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In today's Daily Pitch, you'll find: - VC and PE fund returns continued their stellar run through Q2 2021, as detailed in our new Global Fund Performance Report.
- The secondaries market is seeing a resurgence in activity as more GPs hold onto their investments for longer by rolling them into new continuation funds.
- SoftBank's Latin America fund has led a $200 million Series D for freight tech specialist Loadsmart, adding to a funding boom for supply chain startups.
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| VC, PE fund returns continue to impress—what's next? | | Private equity and venture capital funds, along with funds-of-funds, continued to post incredible returns through the end of June, as the world seemed to be through the worst of the pandemic.
Our latest Global Fund Performance Report tracks the data through Q2 2021 across the full range of private fund strategies, breaking down past trends and outlining future expectations in the face of shifting economic conditions. Key takeaways include: - Funds of $5 billion or more performed best among PE vehicles, buoyed by public market comps amid an abundance of massive IPOs.
- VC returns displayed the benefits of a robust exit market, with rolling one-year IRRs surpassing 65% as of Q2 2021, marking the fifth consecutive quarter of increasing IRRs.
- Real assets funds posted a 19% return over the 12 months ended in Q2 2021, driven by steady returns in infrastructure and a positive trend in oil and gas, though the latter remains volatile.
- Private debt funds recorded their strongest performance since 2010, riding the wave of strong corporate earnings and continued bounce back from the pandemic.
| | | | | | | | | | Continuation funds drive GP-led secondaries wave | |  | | (Viaframe/Getty Images) | | | The secondaries market is seeing a resurgence of activity as more GPs hold onto their investments for longer by rolling them into new continuation funds.
Historically, continuation funds were a means of moving unrealized portfolio investments out of a vehicle that was at the end of its life span. Often it implied that the fund was in some kind of distress and unable to return capital to LPs. This is no longer the case.
We spoke to several industry experts about why the strategy is gaining traction. | | | | | | | | | | Loadsmart becomes freight tech's latest unicorn with $200M raise | |  | | (shaunl/Getty Images) | | | A strenuous time for the shipping industry has corresponded with a boom in large rounds for freight tech startups. - Loadsmart has raised a $200 million Series D led by SoftBank's Latin America fund, bringing the company's valuation to $1.3 billion. Chicago-based Loadsmart, which makes software for shippers to instantly book freight, was valued at $330 million in late 2020, according to PitchBook data.
- Freight tech startups raised 31 mega-rounds in 2021, more than in the prior three years combined, PitchBook data shows.
- Several of those supersized rounds went to trucking logistics companies like Loadsmart. In the past year, Uber Freight raised $550 million, Project44 landed $420 million and Flock Freight $215 million.
Related read: Supply Chain Tech Q3 2021 Emerging Tech Research report | | | | | | | | | | As retailers and logistics companies try to stockpile goods to hedge against supply chain problems, they're having to get creative with warehouse space. [The New York Times]
Who owns your address in augmented reality? Probably not you, as a growing number of startups and crypto initiatives have begun selling out AR spaces tied to real-world addresses. [Protocol]
As an errant SpaceX rocket booster heads toward smashing into the moon, here are some of the ways space agencies and companies are trying to deal with huge pieces of debris. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 376 Deals | 1804 People | 510 Companies | 42 Funds | | | | | | |
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| 2015 Vintage Global PE Funds with more than $1B | | | | | | |
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| SK Capital brings on Anne Kolton as chief sustainability officer | | | | | | |
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| Cruise lands $1.35B from SoftBank as it launches driverless rides in SF | | | Self-driving technology company Cruise has raised $1.35 billion from Softbank's Vision Fund, following the company's announcement that it will begin operating driverless cars in San Francisco. SoftBank invested $900 million in Cruise in 2018 and committed to investing the additional $1.35 billion when the company opened its driverless cars to the public. Cruise has received backing from investors including General Motors, Honda and Quiet Capital. | | | | | | | | Chargebee brings in $250M | | | Chargebee has raised $250 million at a $3.5 billion valuation in a round co-led by Tiger Global and Sequoia. The company is a provider of subscription-billing and revenue-management software; its customers include Freshworks, Study.com and Calendly. In April, Chargebee raised a $125 million Series G at a $1.4 billion valuation, according to PitchBook data. | | | | | | | | Wayflyer hits $1.6B valuation | | | | | | | | | Construction materials specialist RenoRun nabs $142M | | | RenoRun has raised a $142 million Series B co-led by Tiger Global and Sozo Ventures. Based in Montreal, the company operates an ecommerce platform for construction and building materials. RenoRun plans to use the funding to expand across North America. | | | | | | | | Jellyfish picks up $71M Series C | | | | | | | | | QED leads $25M round for Tint | | | | | | | | | | VendorPM has raised $6 million in seed financing led by Bessemer Venture Partners. Based in Toronto, the company operates a digital marketplace designed to help property managers connect with service vendors. | | | | | |
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| Kinderhook Industries leads $500M investment in Physician Partners | | | Kinderhook Industries has led a $500 million investment in Physician Partners, a primary care physician group and provider of managed services. The company serves more than 137,000 members via a network of over 545 physicians in Florida. | | | | | | | | KKR backs high school sports media specialist | | | KKR has invested in PlayOn! Sports, a high school sports media and technology specialist. Founded in 2008, the company is best known for operating the NFHS Network, which provides live and on-demand content from high school sporting events and other activities. | | | | | |
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| Littlejohn & Co. offloads Tidel | | | | | | |
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| Seven Seven Six scores $500M+ | | | Seven Seven Six has raised over $500 million for its second fund. Founded by Alexis Ohanian, the early-stage VC firm invests primarily in software and technology companies. | | | | | | | | Vance Street lands $430M+ for third buyout fund | | | Vance Street Capital has closed its third buyout fund on $432.5 million. The vehicle will target businesses across the medical, life sciences, industrial, and aerospace and defense sectors. The firm closed its second buyout fund at $250 million in 2017. | | | | | | | | InTandem Capital hauls in $225M for opportunities fund | | | InTandem Capital Partners has closed its opportunities fund at a hard cap of $225 million. The vehicle will be used to provide expansion capital to existing portfolio companies and additional capital for future platform investments from the firm's second flagship fund. Based in New York, InTandem targets investments in the healthcare services industry. | | | | | | | | 5th Century Partners closes debut fund | | | Chicago-based 5th Century Partners has closed its debut fund on $144 million. The vehicle will target middle-market companies in the healthcare, consumer and business services sectors, with investments ranging from $5 million to $50 million. 5CP Fund I has already invested in Vital Care, a distributor of medical surgical supplies, and multicultural hair care company Estyle. | | | | | |
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| Hildred Capital, Bourne Partners launch Carlin Consumer Health | | | | | | |
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| Sony to acquire game developer Bungie for $3.6B | | | PlayStation maker Sony Interactive Entertainment has agreed to acquire Bungie, the video game developer behind the "Halo" and "Destiny" franchises. Sony will pay $3.6 billion for the company, which will continue to operate independently. | | | | | |
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"IT and healthcare were prevalent sectors for take-privates, with a consortium led by Nordic Capital and Insight Partners acquiring health data company Inovalon for $7.3 billion serving as an example. Notably, Thoma Bravo closed on its take-privates of Medallia and QAD in the fourth quarter, spending $8.4 billion for the pair."
Source: PitchBook's 2021 Annual US PE Breakdown | | | | | |
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