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In today's Daily Pitch, you'll find: - Our latest Private Fund Strategies Report, packed with new data through the end of Q3.
- Our Emerging Tech Indicator report examines how newer segments like decentralized finance and gaming are hauling in VC funding.
- Our annual ranking of the undergraduate and MBA programs producing the largest number of entrepreneurs and female founders.
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| LPs put their money where the mega-funds are | | Through Q3, private capital fundraising totaled nearly $883 billion, putting the year on pace to eclipse 2020's total—and potentially 2019's record. Yet the number of successful fund closings continues to drop dramatically.
The ups and downs of fundraising this year are detailed in our Q3 Private Fund Strategies Report, which also includes a spotlight on fundraising by region and a breakdown of funds by size. Highlights include: - Pandemic-related declines in fundraising are ebbing, as private capital commitments are down only 1% for the year through Q3, versus 24% for the 12 months through Q2.
- VC's 2021 fundraising total reached nearly $149 billion globally, driven predominantly by the rise of ever-larger vehicles.
- Private debt fundraising is on pace to exceed the annual total of each of the past three years but with far fewer vehicles—a whopping 82.8% of private debt funds last quarter were larger than their predecessors.
| | | | | | | | | | 2021 PitchBook university rankings: Top 50 colleges for founders | |  | | (Mara Potter/PitchBook News) | | | In the race to produce startup founders, which colleges have the biggest bragging rights? Each year, PitchBook ranks undergraduate and MBA programs by the number of venture capital-backed founders that count among their alumni.
The 2021 rankings are here, with the top undergrad programs dominated by the usual suspects like Stanford and UC Berkeley. But foreign universities are rising quickly, with the University of Toronto and Tsinghua University in Beijing rocketing up the list. | | | | | | | |
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| A message from New York Life Investments Alternatives | | |
| Valuations, volatility, variants: What it all means for private equity | | | Interviews with 100 middle-market sponsors have illuminated how the COVID-19 crisis has changed the private equity industry—in some ways, permanently. The pandemic has forced many sponsors to sharpen their investment processes for valuation, adopt new technologies and put a greater focus on building relationships. The findings of these interviews, detailed in this research report, outline pivotal changes to core functions such as investing, deal sourcing, fundraising, exit strategies and more. See the ways many sponsors, despite volatile market conditions, have found ways to emerge stronger than ever. For a deeper look at how the pandemic has altered the middle market, download this research report. | | | | | | | |
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| Web3 & DeFi deals highlight shift in VC funding trends | | The Emerging Tech Indicator provides a quarterly overview of startups receiving seed- and early-stage investments from a limited subset of VC funds. In the third quarter of 2021, our analysts tracked 189 early-stage and seed deals that involved the top 15 VC firms—totaling $6 billion in capital investment.
The Q3 2021 Emerging Tech Indicator takes a look at five emerging market segments, including Web3 & DeFi, enterprise SaaS and gaming, and offers unique perspectives on the products and technologies driving innovation and growth opportunities. | | | | | | | | | | As ecommerce evolves, Faire raises $400M at $12.4B valuation | |  | | (Feodora Chiosea/Getty Images) | | | Faire, an online wholesale marketplace, has raised a $400 million Series G at a valuation of $12.4 billion.
Investor interest in the company is the latest example of a shift in focus from direct-to-consumer brands to startups that enable various merchants to reach buyers online.
According to Forerunner Ventures, a firm that's previously made a name for itself as a preeminent DTC investor, the future of online retail will be driven by sellers that are people or small businesses. | | | | | | | | | | Oaktree Capital's $16B close adds to wave of mega-fund activity | |  | | (champc/Getty Images) | | | Oaktree Capital Management, an asset manager, has closed its 11th opportunities fund on $16 billion, marking the firm's largest vehicle yet and continuing a steady stream of mega-funds. - Oaktree, owned by parent company Brookfield Asset Management, has invested in various industries including crude petroleum, natural gas, coal, consumable fuels and environmental facilities services.
- The $16 billion close by Los Angeles-based Oaktree adds to an active November for mega-funds from asset managers and private equity firms—defined as a vehicle that has raised over $5 billion.
- Oaktree closed its 10th opportunities fund on $3.6 billion in 2016.
| | | | | | | | | | Balderton secures $600M for early-stage European fund | | London-based Balderton Capital has raised $600 million for its largest-ever early-stage vehicle, which will be used to complement a growth fund that launched in June.
PitchBook spoke with Balderton partner Suranga Chandratillake about Europe's maturing market, the firm's interest in follow-on funding, and the LPs behind the new vehicle. | | | | | | | | | | An investigation into how the largest Catholic hospital system in the US is playing the private equity game. [Stat]
Investors know that they have too much exposure to the tech sector. Why it may be even worse than they think. [Institutional Investor]
After China's tech crackdown, investors are pivoting to India. But some fear that the country's startup sector is already overheated, resulting in valuation inflations and leaving companies and retail investors vulnerable to corrections. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 555 Deals | 1538 People | 380 Companies | 33 Funds | | | | | | |
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| 2017 Vintage Global Private Debt Funds | | | | | | |
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| A message from Corporate Resolutions Inc. | | |
| Protecting board integrity: Reputation is often a predictor of performance | | The board of directors sets a company's ethical tone. Whether it is shareholder value, diversity or growth, boards are constantly striving to enhance the company's conduct. Due diligence on potential board candidates is the only way to ensure the board is comprised of directors who mirror the values of the company.
In this unique environment, wherein M&A is at an all-time high, Corporate Resolutions has witnessed clients pay as much attention to their boards as they do the returns on their next investments. Telling your investors you safeguard the board's composition and performance is not nearly as convincing as showing them. An independent background investigation on board candidates provides this transparency and guarantees the preservation of the board's integrity.
Connect with Corporate Resolutions at www.corporateresolutions.com | | | | | | | |
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| Mensa Brands secures $135M Series B | | | Mensa Brands has raised $135 million at a more than $1 billion valuation in a round led by Falcon Edge Capital's Alpha Wave Ventures. The Bengaluru-based company helps digital brands scale operations. | | | | | | | | Healthtech startup H1 raises $100M | | | H1 has raised a $100 million Series C led by Altimeter Capital Management. The New York-based company's platform is designed to provide information on and connect others to healthcare providers worldwide. H1 was valued at $258 million in December, according to PitchBook data. | | | | | | | | Justt emerges from stealth with $70M | | | Justt has raised a total of $70 million across three funding rounds, including a Series B round led by Oak HC/FT and two rounds led by Zeev Ventures and F2 Venture Capital, respectively. Founded in 2020, the Tel Aviv-based company is the developer of a chargeback mitigation platform for financial institutions. | | | | | | | | Alluxio adds $50M in new funding, opens new office in China | | | Alluxio has raised a $50 million Series C from investors including Andreessen Horowitz, Seven Seas Partners and Volcanics Venture. Based in San Mateo, Calif., the startup is a creator of open-source data orchestration software that's used for large-scale analytics and AI and machine learning workloads in the cloud. Alluxio has also opened a new office in Beijing. | | | | | | | | Kleiner Perkins leads $50M round for PlanetScale | | | | | | | | | Ribbon Health reels in $43.5M Series B | | | General Catalyst has led a $43.5 million round for Ribbon Health, the provider of an API data platform for the healthcare industry. Andreessen Horowitz, BoxGroup and Rock Health also participated in the funding. The startup's tech integrates with existing healthcare workflows to maintain accurate provider directories, simplify referral management, provide data on care costs and more. | | | | | |
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| Bregal Sagemount leads $150M investment in Conductor | | | Bregal Sagemount has led a $150 million round for Conductor, the developer of an organic marketing platform. This is the first funding round for Conductor since the company bought itself back from WeWork in 2019. The investment brings Conductor's total valuation to $500 million. | | | | | | | | Aurora Capital lands Westcoast Gate | | | | | | | | | Bowmark Capital backs tech consulting company Kubrick Group | | | Bowmark Capital has invested in Kubrick Group, a London-based provider of next-generation technology consulting. Founded in 2016, Kubrick Group has trained nearly 1,000 graduates for data, AI and cloud engineering roles for about 100 blue chip clients. | | | | | | | | Centre Partners buys footwear designer KNS International | | | Centre Partners has acquired KNS International. Salt Lake City-based KNS designs and distributes its proprietary brands, including Journee Collection, Thomas & Vine, Vance Co. and Territory, across various ecommerce retailer platforms and online marketplaces. | | | | | | | | GHO Capital acquires Genesis Research | | | GHO Capital Partners has acquired Genesis Research, a Hoboken, N.J.-based healthcare consultancy providing health economics and outcomes research and market access services. Founded in 2009, Genesis employs over 120 people, serving innovators across the life sciences industry. | | | | | |
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| Waterland exits Cawood Scientific stake | | | | | | |
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| Kayne Anderson Capital closes sixth real estate fund at $2.75B | | | Kayne Anderson Capital Advisors' private equity real estate arm has closed its sixth opportunistic equity fund at $2.75 billion. The firm closed the fund's predecessor at $1.8 billion in 2018. | | | | | | | | Paradigm locks down $2.5B fund for crypto investing | | | Paradigm has raised $2.5 billion for a new venture vehicle that will invest alongside the firm's existing flagship fund across all stages and geographies, with a focus on companies and protocols related to cryptocurrency. Founded in 2018 and based in San Francisco, the firm's portfolio includes financial simulation platform Gauntlet, blockchain domain registration specialist Namebase and open-source protocol startup Compound. | | | | | | | | Offline Ventures launches with $100M | | | | | | |
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