A Short Fuselage

Air rage, Mask Laws, an E-Car Plug

Thursday, August 5, 2021 - The Day's Most Fascinating News from Dave Pell

Subscribe Store Current Share Archives Thursday, August 5, 2021 1 A SHORT FUSELAGE Before the pandemic era, travelers would often return from a trip complaining about the terrible service provided by airlines. Things have changed. These days, the complaints are about the passengers. The mask rules may be the trigger, but the assholery can't be explained away by a single issue. Now the FAA is asking for help, including this request made in a letter to a thousand commercial airport operators. "We have received reports that some airport concessionaires have offered alcohol ‘to-go,' and passengers believe they can carry that alcohol onto their flights or they become inebriated during the boarding process. The FAA requests that airports work with their concessionaires to help avoid this." Look, we're in a metal tube hurtling through the air at 500 miles per hour, can we at least hold the outbursts until we're safely on the tarmac? + Think I'm overstating the trend? Flight attendants are now being trained in self-defense. Looks like I picked the wrong week to quit sniffing glue.     2 REGRETS ONLY While the governor of Florida is focused on outlawing school mask mandates and blaming immigrants, hospitals are telling the real story. "Although cases have spiked across all age groups in Florida, a Miami Herald analysis of weekly case data revealed that the sharpest increase over the past month has occurred among kids under 12." + "I signed it at the time because our cases were at a very low point. Everything has changed now." Arkansas's Governor Says He Now Regrets Banning Masks In Schools. Look, these pandemic swings are new to all of us and we've all been surprised at different moments. But what the hell is the point of responding to a health crisis by outlawing caution? It's politics at its worst. + As breakthrough covid infections rise, nursing home chains require staffers be vaccinated. (It took until now for this mandate?)     3 DON'T LOOK NOW The New Yorker's Megan K. Stack on how the war that Americans forgot is ending in chaos and secrecy: "In a sense, the obfuscation was predictable. Leaving a country that many expect will now collapse into civil war, the United States has no victory to declare; it can only acknowledge the reality of relinquishment and retreat. 'A military that's withdrawing from battle, whether it's an organized withdrawal or a retreat, doesn't want any media nearby," said the Getty combat photographer John Moore. 'The military wants to show itself in a victorious way. When you're leaving a field of battle, it never looks victorious.'" A Near Press Blackout in Afghanistan.     4 PLUGGING ELECTRIC CARS "A decade from now, electric vehicles could make up half of new vehicle sales in the U.S., according a voluntary pledge from automakers that will be unveiled on Thursday at the White House. President Biden, surrounded by union officials and carmakers, will sign an executive order setting a target that half of all new vehicles sold in 2030 be zero-emission cars, which would include plug-in hybrids." There's A Big Push For Electric Cars, With The White House Teaming Up With Automakers. + Pete Buttigieg says he doesn't know why Elon Musk's Tesla wasn't invited to Biden's clean-car showcase. I can think of a few reasons, but including Tesla would have been the right move.     5 S'MORE SUNNY, S'MORE PROBLEMS Kids today have missed activities and school for fires, floods, and a pandemic. Several camps shutter due to poor air quality. This roller coaster is rough on us. But it's gonna have a lasting impact on the next generation. + That's a longterm issue I worry about. But it's hard for anyone to focus on the long term when they're in one of the many extreme fire zones. California's Dixie Fire swallows historic town of Greenville, burns so hot lamp posts melt. And satellite imagery shows massive smoke plumes rising above California. + It's not just California or even America. Our common bond is the impact of climate change. When I first saw the photo on the left, I thought it was Sausalito. Instead, it's a place halfway around the world - the island of Evia, 100 miles north of Greece. But it's not just the landscape that's familiar... + That's the current situation. The forecast calls for worse. Scientists spot warning signs of Gulf Stream collapse.     6 MEXICO DEFENDANT "The Mexican government argues that the companies know that their practices contribute to the trafficking of guns to Mexico and facilitate it. Mexico wants compensation for the havoc the guns have wrought in its country." Mexico sues US gun manufacturers over arms trafficking toll. If the Mexican government wins the suit, the Mexican people should sue it for the full settlement amount.     7 FIVE RING CIRCUS "Larry Crouser, 86, passed away the day before his grandson flew to Tokyo for his second Olympics." Years earlier, he had gotten his grandson into Shot Put. It paid off. The meaning behind Ryan Crouser's gold-medal note to his grandfather. + Carli Lloyd and Megan Rapinoe led the US to a bronze in women's soccer. The win included a made goal from a corner kick by Rapinoe. + "Carl Lewis called it a 'clown show.' Michael Johnson said it was 'embarrassing and ridiculous.' And they were right." Man, the 4x100m men's relay was ugly for team USA. + Is the Olympic track faster than those that came before it? Hell yes. It was designed to be. + She's 14 Years Old And Just Scored 2 Perfect 10s To Win A Gold Medal In Diving. + How Olympic divers make the perfect tiny splash. (I didn't see anything in this piece to help me with the love handle factor.)     8 WHAT IS WTF? "Jeopardy! executive producer Mike Richards is in advanced negotiations with Sony Pictures Television to become permanent host of the venerable quiz show, taking the reins of the syndicated powerhouse that was fronted by Alex Trebek for 36 years."     9 OUTER STANKS "Outer Banks, a perfect show on Netflix about treasure-hunting miscreant teenagers, is a lot like a can of Pringles: it is sleek, it is shiny, and once you pop, you will have no option but to watch the entire season in one sitting. Whether you're a teenager, a 30-year-old, or a 30-year-old playing a teenager on Netflix's Outer Banks, if you have watched Season 2 of this show, then it is most likely that you watched all 10 episodes over the course of a single weekend." Which leads us to this question from Jodi Walker in The Ringer: Exactly How Long Has Each ‘Outer Banks' Character Gone Without Showering? (Expect like 30 shower scenes next season...)     10 BOTTOM OF THE NEWS Al Bundy as a Miami Vice Coke Dealer. And that begins a fantastic Twitter thread of all the well known actors who appeared on Miami Vice. + Sadly, Rolling Stones drummer Charlie Watts will miss band's upcoming tour. It might be his recent medical procedure. It also might be that he's 80. At that age, the only place anyone is rambling at midnight is to the bathroom.     Thanks, Dave Pell Managing Editor, Internet Subscribe Store Current Share Archives NextDraft 600 Harrison Street, San Francisco, CA 94107 You are receiving this because you signed up for Dave Pell's Next Draft newsletter. If you'd like to stop receiving these emails, simply unsubscribe. No hard feelings. If this email isn't looking quite right, you can view it in your browser. Did some awesome person forward this issue to you? Subscribe at NextDraft and get it in your own inbox.

NEW Home Video Game Consoles articles on Kotaku

Nintendo Sold Too Much Animal Crossing Last Year And That's Hard To Repeat  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  Alerts Here is your personalized alert of new stories about Home Video Game Consoles on Kotaku. Home Video Game Consoles Nintendo Sold Too Much Animal Crossing Last Year And That's Hard To Repeat PS5 Dev Kits Quickly Pulled From Ebay The Tricky, Essential Art of Preserving Canceled Games Like Starfox 2 Elsewhere on G/O Media The 10 Best Deals of the Day August 4, 2021- The Inventory You are receiving this notice based on your subscriptions to Kotaku Alerts: Home Video Game Consolesunsubscribe ☒ All Alertsunsubscribe ☒

A swift rebound for private debt

CVC Capital bets $3B+ on Spanish soccer; FullStory rides Atlanta's unicorn wave; Apollo sees profits surge; Sonoma Bio picks up $265M

Read online | Don't want to receive these emails? Manage your subscription. PitchBook Log in The Daily Pitch: VC, PE and M&A August 5, 2021 Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A Greetings, readers! In today's Daily Pitch, here's what you'll find: Our analysts give their fresh take on how the private debt market is rebounding, with more than $72 billion raised in the first half of 2021. CVC Capital, the heavyweight player at the intersection of private equity and sports, just grabbed a major European prize. Emerging tech hubs: Atlanta's startup scene adds to its growth spurt with the birth of its fourth unicorn this year. ... and now for the Pitch! Today's Top Stories Private debt market remains buoyant after COVID-19 setbacks (Peter Schreiber/Getty Images) Private debt fundraising declined across the globe last year during the height of the COVID-19 pandemic, but the 2021 rebound has been swift thanks to a surging economy, liquidity in the credit markets and businesses avoiding default. Sponsored by the American Investment Council and UMB Fund Services, PitchBook's H1 Global Private Debt Report explores those trends in an analysis of an oft-overlooked alternative asset strategy. The report includes: A breakdown of private debt fundraising by fund type, including direct lending and distressed debt.   A deep dive into the venture debt ecosystem, looking specifically at how venture debt has increasingly emerged as an alternative form of financing for startups over the past decade.   An analysis of private debt performance, dissecting the rebound of various sub-strategies following the dip in Q2 2020. read it now   Share:            CVC Capital makes its biggest sports bet with $3.2B Spanish soccer deal Alejandro Gomez of La Liga's Sevilla FC celebrates a goal against Deportivo Alavés. (Fran Santiago/Getty Images) CVC Capital Partners has landed its biggest sports deal yet, investing $3.2 billion in La Liga in exchange for a share of the top Spanish league's revenue and a stake in a new company controlling its commercial activities. The deal, which values La Liga at $28.7 billion, marks CVC's third attempt in the past year to back a European soccer league, after talks stalled with Italy's Serie A and Germany's Bundesliga. A prolific sports investor, CVC is one of the leaders among the surge in private equity firms backing professional athletics. The firm has invested in volleyball, rugby and motorsports in recent months. read more   Share:            A message from West Monroe What's driving the current wave of healthcare M&A and investment? Whether you're a strategic or financial investor—or a healthcare business leader—understanding what's driving M&A and investment is critical to developing strategies that meet the needs of today's consumers. Consolidation continues for providers as patient needs and care delivery economics shift. Our recent report covers trends and drivers for three vital segments of the healthcare deal landscape: providers, payers and life sciences. With rapid change continuing to hover on the horizon, it's an exciting time for healthcare dealmakers and business leaders. Read the report Share:            FullStory rides Atlanta's unicorn wave with mega-round Could Atlanta be the next hot spot for unicorns? (Dan Reynolds Photography/Getty Images) Atlanta is fast emerging as a unicorn hub, with four startups surpassing the $1 billion valuation mark so far this year. The city's unicorn tally to date in 2021 is equal to the past six years combined, according to PitchBook data. The latest entrant in the herd is FullStory, which raised a $103 million Series D led by Permira, catapulting the company's valuation to $1.8 billion. FullStory is the developer of an analytics platform that helps organizations like Peloton, Chipotle and Forbes access insights on web and mobile user behavior, increase revenue and improve efficiency. Existing investors Kleiner Perkins, GV, Stripes, Dell Technologies Capital, Salesforce Ventures and Glynn Capital also participated in the funding. Other Atlanta-based unicorns from the class of 2021 include meeting scheduler Calendly, video surveillance and security specialist Flock Safety, and SalesLoft, a sales engagement platform creator. Related read: Why Atlanta could face startup hub growing pains Share:            Apollo profits climb in wake of Leon Black exit The Marc Rowan era at Apollo Global Management is off to a strong start. In the first full quarter with Rowan as CEO, Apollo's private equity portfolio beat the broader markets and the amount of cash available to pay shareholders surged. This after co-founder Leon Black stepped down earlier this year following an investigation that revealed he paid millions more than previously known to late financier Jeffrey Epstein, a convicted sex offender. Josh Harris, the favorite to become Black's successor, then stepped down after he lost out on the CEO role. But Apollo's business was unfazed in the second quarter of 2021. The firm's private equity portfolio appreciated 9.5%, outpacing an 8% gain for the S&P 500. Apollo's net income surged to $657.7 million, compared with $446.3 million in Q2 2020. Distributable earnings, a closely watched metric that represents the amount a firm can pay its shareholders, jumped to $501.6 million, more than doubling the $205.2 million in distributable earnings during the same period last year. The rise was driven in large part by Apollo's sale of textbook publisher McGraw Hill to Platinum Equity in a deal worth some $4.5 billion. Apollo spent big as well, deploying nearly $28 billion. That included a deal to acquire Yahoo and AOL from Verizon for roughly $5 billion. Share:            Recommended Reads Software and internet investing has reached a tipping point, and author Sam Lessin foresees the end of venture capital as we know it. [The Information] UK hedge fund Man Group's Sandy Rattray on why the takeover of computer-driven funds is inevitable. [Financial Times] Amid the fight against climate change, German truck drivers are asking, "What if highways were electric?" [The New York Times] Since yesterday, the PitchBook Platform added: 454 Deals 1610 People 421 Companies 23 Funds See what our data software can do   Quick Takes   The Daily Benchmark     2016 Vintage Global Debt Funds     Partner Perspectives     Capital flows into life sciences at a record pace     VC Deals     Sonoma Bio picks up $265M for inflammatory disease treatment     Chronus brings in $78M     IVP leads $75M round for Superhuman     Zeni snags $34M Series B for finance concierge platform     G2VP leads $25M round for MakerSights     Wildfire Systems banks $15M for consumer rewards platform     PE Deals     Apax merges companies to create $2B social good software platform     PE-backed CeriFi lands e-learning platform     PE-backed Open Health acquires Spirit     Butterfly Equity set to back wellness brand MaryRuth's Organics     Exits & IPOs     Littlejohn & Co. to offload industrial cleaner HydroChemPSC for $1.25B     OEP to sell building products distributor     Pico to merge with Betsy Cohen-backed SPAC     Correction: Figure acquires Homebridge       The Daily Benchmark 2016 Vintage Global Debt Funds Median IRR 7.25% Top Quartile IRR Hurdle Rate 11.38% 1.14x Median TVPI Select top performers Centerbridge Special Credit Partners III- Flex PAG Enhanced Credit Fund Silver Point Distressed Opportunities Offshore Master Fund *IRR: net of fees 53 Funds in Benchmark » Check out the latest version of PitchBook Benchmarks Partner Perspectives Capital flows into life sciences at a record pace Well over $25 billion has been invested in US life sciences companies in 2021 already, a sum that exceeds annual totals for most of the 2010s. In addition, a slew of IPOs has contributed to a mammoth $36.4 billion in aggregate exit value. Orrick's latest Life Sciences Snapshot breaks down these remarkable trends in depth. Key data points and findings include: Additional drivers of meteoric rises in valuations Transactional volume by series and size A roundtable with industry experts focused on spinouts and how they can unlock value Read it now Share:            VC Deals Sonoma Bio picks up $265M for inflammatory disease treatment Sonoma Biotherapeutics has raised a $265 million Series B led by Ally Bridge Group, with participation from ArrowMark, Avidity Partners, Casdin Capital, Deep Track Capital, GV, NS Investment and others. Operating out of South San Francisco and Seattle, the company develops T cell therapies for autoimmune and inflammatory diseases. Sonoma raised $70 million in a Series A last year. Select Additional Investors: Fidelity Management & Research, Frazier Healthcare Partners, Janus Henderson Investors, Mirae Asset Global Investments, Osage University Partners, Piper Sandler, Vertex Ventures HC View round   View 56 competitors »   Chronus brings in $78M Chronus has raised $78 million from Level Equity. Founded in 2007 and based near Seattle, the company is the developer of an employee mentoring platform designed to help organizations such as Amazon and Electronic Arts address initiatives like talent retention and workplace diversity. View round   View 12 competitors »   IVP leads $75M round for Superhuman Superhuman, the developer of an email client, has raised a $75 million Series C led by IVP. The funding values the Bay Area company at $825 million, according to a PitchBook estimate. Ajay Vashee, general partner at IVP, is joining the company's board. Additional Investor: Tiger Global View round   View 17 competitors »   Zeni snags $34M Series B for finance concierge platform Fintech startup Zeni has raised $34 million in a Series B led by Elevation Capital, with support from Think Investments and other backers. The Bay Area-based company is the creator of an AI-based concierge platform that provides bookkeeping, accounting and other financial services for startups. Zeni was valued at $31.5 million in 2019, according to PitchBook data. Additional Investors: Dragon Capital, Liquid 2 Ventures, Saama Capital, Sierra Ventures, Twin VC View round   View 2 competitors »   G2VP leads $25M round for MakerSights Consumer-focused software company MakerSights has raised $25 million in a Series B led by G2 Venture Partners. Golub Capital, Gaingels, Forerunner Ventures and Baseline Ventures also participated, along with several angel investors. MakerSights was valued at $40 million in 2019, according to PitchBook data. The company provides a tech platform that helps retail brands operate more profitably and sustainably. View round   View 26 competitors »   Wildfire Systems banks $15M for consumer rewards platform Fintech startup Wildfire Systems has raised $15 million in a Series A co-led by TTV Capital and QED Investors. Founded in 2017, the Solana Beach, Calif.-based company enables customers like Microsoft and Acorns to offer consumer rewards and loyalty programs like cashback for purchases. Additional Investors: B Capital Group, BAM Ventures, Bonfire Ventures, Daher Capital, George Kaiser Family Foundation, Moonshots Capital, Mucker Capital View round   View similar company »   PE Deals Apax merges companies to create $2B social good software platform Funds advised by UK-based private equity firm Apax Partners have acquired EveryAction and Social Solutions Global and combined the businesses with SaaS provider CyberGrants to create a software platform for nonprofit organizations. The new company will support a network of 650,000 nonprofits and holds an enterprise value of $2 billion. View deal   View 18 competitors »   PE-backed CeriFi lands e-learning platform Leeds Equity Partners-backed financial services education provider CeriFi has acquired Fast Forward Academy, an Orlando, Fla.-based provider of tax and accounting exam preparation and other continuing education courses. Fast Forward's platform provides customers with e-learning textbooks, video lectures, question banks and practice exams. View deal   View 1 competitors »   PE-backed Open Health acquires Spirit Amulet Capital Partners-backed Open Health has purchased UK-based medical communications agency Spirit Medical Communications. Founded in 2006, Spirit provides healthcare strategy, consulting, publication planning, writing and education services to industry clients. View deal   View similar company »   Butterfly Equity set to back wellness brand MaryRuth's Organics Butterfly Equity has agreed to invest in MaryRuth's Organics, a Los Angeles-based health and wellness brand. MaryRuth's online retail line includes vegan vitamins and supplements, skin and beauty items, probiotics and other products. View deal   View similar company »   Exits & IPOs Littlejohn & Co. to offload industrial cleaner HydroChemPSC for $1.25B Littlejohn & Co. has agreed to sell HydroChemPSC, a Deer Park, Texas-based provider of industrial cleaning, specialty maintenance and utilities services to Clean Harbors for $1.25 billion. HydroChemPSC currently has more than 240 service locations throughout the US. View details   View 8 competitors »   OEP to sell building products distributor One Equity Partners has agreed to sell Merfish United to Reliance Steel & Aluminum Co., a provider of diversified metals. Based in Ipswich, Mass., Merfish provides carbon steel pipes, copper tubing, plastic pipe and other related materials to independent wholesale distributors. The company, which operates 12 distribution centers in the US and serves clients in 47 states, has been backed by OEP since 2012. View details   View similar company »   Pico to merge with Betsy Cohen-backed SPAC Pico has agreed to merge with FTAC Athena Acquisition, a blank-check company led by former The Bancorp CEO Betsy Cohen. The deal is expected to provide Pico with $450 million in cash and values the combined company at $1.4 billion. New York-based Pico makes trading infrastructure and other technology for financial clients. It has received prior backing from Intel Capital and DRW Venture Capital. View details   View 23 competitors »   Correction: Figure acquires Homebridge Figure Technologies, a blockchain-based financial services company founded by Mike Cagney, has agreed to acquire Homebridge Financial Services, a mortgage-lending specialist, for an undisclosed sum. The company had previously raised a total of $1.55 billion from investors including Ribbit Capital, DCM Ventures and DST Global, according to PitchBook data, including a recent Series D that valued the company at $3.2 billion. (Wednesday's newsletter incorrectly reported Figure was acquired in the combination of the two companies.) View details   View 17 competitors »   Chart of the Day Source: PitchBook's Q2 2021 US PE Breakdown   Who's in the newsletter today? People Ajay Vashee Betsy Cohen Josh Harris Mike Cagney Investors Ally Bridge Group Amulet Capital Partners Apax Partners Apollo Global Management ArrowMark Avidity Partners B Capital Group BAM Ventures Baseline Ventures Bonfire Ventures Butterfly Equity Casdin Capital CeriFi Clean Harbors DCM Ventures DRW Venture Capital DST Global Daher Capital Deep Track Capital Dell Technologies Capital Dragon Capital Elevation Capital FTAC Athena Acquisition Fidelity Management & Research Forerunner Ventures Frazier Healthcare Partners G2 Venture Partners GV Gaingels George Kaiser Family Foundation Glynn Capital Golub Capital IVP Intel Capital Janus Henderson Investors Kleiner Perkins Leeds Equity Partners Leon Black Level Equity Liquid 2 Ventures Littlejohn & Co. Marc Rowan Mirae Asset Global Investments Moonshots Capital Mucker Capital NS Investment One Equity Partners Open Health Osage University Partners Permira Piper Sandler Platinum Equity QED Investors Reliance Steel & Aluminum Co. Ribbit Capital Saama Capital Salesforce Ventures Sierra Ventures Stripes TTV Capital Think Investments Tiger Global Twin VC Vertex Ventures HC Companies Acorns Amazon Calendly Chipotle Chronus CyberGrants Electronic Arts EveryAction Fast Forward Academy Figure Technologies Flock Safety FullStory Homebridge Financial Services HydroChemPSC MakerSights MaryRuth's Organics McGraw Hill Merfish United Microsoft Peloton Pico SalesLoft Social Solutions Global Sonoma Biotherapeutics Spirit Medical Communications Superhuman The Bancorp Verizon Wildfire Systems Yahoo Zeni   About PitchBook | Terms of use | Advertise with us | Contact Follow us:       This email was sent to pitchbook@quicklydone.com via the PitchBook Platform. Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here. © 2021 PitchBook Data. All rights reserved. Venture capital, private equity and M&A financial information technology provider.