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In today's Daily Pitch, you'll find: - Our analysts explore GP stakes funds and theorize on how best to allocate them in a broader portfolio.
- Our visual breakdown of NerdWallet's IPO filing.
- An analysis of how startups are leveraging healthtech to better serve the LGBTQ community.
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| Thinking through GP stakes fund weighting and location in a portfolio | |  | | (Serg Myshkovsky/Getty Images) | | | GP stakes funds are unique among private equity strategies. This allocation has its appeal—offering yield and differentiated downside protection, and the funds benefit when the underlying firms perform well.
With over $20 billion currently being raised across GP stakes funds, many LPs are looking to make their first allocation to this strategy.
Yet because the strategy is so unlike others, it can be challenging to choose the right allocation bucket and weight within a broader portfolio. Our latest latest analyst note explores GP stakes allocations and theorizes on how best to bucket and weight these funds. | | | | | | | | | | Breaking down NerdWallet's IPO filing | |  | | (Image courtesy of NerdWallet) | | | Personal finance company NerdWallet has filed for an IPO in which it is said to be seeking a $5 billion valuation. - The VC-backed company's revenue grew 32.3% year-over-year in the first half of 2021, but that growth came at the expense of a significant uptick in marketing spending.
- NerdWallet is more than a decade old and was bootstrapped for many years. To this day, it remains tightly controlled by founder and CEO Tim Chen, who owns 92.6% of the voting rights.
Read our full S-1 teardown for more takeaways. | | | | | | | |
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| | For more than 35 years, LIBOR has been considered the benchmark interest rate at which major banks lend to one another in the international interbank market for short-term loans. However, as of December 31, 2021, LIBOR will no longer be considered the key benchmark for determining interest rates.
In recent years, LIBOR caught the eye of global regulators as manipulation scandals and the opaque application of expert judgment led to a decline in its perceived integrity. After the announcement of LIBOR's demise, the Secured Overnight Financing Rate emerged as the replacement front-runner. However, challengers to SOFR have gained support among lenders.
Read Stout's article, "Replacing LIBOR," to get the latest insight on the transition from LIBOR and how it may impact you. | | | | | | | |
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| How startups are improving healthcare options for the LGBTQ community | |  | | (sasirin pamai/Getty Images) | | | When it comes to receiving care for their physical and mental health needs, the LGBTQ community represents a largely underserved segment of the US population.
Our recent installment of Emerging Tech Research highlights key opportunities in the growing LGBTQ-focused healthtech sector, as well as emerging startups that exclusively provide gender-affirming treatments, mental healthcare and family-building services for the LGBTQ market. Key takeaways include: - Eleven startups in the space have raised a total of $48.7 million in VC funding over the past three years.
- Our analysts expect incumbent health insurers will be slow to incorporate LGBTQ-focused benefits, but a growing near-term opportunity exists to help employers provide LGBTQ-tailored workplace benefits and help individuals find unbiased care.
| | | | | | | | | | Demand for everyday goods is outpacing supply halted by pandemic shutdowns, and America is running out of everything. [The Atlantic]
As families head for higher ground, workers from the liquified natural gas industry are rushing to Louisiana's port towns despite the danger. [Bloomberg]
How Evergrande grew and grew, despite years of red flags. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 23 Deals | 83 People | 50 Companies | | | | | | |
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| 2012 Vintage Global Secondaries Funds | | | | | | |
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| Notion hits $10B valuation | | | Notion has raised $275 million at a $10 billion valuation in a round led by Coatue and Sequoia, Forbes reported. The company is the developer of a work collaboration platform; its customers include Spotify, Slack and Pixar. Notion was valued at $2 billion in April 2020, according to PitchBook data. | | | | | | | | | BetterUp has raised $300 million at a $4.7 billion valuation in a round co-led by Wellington Management, Iconiq Growth and Lightspeed. The Series E comes less than eight months after the Bay Area-based company raised a $125 million round. BetterUp is the developer of a mobile-based professional coaching platform. | | | | | | | | Aquant secures $70M Series C | | | Aquant has raised $70 million in a round co-led by Qumra Capital, Insight Partners and Pitango Growth. The New York-based company's service intelligence platform structures data to provide actionable solutions to service challenges. The funding values Aquant at $350 million, according to PitchBook data. | | | | | | | | Gretel.ai picks up $50M Series B | | | | | | |
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| Permira, Thoma Bravo back software specialist Motus | | | Permira and Thoma Bravo have teamed up to invest in Motus, which offers an employee expense-reimbursement platform. Founded in 2004, the company serves more than 280,000 customers, including Papa John's, Kellogg's and Coca-Cola. Thoma Bravo acquired Motus in 2018. | | | | | | | | Highlander Partners buys RMS Beauty | | | Highlander Partners has acquired RMS Beauty, a Charleston, S.C.-based beauty brand. Founded in 2009, RMS Beauty makes a line of organic products. | | | | | |
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| PitchBook Webinar: Views on sustainable investing | | Ongoing global challenges and consumer-led pushes for sustainability have prompted changes at all levels of business, from startups built on ethical practices to new goals at long-standing companies.
In this webinar, our analysts will explore some of the findings from our 2021 Sustainable Investment Survey, which garnered record responses from around the globe. The report covers views on the main frameworks for impact investing and why stakeholders are showing more interest in sustainable investments.
Register today to secure your spot. | | | | | | | |
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| Vista-backed Allvue Systems officially withdrawals IPO | | | Vista Equity Partners-backed investment management software provider Allvue Systems has officially canceled its IPO, which was set to make its debut Sept. 29. The Flordia-based company cited "adverse market conditions" when it first delayed its offering. The company had originally planned to sell 15.3 million shares priced between $17 and $19 a share in its IPO. | | | | | | | | Audax Group to sell stake in ICP Group | | | Audax Group is exploring a sale of its minority stake in Innovative Chemical Products Group, a Massachusetts-based chemical producer. The firm could sell as much as a 49% stake in the company; the sale could value the company at over $2 billion, Bloomberg reported. | | | | | |
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| QHP Capital seeking $425M for second fund | | | QHP Capital, a spinoff of NovaQuest Capital Management's private equity division, is targeting $425 million for its second fund, which will focus on the healthcare sector, The Wall Street Journal reported. NovaQuest Private Equity Fund I, the fund's predecessor, closed at $275 million in 2019. | | | | | |
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"Though fundraising has posted strong results in recent years, the amount of available capital (dry powder) in private debt funds has fallen. At year-end 2020, private debt funds held $355.1 billion of dry powder—an impressive sum, but still about 10% below the highs of the prior two years."
Source: PitchBook's H1 2021 Global Private Debt Report | | | | | |
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