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In today's Daily Pitch, you'll find: - An analysis of how US PE emerging fund managers have performed, and what LPs should expect when they turn to these lesser-established players.
- Period-tracking startup Flo has raised a new $50 million round as VC funding in the femtech sector soars.
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| US PE emerging fund managers post mixed results | |  | | (MicroStockHub/Getty Images) | | | LPs have increasingly turned to emerging fund managers in hopes of finding investors who are hungry to outperform their respective benchmarks. But our latest analyst note paints a more nuanced picture of what LPs should expect when they look to private equity's lesser-established players. Among the takeaways: - US PE emerging fund managers have not consistently outperformed established managers, especially in their second vintage. The most variation in performance is typically found in debut funds.
- Specialist emerging fund managers have outperformed generalists since the global financial crisis.
- At each stage from their debut fund to a fourth vehicle, about one-third of emerging managers don't raise the subsequent fund—often due to portfolio losses or personnel turnover.
| | | | | | | | | | Flo raises millions as femtech frenzy continues | |  | | (kanyakits/Getty Images) | | | Flo, the creator of a period-tracking app, has secured $50 million in a round co-led by VNV Global and Target Global, valuing the London-based company at $800 million. - Flo is part of a new generation of startups that have launched affordable and sophisticated female-focused digital tools—attracting mainstream investors to the burgeoning femtech industry.
- 2021 is a landmark year for femtech startups, with global VC funding crossing the $1 billion mark for the first time, according to PitchBook data. Investment isn't skyrocketing in comparison to the broader health and fitness sector, however, and investor diversity is still a concern.
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| A message from Abacus Finance Group | | |
| How much longer can this private equity bull market run? | | Over the past 18 months, the US has faced a pandemic, fires, hurricanes, and political unrest, yet public and private market M&A activity remains strong. According to PitchBook, Q1 2021 saw robust middle-market activity, with deal count and value exceeding pre-pandemic levels. Also in Q1, US PE firms notched the second-highest quarterly deal value figure on record.
For 10 years, Abacus Finance Group has been a cash flow senior debt lender to the PE asset class. The Abacus team has committed to over $2.5 billion in loans across nearly 90 portfolio companies in the lower middle market.
The Abacus fact sheet provides information on the company and the services offered. Please reach out to learn how Abacus can support your next transaction.
Download the fact sheet | | | | | | | |
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| Startups in Latin America grab record sums of venture capital | |  | | (Matthias Kulka/Getty Images) | | | VCs are clamoring for Latin American digital transformation opportunities at an unprecedented pace. - Investors have already deployed at least $8.8 billion into the region this year, which is more than the capital invested in 2019 and 2020 combined, according to PitchBook data.
- Opportunities in Latin America are massive because whole sectors, such as proptech, are available for disruption.
- Brazil's Nuvemshop, also known by its Spanish name Tiendanube, is one of the latest startups to achieve unicorn status.
| | | | | | | | | | The pandemic has resulted in a surge of tech that some companies are using to monitor employees' online activity. Is workplace surveillance here to stay? [The Guardian]
The Bay Area beats all other regions of the US when it comes to AI research and investment activity, but such an overconcentration could prove to be a weakness in the long run. [Wired]
Recruiters have learned to develop savvy solutions when looking for top tech talent—including a hybrid recruiting-investment model. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 468 Deals | 2090 People | 576 Companies | 29 Funds | | | | | | |
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| 2019 Vintage North American Funds-of-Funds | | | | | | |
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| Japanese biotech Spiber lands $312M | | | PE giant The Carlyle Group's Japanese arm has led a 34.4 billion yen (about $312 million) minority investment into Japan-based Spiber and joined the company's board. Fidelity Investments and Baillie Gifford also participated in the round, which valued Spiber at 135 billion yen. The company makes animal-free synthetic proteins that are used to create fabrics and other materials. | | | | | | | | | Cloud networking startup Aviatrix has raised $200 million at a $2 billion valuation, more than double the $775 million valuation it received earlier this year, according to PitchBook data. TCV led the Series E with participation from Insight Partners and Tiger Global. Santa Clara, Calif.-based Aviatrix makes enterprise software to manage networking and security across multiple clouds. | | | | | | | | Egyptian payments startup collects $120M | | | | | | | | | InBrace cleans up with $102M Series D | | | InBrace, a developer of orthodontic devices, has raised $102 million in a round co-led by Farallon Capital Management and Marshall Wace. The Irvine, Calif.-based company raised $45 million at a $110 million valuation in 2019, according to PitchBook data. | | | | | | | | TrueFort banks $30M Series B | | | TrueFort has raised a $30 million Series B led by Shasta Ventures with participation from other investors including Canaan and Lytical Ventures. The Weehawken, N.J.-based startup manages a cybersecurity platform that leverages behavioral analysis and machine intelligence. | | | | | |
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| Thoma Bravo backs cyber threat business Intel 471 | | | Thoma Bravo has invested in Intel 471, a Texas-based cyber threat intelligence provider. Founded in 2014, Intel 471 provides intelligence and monitoring on threat actors, compromised credentials, malware and more to enterprise businesses and governments. | | | | | | | | Apollo buys stake in MaxCap | | | Affiliates of Apollo Global Management have acquired a 50% stake in MaxCap Group, an Australasian commercial real estate financier and fund manager. Since its founding in 2007, MaxCap has made more than 450 investments totaling more than A$11 billion. | | | | | | | | Bain Capital, Carlyle join bidding for energy unit | | | | | | | | | Bain Capital backs outdoor gear brand Cotopaxi | | | | | | |
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| Advent to offload insulation distributor in $1B transaction | | | Advent International has agreed to sell Distribution International to building products specialist TopBuild Corp. in an all-cash transaction that values the mechanical insulation distributor at $1 billion. Distribution International currently operates 101 branches across the US and Canada. Advent International has backed the company since 2014. | | | | | |
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| Alpine closes eighth fund at $2.25B | | | San Francisco-based Alpine Investors has closed its eighth namesake fund at $2.25 billion, surpassing a target of $1.7 billion. The vehicle will support the firm's focus on software and services companies. Alpine closed its seventh flagship fund at $1 billion in 2019. | | | | | | | | TrueBridge Capital closes $170M FoF | | | Tech-focused venture firm TrueBridge Capital Partners has closed its latest VC fund-of-funds at $170 million. The new vehicle will target seed and micro-VC firms that are raising funds of $200 million or less and backing companies at the earliest stages. Chapel Hill, N.C.-based TrueBridge manages more than $4 billion in assets and has raised six flagship VC funds-of-funds and two direct investment funds. | | | | | |
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| Sanofi inks $1.9B deal for biopharma company Kadmon | | | Sanofi has agreed to buy biopharmaceutical company Kadmon for around $1.9 billion. The French drugmaker offered $9.50 per share in cash, which represents a 79% premium over the New York-based company's Tuesday closing price. Kadmon's drug portfolio includes treatments for immune and fibrotic diseases, as well as immuno-oncology therapies. | | | | | |
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