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In today's Daily Pitch, you'll find: - A report on the results of this year's Sustainable Investment Survey, broken down by region, investor type and more.
- VC investors are expanding India's stable of unicorns at an unprecedented pace.
- A look at the performance of US PE emerging fund managers compared with their established peers.
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| Global investors grapple with sustainable investing | | This summer, we surveyed hundreds of LPs, GPs and service providers about their sustainable investment practices, gathering insights on an increasingly important topic to many in the private markets.
Our 2021 Sustainable Investment Survey is now available, breaking down the data by respondent type and region to determine what is driving investment decisions. This year's writeup includes a new section that separates VCs' responses from the broader category of general partners. Report topics include: - What motivates sustainability efforts for LPs, GPs and others.
- How investors measure their strategies' impact.
- The biggest challenges when it comes to pursuing sustainable investing.
- The effects of the world's current social and political landscape.
| | | | | | | | | | India's surge in VC minting unicorns at record pace | |  | | (Kriangkrai Thitimakorn/Getty Images) | | | India has been on venture capitalists' radar for years, but their interest in the world's second-most populous nation surged in 2021. - Investors have poured $23.5 billion into Indian startups so far this year, nearly double what the country's VC ecosystem collected over the last two years combined, according to PitchBook data.
- Out of 41 India-based unicorns, 17 were minted this year—a record for the country.
- The Chinese government's heavy-handed approach to private enterprises may continue to bode well for India's startups for some time.
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| A message from RBC Capital Markets | | |
| Behind the scenes of a major biotech SPAC with Nuvation Bio | | RBC goes behind the scenes of one of the year's biggest biotech SPAC deals with Dr. David Hung, founder and CEO of Nuvation Bio, and Michelle Doig, partner and president of Omega Funds' Omega Alpha SPAC. On the latest episode of RBC's Pathfinders podcast, these two industry leaders at the cutting edge of biotech innovation and venture capital share how they brought Nuvation Bio's public market vision to fruition.
Start listening now | | | | | | | |
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| Looking beyond Fund I for US PE emerging managers | |  | | (MicroStockHub/Getty Images) | | | LPs have increasingly turned to emerging managers in hopes of finding investors hungry to outperform their respective benchmarks. But our recent analyst note paints a more nuanced picture of what LPs can expect when they look to private equity's less-established players. Among the takeaways: - The most variation in performance among US PE fund managers is typically found in debut funds.
- Specialist emerging managers have outperformed generalists since the global financial crisis.
- At each stage, about one-third of emerging managers don't raise the subsequent fund—often for the same reasons.
| | | | | | | | | | Finance columnist Jason Zweig explains the recent popularity of real estate funds and why the hot asset class is cooling off. [The Wall Street Journal]
Subscription models have been a massive boon for streaming, video game and direct-to-consumer companies. The latest product available on the subscription bandwagon? Tacos. [The Atlantic]
Advertisers and small-business owners are worried they are going to take the hit in the battle for digital privacy. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 22 Deals | 79 People | 10 Companies | | | | | | |
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| Healthcare services in the spotlight | | The healthcare services industry was already evolving before COVID struck. The pandemic turbocharged those changes. Telemedicine transformed from a novelty to a necessity, and providers around the country had to recalibrate their offerings to treat their patients effectively.
In partnership with PitchBook, CohnReznick has released its latest healthcare investment report, A watershed moment for healthcare services. The data shows a record year for deal volume in 2020, despite uncertainty around regulations, patient demand and revenue challenges. To PE investors, however, COVID revealed how resilient the sector is—a sentiment that is fueling private equity interest.
But healthcare service providers can't go back to "business as usual," and investors need to understand how the market has changed and where it's going from here.
To download the report and understand those changes, click here. | | | | | | | |
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| 2015 Vintage Global Funds-of-Funds | | | | | | |
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| Accel adds former Instacart CFO as partner | | | Sagar Sanghvi, who was previously Instacart's CFO, has joined Accel as a partner focused on investing in growth-stage consumer and enterprise companies. Sanghvi was also previously an investor at KKR. | | | | | |
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| Whatnot secures $150M Series C | | | Whatnot has raised $150 million at a $1.5 billion valuation from investors including Andreessen Horowitz, Y Combinator and CapitalG. The company is the developer of a live shopping marketplace designed for the trading of limited-edition collectibles. Whatnot was valued at $507.5 million in May, according to PitchBook data. | | | | | | | | Rebellion Defense lands $150M Series B | | | Rebellion Defense has raised $150 million at a $1.15 billion valuation in a round co-led by Insight Partners and Venrock. Founded in 2019 and based in Washington, DC, the company develops AI-based products for the defense and security industry. | | | | | | | | | Ketch has raised $20 million in a Series A1 round led by Acrew Capital, TechCrunch reported. Founded in 2018, the company is the developer of a data management platform that helps users including Smartsheet and Sixth Street automate data privacy, governance and security operations. | | | | | | | | | Concreit has raised $6 million in seed financing led by Matrix Partners. The Seattle-based company is the provider of a mobile app that allows consumers to invest as little as $1 into real estate funds managed by a team of investment professionals. | | | | | |
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| HighBar buys SilkRoad Technology | | | HighBar Partners has acquired SilkRoad Technology, a provider of cloud-based employee satisfaction and productivity software. Founded in 2003, SilkRoad Technology offers recruiting, onboarding and learning solutions in addition to tools for providing personalized real-time employee feedback. | | | | | |
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| ACON to exit Igloo to Dometic for $677M | | | Dometic, a Swedish maker of portable coolers, has agreed to acquire Igloo, a US maker of coolers and drinkware, for $677 million. The company is backed by ACON Investments, which took over Igloo in 2014. Founded in 1947, Igloo has around $400 million in annual revenue and a presence in more than 90,000 retail stores globally. | | | | | | | | Telecom company IHS Holding files for IPO | | | Wendel Group- and Emerging Capital Partners-backed telecom tower operator IHS Holding has filed for an IPO. The company has set the offering at $100 million, commonly a placeholder figure. IHS, which operates across nine countries in Latin America, the Middle East, and Africa, reported $764 million in revenue for the first half of 2021. | | | | | | | | Israel's Keter plans to go public | | | BC Partners-backed home furnishings company Keter Group has filed for an IPO on the NYSE. Keter sells patio furniture, indoor and outdoor storage solutions, tool storage systems and household organization products in over 100 countries. BC Partners acquired Keter in 2016. | | | | | | | | Music specialist Genius acquired for $80M | | | Genius, which offers a social media site focused on music lyrics and knowledge, has sold its assets to MediaLab, a media holding company, for $80 million, according to reports. New York-based Genius had previously raised more than $88 million in venture capital, and was valued at $73.3 million last year. Previous investors in Genius have ranged from Andreessen Horowitz and Initialized Capital Management to talent agent Troy Carter and rapper Pharrell Williams. | | | | | |
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| Warburg Pincus eyes $16B fund | | | Warburg Pincus is seeking $16 billion for its latest global growth fund, Reuters reported. The firm closed a previous global growth fund on $15 billion in 2019. | | | | | | | | Atlantic Street Capital targets $850M | | | Atlantic Street Capital is targeting $850 million for its fifth namesake fund, The Wall Street Journal reported. The Connecticut-based firm closed its fourth fund devoted to healthcare services, multi-unit retail and business services at $500 million in 2019. | | | | | | | | Illumina Ventures closes $325M sophomore fund | | | Illumina Ventures has raised $325 million in commitments for its second fund. The California-based firm seeks to invest in the life sciences, clinical diagnostics and therapeutics sectors. Founded in 2016, the firm's portfolio includes healthtech startup LetsGetChecked and Walking Fish Therapeutics, a developer of cell-based therapeutics for treating serious diseases. | | | | | |
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"After an encouraging Q1, first-time PE funds continued to register healthy numbers. In H1 2021, 12 first-time funds closed—as many as in all of 2020—and first-time fundraising is on pace to reach the high-water marks set in 2018 and 2019. Among these funds were Entrepreneurial Equity Partners I, a $423.0 million fund focused on the food industry, and Princeton Equity Partners I, which closed at over $350.0 million and will invest in franchise businesses."
Source: PitchBook's Q2 2021 US PE Middle Market Report | | | | | |
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