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In today's Daily Pitch, you'll find: - An analysis of US PE fund performance broken down by GP investment styles.
- On the heels of a record year for secondaries, KKR is said to be weighing a bid for Lexington Partners.
- The latest edition of our interactive PE lending league tables, ranking the most active lenders in the asset class.
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| Measuring the effects of specialization strategies in US PE funds | |  | | (Bet_Noire/Getty Images) | | | Specialization has been a defining theme among US PE firms for over two decades, with both firms and funds dialing in on geography, sector and investment type.
Many allocators appreciate the added control of this approach when it comes to portfolio management. Yet a question remains: Does specialization, particularly by sector, lead to outperformance? Our recent analyst note seeks the answer—and the results are surprising. | | | | | | | | | | KKR eyeing bid for secondaries giant Lexington Partners | |  | | (Stanley Chen Xi/Getty Images) | | | KKR is reportedly weighing a bid for secondaries group Lexington Partners, one of the top firms specializing in buying secondhand stakes in private equity funds. - Goldman Sachs Group has been hired to advise on the potential sale, which could value New York-based Lexington Partners at a few billion dollars, The Wall Street Journal reported.
- The potential bid comes after a record year for secondaries. Last year, PE secondary funds amassed $96.6 billion in commitments through 29 vehicles, according to PitchBook data. The bulk of that capital went to managers including Lexington, Ardian and HarbourVest Partners.
- Lexington, which controls $55 billion in total capital, would be KKR's first secondaries business.
Related read: CVC Capital buys UK secondaries firm Glendower Capital | | | | | | | |
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| Boston's VC ecosystem is thriving | | Boston's VC ecosystem is often grouped with Silicon Valley's, but the two could not be more different. Boston, home to world-class universities like Harvard and MIT, is fueled by life sciences. Since 2007, pharma and biotech startups have raised more capital than their software counterparts every year, sometimes by a 3-to-1 margin.
But Boston's tech scene is a juggernaut in its own right. In partnership with PitchBook Data, BridgeBank has released Markets to Watch: Boston, which also details the city's thriving tech scene. Boston's software startups are predominantly B2B-related, including hundreds of cybersecurity, network management and AI-powered software companies.
In fact, Boston is already enjoying a record year for venture capital, having surpassed the old record by August 2021. Read the report to find out why.
To download the report, click here. | | | | | | | |
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| Pandemic puppy boom fetches deals in Silicon Valley | |  | | (Julia Midkiff/PitchBook News) | | | Pet startups have snatched up more than $1.1 billion in venture capital investment so far this year, easily surpassing a high-water mark set in 2019. - The pandemic added to a banner year for new pets: About one in five US households took in a dog or cat between March 2020 and May 2021. Pet-crazy millennials are also driving a long-running trend of more—and more expensive—pet ownership.
- Pet insurance is a particularly hot category. London-based Bought By Many raised $350 million in the largest pet-related VC deal so far for 2021.
- Don't call it a blip: Investors believe that demographic forces and shifting consumer preferences spell robust growth for pet startups.
| | | | | | | | | | Who leads the way in PE's lending landscape? | | No US firm made more loans to PE-backed companies last quarter than Ares, the only lender to issue more than 60. But it was far from the only busy firm, as Q2 continued to build on a strong start to the year.
Curious to see who else made the leaderboard? Our latest PE Lending League Tables, sponsored by NXT Capital, are now available. - The data ranks the most active lenders in private equity in Q2 and now features a broader scope than in past years, including European deals and additional agent types.
- The tables' interactive format breaks down the data from the private debt market by deal type, geography, sector and more to provide a detailed view of the lending landscape in PE, with links back to the PitchBook Platform to learn more about each lender.
| | | | | | | | | | Europe has grown increasingly reliant on renewable energy in the form of wind power. But what happens when it stops blowing? [Fortune]
Many organizations check candidates' Facebook, Instagram and the like as part of the hiring process. But new research suggests that recruiters might want to stop using social media profiles as a screening tool. [Harvard Business Review]
The field of biology is undergoing a technological makeover, and the story of Ginkgo Bioworks demonstrates the challenges and progress that come with that change. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 464 Deals | 1849 People | 499 Companies | 22 Funds | | | | | | |
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| 2017 Vintage Global Debt Funds | | | | | | |
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| Close any deal, any time, anywhere, by innovating the transaction process | | It takes more than a global pandemic to stop lawyers from delivering outstanding client service. The legal industry embraced remote work to close a record number of transactions in 2021.
But lawyers are fighting an uphill battle due to an outdated deal process that has them: - Relying on frequent—and inconvenient—status calls to keep deal participants up to date.
- Waiting for emails from different time zones to move forward with document revisions.
- Depending on industrial printers and scanners to prepare signature packets.
It's time to innovate the transaction management process and free deals from the constraints of the office. If you're ready to close any deal, any time, anywhere, you'll want to read this new white paper from Litera.
Download your complimentary copy today | | | | | | | |
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| Discord collects $500M in new funding | | | | | | | | | Apna raises $100M from Tiger Global | | | Apna, the developer of a job recruitment platform for blue-collar workers in India, has raised a $100 million Series C at a valuation of $1.1 billion. The round was led by Tiger Global and had participation from other investors including Owl Ventures, Insight Partners and Sequoia India. This is the third investment fetched by the company in 2021. Apna raised $70 million in June at a valuation of $570 million. | | | | | | | | India's Pine Labs grabs another $100M | | | Pine Labs, the Indian developer of a merchant commerce platform, has raised $100 million from Invesco. The funding comes about two months after the startup secured $600 million at a reported valuation of $3.5 billion. Serving merchants of various sizes across Asia and the Middle East, Pine Labs' cloud-based platform offers payment acceptance solutions, enterprise automation systems and digital gift card distribution, among other services. | | | | | | | | | Omaze has raised an $85 million Series C led by Moore Strategic Ventures. The California-based company is the developer of an online fundraising platform for social impact charities. Omaze was valued at $137.7 million in August 2020, according to PitchBook data. | | | | | | | | Amolyt Pharma secures $80M Series B | | | | | | |
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| PE-backed Fortitude Re acquires part of Prudential's business for $2.2B | | | The Carlyle Group-backed Fortitude Re has purchased a portion of Prudential Financial's in-force legacy variable annuity block for $2.2 billion. Under the terms of the deal, Fortitude will acquire one of Prudential's stand-alone legal entity subsidiaries: Prudential Annuities Life Assurance Corporation, including the subsidiary's in-force annuity contracts. | | | | | | | | | | CVC Capital to invest in CFGI at $1.85B valuation | | | CVC Capital Partners has agreed to purchase a stake in CFGI, a non-audit accounting advisory firm, in a deal that values the business at about $1.85 billion. Founded in 2000 and based in Boston, CFGI serves over 2,500 clients. | | | | | |
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| Definitive Healthcare raises $420M in IPO, sees stock soar | | | Definitive Healthcare, a provider of healthcare commercial intelligence software, has raised some $420 million in its IPO by offering more than 15.5 million shares at $27 apiece, above an initial price range of $20 to $24. The Massachusetts-based company opened its first day of trading at $37.25 and closed up 60.3% at $43.29. Definitive had received previous funding from investors including Advent International and Spectrum Equity. | | | | | | | | ForgeRock sees stock rise in market debut | | | Riverwood Capital and KKR-backed identity-verification software maker ForgeRock has raised $275 million in its IPO through the sale of 11 million shares. The San Francisco-based company saw its stock climb 46% in its market debut. | | | | | | | | Align Capital to offload Pleatco Filtration for $255M | | | Align Capital Partners has agreed to sell Pleatco Filtration, a manufacturer of aftermarket filtration products for the industrial air, pool and spa markets, to Pentair, a publicly traded water treatment company, for $255 million. Align Capital has backed Pleatco since 2017; during the firm's ownership, the Kentucky-based company has more than doubled its revenue and increased its employee headcount from 180 to over 380. | | | | | |
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| Percheron brings in $770M for inaugural fund | | | Percheron Capital has closed its debut fund on $770 million after eight months of fundraising. Based in San Francisco, the firm invests in North American services businesses across the animal health, automotive, education, food and beverage, healthcare and residential sectors. | | | | | | | | Santé Ventures closes Fund IV on $260M | | | Santé Ventures, a healthcare and life sciences investor, has closed its fourth namesake fund on $260 million. The Austin-based VC firm, which typically leads seed-stage and Series A rounds, will use the capital to invest in 15 to 25 startups in the biotech, medtech and healthech sectors. Santé closed its third namesake vehicle on $250 million in 2019. | | | | | |
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