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| In today's Daily Pitch, you'll find: | | | | | |
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| US micro-funds play to their strengths in 2021 | |  | | (Boris Zhitkov/Getty Images) | | | Micro-funds—venture investment vehicles that raise $50 million or less—collected nearly $5 billion across a record 339 US funds in 2021, according to PitchBook data.
As the popularity of seed deals grows, so does the number of micro-funds, providing LPs, firms and startups with unique strategies in the venture market. | | | | | | | | | | Carlyle's distributable earnings climb, natural resources holdings flourish in Q1 | |  | | (SOPA Images/Getty Images) | | | The Carlyle Group saw a rise in distributable earnings—the allocation of cash that can be returned to investors—and a dip in net income compared to the same period last year, according to its first-quarter earnings release.
The results were driven by a number of factors, including overall market volatility and higher expenses taken on by the firm. The climb in distributable earnings was spurred in part by strong realization activity in the firm's Japanese and US buyout sectors.
Carlyle reported that its natural resources and infrastructure funds appreciated 19% year-over-year, with its private equity funds climbing 3% and its real estate funds rising 10%. | | | | | | | |
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| A message from Silicon Valley Bank | | |
| | SVB is the comprehensive financial partner of the innovation economy—helping individuals, investors and the world's most innovative companies achieve extraordinary outcomes.
Learn more here | | | | | | | |
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| Introducing the PitchBook News Quiz | |  | | (Joey Schaffer/PitchBook News) | | | We've created a new weekly quiz for fans of the private markets; participants will receive a score that's shareable via social media.
In this week's edition: Elon Musk sparks a rally, Bolt gets sued and Abry Partners goes to Hollywood.
Test your knowledge | | | | | | | | | | Taxfix's $220M Series D adds to elevated European fintech activity | |  | | (ollo/Getty Images) | | | German online tax filing startup Taxfix has been valued at over $1 billion following its $220 million Series D.
The deal follows a strong start to the year for European VC investments in fintech, with Q1 representing one of the sector's best quarters to date. | | | | | | | | | | Even as Amazon and other ecommerce rivals were leaning into ad sales, Shopify remained a holdout. Can it last? [The Information]
Though the US gross domestic product shrank at an annual rate of 1.4% in the first three months of the year, experts still insist the economy is sturdier than it looks. [NPR]
The role of CEO has permanently changed. Here's what one writer thinks it will take to lead a company in the future. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 416 Deals | 1618 People | 459 Companies | 17 Funds | | | | | | |
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| 2009 Vintage Global Debt Funds | | | | | | |
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| Anduril Industries seeks $500M Series E | | | Anduril Industries is planning to raise at least $500 million at a $7 billion valuation, The Information reported. The California-based company offers AI-powered systems for military and security applications. | | | | | | | | Kelonia Therapeutics banks $50M | | | Kelonia Therapeutics has raised a $50 million Series A from investors including Alta Partners, Horizons Ventures and Venrock. Based in Boston, the company develops genetic medicines for solid tumors and hematologic cancers. | | | | | | | | Sealed secures new funding to fight home energy waste | | | Sealed has added $29.5 million to its Series B in an investment led by Fifth Wall, bringing the round's total to $45.5 million. The New York-based company offers a climate tech platform that designs, manages and finances home weatherization and electrification projects that result in less energy usage. | | | | | | | | | Smallstep has raised $26 million, including a $7 million seed round led by Boldstart Ventures and a $19 million Series A led by StepStone Group. The San Francisco-based company's open-source toolkit is used by development and operations teams to secure their infrastructure. | | | | | | | | Tiger Global leads $23M round for Kard | | | Kard has raised a $23 million Series A led by Tiger Global. Kard's technology enables financial institutions to create custom rewards programs for cardholders. | | | | | |
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| KKR offers to take Hitachi Transport System private in $5B+ deal | | | KKR has made an offer to take Hitachi Transport System private, with Bloomberg reporting the deal is valued at around 670 billion yen (about $5.1 billion). The firm will pay 8,913 yen per share, representing a premium of 166.22% to HTS' 12-month average closing price through June 16, 2021, the last date prior to speculation of a deal. | | | | | | | | KKR nears $1.7B deal for energy specialist | | | KKR is nearing a deal to acquire Albioma, a solar and biomass energy producer, for around $1.7 billion, Bloomberg reported. The company operates power plants in French overseas territories, Mauritius and Brazil, and is also developing solar farms in France. | | | | | | | | L Squared acquires Globe Scientific | | | L Squared Capital Partners has acquired Globe Scientific, a provider of laboratory supplies and equipment. Globe will join L Squared's GSI Group, a collection of brands that offer laboratory consumables and benchtop equipment for the scientific, academic and industrial sectors. | | | | | | | | Accel-KKR backs Yes Energy | | | Accel-KKR has invested in Yes Energy, a Boulder, Colo.-based energy market data company. Founded in 2008, the company collects and manages real-time and historical power market data in North America, helping traders and investors evaluate risks and opportunities. | | | | | | | | Main Capital lands duo of Dutch software companies | | | Main Capital Partners has acquired a pair of Dutch software companies: BCS, a human resource management and payroll software provider, and Pro4all, a construction software specialist. | | | | | |
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| EQT explores $2B sale of Wash Multifamily Laundry Systems | | | EQT is exploring a sale of Wash Multifamily Laundry Systems for around $2 billion, Bloomberg reported. The Torrance, Calif.-based company operates laundry machines in apartment buildings, college residence halls and military bases. EQT acquired the company in 2015. | | | | | | | | TSCP offloads plumbing specialist | | | | | | |
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| Leonard Green & Partners nears $18.3B across two funds | | | Leonard Green & Partners is nearing a final close on two funds that will together surpass $18 billion in total commitments, Bloomberg reported. LGP will close its ninth flagship fund on $14.7 billion and its second Jade Equity Investors fund—dedicated to smaller deals—on $3.6 billion. | | | | | | | | Interstate Fusion Ventures eyes $40M Fund II | | | Interstate Fusion Ventures, formerly Akron Fusion Ventures, plans to raise $40 million for its second fund. The Ohio-based firm hopes to use the vehicle to back 40 to 50 portfolio companies. The fund will target more companies in Silicon Valley and New York than its predecessor, with a continued focus on startups in Northeast Ohio. | | | | | | | | January Ventures closes sophomore fund on $21M | | | January Ventures has collected $21 million for its second flagship fund. The VC firm prefers to invest in women-led companies at the early stage, in sectors including technology, software and healthcare. | | | | | |
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