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In today's Daily Pitch, you'll find: - Austin's Next Coast Ventures has locked down $310 million in new funding as the region continues to emerge as a red-hot VC hub.
- Our recent analyst note on private manager style explores whether industry specialization provides an advantage for VC fund performance.
- The blockchain-based game "Axie Infinity" has suffered a major hack less than a year after its parent company was reportedly valued at $3 billion in an Andreessen Horowitz-led round.
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| Hamilton Lane token will give individual investors access to private fund | |  | | ADDX CEO Oi-Yee Choo (Courtesy of ADDX) | | | In a first for Hamilton Lane, the asset manager is making its Global Private Assets Fund available to individual investors by tokenizing part of the $1.85 billion fund-of-funds via a partnership with private markets exchange ADDX.
The firm is the latest asset manager to use intermediaries to expand access to high net worth individuals and accredited investors. | | | | | | | | | | 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 recent 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. | | | | | | | |
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| A message from Golub Capital | | |
| Golub Capital knows sponsor finance | | Golub Capital's transactions span industries, execution styles and sizes—from deals below $20 million up to $2 billion+ unitranche facilities.
Golub Capital nurtures long-term, win-win partnerships of every size that inspire repeat business.
Learn more about the flexible financing solutions offered to private equity sponsors by this market-leading direct lender and credit asset manager. | | | | | | | |
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| Next Coast Ventures wrangles $310M in new funds as Austin's VC scene booms | |  | | (joe daniel price/Getty Images) | | | Austin-based Next Coast Ventures has raised fresh capital across three vehicles as it looks to support innovative startups in up-and-coming tech hubs.
The news comes alongside the Austin area's recent emergence as a red-hot location for VC dollars, with more than $5.5 billion raised for startups in the region during 2021, according to PitchBook data. | | | | | | | | | | $600M+ 'Axie Infinity' hack spotlights weakness in one of VC's hottest sectors | |  | | (Courtesy of Sky Mavis) | | | The popular blockchain-based game "Axie Infinity" has suffered a major hack less than a year after its parent company, Sky Mavis, was reportedly valued at $3 billion in a round led by Andreessen Horowitz.
The hack is a potential setback for startups building metaverse-like experiences across games, which often use architecture similar to the one exploited by the hackers in this case. | | | | | | | | | | On top of paying management fees and forfeiting a share of the profit, institutional investors agree to cover funds' business expenses. But it's proving difficult to determine how those dollars are spent. [Bloomberg]
How researchers are bringing AI-driven tools like social robots to the classroom to help students with disabilities. [The New York Times]
Allocators are investing like a recession is on the way, despite the Fed's promise of a soft landing. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 531 Deals | 1678 People | 479 Companies | 37 Funds | | | | | | |
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| 2016 Vintage Global Real Estate Funds | | | | | | |
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| Vista Equity brings on Lauren Dillard as CFO | | | | | | |
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| Edtech startup Classplus books $70M | | | Classplus has raised $70 million in a round co-led by Alpha Wave Global and Tiger Global, according to reports. The Indian edtech startup helps educators and content creators build and sell online courses. | | | | | | | | HackerRank raises $60M Series D | | | HackerRank, the creator of a recruitment platform that helps organizations hire software developers, has raised $60 million in a round led by Susquehanna Growth Equity. The California-based company plans to use the funds in part to expand its platform to support screening and interviewing for technical skills in emerging areas such as machine learning, blockchain and crypto. | | | | | | | | | Cyera has raised $60 million in a round led by Sequoia, Accel and Cyberstarts. The Tel Aviv-based company is the developer of a cloud data security platform. | | | | | | | | LambdaTest brings in $45M | | | LambdaTest has raised $45 million in a round led by Premji Invest, with support from investors including Sequoia India. Based in the Bay Area, the company offers a cloud-based orchestration platform designed to help companies test their apps and websites across different platforms. | | | | | | | | Kaiyo lands $36M Series D | | | Kaiyo has raised $36 million in a debt and equity round led by Edison Partners. The New York-based company runs an online marketplace for used furniture. | | | | | | | | Kooply scoops up $18M seed round | | | Kooply has raised $18 million in seed financing co-led by TPY Capital and Microsoft's venture fund, M12. Based in Tel Aviv, the company's mobile gaming platform is designed to help creators build new games. | | | | | |
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| Elliott, Brookfield to buy Nielsen for $16B | | | A consortium led by Elliott Management and Brookfield Asset Management has agreed to acquire TV-ratings company Nielsen Holdings for $16 billion including debt. The consortium will pay $28 a share for Nielsen, and the deal comes a week after the company rejected an offer from the investor group for $25.40 per share. | | | | | | | | Liberty Strategic to acquire Zimperium | | | Liberty Strategic Capital has agreed to acquire Zimperium, a provider of mobile threat defense, for $525 million. This is Liberty Strategic's first buyout transaction. The firm was formed in 2021 by former Treasury Secretary Steven Mnuchin. | | | | | | | | KKR leads $105M investment in Brightline | | | KKR has led a $105 million investment in virtual behavioral health services provider Brightline at a $705 million value, Bloomberg reported. Brightline works with about 85 care providers and serves children and families. | | | | | | | | Brookfield eyes China's AirPower Technologies | | | Brookfield Asset Management is weighing a bid for Chinese industrial gas producer AirPower Technologies, Bloomberg reported. PE firm PAG, which owns AirPower, is said to be seeking a valuation of at least $10 billion for the company. AirPower was created in 2021 via the merger of PAG portfolio companies Yingde Gases and Baosteel Gases. | | | | | |
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PitchBook has partnered with SXSW to celebrate Women's History Month by adding limited-time features to our female founder dashboard.
We sponsored the Funding and Investors Summit at SXSW, home to the early-stage VC competition SXSW Pitch, and data about female founders from SXSW Pitch is now incorporated into the dashboard. - Discover notable female-founded companies and investment firms who have participated in SXSW Pitch.
- View the breakdown of VC investments to female founders in budding verticals like healthtech, artificial intelligence and virtual reality.
- Check out the SXSW winner analysis to see the performance of female-founded startups in SXSW Pitch over time.
Explore the dashboard | | | | | | | |
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| AIG to take PE-backed life and retirement division public | | | | | | |
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