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In today's Daily Pitch, you'll find: - An analysis of how sustainable investments are defined and carried out in the private markets, focusing on the different schools of thought in ESG and impact investing.
- Launching Feb. 22, the fifth season of PitchBook's "In Visible Capital" podcast is dedicated to covering change and innovation in private equity.
- Apollo Global Management has agreed to a $1.4 billion investment in Aldar Properties as PE continues to bet big on the real estate sector.
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| Peeling back the layers of ESG and impact investing in PE, VC | |  | | (Galeanu Mihai/Getty Images) | | | While fund managers may aim to do well by doing good, they can take much different approaches to environmental, social and governance and impact investing.
Our latest analyst note explores how sustainable investments are defined and carried out in the private markets, focusing on the different schools of thought in ESG investing. Peeling back the layers of these philosophies—purist, pragmatist and pluralist—reveals why they can lead to such different-looking portfolios in PE compared to VC.
Where advocates for one approach might see a legitimate sustainable investment program, skeptics might see "greenwashing"—a fund manager claiming sustainability but not following through. While investors are unlikely to rally around only one ESG or impact philosophy, each perspective represents an effort to cultivate a more sustainable economy. | | | | | | | | | | Despite SEC BlockFi decision, demand for crypto lending is here to stay | |  | | (Namthip Muanthongthae/Getty Images) | | | Crypto lending specialist BlockFi's $100 million penalty to settle regulators' allegations sets the bar for other companies that offer a high-yield savings product in exchange for holding users' digital assets.
Other providers could try to register their products with the SEC or fight it out in court, according to PitchBook fintech analyst Robert Le. Crypto lending could also move to DeFi protocols. In any case, it seems there is a future for crypto lending regardless of regulators or courts' decisions. | | | | | | | | | | Apollo's $1.4B Aldar investment furthers PE's focus on real estate | |  | | (Igor Shaposhnikov/Getty Images) | | | Apollo Global Management has agreed to invest $1.4 billion for a minority stake in Abu Dhabi-based Aldar Properties, as private equity extends its big bet on the real estate sector.
The deal, which breaks down into four separate components, comes as PE firms continue to achieve high returns on their real estate investments. | | | | | | | | | | 'In Visible Capital' podcast Season 5 | | Our private markets podcast, "In Visible Capital," is back, launching Feb. 22. We've dedicated the new season, sponsored by Upwork, to private equity and the sweeping change happening across the asset class.
Join us for wide-ranging conversations, analyses and highlights of the most compelling new trends affecting private equity. As we cover the ways that the asset class has been reinventing itself in recent years, you'll hear from investors, analysts and our own reporters detailing how PE firms are increasing bets on the tech sector, embracing industry innovation like earlier-stage investing and data-driven strategies, and navigating environmental, social and governance goals. | | | | | | | | | | How one Alabama company's buying binge helped fuel private equity's push into the hospital industry. [The Wall Street Journal]
The so-called iBuyer model and its promise of an easy sale is upending the housing market, creating competition for real estate agents and threatening commissions. [Protocol]
Why Peloton's slumping sales, layoffs and other problems could spell trouble for its peers. [Recode] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 419 Deals | 1540 People | 386 Companies | 20 Funds | | | | | | |
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| 2018 Vintage Global Secondaries Funds | | | | | | |
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| Game studio Tripledot becomes unicorn with Series B | | | London-based Tripledot has raised $116 million in a round led by 20VC, TechCrunch reported. The funding values the casual mobile games developer at $1.4 billion. Tripledot plans to use the funds to acquire other game studios, according to the report. | | | | | | | | | Databook has raised $50 million at a $550 million valuation in a Series B led by Bessemer Venture Partners. Based in Mountain View, Calif., the company is the creator of a customer intelligence platform designed to manage enterprise sales operations. Databook was valued at $96 million with a $16 million round in April 2021, according to PitchBook data. | | | | | | | | Taxfyle books $20M in new funding | | | Taxfyle has raised $20 million in a Series B co-led by Fuel Venture Capital and IDC Ventures. Founded in 2015, the Miami-based company offers an online tax filing platform that helps connect businesses and individuals with accounting professionals. | | | | | |
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| Blackstone to acquire Australian casino operator for $6.3B | | | Crown Resorts has agreed to be acquired by Blackstone for $6.3 billion, according to reports. Blackstone, which already owns a 10% stake in the Australian casino operator, will pay $9.35 per Crown Resorts share. | | | | | | | | RapidRatings picks up $200M | | | Spectrum Equity and 22C Capital have led a $200 million investment in RapidRatings. The New York-based company offers analysis of the financial health of public and private companies, providing predictive insights for suppliers, vendors and other third parties. | | | | | | | | Alpine Investors backs Wilson Language Training | | | | | | |
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| Harkness Capital to offload Kane Logistics | | | Harkness Capital Partners has agreed to sell Kane Logistics, a Pennsylvania-based logistics company, to French contract logistics group ID Logistics. Harkness originally acquired Kane in 2019. The company operates in Pennsylvania, Georgia, Ohio, Illinois and California. | | | | | |
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