| | In today's Daily Pitch, you'll find: - US PE deal value totaled $1.2 trillion in 2021, marking one of the most dramatic records in an astonishing year.
- We map out a timeline of TPG's road to the public markets, its current ownership breakdown and some key financial measures.
| | | | | | | | | | Breaking down US PE's trillion-dollar year | | US PE deal value totaled $1.2 trillion in 2021, as the blistering pace of activity helped drive a boom across all deal sizes, sectors and types. The potential for a wild ride was evident early, and by midyear the question had become not if records would be broken, but how quickly—and by how much.
Our 2021 Annual US PE Breakdown, sponsored by Bridge Bank, Golub Capital and Baker Tilly, has the final figures from an astounding year. The report is twice the size of the previous annual edition and features deep dives into healthcare, technology, sports, GP stakes and more. Among the takeaways: - The $1.2 trillion in deal value is 64% higher than the previous record from 2019. At over 8,600, deal count topped 2019's record by 50%.
- A red-hot exit environment culminated in over 1,700 exits totaling more than $850 billion, as exit activity benefited from elevated transaction multiples and lofty public market multiples.
- 2021 was perhaps the best year yet to raise a fund, and 2022 may be even better. LPs continue to lift their private market allocations, a shift reinforced by the expectation of lower public equity returns beginning in 2022.
- Firms have hastened to make ESG commitments amid a heightened interest in sustainable investing, but a scarcity of expertise and lack of consensus on reporting standards complicate the adoption of the strategy.
| | | | | | | | | | TPG's long-awaited IPO launches during fruitful time for PE firms | |  | | (Drew Sanders/PitchBook News) | | | Private equity giant TPG makes its public market debut on the Nasdaq on Thursday at an exceptionally profitable time for PE firms, which has been driven in part by record exit activity and an economic recovery from the pandemic.
The Fort Worth- and San Francisco-based firm plans to raise around $1 billion in its offering, selling 33.9 million shares at around $29.50 apiece. TPG has flirted with a public offering for years, and could reach a fully diluted market value of $9.5 billion when it takes the leap this week.
PitchBook has mapped out a timeline of TPG's road to the public markets, its current ownership breakdown and some key financial measures. | | | | | | | | | | A message from the National Science Foundation | | | | | Several NSF-funded startup founders made the Forbes 30 Under 30 Class of 2022. Congratulations to Boston Materials (NSF-1951183), Celadyne Technologies (NSF-2014453), CRCL Solutions (NSF-2051891), Map-Collective (NSF-2126844) and The Bee Corp (NSF-1926806).
Hundreds of deep tech startups are funded annually by the National Science Foundation, a government agency that plays a central role in accelerating discoveries into the marketplace.
Each startup can receive up to $2 million to support translational R&D. By investing roughly $200 million in startups annually, NSF helps teams navigate the earliest stages of technology translation. In the past five years, these companies have gone on to raise billions in follow-on capital, and the portfolio has had more than 200 exits.
Learn more about NSF funding at seedfund.nsf.gov | | | | | | | | | | Edtech powerhouse Owl Ventures steps up ambitions with $1B in new funds | |  | | (photopsist/Getty Images) | | | Owl Ventures, a venture capital firm specializing in education technology, with portfolio companies including Byju's and MasterClass, has just raised over $1 billion across multiple funds.
Edtech has been on a tear. "Some of the companies that we had invested in [in] the last 14 or 15 months have already doubled or tripled their bookings or revenues," said Ian Chiu, a managing director with the firm. | | | | | | | | | | Uber rival Bolt valued at $8B+ with largest round to date | |  | | (Image courtesy of Bolt) | | | Bolt is now worth €7.4 billion (about $8.4 billion) with a new €628 million fundraise.
The Estonian company competes in multiple segments, from e-scooter rentals and car-sharing to online grocery delivery. It's the latter that will receive a large part of this latest funding round—but it is also the sector in which the startup faces the most competition. | | | | | | | | | | Participation call for Investment Firm Salary Increase & Bonus Survey | | We've teamed up with J.Thelander Consulting to conduct the Thelander-PitchBook 2022 Investment Firm Salary Increase & Bonus Survey.
This survey is intended for investment firms only, and offers market data on salary increases, bonus factors and more for every position—from managing general partner to admin.
All participants will receive a complimentary and exclusive participant report with market data and analysis on salary increases and bonuses for all positions in venture capital, private equity, family offices, real estate firms and more, in addition to discounted pricing for full access.
Click here to take the survey. | | | | | | | | | | With a host of sci-fi-inspired startup investments to his name, Lux Capital's Josh Wolfe may have a unique approach to what could be a volatile 2022 for market conditions. [Institutional Investor]
Backed by billions of dollars in investments and SPAC deals, flying taxis are coming sooner than you might think. A look at seven leaders in the crowded industry. [Bloomberg]
Why cryptocurrency traders are buying up credits for offsetting greenhouse gas emissions. [The Wall Street Journal] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 639 Deals | 1441 People | 430 Companies | 27 Funds | | | | | | | | | | | | | | | | | | | | 2012 Vintage Global PE Funds | | | | | | | | | | | | | Turkey's Getir targets $12B valuation with fresh funding | | | Getir is seeking to raise more than $1 billion at a valuation of $12 billion, as the grocery delivery startup looks to finance its overseas expansion, Bloomberg reported. The company has previously raised funding from investors including Mubadala, Sequoia, Silver Lake and Tiger Global. | | | | | | | | Qonto valued at $5B with $552M round | | | Qonto has raised €486 million (about $552 million) in Series D funding, bringing its valuation to roughly $5 billion. Tiger Global and TCV co-led the round for the Paris-based challenger bank, with participation from new investors including Alkeon, Eurazeo, KKR and Insight Partners, as well as returning backers. | | | | | | | | | Brex has raised $300 million in a Series D2 round co-led by Greenoaks Capital and TCV. The company, the provider of a corporate credit card and other financial services, is valued at $12.3 billion. Brex has appointed Karandeep Anand, a former executive at Microsoft and Meta, as the company's chief product officer. | | | | | | | | | Tul has raised $181 million in Series B financing led by 8VC. Based in Colombia, the company is the developer of an ecommerce platform designed to provide local hardware stores with access to construction materials and business management services. Founded in 2020, Tul plans to use the funding to expand operations into Brazil and other markets across Latin America. | | | | | | | | Envoy raises $111M Series C | | | Envoy has raised $111 million at a $1.4 billion valuation in a round led by Brookfield Growth. The Bay Area-based company is the developer of a workplace management platform designed to help offices speed up visitor sign-in, book conference rooms, manage deliveries and more. Envoy was valued at $263 million in 2018, according to PitchBook data. | | | | | | | | Mangata Networks lands $33M | | | Mangata Networks has raised a $33 million Series A led by Playground Global. The Phoenix-based company is a provider of telecommunication architecture designed to increase connectivity via a network of data centers and satellites. | | | | | | | | | | Apollo, Motive Partners lead $225M investment in CAIS at $1B+ valuation | | | Apollo Global Management and Motive Partners have led a $225 million investment in CAIS, the provider of an alternative investment platform for the independent wealth management community. The new financing round values CAIS at over $1 billion. The company provides financial advisers with alternative investment strategies such as hedge funds, private equity and private credit. | | | | | | | | Core Industrial lands 3D printing company | | | Core Industrial Partners has acquired Re3dtech, a provider of additive manufacturing services with a focus on high-volume production parts. Founded in 2017, the Illinois-based company offers a suite of in-house manufacturing services, including 3D printing, finishing, quality and assembly. | | | | | | | | Susquehanna backs Spherix Global Insights | | | Susquehanna Private Capital has invested in Spherix Global Insights, a pharmaceutical market insights firm focused on dermatology, gastroenterology, nephrology, neurology, ophthalmology and rheumatology. Founded in 2015, Spherix provides its services to a network of more than 3,000 providers and their patients. | | | | | | | | LLR Partners invests in Quantum Workplace | | | LLR Partners has invested in Quantum Workplace, an Omaha-based provider of employee engagement, performance software and data collection. Founded in 2002, Quantum Workplace's platform currently serves nearly 1 million employees. McCarthy Capital invested in the company in 2018. | | | | | | | | | | TPG offloads Wind River to Aptiv for $4.3B | | | TPG has agreed to offload software provider Wind River to technology company Aptiv for $4.3 billion. Wind River's software is used on over two billion edge devices across more than 1,700 customers globally. | | | | | | | | TSG sells Planet Fitness franchisee for $800M | | | Planet Fitness has agreed to acquire Sunshine Fitness Growth Holdings, a franchisee of 114 Planet Fitness locations in Alabama, Florida, Georgia, North Carolina and South Carolina, from TSG Consumer Partners for $800 million. Planet Fitness operates 2,254 locations worldwide and will own roughly 10% of its locations following the purchase, which is expected to close this quarter. | | | | | | | | | | Kleiner Perkins raises $1.8B across two funds | | | Kleiner Perkins has raised $800 million for its 20th flagship venture fund and another $1 billion for a fund dedicated to high inflection investments that go beyond the firm's core investment strategy. Based in Menlo Park, Calif., Kleiner Perkins has also promoted Annie Case and Josh Coyne to partner. | | | | | | | | Qiming Venture Partners eyes $1.2B fund | | | Shanghai-based Qiming Venture Partners is in talks with US institutional investors regarding a new fund that could bring in more than $1.2 billion, The Information reported. Founded in 2006, Qiming has some $6.2 billion in assets under management and invests in growth- and early-stage companies in the healthcare and technology, media and telecom sectors. The firm closed its seventh namesake vehicle on $1.2 billion in November 2020. | | | | | | | | | | Citadel Securities secures $1.15B | | | Sequoia and Paradigm have made a $1.15 billion minority investment in Citadel Securities, valuing the Chicago-based trading firm at roughly $22 billion. The deal is the first outside investment Citadel Securities has received, The Wall Street Journal reported. | | | | | | | | Cerberus to scale back German bank stakes | | | Cerberus Capital Management plans to sell significant stakes in Deutsche Bank and Commerzbank, worth about €450 million (about $511 million) in total, Bloomberg reported. Both banks have lost value since the New York-based firm backed them in 2017. Cerberus is said to be selling about a third of its Deutsche Bank shares and a slightly larger amount of its Commerzbank holdings. | | | | | | | | | | Mizuho targets takeover of PE placement agent Capstone | | | Mizuho Financial Group plans to acquire private equity placement agent Capstone Partners as the Japanese lender seeks to expand its investment banking business, Reuters reported. The Texas-based company, which connects PE firms with LPs, would operate as part of Mizuho's US-based holding company should a deal take place. | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | Service Providers | | | | | | | | | |
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