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In today's Daily Pitch, you'll find: - Lightspeed is looking to raise over $5.5 billion across three new vehicles as VC fundraising in the US continues an unprecedented upward trajectory.
- Our breakdown of Udemy's financials as the edtech startup heads into its first day of trading.
- An analysis of the key trends driving Europe's PE ecosystem to record highs.
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| Lightspeed hits the fundraising trail as US VC firms break $100B barrier | |  | | (Wenjin Chen/Getty Images) | | | The formation of mega-funds by the likes of Tiger Global and Andreessen Horowitz in recent days has already propelled US VC fundraising past an unprecedented $100 billion mark for the year.
Now one of Silicon Valley's stalwart VC firms, Lightspeed, is seeking to add mightily to that haul as it targets over $5.5 billion across three new vehicles, The Information reported. | | | | | | | | | | Udemy goes public valued over $4B | |  | | (Peter Dazeley/Getty Images) | | | Online education marketplace Udemy is set to begin trading today on the Nasdaq. The San Francisco-based company priced its IPO last night at $29 a share, the top of its marketed range, with a fully diluted market capitalization of over $4.5 billion.
Take a look at our analysis of Udemy's financials and top shareholders. | | | | | | | |
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| A message from SS&C Intralinks | | |
| M&A rebounds—but what are the new boundaries? | | The past four quarters have ushered in record deal volume. But that surge has created new pressures that threaten to destabilize momentum: rapidly soaring valuations, fierce competition and the need to close faster than ever.
In this hyper and still-volatile environment, how should dealmakers plan and position themselves for next year?
Intralinks' Global M&A Dealmakers Report 2022 brings you insights, sentiment and analysis from 300 top dealmakers surveyed worldwide—225 corporates and 75 private equity firms—who identify the trends, opportunities and headwinds that M&A and PE dealmakers can expect to encounter in the coming year, including: - Target-rich market segments.
- Regulatory outlook and long-term COVID-19 impacts.
- The rise of ESG and investor activism.
- Tech-enabled advantages for dealmakers.
Position yourself now for 2022. Download this important new brief. | | | | | | | |
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| Carlyle's net income climbs 80%, distributable earnings up nearly 5x in Q3 | |  | | The Carlyle Group CEO Kewsong Lee (John Lamparski/Getty Images) | | | The Carlyle Group's third-quarter net income is up over 80% compared to the same period last year and the firm has seen its total assets under management climb 19% since the beginning of 2021, according to the firm's new earnings report. - The Washington, DC-based firm saw its distributable earnings hit an all-time high of $731 million, nearly a fivefold increase from last year's Q3 figure of $152 million. Carlyle's private equity portfolio appreciated 4% during the third quarter.
- Carlyle's fundraising division also had a strong quarter, taking in $22 billion in the quarter alone and $40 billion in the year so far, up 124% from the same period last year. Carlyle's stock has climbed over 80% this year and was up over 2% following the release of the earnings report.
| | | | | | | | | | European PE rides the wave to record-breaking numbers | | European private equity has reached a fever pitch, with deal activity already hitting a new annual record in 2021. The three largest-ever quarters for PE occurred this year, driven partly by the increasing vaccination rate, massive levels of dry powder and sellers wanting to take advantage of the frothy valuation environment.
Our Q3 2021 European PE Breakdown examines the key trends shaping the continent's PE ecosystem, breaking down activity across deals, exits, fundraising and countries. Highlights of the report include: - After three outstanding quarters, deal activity is expected to slow as sponsors near the completion of their dealmaking catch-up after 2020's down year.
- Q3's exit volume reached a new quarterly peak, with 425 closed deals worth around €126.4 billion, marking year-over-year increases of 96% and 202.8%, respectively.
- Despite an explosive start to the year, fundraising activity cooled slightly in Q3, putting 2021 on pace for the lowest annual fund count total since 2012.
| | | | | | | | | | A major builder near Austin is creating a community of 3D printed houses that could potentially offer a response to the chronic home shortage in the US. [The Wall Street Journal]
Why Swiss banking giant UBS won't touch crypto. [Fortune]
Seattle researchers have trained an algorithm to answer questions about human values and give AI a sense of ethics—sometimes. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 461 Deals | 1770 People | 493 Companies | 30 Funds | | | | | | |
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| 2013 Vintage Global PE Funds between $250M-$500M | | | | | | |
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| Threshold Ventures appoints Megan Kelly as principal | | | | | | |
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| Hinge Health hits $6.2B valuation | | | Hinge Health has raised a $400 million Series E co-led by Coatue and Tiger Global, with Alkeon and Whale Rock acquiring a stake in the company via a $200 million secondary investment. The new funds propel the company's valuation to $6.2 billion. San Francisco-based Hinge Health provides treatments for musculoskeletal pain via wearable sensors and computer vision tech. The company was valued at $3 billion after a $300 million round in January, according to PitchBook data. | | | | | | | | Alchemy valued at $3.5B with $250M Series C | | | Alchemy, which operates a blockchain developer platform, has raised $250 million in a round led by Andreessen Horowitz. The funding values the San Francisco-based company at $3.5 billion. In April, Alchemy raised $80 million at a $520 million valuation, according to PitchBook data. | | | | | | | | Dragos hauls in $200M Series D | | | Dragos has raised $200 million at a $1.7 billion valuation in a round co-led by Koch Disruptive Technologies and BlackRock. The company operates a cybersecurity platform intended to protect industrial infrastructure operations across sectors including power, water, and oil and gas. Dragos was valued at $400 million in July 2020, according to PitchBook data. | | | | | | | | | | | | | | | Rad Power Bikes wheels in $154M | | | Rad Power Bikes has raised $154 million in a round led by Fidelity Management & Research. Based in Seattle, the electric bike startup plans to use the funding in part to triple its physical locations by the end of 2022. In February, Rad Power Bikes raised $150 million at a $730 million valuation, according to PitchBook data. | | | | | | | | Foodtech startup N!CK'S gobbles up $100M Series C | | | | | | | | | Awardco takes home $65M Series A | | | Awardco has raised $65 million in a round co-led by General Catalyst and Qualtrics co-founder Ryan Smith. Founded in 2012, the Utah-based company is the developer of a workplace recognition and engagement platform that helps employers manage incentives and reward programs. | | | | | | | | | UnitedMasters has raised a $50 million Series C led by Andreessen Horowitz. The funding values the New York-based startup at $550 million. UnitedMasters offers content distribution and marketing services to facilitate partnerships between musicians and brands. | | | | | |
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| T. Rowe Price to buy Oak Hill Advisors for $4B+ | | | T. Rowe Price has agreed to acquire private debt-equity firm Oak Hill Advisors for $4.2 billion. Founded in 1987 and based in New York, Oak Hill Advisors has about $53 billion in capital under management. | | | | | | | | PE-backed Insightsoftware lines up Magnitude deal | | | | | | | | | RoadSafe buys traffic services company | | | Trilantic North America-backed provider of traffic control and pavement marking services RoadSafe Traffic Systems has acquired Barricade Services & Sales. The company is a supplier of traffic control products and services in the Salt Lake City market. | | | | | | | | Procuritas stakes Strandberg Guitars | | | Procuritas has backed Strandberg Guitars, a Swedish maker of headless guitars. The Stockholm-based firm made the investment through its Procuritas Capital Investors VI fund. | | | | | |
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| GlobalFoundries raises $2.6B in IPO | | | Abu Dhabi sovereign wealth fund Mubadala-backed chipmaker GlobalFoundries raised about $2.6 billion in its IPO. GlobalFoundries sold 55 million shares Wednesday for $47 each, giving the company a market value of about $26 billion, Bloomberg reported. | | | | | | | | Arhaus eyes IPO valuation of up to $2.4B | | | Arhaus has set the target range for its upcoming IPO at between $14 and $17 per share. At the top end of the range, the home furnishing retailer could be valued at up to $2.38 billion and raise about $219 million through its sale of 12.9 million shares. Arhaus is backed by Freeman Spogli. | | | | | | | | Desert Peak seeks up to $230M in IPO | | | Desert Peak Minerals has announced plans to sell 10 million shares for between $20 and $23 apiece in its NYSE debut. The company, which manages mineral and royalty interests in the Permian Basin, was formed in 2019 by Denver- and New York-based firm Kimmeridge Energy Management. | | | | | | | | Summit-backed fire pit, camp stove maker Solo Brands raises $219M in IPO | | | Summit Partners-backed Solo Brands, a Texas-based maker of fire pits and camp stoves, raised $219 million in its IPO, pricing 12.9 million shares at $17 apiece. The company reported $42 million of net income on $158 million in revenue for the first half of 2021. | | | | | |
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| Nautic raises $3B for 10th vehicle | | | Rhode Island's Nautic Partners has held a final close of its 10th flagship fund on a hard cap of $3 billion. The middle-market PE firm targets investments in the healthcare, industrials and services industries. Nautic closed its ninth namesake fund on $1.5 billion in 2019. | | | | | | | | Frazier closes life sciences fund | | | Frazier Healthcare Partners has closed its Life Sciences Public Fund at $830 million in commitments. The fund is devoted to small- and mid-cap public biotech companies. | | | | | |
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