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In today's Daily Pitch, you'll find: - How VC activity in France is surging—but still lagging behind that of its larger neighbors.
- Our global fund performance report breaks down which asset classes performed the best in 2020.
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| PE and VC dominate global fund performance | | With COVID-19 upending the global economy, 2020 proved to be an unprecedented year for private market investors. But private equity and venture capital fund performance thrived nonetheless, according to our latest Global Fund Performance Report, which cites data through Q4 2020 and the early part of 2021.
A few highlights from the findings: - Private equity funds recorded a rolling one-year horizon IRR of 17.7% in 2020, PE's second highest in the past decade, which outpaced the S&P 500 and helped the strategy avoid the collapse it endured during the global financial crisis.
- Venture capital funds peaked in Q4 2020, reaching a record quarterly horizon IRR of 14.9%. The strategy continued that momentum into the new year, with a preliminary quarterly IRR of 13.3% in Q1. The strong returns were driven in large part by a healthy exit environment, as VCs looked to capitalize on frothy valuations.
- Bogged down by office closures, real estate funds trailed other private alternative asset classes and the broader public markets, continuing two-plus years of underperformance. But investment in warehouses and data centers provides cause for optimism as people work and shop from home.
| | | | | | | | Changes in technology are already affecting the game of golf, making it crucial to educate both golfers and operators about those innovations. In partnership with PitchBook Data, PGA of America has released "The Continuing Evolution of the Golf Course," a brief but comprehensive guide to a range of new technologies.
Some of these are borrowed from other walks of life. Agtech innovations were developed with farmers and crops in mind, but golf courses can benefit from them just as much. CRM technology, drones, benchmarking tools—even weather technology—are all being tailored to the needs of golfers and operators around the US.
Four pages of infographics visualize the innovations taking place. The game of golf isn't changing, but technology is helping improve it in myriad ways.
Download the report here | | | | | | | |
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| A message from TBM Consulting | | |
| Five operational due diligence hot spots for identifying hidden value and risk | | Multiples grow while due diligence windows shorten. At the same time, there is more to consider with newly exposed risks and opportunities that were not on the radar 18 months ago.
These five operational due diligence areas are becoming more critical in today's private equity environment: - Daily management
- Sourcing & inventory strategies
- Site leadership capabilities
- Labor management best practices
- Capital expenditure & automation
Hone in on critical operational opportunities by downloading TBM's briefing, Uncover Hidden Value and Mitigate Operational Risks Faster, or contact Gary Hoover, vice president and Global Private Equity Practice leader, at ghoover@tbmcg.com. | | | | | | | |
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| French VC on track for a record year—but is overshadowed by its neighbors | |  | | (ilyaliren/Getty Images) | | | The French government's push to bolster the country's startup ecosystem, coupled with unexpected tailwinds caused by the pandemic, have created a boom in venture capital activity—yet France still lags behind other major economies in the region. - French startups are on track for a funding record this year, with €4.6 billion (about $5.4 billion) in total raised through June 30, nearly 70% of 2020's annual figure.
- But France is trailing its neighbors, as VC investments in the UK and Germany soared even higher in just six months.
- The French government is seeking to promote more late-stage capital in the country, as it works to narrow the gap between France and its peers.
| | | | | | | | | | Out of the public eye, top venture capital and private equity firms are lagging behind in boardroom diversity. [The New York Times]
Will crypto companies' efforts to lure massive sports fanbases into their investor base play out? [Bloomberg]
More and more funds are jumping on the sustainability train, but sometimes the rebranding is in name only. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 369 Deals | 1592 People | 561 Companies | 24 Funds | | | | | | |
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| 2016 Vintage Global Growth Funds | | | | | | |
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| Snyk hits $8.5B valuation | | | Cybersecurity company Snyk has raised $530 million, $300 million of which came from new capital, the remainder from secondary offerings. Sands Capital and Tiger Global co-led the Series F, which valued Snyk at $8.5 billion, up from about $2.6 billion last year. Boston-based Snyk's developer security platform is used by customers including Google and Salesforce. | | | | | | | | | Solugen, a company that uses bio-based resources, like sugar to make chemicals, was valued at $1.8 billion after raising $350 million. Baillie Gifford and GIC led the Series C round with participation from Temasek, BlackRock, Carbon Direct, Refactor Capital and Fifty Years. The Houston-based startup aims to take chemical manufacturing carbon-negative while creating products to address clean water, sustainable materials, personal care and more. | | | | | | | | Mammoth Biosciences hits unicorn valuation with $195M round | | | Mammoth Biosciences has raised $195 million at a valuation of more than $1 billion. The round was led by Redmile Group, with participation from Plum Alley, Mayfield and other investors. The Bay Area-based company is the creator of a CRISPR-based platform that helps detect and cure diseases. Mammoth will use the financing in part to work on developing permanent genetic cures via gene-editing techniques. The startup was valued at $290 million in May 2020. | | | | | | | | Orchard grows with $100M Series D | | | Orchard, which operates a home buying and selling marketplace, has raised $100 million at a valuation of more than $1 billion. The funding was led by Accomplice. Based in New York, Orchard plans to use the capital in part to expand to new markets in 2022. The company was valued at $350 million in September 2020, according to PitchBook data. | | | | | | | | Menlo Ventures leads $80M round for Affinity | | | | | | |
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| Blackstone backs alternative assets software provider | | | Blackstone has invested in Dynamo Software, a provider of cloud software for the alternative investment management industry. Existing investor Francisco Partners also completed a reinvestment in the company. Dynamo's platform offers deal management and portfolio monitoring in addition to back-office solutions like data visualizations. | | | | | | | | PE-backed FoodScience buys animal supplement maker Pet Tech Laboratories | | | Wind Point Partners-backed FoodScience has acquired Pet Tech Laboratories, a Nebraska-based contract manufacturer of animal nutritional supplements. Founded in 1992, Pet Tech Laboratories produces soft chews, tablets, granules and liquids for branded manufacturers and veterinary clinics. Wind Point has backed FoodScience, a provider of nutritional supplements for animals and humans, since March. | | | | | | | | Patient Square set to purchase addiction treatment specialist | | | | | | |
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| Energy Vault to go public via SPAC | | | Energy Vault, a renewable energy specialist, has agreed to go public on the NYSE through a SPAC called Novus Capital Corp. II. The deal will give the combined entity an equity value of about $1.6 billion. Energy Vault expects to receive $388 million from the transaction, including a $100 million PIPE from SoftBank, Palantir and other investors. The company stores energy from wind and solar operations; it has received venture capital funding from backers such as SoftBank and Saudi Aramco Energy Ventures. | | | | | | | | Carlyle shopping VXI Global | | | The Carlyle Group has brought on advisers to look at selling VXI Global in a deal that could value the Los Angeles-based outsourcing company at between $1.5 and $2 billion, Bloomberg reported. Carlyle has backed VXI since acquiring a 70% stake in the business from Bain Capital in a 2016 deal that valued VXI at about $1 billion. | | | | | |
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| Tom Steyer, Kathryn Hall launch climate fund platform | | | | | | | | |
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"While $1 billion to $5 billion funds did take in 57.6% of the capital raised, this was a much less extreme ratio than the general fund universe, where the largest funds made up only 1.7% of all funds, but 32.8% of the capital raised."
Source: PitchBook's Q2 2021 Private Fund Strategies Report | | | | | |
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