager's various fund families by strategy compared with their peers. We showcase this data in our inaugural Global Manager Performance Score League Tables, which rank the top-performing fund families in 10 strategies.
Read the methodology our Quantitative Research team used to produce the league tables here. | | | | | | | | | 'Green infrastructure' pulls big VC dollars into climate tech | |  | | (Fahroni/Getty Images) | | | From green cement to waterproof wood, VC-backed companies in the built environment—anything along the lifecycle of buildings and physical infrastructure—are the buzziest thing in climate tech right now.
Companies working in this space closed more than $1.8 billion in VC deals in the first half of 2023. That's the strongest H1 the segment has seen and on pace to nearly double the funding raised in a busy 2021 by the end of this year. | | | | | | | |
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| Streamlining SOC 2 compliance with Vanta and AWS | | Achieving SOC 2 compliance can unlock major growth for your company and establish a foundation of trust, but the process is often costly and manual. Join Vanta and AWS on August 17th at 10 am PST, where Matt Cooper, Senior Manager, Privacy, Risk & Compliance at Vanta, and Andrew Watkins, AWS Principal Solutions Architect, will cover some of the challenges of SOC 2 compliance and show how Vanta and AWS work together to simplify and accelerate the compliance process.
Register here | | | | | | | |
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| TPG, Francisco Partners add to LBO momentum with $6.5B software deal | |  | | (Maskot/Getty Images) | | | TPG and Francisco Partners are set to take software observability company New Relic off the public market, marking one of this year's largest take-privates.
The two buyout shops agreed to acquire the San Francisco-based company for $87 per share in cash. The deal is one of a number of PE-backed take-privates to follow on the heels of dampened private equity deal flow. | | | | | | | | | Liquidity-hungry Tiger Global generates $1.4B from Flipkart stake | |  | Flipkart CEO Kalyan Krishnamurthy
(MONEY SHARMA/Shutterstock) | | | Tiger Global has been on the hunt for liquidity in the secondary market for months, but offers from new investors have reportedly been unacceptably low.
But in recent days, the firm has succeeded in selling its remaining stake in Indian ecommerce company Flipkart to Walmart for $1.4 billion. The giant US retailer priced Flipkart only at about 7% below the company's 2021 valuation, compared to the 40% to 80% discount range currently observed for other deals raised that year. | | | | | | | | | Floating solar, wind plants set to soar | | Offshore floating wind projects cost 176% more than traditional wind farms to operate—so why would anyone bother investing in them? Stronger and more stable wind, less land use and a burgeoning market are just a few of the reasons, according to our recent analyst note.
Historically the domain of utility giants and oil and gas companies, offshore energy production is picking up steam among solar and wind cohorts. Still, challenges abound for the new technologies. | | | | | | | | | | Can the Pentagon learn to work with Silicon Valley startups? [Financial Times]
Charting the top-performing S&P 500 sectors over the business cycle. [Visual Capitalist]
How Asian governments hope to meet booming demand for family offices. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 469 Deals | 1782 People | 705 Companies | 24 Funds | | | | | | |
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The Daily Benchmark:
2020 Vintage Global Real Estate Funds | | | | | | |
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| Warburg Pincus has brought on Andrew Sibbald as managing director and co-head of Europe. Sibbald joins from Evercore, where he was senior managing director of the firm's European investment banking business. | | | | | |
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Plotlogic, a mining-tech startup, has raised a $28 million Series B led by Galvanize Climate Solutions and SE Ventures.
Carbon Upcycling, a low-carbon cement producer, has raised a $26 million Series A led by BDC Capital's Climate Tech Fund and Climate Investment.
Cybersecurity startup Cyble has raised a $24 million Series B led by Blackbird Ventures and King River Capital.
GlassPoint, which produces solar-generated steam for industrial businesses, has raised an $8 million Series A led by 300PPM.
Grasp, which offers an online learning platform, has secured $4 million in a seed round led by Balderton Capital.
Béa Fertility, a London-based provider of at-home fertility treatment kits, has raised $3.2 million in a round led by Octopus Ventures. | | | | | |
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CVC Capital Partners-owned Glendower Capital has closed its Secondary Opportunities Fund V on $5.8 billion.
Greenoaks has raised $2.1 billion for its fifth venture capital fund, Axios reported.
Ares Management is targeting $2 billion for Ares Secondaries Infrastructure Solutions Fund III, which will focus on assets in the communications, transportation, renewable energy or utility industries, The Wall Street Journal reported.
Coatue has raised nearly $331 million for its early-stage startups fund, Coatue Ventures III.
Bill Gates' Breakthrough Energy Ventures, a climate change-focused firm, is raising a third venture fund.
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"The median EV to EBITDA multiple now stands at 8.8x for the 12 months ended Q2 2023, down from 8.9x in 2022 and 10.5x in 2021, the all-time peak.
"EV to revenue multiples tell a similar story. After surging to 2.0x in 2021, the median multiple has declined by an even more severe 24.0%. EV to revenue is a broader yardstick of value, as it captures a bigger sample size than EV to EBITDA, including the tech and financial sectors where EBITDA is not necessarily relevant."
Source: PitchBook's Q2 2023 Global M&A Report | | | | | |
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