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In today's Daily Pitch, you'll find: - A report on the results of our Sustainable Investment Survey, broken down by region, investor type and more.
- VC-backed biotech startup Oxford Nanopore soared in its LSE debut.
- VCs are making record investments in quantum computing—even though the finish line may be years away.
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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, sponsored by BlueMark and RSM, 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.
| | | | | | | | | | VCs bet on the technologically unproven field of quantum computing | |  | | (johnason/Getty Images) | | | IonQ, a quantum computing company, is set to close a reverse merger with a blank-check company and begin trading on the NYSE today at a market capitalization of about $2 billion. - Tech giants including Google and IBM, as well as startups like IonQ, Rigetti Computing, and PsiQuantum, are all competing to make the most powerful and reliable quantum machine.
- While a fully functional quantum machine is still a long way off, venture capitalist interest in the nascent technology is at an all-time high.
- Investors are betting that some real-life applications will emerge within the next five years, but most quantum computer hardware companies will still need significant capital infusions.
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| A message from CohnReznick | | |
| Planning to pursue infrastructure work long term? | | Private equity investors committed to growing their portfolio companies' government work may benefit from splitting their commercial and federal divisions. With the possibility of new federal infrastructure contracts ahead, now may be the right time to learn the advantages and best practices. Many good reasons exist to consider a split, including the different buyers, client journeys, communications and buying processes, decision-making, audit scrutiny, reporting requirements, and cost structures, to name several. Further, building separate commercial and federal divisions will create broader and deeper resources in both camps, which can be a go-to-market differentiator.
Find more insights and updates in CohnReznick's 2021 Infrastructure Investment Report and Inside Infrastructure resource center. | | | | | | | |
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| Oxford Nanopore soars in London IPO | |  | | (Pool/Getty Images) | | | Shares in VC-backed biotech startup Oxford Nanopore jumped as much as 47% in its first day of trading on the London Stock Exchange, following an IPO that valued the company at £3.4 billion (about $4.6 billion). - Oxford Nanopore specializes in DNA and RNA sequencing. It made a name for itself during the pandemic, developing COVID-19 testing kits. Its investors include IP Group, Tencent and Temasek.
- The company, which was valued at £2.2 billion with its last private funding round, is the eighth VC-backed UK startup in the biotech and pharma space to go public this year and the largest by market cap, according to PitchBook data.
- Oxford Nanopore sold 122.4 million new and existing shares at 425 pence apiece, raising £524 million in the offering. IP Group said the IPO generated £84 million for the investor, which will retain a 10.3% stake in the company.
| | | | | | | | | | When it comes to asset management M&A, bigger does not necessarily mean better. Here's what research has to show about the benefits of boutique firms. [Institutional Investor]
The Evergrande crisis, stagnant prices, investors cashing out: Signs of a real estate downturn are exposing the Chinese economy's dependence on property. [The Economist]
Bird-watching boomed during the pandemic, but does the data reflect new trends in bird behavior, or in people's? [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 435 Deals | 1670 People | 400 Companies | 30 Funds | | | | | | |
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| 2020 Vintage Global Debt Funds | | | | | | |
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| A message from McDermott Will & Emery | | |
| What healthcare investors need to know in today's market | | Are you prepared for the extraordinary opportunities today's unique private equity environment presents? A faculty of elite PE leaders and bankers will explore what buyers and sellers need to know at this year's virtual HPE New York conference Oct. 15.
Early risers can join at 8 a.m. EDT for a one-hour discussion with global heads of healthcare from top banks as they discuss the current market climate for healthcare investing.
The afternoon session from 12 p.m. to 2 p.m. EDT will feature healthcare PE leaders who will explore: - The Need for Speed: Critical Issues Facing Buyers
- Supercharging Sellers' Strategies for Today's Market
- Prepare for Tomorrow: How Government Actions Will Impact the Market
Register today | | | | | | | |
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| Snyk hits $8.6B valuation | | | Snyk, a developer security startup, has raised $75 million from Atlassian Ventures and Salesforce Ventures as an extension of its $530 million Series F announced last month. The additional funding increases the company's valuation to $8.6 billion and total capital raised to $850 million. | | | | | | | | Ola Electric reaches $3B valuation | | | Ola Electric has raised more than $200 million at a $3 billion valuation from investors including Falcon Edge and SoftBank. The Bengaluru-based company recently launched its electric scooter and will use the funds for the development of other electric vehicles. | | | | | | | | India's Meesho raises $570M | | | | | | | | | OfBusiness picks up $200M Series F | | | OfBusiness has raised $200 million at a $3 billion valuation in a round led by Tiger Global. The Indian company operates a B2B ecommerce platform for raw materials procurement and offers credit to small and medium-sized businesses. | | | | | | | | Alloy secures $100M Series C | | | New York-based Alloy has raised $100 million at a $1.35 billion valuation in a round led by Lightspeed Venture Partners. The company is the developer of an identity verification platform designed to help financial institutions such as Ally Bank and Ramp prevent fraud and manage security risks. Alloy was valued at $220 million in December, according to PitchBook data. | | | | | | | | | | | | |
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| Perfect Day hits $1.5B valuation after Temasek, CPPIB-led round | | | Perfect Day, a milk-alternative company, has raised a $350 million Series D led by Temasek and the Canada Pension Plan Investment Board, valuing the business at $1.5 billion, The Wall Street Journal reported. Founded in 2014, the California-based company has raised $750 million in total funding. | | | | | | | | Apollo inks $759M deal for Mitsubishi Chemical division | | | | | | | | | KKR circles Australia's Probe Group | | | | | | | | | AE Industrial Partners buys HealthWay | | | AE Industrial Partners has acquired HealthWay, a commercial and residential air purification-solutions specialist. The company's services are used in schools, hospitals, hotels and more. | | | | | |
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| PE-backed hair product company Olaplex raises $1.55B in market debut | | | Advent International-backed hair product company Olaplex has raised $1.55 billion in its IPO, pricing 73.7 million shares at $21 each. The Santa Barbara, Calif.-based company saw its stock climb over 16% in its market debut. | | | | | | | | Ensemble Health Partners files for IPO | | | Golden Gate Capital-backed healthcare revenue cycle management software company Ensemble Health Partners has filed for an IPO with a funding goal of $100 million, a figure that is likely a placeholder until terms are set. The Cincinnati-based company reported $401.1 million in revenue for the first half of 2021. | | | | | |
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| Carlyle, Calpers to track ESG for portfolio companies | | | The Carlyle Group and California pension giant Calpers have teamed up to track the ESG performance of their portfolio companies, Reuters reported. The duo will monitor data on greenhouse gas emissions, renewable energy, board diversity and other metrics. | | | | | |
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