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In today's Daily Pitch, you'll find: - Our latest analyst note on private manager style explores whether industry specialization provides an advantage in VC fund performance.
- BEX Capital is tapping into investor interest in the PE fund-of-funds secondary market with its new $765 million vehicle.
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| Do industry specialists have an edge in US VC fund performance? | |  | | (Peach/Getty Images) | | | VCs frequently cite their industry expertise as a source of alpha, but does specialization really lead to outperformance? Our latest analyst note, part of a series on private manager style, explores whether industry specialization provides an edge in VC fund performance.
Our analysts examined a sample of 451 US-based VC funds with vintage years between 1996 and 2015, including vehicles in the VC-heavy industries of tech and healthcare. The findings provide LPs with insights into how they can think about industry specialization when performing fund due diligence. | | | | | | | | | | BEX Capital's new vehicle taps interest in PE fund-of-funds secondary market | |  | | BEX Capital is based in Nice, France. (Henryk Sadura/Getty Images) | | | BEX Capital, a firm focused on secondary investments, has closed its fourth fund on $765 million, exceeding its initial fundraising target.
The fund includes investments from nonprofits, who will not be charged carried interest or management fees. The vehicle is backed by European family offices and PE executives and offers the possibility of returns in a shorter time period. | | | | | | | | | | Biotech industry faces reset as public market turmoil impacts valuations | |  | | (zhangshuang/Getty Images) | | | Biotech startups are facing a leaner future, as the widespread end of COVID-19 restrictions dampens investor appetite.
VC investments in biotech hit record levels in both 2020 and 2021, as investors sought to capitalize on the sector's pandemic-induced growth. However, amid easing restrictions and turbulence in the public markets, the red-hot biotech market is cooling off. | | | | | | | | | | Q&A: Bootstrap Europe's debt strategy targets high-growth tech companies | |  | | Fatou Diagne and Stephanie Heller founded Bootstrap Europe in 2015. (Courtesy of Bootstrap Europe) | | | European growth debt firm Bootstrap Europe finances high-growth companies developing "step-change" technologies. - Fatou Diagne and Stephanie Heller launched Bootstrap in 2015. The firm recently reached the first close on its third fund.
- In an interview, Diagne and Heller talk about their strategy, the "nerdy businesses" developing tech to meet societal challenges, how being women of color affects their work and more.
| | | | | | | | | | One timber company CEO is confronting the fruitless reality of carbon offsets and looking to fix the broken system. [Bloomberg]
Next-generation nuclear plants could be safer and more efficient, but now the US will need to figure out how to fuel them without relying on Russia. [Wired]
Japanese executives are calling for an end to some of Asia's strictest pandemic restrictions in hopes of returning to overseas dealmaking. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 451 Deals | 1706 People | 571 Companies | 38 Funds | | | | | | |
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| 2018 Vintage Global Real Assets Funds | | | | | | |
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| KKR brings on Workday co-CEO Chano Fernandez as senior adviser | | | KKR has hired Chano Fernandez, co-CEO at Workday, as a senior adviser to its global technology team. Fernandez will advise the group on its investment activities, with a focus on enterprise application software in Europe and North America. | | | | | |
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| Policygenius picks up $125M | | | | | | | | | Cresta hits $1.6B valuation | | | Cresta has raised an $80 million Series C at a $1.6 billion valuation in a round led by Tiger Global. Based in the Bay Area, the company offers an AI-powered customer service platform for contact centers. | | | | | | | | Hydrow locks in $55M Series D | | | Hydrow, a maker of at-home connected rowing machines, has raised $55 million in a round led by Constitution Capital. Based in Boston, the company offers around 4,000 live and on-demand workouts on its platform. | | | | | | | | | | | | | | | Gaming startup Dorian secures $14M | | | Dorian has raised a $14 million Series A led by The Raine Group. The company is the developer of a video game creation and livestreaming platform. | | | | | | | | MeliBio raises $5.7M for bee-free honey | | | MeliBio, a company developing honey made without bees, has raised $5.7 million in a seed round led by Astanor Ventures. The funds will be used in part to launch MeliBio's first line of commercial products | | | | | |
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| Brandt lands Terra Technology Group | | | | | | | | | PE-backed Netrix acquires Edrans | | | OceanSound Partners-backed cybersecurity and IT company Netrix has acquired Edrans, a cloud solutions provider. Edrans' consultants and developers are based in Buenos Aires, Argentina, and Barcelona, with additional personnel in the US, Mexico and Uruguay. | | | | | |
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| Belle Fashion Group eyes $1B Hong Kong IPO | | | | | | |
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| Hellman & Friedman pursues $30B+ for latest fund | | | Hellman & Friedman is targeting more than $30 billion for its 11th flagship fund, Bloomberg reported. The firm closed its 10th flagship fund at $24.4 billion in July. | | | | | | | | CD&R seeks $20B for next buyout fund | | | Clayton, Dubilier & Rice is targeting at least $20 billion for its 12th buyout fund, The Wall Street Journal reported. The private equity firm closed its 11th fund at $16 billion last year. | | | | | | | | Slack launches $100M Fund III | | | Slack Fund, the venture capital arm of workplace-messaging-company Slack, has launched a $100 million Fund III focused on seed- and early-stage investments in software startups. The vehicle's predecessor closed on $50 million in 2020. | | | | | |
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"In the past few years, PE has been noticeably shifting to the larger end of the spectrum, with both fund and deal sizes continually rising. The average PE fund size in the US approached $1 billion through 2021, and a major contributor to this increase has been the uptick in PE mega-funds themselves—defined as vehicles worth $5 billion or more."
Source: PitchBook's 2021 Annual Private Fund Strategies Report | | | | | |
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