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In today's Daily Pitch, you'll find: - The latest edition of PitchBook's Benchmarks, tracking private fund returns across strategy, geography and more.
- Our latest analyst note explores fundraising trends and performance within the PE mega-fund space.
- Female founders had an exceptional 2021, but they still only pulled in a small fraction of total US VC funding.
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| PitchBook Benchmarks for PE, VC and more | | As allocators devote more and more resources to alternative assets, the largely opaque nature of private capital makes finding transparent fund performance a challenge.
Enter our quarterly PitchBook Benchmarks, which provide a detailed snapshot of the latest data on closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q2 2021 and featuring downloadable XLS tables, data visualizations, and PDFs that break down the numbers by fund type and geography. | | | | | | | | | | Assessing US PE mega-fund growth and performance | |  | | (princessdlaf/Getty Images) | | | The growth in US PE mega-funds, vehicles $5 billion and larger, has been driven by record-setting deal activity, which allowed large firms to rapidly deploy capital and return to market sooner with new fundraises at sizable step-ups.
The largest PE managers with their core strategy in the mega-fund range have successfully launched additional mega-funds when expanding into new strategies. But when looking at longer time horizons, analysts found that mega-funds do not always result in returns of the same magnitude compared to smaller funds.
These are just some of the findings in our latest analyst note detailing fundraising trends and performance within the PE mega-fund space. | | | | | | | |
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| Buyer's guide to establishing and evolving a tech stack in private capital | | Digitalization and digital transformation are hot topics for all industries, but especially for private equity and venture capital in the current climate. Why?
The private equity industry has been notoriously slow to adopt new technology. This resistance is starting to catch up with the industry and is producing negative effects.
In today's modern landscape, more businesses are operating remotely and relying on their data to make important decisions. Technology has become a critical business capability that can no longer be ignored. Those who don't transition and use technology to replace or enhance traditional processes will find it much more difficult to respond to changing market conditions and run the risk of getting beat by their competitors.
Get the guide here | | | | | | | |
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| An exceptional year for female founders still means a sliver of VC funding | |  | | (Daniela Simona Temneanu/Getty Images) | | | 2021 was an exceptionally strong year for venture capital investment across the US; total funding topped nearly $330 billion, according to PitchBook data.
But despite the surge in overall numbers, companies founded solely by women garnered only 2% of dollars invested in VC-backed startups throughout the year. | | | | | | | | | | What's in store for European VC in 2022? | |  | | (yuanyuan yan/Getty Images) | | | Investors are preparing for another record year of venture capital activity in Europe, with high valuations, strong growth and a bigger geographic footprint.
But 2022 won't follow exactly in the footsteps of 2021, and there are potential headwinds. We spoke to five VCs active in Europe to find out what they expect in the year ahead. | | | | | | | | | | Ecommerce startup Ankorstore becomes latest European unicorn | |  | | From left, Ankorstore founders Nicolas Cohen, Pierre-Louis Lacoste, Nicolas d'Audiffret and Mathieu Alengrin. (Courtesy of Ankorstore) | | | Ankorstore has reached a valuation of $1.98 billion with its latest round, making the ecommerce startup Europe's second unicorn of 2022.
Tiger Global and Bond led the round, part of a busy start to what is expected to be another banner year for France's VC-backed companies. | | | | | | | | | | Despite rising costs and transparency issues, pension funds are pumping record sums into private equity. [The Wall Street Journal]
An obscure corner of trust law offers a new kind of corporate ownership structure, one that can make the values of a pro-social company permanent. [The New Yorker]
Pending FDA approval, cultivated meat may be reaching supermarkets soon. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 470 Deals | 1456 People | 448 Companies | 16 Funds | | | | | | |
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| 2015 Vintage Global PE Funds with more than $1B | | | | | | |
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| From Super Bowl champ to PE partner: Eli Manning joins Brand Velocity Partners | | Two-time Super Bowl champion Eli Manning has joined PE firm Brand Velocity Partners as a partner. Manning will be involved in all aspects of the firm, including supporting its growth, sourcing new investments and enhancing the value of its portfolio companies.
Manning isn't the first NFL player to take on a private equity career. Former San Francisco 49ers quarterback Steven Young co-founded private equity firm HGGC in 2007, and former New York Giants and Arizona Cardinals quarterback Dave Brown is a managing director and head of the US Private Funds Advisory group at investment banking firm Moelis & Co. | | | | | |
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| SoftBank invests $146M in Qraft | | | Seoul-based Qraft Technologies has raised $146 million from SoftBank. The company is a developer of AI-based investment tools for global asset managers. | | | | | | | | Akura Medical secures $25M | | | | | | | | | Femtech startup Gameto lands $20M | | | Gameto has raised a $20 million Series A led by Future Ventures. The New York-based company is developing ovarian therapeutics intended to improve fertility and help women manage the impact of menopause. | | | | | | | | | Zluri has raised a $10 million Series A led by MassMutual Ventures. Founded in 2020 and based in the Bay Area, the company is the developer of a SaaS management platform for IT teams. | | | | | |
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| Goldman Sachs invests $250M in Hydrostor | | | Goldman Sachs Asset Management's private equity and sustainable investing businesses have invested $250 million in Hydrostor, a Toronto-based provider of long-duration energy storage solutions. The funding will be used to support the company's projects in Australia and California and to expand its project development pipeline globally. | | | | | | | | Beauty brand Il Makiage raises $130M | | | | | | | | | Bregal Partners backs Juniper Landscaping | | | Bregal Partners has invested in Juniper Landscaping, a Florida-based provider of landscaping services. Founded in 2001, Juniper currently operates a network of 15 local branches serving more than 1,500 properties. | | | | | |
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| PitchBook Webinar: Technology trends impacting AI, climate and food | | Join Pitchbook's Emerging Tech team on Jan. 13 to hear their analysis and expectations for emerging tech market growth and investment opportunities in AI and machine learning, climate tech and foodtech.
During the webinar, PitchBook analysts will share insights on specific technologies ripe for growth and expectations for the space in 2022, including: - AI and machine learning, and the shifting priority toward more data preparation.
- Which carbon negative technologies are driving growth in climate tech.
- Foodtech's remarkable progress and expectations for growth among alt-protein providers in 2022.
Register here to secure your spot. | | | | | | | |
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| Warburg Pincus offloads Navitas Midstream for $3.25B | | | | | | |
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| LGP eyes $17B for two new funds | | | Leonard Green & Partners is targeting about $17 billion for two new funds, The Wall Street Journal reported. The Los Angeles-based firm is seeking $13.5 billion for its newest flagship fund, Green Equity Investors IX—which the firm plans to hold an initial closing for in February—and $3.25 billion for its Jade Equity Investors II fund, which will back smaller deals. The firm primarily targets service-oriented companies in sectors including healthcare, consumer and retail | | | | | | | | KKR closes second healthcare strategic fund at $4B | | | KKR has closed its second healthcare strategic growth fund at $4 billion. The fund is dedicated to healthcare investment opportunities primarily in North America and Europe. KKR closed its first healthcare strategic fund at $1.45 billion in 2017. | | | | | |
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"As with the early stage, the gap between median late-stage valuations has held steady in 2021. The median for the VC market overall is $120.0 million, 71.4% higher than the full-year 2020 markup. For female-founded companies, the median is $100.0 million YTD, a 69.4% increase from 2020."
Source: PitchBook's All In: Female Founders in the US VC Ecosystem Report | | | | | |
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