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In today's Daily Pitch, you'll find: - Our latest US PE Breakdown, packed with data and analysis about private equity's record year.
- A timeline of Henry Kravis and George Roberts' legacy, through 45 years at the helm of KKR.
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| US PE deals top $787B as industry shatters records across the board | | The US private equity industry is storming through 2021, smashing records as investors take advantage of a bullish climate and remain undeterred by the possibility of inflation and interest rate hikes.
Our Q3 US PE Breakdown, sponsored by Liberty GTS, CohnReznick and Stout, tracks all the trends defining US private equity in what is shaping up to be a year to remember. Key takeaways include: - US PE dealmaking through Q3 has already broken 2019's annual record for deal value, at more than $787 billion.
- Exits are on an astounding run; year-to-date value has topped $638 billion—over 50% above the previous high.
- Fundraising is proceeding at a rapid clip, and Q4 is expected to close the year on a strong note.
| | | | | | | | | | End of an era: A timeline of Kravis and Roberts' legacy at KKR | |  | | Henry Kravis, left, and George Roberts (Courtesy of KKR) | | | After nearly half a century in charge, the founders of PE giant KKR, Henry Kravis and George Roberts, have stepped down as co-CEOs and handed the reins over to Joe Bae and Scott Nuttall.
The duo, who launched the firm with Jerome Kohlberg in 1976, helped build the foundation of the private equity industry and joined in some of its biggest deals.
Our timeline tracks the biggest events, deals and funds of Kravis and Roberts' years at the helm. | | | | | | | |
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| A message from Velocity Global | | |
| How venture maximizes ROI and slows cash burn rate during global expansion | | International expansion is a valuable growth strategy for portfolio companies, and it's never been more accessible. Traditional global expansion methods are complicated, time-consuming, costly and counterproductive to what VC investors need: maximum ROI. Quickly build teams overseas, gain market share and shorten time to ROI with a new global hiring method that helps investors and their portfolio companies.
Read Velocity Global's new guide, Maximize Your ROI: A Guide to Your Portfolio Companies' International Success, for crucial insights on how to: - Slow the cash burn rate and extend runway during global expansion.
- Protect valuable intellectual property.
- Secure top talent anywhere in the world.
This guide offers advice for high-growth companies that need a fast, flexible, risk-averse and cost-effective global expansion strategy.
Download the guide | | | | | | | |
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| Israel's cybersecurity startups drive VC investment amid rise in cyberattacks | |  | | (Yuichiro Chino/Getty Images) | | | VCs have poured $17.7 billion into cybersecurity companies worldwide this year, as cyberattacks have increasingly lent a sense of urgency to the sector's growth.
More than a third of that funding has gone to companies in Israel, with the latest mega-deal—a $250 million round—going to Jerusalem-based Wiz, which is now valued at $6 billion. | | | | | | | | | | Why credit card companies back legality rather than morality as their sway over what goes on the internet increases. [The Economist]
Fortune's annual list of the top 10 companies getting creative to address society's unmet needs. [Fortune]
How millennials are teaming up to make homeownership work for them despite debt and soaring prices. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 401 Deals | 1587 People | 418 Companies | 33 Funds | | | | | | |
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| 2020 Vintage Global Buyout Funds | | | | | | |
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| Untapped investment potential in the Australian digital health ecosystem | | Even prior to the onset of the COVID-19 pandemic, the Australian digital health ecosystem was flourishing thanks to a variety of factors, including synergistic relationships between public and private players. However, the acceleration of the pandemic has resulted in a surge of patients and providers online—leading to a slew of opportunities in digital health, from startups to established companies alike, for expansion. In their brand-new report, the Australian Trade & Investment Commission draws on PitchBook data to explore market trends across the digital health landscape, with highlights including: - A summary of the key fiscal, industry and regulatory factors encouraging innovation in the ecosystem.
- Analysis of venture financing trends.
- Case studies of maturing Australian digital health companies.
Read it now. | | | | | | | |
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| O2 taps Derek Wardlaw to lead new unit | | | O2 Investment Partners has appointed Derek Wardlaw to head the firm's newly formed Business Development Group, a division that will focus on investment opportunities in lower middle-market companies. Prior to joining O2, Wardlaw led business development at Boyne Capital in Miami. | | | | | |
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| | | MoonPay has raised $400 million at a $3.4 billion valuation in a round co-led by Tiger Global and Coatue, The Information reported. Founded in 2018, the company offers a platform to help users buy and sell cryptocurrency and other digital assets. | | | | | | | | | SoftBank has led a $200 million Series D for Swile, the provider of an all-in-one employee payments card for meal, gift and transportation vouchers. The funding values the French startup at more than $1 billion. | | | | | | | | Elliptic picks up $60M Series C | | | Elliptic has raised $60 million in a round led by Evolution Equity Partners. Founded in 2013, the UK-based company is the developer of a crypto-asset risk management and compliance platform. | | | | | | | | Fintech startup Mono banks $15M | | | Mono has raised a $15 million Series A led by Tiger Global, TechCrunch reported. The company's open banking platform helps businesses across Nigeria collect and manage bank transfer payments from customers. | | | | | |
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| KKR, Allianz, Axa to join auction for fiber optic unit | | | KKR, Allianz and Axa will be among the bidders for a 49% stake in the fiber optic unit of Red Electrica, Reuters reported, citing Spanish newspaper Expansion. The Spanish grid operator's subsidiary, Reintel, could fetch up to €1.3 billion (about $1.5 billion), the report said. | | | | | | | | Wellspring Capital Management lands Pentec Health | | | | | | | | | Fortis buys Quality Tape and Label | | | | | | |
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| PE-backed Genesys eyes $20B IPO | | | Permira- and Hellman & Friedman-owned Genesys is preparing to file for an IPO that could value the Daly City, Calif.-based call center tech company at up to $20 billion, Bloomberg reported. The company could potentially list within the first half of 2022. | | | | | | | | Bridgepoint weighs $816M IPO for Burger King UK | | | Bridgepoint is considering a £600 million (about $816 million) IPO on the London Stock Exchange for Burger King's UK business, The Times reported. Bridgepoint acquired the British division of the fast-food giant in 2017. | | | | | |
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| Azimuth Capital seeks $1B for clean energy fund | | | Azimuth Capital Management is targeting $1 billion for a new fund devoted to renewable-fuel makers, battery recyclers and power-storage providers, The Wall Street Journal reported. | | | | | | | | Costanoa Ventures closes $225M fund | | | Palo Alto-based Costanoa Ventures has raised $225 million for its fourth namesake fund, according to an SEC filing. The early-stage VC firm raised $175 million for its third fund in 2017. Its portfolio includes fintech startup Lively and Quizlet, a developer of online learning tools for students. | | | | | |
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"Late-stage rounds have grown in size and now contain a wide variety of investors, similar to largescale VC rounds witnessed in the US ecosystem. Capital options have expanded for businesses as investors pumped copious amounts of capital into late-stage companies to maximize their potential in the VC ecosystem before a substantial exit event that could generate improved returns to investors."
Source: PitchBook's Q2 2021 European VC Valuations Report | | | | | |
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