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In today's Daily Pitch, you'll find: - The potential implications of Petershill Partners' public listing on the London Stock Exchange.
- Investor group Gaingels has become a dealmaking powerhouse as it works to change the culture of VC.
- Our analysts explore the major storylines in AI and machine learning during Q3, including deep dives on consumer AI and national defense.
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| Petershill's public listing is a game-changer for GP stakes—and a gamble | |  | Petershill Partners' listing on the London Stock Exchange represents a game-changing moment for GP stakes.
(Chris J Ratcliffe/Getty Images) | | | When Petershill Partners announced the public listing of a portfolio of 19 minority interests, it marked a brave new world in the GP stakes space. This monetization technique promises liquidity to Petershill's LPs over time, and it hasn't been tried before.
Our latest analyst note explores the public company and the potential implications of its approach. The Petershill portfolio offers attractive growth and diversification, yet it is also opaque, raising a key question: How can investors assess its value? | | | | | | | | | | Gaingels ratchets up dealmaking to advance LGBTQ causes | |  | | (Ivan-balvan/Getty Images) | | | Investor group Gaingels is taking all the help it can get to change the culture of venture capital and startups.
What started as a mission to fund LGBTQ founders has grown into an effort to increase representation from the cap table to the boardroom. Since 2018, the syndicate has rapidly increased its investing activity, participating in more than 250 deals this year.
Along the way, New York-based Gaingels has sought to enlist its growing network of co-investors and portfolio companies as allies in the cause. | | | | | | | |
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| Digging deeper into Atlanta's ecosystem | | The startup ecosystem in Atlanta has grown significantly over the past decade. VC activity is already in record territory this year, despite a lack of prominent VC firms in the city. Atlanta has developed a reputation for bootstrapped startups and cost-conscious business plans. The city's biggest success story, Mailchimp, never took a dollar of venture capital and was acquired this year for $12 billion. One of its newest unicorns, Calendly, got its start in a tech-sharing space.
In an ongoing partnership with PitchBook Data, BridgeBank has released Markets to Watch: Atlanta. The city doesn't get the accolades that other ecosystems do, but the market is thriving nonetheless, attracting capital from blue-chip Silicon Valley firms and achieving impressive exits for many years.
To download the report, click here. | | | | | | | |
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| Why VC exits are beginning to outstrip investment in AI | | VC activity in AI continued growing in Q3, with a record 1,395 deals worth nearly $26 billion in aggregate. Exit activity accelerated, too, with a quarterly record 127 exits also worth nearly $26 billion. While that figure marked a quarterly decline, AI's exit value continues to exceed VC investment in 2021.
Our latest Emerging Tech Research tracks the major storylines in AI and machine learning last quarter, including deep dives on consumer AI, edge AI software and national defense. Among the takeaways: - Through Q3, AI exits have topped $166 billion, more than triple 2020's total value for VC exits.
- Horizontal platforms again led VC deal value, with Databricks, DataRobot, Dataiku and Dataminr all raising rounds over $300 million in Q3.
- Use cases achieving outstanding growth in 2021 include ecommerce recommendation engines, edtech and transportation optimization.
| | | | | | | | | | Some "stay-at-home" stocks that were pandemic-era darlings have collapsed in the face of economic reopening. [The New York Times]
How Rivian's blockbuster IPO may be the ultimate validation of Tesla's success. [Bloomberg]
What challenges do fund managers like Britain's Baillie Gifford face after decades of stellar returns? [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 506 Deals | 1494 People | 436 Companies | 31 Funds | | | | | | |
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| 2018 Vintage Global Buyout Funds | | | | | | |
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| A message from Allvue Systems | | |
| Five steps emerging PE and VC firms can take to accelerate growth | | With money pouring into private equity and venture capital at unprecedented levels, emerging managers have big opportunities ahead—but also big challenges. Managers must prove that they have the skills, experience and systems to hold their own against the big-name, established players in the market, who are often seen as safer choices—and they have to do it with limited staff and smaller budgets.
What can emerging managers do to take growth to the next level? Find out in Allvue Systems' new white paper, 5 Steps Emerging Private Equity & Venture Capital Firms Can Take to Accelerate Growth. Read it here. | | | | | | | |
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| Heyday collects $555M in Series C funding | | | Heyday has raised $555 million in a round co-led by Premji Invest and The Raine Group. The startup incubates and acquires third-party sellers on digital marketplaces such as Amazon, helping them build brand exposure to new markets and develop new products. Heyday raised a $70 million Series B in May. | | | | | | | | Coatue leads $150M Series C for CloudWalk | | | CloudWalk has raised $150 million at a $2.15 billion valuation in a round led by Coatue. The São Paulo, Brazil-based company is the developer of a payments processing platform for small and medium-sized businesses. CloudWalk operates across 4,300 cities and towns in Brazil. | | | | | | | | Netlify captures $2B valuation with $105M round | | | | | | | | | Gradiant secures $100M+ Series C | | | Gradiant has raised more than $100 million in a round co-led by Warburg Pincus and Schlumberger New Energy. The Boston-based company is a developer of cleantech water projects intended for advanced water and wastewater treatment. | | | | | | | | | | | | | | | Electric tractor developer picks up $61M | | | | | | | | | | Workiz has raised a $40 million Series C led by Lead Edge Capital. The San Diego-based company is the developer of a business management platform designed to help home service professionals customize and automate processes. Workiz was valued at $40.7 million in February, according to PitchBook data. | | | | | |
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| Cinven inks $2.5B+ BioAgilytix takeover | | | Cinven has agreed to acquire a majority stake in BioAgilytix, a North Carolina-based provider of drug research services. Current majority investor Cobepa will retain a minority stake, while GHO Capital, which acquired the company alongside Cobepa in 2018, will exit its investment. The deal with Cinven values BioAgilytix at over $2.5 billion, Bloomberg reported. | | | | | | | | DiversiTech to swap owners in $2.2B deal | | | Partners Group has agreed to acquire DiversiTech at an enterprise value of $2.2 billion. Founded in 1971 and based in Duluth, Ga., the company employs about 1,250 people and manufacturers equipment pads, components and other related products for the HVAC/R, electrical, automotive, consumer hardware retail, and pool and spa industries. Partners Group will acquire DiversiTech from Permira, which has backed the company since 2017. | | | | | | | | Carlyle to acquire AutoForm in $2B buyout | | | The Carlyle Group has agreed to acquire industrial software provider AutoForm Engineering from Astorg. The deal was priced at €1.75 billion (about $2 billion), The Wall Street Journal reported. Astorg originally acquired the Swiss company in 2016. | | | | | | | | Permira leads $150M investment in AllTrails | | | Permira has led a $150 million investment into AllTrails. The San Francisco-based company offers digital guides for over 300,000 hiking, running and mountain biking trails across the globe and is used by over 30 million people. Spectrum Equity owns a majority stake in the company. | | | | | | | | TA, True Wind Capital back e-Emphasys | | | TA Associates and True Wind Capital have invested in e-Emphasys Technologies. The North Carolina-based business provides software to heavy equipment dealers and rental companies in sectors including construction, mining, forestry, material handling and agriculture. | | | | | |
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| PitchBook Webinar: Private fund strategies—Spotlight on VC | | Join PitchBook on Dec. 1 for a discussion on the current state of private fund performance in the latest installment of our recurring webinar series, Private Fund Strategies.
Get the latest insights into market performance across asset classes and strategies, including a spotlight on VC and massive VC-backed exit value, record-breaking fundraising, and the continued proliferation of mega-deals.
Key topics include: - A quarterly update on private market fund performance and fundraising.
- A spotlight on performance across VC strategies, including a detailed comparison of established and emerging fund managers.
- A deep dive on sector specialist fund manager performance.
- Deal-level returns as seen through our original research.
Sign up today | | | | | | | |
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| Milestone Partners sells Heights Finance for $360M | | | | | | | | | PE-backed Chobani files for IPO | | | | | | |
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| Orion closes third mine finance fund at $2.3B | | | Orion Resource Partners has closed its third mine finance fund at $2.3 billion. The PE firm focuses on institutional metals investment strategies in the base and precious metals space; the new vehicle has already invested or committed around 60% to late-stage investments in metals like nickel, aluminum and zinc. Orion closed its second mine fund at about $2.1 billion in 2018. | | | | | | | | | Austin-based LiveOak Venture Partners has closed its third flagship fund on $210 million. Founded in 2012, the VC firm backs early-stage tech startups across Texas. LiveOak Venture Partners closed its sophomore fund on $105 million in 2019. | | | | | |
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