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In today's Daily Pitch, you'll find: - PitchBook Benchmarks, now with data through Q3 2021, explore closed-end fund returns across strategies and vintage years.
- Lionhead Resources is hoping to raise $450 million for a new mineral mining fund amid the widespread shift to clean energy.
- Our latest analyst note spotlights how streaming data is unlocking a bright future for startups in the nonrelational database space.
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| PitchBook Benchmarks for PE, VC and more | | Over the past decade, fund strategies have expanded alongside the increasing capital allocated to alternative assets. Yet the largely opaque nature of the private markets makes finding transparent fund performance information a challenge.
PitchBook Benchmarks provide a detailed snapshot of the latest data for closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q3 2021, and features downloadable XLS tables, data visualizations and PDFs that slice the data by fund type and geography. The report also adds three new breakouts: real estate, real assets and private debt. | | | | | | | | | | Exclusive: Lionhead Resources seeks $450M for mineral mining fund amid clean energy shift | |  | | (Olemedia/Getty Images) | | | UK-based emerging manager Lionhead Resources is targeting up to $450 million for a fund that will invest in mineral mining companies. - The launch comes amid a frenzy to secure greater access to critical mineral resources such as copper, lithium, cobalt, nickel and graphite, which are essential in the production of wind turbines, solar panels and electric vehicle batteries.
- The firm seeks to take non-controlling stakes in single-asset mining development companies, writing equity checks that range from $30 million to $80 million.
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| A message from Twin Brook Capital Partners | | |
| Another busy year in sight for the mid-market | | | Twin Brook Senior Partner Grant Haggard discusses last year's record levels of activity, the state of the mid-market in early 2022, and what is driving lender differentiation in the current environment. | | | | | | | |
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| The future of AI inference lies in nonrelational databases | | Nonrelational databases can support a wide variety of data types and formats as they integrate unstructured data without the connecting schema found in relational databases.
VC-backed companies in the space are likely to benefit from the proliferation and scale of machine learning data streams and may become larger than legacy businesses such as Oracle and IBM in the long run.
Our latest analyst note on the emerging space explores how streaming data analytics for AI will cause nonrelational databases and data lakes to overtake relational databases in market share.
The report also includes a market map, as well as a closer look at VC-backed market participants in nonrelational databases including Confluent, Databricks and Pandio. | | | | | | | | | | Curious spikes in warrant trading have appeared prior to many of the most lucrative SPAC mergers, drawing regulator scrutiny. [Bloomberg]
One farmer's quest to beat California's waves of drought and deluge. [Wired]
Why investment banking is the latest industry to suffer labor shortages. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 486 Deals | 1577 People | 465 Companies | 45 Funds | | | | | | |
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| 2013 Vintage Global Funds-of-Funds | | | | | | |
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| How board technology is transforming governing practices | | With the digital transformation of the boardroom, VC and PE firms are uniquely challenged with supporting multiple boards as they adapt to new technologies and virtual meetings—moving away from physical books to tablet devices with multi-factor authentication and reducing the time spent on logistical tasks. This allows more time for strategic discussion and decision-making.
Granite Partners recognized that effective boards play a crucial role in their mission of growing companies to create value for all stakeholders. By embracing board technology, they now have a streamlined and secure way to provide board members with easy access to sensitive audit and valuation documents in a single, well-organized, and easy-to-navigate location.
Find out how to leverage boardroom technology to drive greater efficiency. Read about it here. | | | | | | | |
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| Genies raises $150M Series C | | | Genies has raised $150 million at a $1 billion valuation in a round led by Silver Lake. Based in Los Angeles, the company enables users to create personalized digital avatars for Web3. | | | | | | | | Observe.AI nabs $125M Series C | | | SoftBank's Vision Fund 2 has led a $125 million round for Observe.AI, the provider of an intelligent workforce platform for contact centers. Based in the Bay Area, the company was valued at $304 million in 2020, according to PitchBook data. | | | | | | | | Aurion Biotech secures $120M | | | Aurion Biotech has raised $120 million in a round led by Deerfield Management. The company is a developer of regenerative therapies for patients suffering from ocular diseases like corneal endothelial disease. | | | | | | | | Choco collects $111M in unicorn round | | | Choco has raised $111 million in Series B2 funding led by G Squared that values the startup at $1.2 billion. Berlin-based Choco is the developer of an ingredient ordering platform for restaurants and food suppliers. | | | | | | | | Immo brings in $75M Series B | | | Immo has raised $75 million in equity funding led by Oak HC/FT. The London-based proptech startup provides an investment platform for single-family rental housing. | | | | | | | | Silverfort picks up $65M Series C | | | Silverfort has raised $65 million in a round led by Greenfield Partners. Operating out of Boston and Tel Aviv, the company offers a cybersecurity platform that prevents, detects and responds to identity threats. Silverfort was valued at $150 million in 2020, according to PitchBook data. | | | | | | | | | | | | | | | Jobox raises $42M for home services platform | | | Jobox.ai has raised a $42 million Series B led by General Catalyst. Based in Palo Alto, the company operates an online marketplace that connects companies and their customers with vetted home service professionals. | | | | | | | | Mental health startup Real snags $37M Series B | | | Real, the creator of a therapy app that helps users manage their mental health, has raised a $37 million round led by Owl Ventures. The New York-based startup raised a $10 million round in April 2021, according to PitchBook data. | | | | | | | | Baird Capital leads $25M round for Quiq | | | Quiq has collected $25 million in Series C funding from lead investor Baird Capital and other backers. Based in Bozeman, Mont., the startup offers an AI-based conversational platform that helps brands engage with customers across digital messaging channels. | | | | | | | | EvolutionIQ bags $21M Series A | | | EvolutionIQ, the New York-based creator of a claims guidance platform, has raised a $21 million round led by Brewer Lane Ventures, with support from all major seed investors and others. The company's tech uses historical claims analysis, unstructured claimant data and third-party information to help insurance carriers identify high-opportunity claims. | | | | | |
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| KKR to acquire Barracuda Networks at $3.8B value | | | KKR has agreed to acquire Barracuda Networks from Thoma Bravo. The transaction values the company at $3.8 billion including debt, Bloomberg reported. Founded in 2003, Barracuda offers customers a suite of cybersecurity solutions for email protection, application and network security, and data protection. | | | | | | | | Voyager Innovations nabs $1.4B valuation | | | | | | | | | Checkr buys background-check provider Goodhire | | | HR technology company Checkr has agreed to acquire Inflection, a provider of background checks, for around $400 million, according to reports. Founded in 2013, Inflection's flagship brand Goodhire works alongside thousands of small businesses. Checkr has previously raised funding from Accel, Coatue, Fidelity Investments and IVP. | | | | | | | | Vista Equity invests $215M+ in Critical Start | | | Vista Equity Partners has invested over $215 million in Critical Start, which helps organizations identify, assess and respond to cyber threats in real time while analyzing threat data to inform future responses. | | | | | | | | Goldman Sachs, B Capital lead $200M round in Newfront | | | Goldman Sachs' growth equity business and B Capital have led a $200 million investment round in Newfront, an insurance brokerage platform, at a $2.2 billion valuation. | | | | | | | | Eldridge, Maverix invest in Viral Nation | | | | | | | | | TPG's Footballco to buy Kooora | | | TPG-backed soccer digital media company Footballco has agreed to acquire Kooora, an online sports news outlet serving the Middle East, according to reports. Kooora's platform is said to reach an average of 25 million unique users per month. | | | | | | | | Abry Partners backs Inoapps | | | Abry Partners has invested in Inoapps, a UK-based cloud specialist that focuses on sectors including education, energy and construction. BGF will exit its stake in the company as part of the deal. | | | | | |
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| Infinite Reality to acquire ReKTGlobal | | | Metaverse company Infinite Reality has agreed to acquire esports and entertainment conglomerate ReKTGlobal in a $470 million all-stock transaction that will be valued at $2.47 billion post-close. ReKTGlobal, which has raised funds from investors including Summit Partners, is said to have abandoned its plans to go public via a reverse merger. Infinite Reality previously agreed to merge with Universal Security Instruments. | | | | | | | | VCs hand off France's Adyoulike to OpenWeb | | | | | | | | | GPB Capital offloads Port of Newark property | | | GPB Capital Holdings has sold a 30-acre parcel of land previously held by its GPB Cold Storage fund. GPB had been trying to offload the Newark, N.J.-based site, which it recently valued at $78.3 million, for years, The Wall Street Journal reported. | | | | | |
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| MetLife wraps up $1.6B fund | | | | | | | | | Carnelian closes Fund IV on $975M | | | Carnelian Energy Capital Management has closed its fourth flagship fund with $975 million in capital commitments. The vehicle's predecessor closed on $775 million in 2019. Founded in 2015 and based in Houston, the firm targets investments in the North American energy sector. | | | | | | | | CapitalSpring nails down $950M for sixth fund | | | CapitalSpring has closed its sixth namesake vehicle and parallel funds on $950 million, exceeding a target of $750 million. Based in Nashville, the firm focuses on investments in the restaurant and food service industries as well as other multi-unit business models. The vehicle will focus on providing structured loans and PE solutions, with deal sizes ranging from $10 million to $150 million. | | | | | |
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| Stripe, Alphabet, Shopify, others to spend $925M on carbon removal | | | Stripe, Alphabet, Shopify, Meta and McKinsey are among the tens of thousands of businesses that will spend $925 million to facilitate carbon removal between 2022 and 2030. The funds will be used to back Frontier, an advance market commitment that's wholly owned by Stripe and looks to accelerate the development of carbon removal technologies by guaranteeing future demand. | | | | | |
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