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In today's Daily Pitch, you'll find: - As opportunities in the sector flourish, global VC investment in HR tech startups during 2021 has also soared.
- The British Venture Capital Association and other interest groups are seeking new rules on a wide range of financial policies.
- The new PitchBook-NVCA Venture Monitor, which breaks down the data behind VC's astonishing year.
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| VC investment in HR tech skyrockets as opportunities abound | |  | | (Eoneren/Getty Images) | | | HR tech startups have collected more than $9.2 billion in VC funding globally during 2021, a 130% jump from 2020's total, according to PitchBook data.
The massive capital deployment is helping a new generation of data-driven startups scale operations and emerge as market leaders in the sector. | | | | | | | | | | Exits top $582B as US VC continues its extraordinary year | | In nine months, the US VC industry turned 2021 into a year for the record books, leaving 2020's eye-popping numbers far behind.
The Q3 2021 PitchBook-NVCA Venture Monitor, sponsored by SVB and Affinity, now includes league tables ranking the industry's most active players. The report depicts how the frenetic pace of dealmaking, exits and fundraising has easily toppled last year's records, as VC's strength continues to support the country's economic recovery. Q3 highlights include: - Exit value reached $187 billion, pushing the total for 2021 past $582 billion—more than twice 2020's record figure.
- An explosion of mega-rounds ($100 million-plus) drove over $49 billion in deal value, as the annual total surpassed $238 billion.
- 161 funds closed, as high exit values and growing deal sizes keep VC fundraising on pace to break the once-unfathomable $100 billion mark.
- The rise of nontraditional investors remains an ongoing storyline; through Sept. 30, this group took part in rounds accounting for 33.5% of the year's deal count but 77% of its value.
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| A message from SS&C Intralinks | | |
| Want to know what LPs are planning for 2022? Get the full preview here | | Against a backdrop of massive global changes, private market performance over the past 12 months has pleased LPs. As they plan to increase their allocations for 2022, they also plan to increase GP relationships. But in a post-pandemic environment, more transparency may be a necessity.
This year, 199 leading investors were surveyed globally for their views on asset allocation plans, transparency and ESG. The findings are published in the new SS&C Intralinks 2022 LP Survey Report.
The report highlights: - Investors' preferred asset classes.
- What LPs are looking for in a GP.
- Fund transparency, reporting and ESG expectations.
- LPs' thoughts on technology-enhanced workflows.
- Asset allocation trends.
- Macro and sector outlooks.
Get up to speed with the rapidly shifting markets and investor sentiment. Download this new report now. | | | | | | | |
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| Blackstone's AUM grows 25%, net income nearly doubles in Q3 | |  | | (HarriesAD/Getty Images) | | | Blackstone saw its total assets under management increase to over $730 billion, up 25% year-over-year, and had a private equity inflow of over $7.4 billion in Q3, according to the firm's new earnings report. - Blackstone nearly doubled its net income in the third quarter, taking in $1.4 billion, compared to $795 million in Q3 2020. The firm's corporate private equity investments rose by 9.9%.
- Blackstone's real estate holdings did especially well in the third quarter. Real estate AUM increased 32% to $230 billion. The firm realized $7 billion in the segment, including the $5.65 billion sale of The Cosmopolitan of Las Vegas in September, Blackstone's most profitable real estate deal ever.
| | | | | | | | | | Tax, pension changes among private market UK budget priorities | |  | UK finance minister Rishi Sunak
(Christopher Furlong/Getty Images) | | | A week before finance minister Rishi Sunak presents the UK budget, the British Venture Capital Association and other interest groups are seeking new rules on a wide range of financial policies.
High on the wish list are changes to the tax structure and looser pension rules around investing, as industry groups seek to expand access to the private markets. | | | | | | | | | | How the pandemic has spurred a real-time revolution in macroeconomics. [The Economist]
Tesla's Shanghai factory is driving the company's record third-quarter earnings with vehicles destined for domestic buyers. [Fortune]
Demand for vinyl records has skyrocketed during the pandemic. But getting them manufactured is increasingly a challenge. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 459 Deals | 1793 People | 416 Companies | 16 Funds | | | | | | |
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| 2020 Vintage Global Secondaries Funds | | | | | | |
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| Transform your M&A transactions by leveraging technology | | M&A transactions are surging—but for many transactional lawyers, that translates to stress, frustration and costly write-offs. Between a barrage of emails, lengthy status calls and frantic last-minute searches for missing signatures, the traditional deal process can be a nightmare.
There's a better way.
A recent white paper from Litera, Top 5 Ways Technology Can Transform M&A Transactions, explains how lawyers can: - Streamline due-diligence review with a secure, access-controlled virtual data room.
- Provide up-to-the-moment transparency on a deal's status with an online central checklist.
- Automate signature packet creation and signature tracking.
The result? Satisfied clients, faster deal turnarounds and higher profits.
Download your complimentary copy to learn more. | | | | | | | |
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| Candy Digital hits $1.5B valuation | | | Candy Digital, the developer of an NFT marketplace, has raised a $100 million Series A co-led by SoftBank's Vision Fund 2 and Insight Partners. The funding values the New York-based company at $1.5 billion. NEA, Will Ventures and Gaingels also participated in the round, among others. | | | | | | | | ReCode Therapeutics picks up $80M | | | | | | | | | Climate tech startup Jupiter raises $54M | | | | | | | | | UpEquity brings home $50M for mortgage tech | | | Austin-based UpEquity has raised a $50 million Series B consisting of $20 million in equity and $30 million in debt. The funding was led by S3 Ventures. UpEquity is the creator of a digital mortgage platform that helps homebuyers make cash offers and homeowners refinance their properties. Charlie Plauche, partner at S3 Ventures, will join the company's board. | | | | | | | | Zerigo Health scores $43M | | | Zerigo Health has raised a $43 million Series B led by 7wire Ventures. The company offers phototherapy medical devices for treating chronic skin conditions. It was valued at $27 million in 2019, according to PitchBook data. | | | | | | | | Via Separations draws in $38M | | | | | | |
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| Partners Group targets stake in Swiss watch brand | | | | | | | | | Carlyle to take control of life science cloud company in $430M deal | | | | | | | | | Sun Capital wraps up buyout of Select Interior Concepts | | | Sun Capital Partners has completed its $411 million acquisition of Select Interior Concepts, an importer and distributor of natural stone, engineered stone and tile for residential and commercial applications like countertops and backsplashes. As part of the deal, the company's name has been changed to Architectural Surfaces Group. | | | | | | | | CGI Automated Manufacturing lands metal fabricator | | | | | | |
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| HireRight targets $500M+ in IPO | | | General Atlantic- and Stone Point Capital-backed HireRight plans to sell 22.2 million shares priced between $21 and $24 apiece in its IPO. The Nashville-based background screening and identity verification services company would raise nearly $500 million at the midpoint of the range. | | | | | | | | Portillo's collects $405M in public debut | | | Berkshire Partners-backed hot dog restaurant chain Portillo's has raised $405 million in its IPO, selling 20.27 million shares of stock at $20 apiece. The Illinois-based chain, which operates more than 60 locations, saw its stock climb nearly 50% in its market debut. | | | | | | | | VC-backed Houzz hires Goldman Sachs for IPO | | | | | | |
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