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In today's Daily Pitch, you'll find: - Our Global Real Estate Report explores the state of private investment funds in the first half of 2021.
- Rivian's R&D spending, revealed in its recent IPO filing, outstrips that of its competitors in the EV space. But by how much?
- The latest episode of "In Visible Capital," about the VC ecosystem in the UK.
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| Real estate funds dip after decade of growth | | Global property investment is still reeling from pandemic-era changes to how people use real estate and government-led efforts to support the market.
Our latest Global Real Estate Report assesses the state of private investment funds in the first half of 2021. Key takeaways include: - The pool of private capital targeting real estate deals shrank for the first time since 2011, led by declines in debt, distressed and opportunistic funds.
- The market looks dramatically different depending on where you stand: Industrial real estate and self-storage, for instance, have flourished amid the disruption, while retail and residential have been more volatile.
- Fears of inflation have not sent private investors flocking to real estate, which is often seen as an inflation hedge, but that could change if prices continue to rise.
| | | | | | | | | | Rivian's motor runs on R&D | | If Rivian's IPO filing revealed one thing, it's that designing and building electric trucks is an expensive business.
In the first half of 2021, Rivian spent $683 million on research and development—more than double what it deployed in the same period last year.
We looked at how that blistering pace compared to the company's tech rivals. (Hint: It's not even close.) | | | | | | | |
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| A message from RBC Capital Markets | | |
| Biotech halftime report: Despite a bumpy start to 2021, investors see opportunity | | The biotech sector had a major boost of optimism from the success of the COVID-19 vaccines, which made investors keenly aware of biopharma research and development engine potential. But from early this year, clinical trial, regulatory and access setbacks have reminded investors of the sector's inherent risks. Biopharma M&A has been muted, but with available cash, looming patent cliffs and some depressed valuations, more deal activity is expected. Innovation, which is continuing at a rapid pace around new drug targets, design, manufacturing, cell and gene therapies, and expansion into new diseases, will likely spur further activity and optimism.
Find out why investors think the sector is undervalued | | | | | | | |
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| Byju's valuation hits $18B propelled by favorable trends | |  | | (Sally Anscombe/Getty Images) | | | | India-based Byju's has raised $300 million, financing that reportedly values the company at $18 billion. While bankers urge the most valuable VC-backed edtech company in the world to list on public markets, Byju's will likely have no shortage of additional private funding amid China's ban on for-profit tutoring. | | | | | | | | | | On the podcast: Looking toward the next generation of UK unicorns | | On this week's episode of "In Visible Capital," we explore the VC ecosystem in the UK with Ian Connatty, managing director for funds at British Patient Capital. Topics include: - Why UK companies could be seeing larger funding rounds.
- How the pandemic has affected startups that focus on innovation and technology.
- What changes could create a more favorable environment for companies to go public.
| | | | | | | | | | UK digital bank Monzo abandons US banking license hopes | |  | | (Courtesy of Monzo) | | | Monzo has decided to withdraw its application for a US banking license after two years of negotiations with regulators.
A disappointment for the challenger bank, the move also illustrates the regulatory hurdles facing European fintech companies entering the US. | | | | | | | | | | A timeline of CD&R's four-month battle for $9B+ Morrisons deal | |  | | (George Wood/Getty Images) | | | On Saturday, Clayton, Dubilier & Rice won an auction to buy Morrisons in a deal valuing the company at £7.1 billion (about $9.7 billion), beating out a rival consortium led by Fortress Investment Group.
The auction was the culmination of a monthslong PE bidding war for the UK supermarket chain—and the road had plenty of bumps along the way. | | | | | | | | | | A public health professor's thoughts on why companies need to forgo the foosball table and focus on clean air. [The Atlantic]
Here's how to make sense of the chaos in the commodity markets. [The Economist]
After years of talk, many of the world's biggest established carmakers are finally staking their future on electric vehicles. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 519 Deals | 1667 People | 378 Companies | 19 Funds | | | | | | |
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| 2019 Vintage Global Venture Funds with $250M+ | | | | | | |
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| A message from Masterworks | | |
| The power law: 80% of returns come from 20% of deals | | Many phenomena illustrate the 80/20 rule, including the frequency of earthquakes, the size of solar flares and the number of deals made available to everyday investors. When it comes to venture investment, while comprising only 0.2% of GDP, it delivers an outsized 21% of US GDP in business revenues. One extreme case of the power law is the art industry. Fewer than 1,000 people have access to this $6 trillion treasure trove, such as Jeff Bezos, Bill Gates and Marc Andreessen.
What happens when the same billionaire-exclusive deals are made available to everyone? Masterworks calls it complete market disruption.
Revolutionary tech startup Masterworks has finally democratized the last unsecuritized major asset.
For priority access, click here*
*See important disclosures | | | | | | | |
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| Carlyle hires former CPPIB PE head as chief development officer | | | | | | |
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| Sky Mavis lands $150M Series B | | | Sky Mavis has raised around $150 million at nearly $3 billion valuation in a round led by Andreessen Horowitz, The Information reported. The Singapore-based company is the developer of crypto-based online game Axie Infinity. | | | | | | | | Ladder picks up $100M Series D | | | Ladder has raised $100 million in a round co-led by Thomvest Ventures and OMERS Growth Equity. The round reportedly values the company at $900 million. The Bay Area company is the provider of a flexible life insurance platform. Ladder was valued at $237.5 million in February 2020, according to PitchBook data. | | | | | | | | | Ula has raised an $87 million Series B co-led by B Capital, Prosus Ventures and Tencent. The Jakarta-based startup operates an ecommerce marketplace for more than 70,000 stores. | | | | | | | | Sunday cleans up with $50M Series C | | | Sunday has raised $50 million in a round led by BOND, with support from Sequoia, Forerunner Ventures and Tusk Ventures. The Colorado-based company is the developer of gardening products intended to reduce the use of pesticides and harsh chemicals. | | | | | | | | Elevate banks $12M Series A | | | Elevate has raised $12 million in a round co-led by Greycroft and Norwest Venture Partners, with participation from Bowery Capital. The Denver-based company is the developer of a benefits platform intended to help employees manage pre-tax benefits from a single dashboard. | | | | | | | | | | | | |
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| Stonepeak Partners lands Teekay LNG at $6.2B value | | | Stonepeak Partners has acquired liquified natural gas company Teekay LNG Partners at an enterprise value of $6.2 billion. Stonepeak will pay $17 in cash per Teekay LNG share, representing an 8.3% premium to the company's closing price Oct. 1. | | | | | | | | Pharos Capital buys Thema Health Services | | | Pharos Capital has acquired Thema Health Services, a provider of hospice, home health and palliative care services throughout the state of Arizona. Founded in 1996, THEMA serves over 2,000 patients annually. | | | | | | | | Providence Equity Partners stakes Tenstreet | | | Providence Equity Partners has taken a majority stake in Tenstreet, an Oklahoma-based provider of driver recruiting software and workflow solutions for the trucking industry. Tenstreet maintains a network of over 5 million drivers and processes 17 million job applications per year. | | | | | | | | Spice Private Equity lands insurer Argo's Brazilian unit | | | Spice Private Equity has acquired the Brazilian business of specialty insurance underwriter Argo Group, which first launched Argo Brazil in 2011. The transaction is expected to close by the end of the year. | | | | | |
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| PitchBook Webinar: Private equity strategies in healthcare services | | Our webinar on Oct. 7 will dive into a key issue across healthcare specialties: employee engagement and staffing, from providers to direct care staff. Industry experts will be on the panel to discuss their perspectives on the following: - How the structure of healthcare transactions can thoughtfully preserve a positive, physician-led clinical culture and incentivize practitioners.
- How the operational value-adds that PE firms bring to the table can attract and retain high-caliber talent and allow them to be more productive—driving returns.
- What innovative methods for recruiting and developing direct care staff can produce superior patient outcomes while minimizing churn costs.
Register here to secure your spot | | | | | | | |
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| Geely-backed Volvo seeks $2.9B in Stockholm debut | | | Volvo Cars has announced its plans for an initial public offering on Nasdaq Stockholm, seeking to raise about 25 billion Swedish kronor (about $2.9 billion). The IPO could value the Gothenburg-based automaker as high as $25 billion, The Wall Street Journal reported. China's Geely Holding has been the majority owner of Volvo since 2010 and reportedly plans to retain a significant stake in the company after the IPO. | | | | | | | | Apax-backed Candela Medical prepares for public offering | | | Apax Partners-backed Candela Medical, a manufacturer of medical devices for aesthetic procedures, has filed for an IPO. The Massachusetts-based company reported $15 million in net income on $209 million in revenue through the first half of 2021. | | | | | | | | PE-backed Informatica files for IPO | | | | | | | | | Centerbridge among sellers of DentaQuest to Sun Life Financial | | | | | | | | | GitLab's IPO to raise up to $624 million | | | GitLab has set the terms for its initial public offering, planning to offer 8.42 million shares at between $55 and $60 apiece, raising up to $505.2 million for the company. GitLab co-founder and CEO Sytse Sijbrandij will sell an additional 1.98 million shares. At the top of the range, the IPO would value GitLab at around $8.6 billion. The company's investors include August Capital, GV, Iconiq Capital and Khosla Ventures. | | | | | |
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| Summit scoops up $8.3B+ for latest growth fund | | | Summit Partners has held a final close for its 11th flagship growth equity fund on a hard cap of $8.35 billion. The vehicle will target investments of up to $500 million in category-leading companies. Summit closed two growth equity funds in 2020 with total capital commitments of over $2.2 billion. | | | | | | | | Thomas H. Lee Partners closes ninth fund | | | | | | | | | KKR closes third real estate fund at $4.3B | | | KKR has closed its third real estate-focused fund at $4.3 billion. The fund is primarily devoted to US real estate investments. Its predecessor closed in 2018 at $2 billion. | | | | | | | | DPI raises $900M for new Africa fund | | | London-based Development Partners International has held a final close of its third African development fund on $900 million, surpassing its $800 million target. The Africa-focused firm also raised an additional $250 million of co-investment capital. DPI targets both growing and established companies in industries that benefit from Africa's digital transformation. | | | | | |
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| Qualcomm teams with SSW to win $4.5B Veoneer bid | | | Qualcomm and SSW Partners, a New York-based investment partnership, have agreed to acquire Veoneer in an all-cash deal valuing the company at $4.5 billion. SSW Partners will pay $37 per share for the Swedish automotive technology company, then sell Veoneer's Arriver sensor and driving software platform to Qualcomm. As part of the deal, Veoneer will pay a $110 million termination fee to Canadian automotive company Magna International, which had signed an agreement in July to buy Veoneer for $3.8 billion. | | | | | |
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