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In today's Daily Pitch, you'll find: - A proliferation of micro-funds is demonstrating that bigger isn't always better when it comes to VC fundraising.
- PitchBook is set to extend its private market reach with Morningstar's purchase of LCD from S&P.
- Our precision agtech market map explores where investors are planting their money.
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| Micro-funds proliferate as everything else in VC gets bigger | |  | | (PM Images/Getty Images) | | | One of the biggest trends in VC fundraising has been the rise of the mega-fund, as increasingly large vehicles come to dominate the storyline. US VC funds amassed more than $129 billion last year, and the total came predominantly from a record number of vehicles raising at least $500 million.
Yet micro-funds, meaning those of $50 million or less, have adapted to the changing landscape, setting their own records in 2021 and carving out new opportunities for LPs, firms and startups to access the venture market like never before. Our latest analyst note tracks the growth of these vehicles and what it might mean for deal sizes, investment strategies and returns. | | | | | | | | | | PitchBook extends private debt market reach with purchase of LCD from S&P | |  | | PitchBook founder and CEO John Gabbert (John Vicory) | | | PitchBook is poised to expand its footprint in the growing market for private-debt data and insights after parent company Morningstar agreed to acquire the Leveraged Commentary & Data unit of S&P Global. - The cash deal is valued at up to $650 million, including $50 million six months after closing if certain sales targets are reached.
- The combination of LCD's private credit offerings and PitchBook's premier data and research would create a one-stop-shop for news and research on private finance.
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| The ultimate guide to capital markets relationship management | | Rising competition and pressure to deploy capital requires that private equity firms put their best foot forward to actively enhance the quantity and quality of deals entering their funnel. Dealmakers want to see every available deal, including add-on opportunities, co-investments, mergers, capital raises and more. The wider and stronger the relationships these dealmakers have—and the more intentionally they cultivate them—the better their market coverage.
DealCloud's new white paper explores the topic of relationship management in capital markets, including why relationship building is important, how to nurture key relationships with a healthy cadence of communication, how to identify opportunities for introductions to target companies using your relationship network and how to efficiently manage all the above.
Download the guide here | | | | | | | |
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| Market Map: Precision ag startups are fertile ground for VCs | |  | | (elenabs/Getty Images) | | | The agtech sector is reaping the benefits of increased venture capital investment, as the industry posted the third-strongest quarter on record during Q4 2021.
Precision ag startups attracted $696.5 million in VC during the quarter, driven by deals in sectors including farm management software and agricultural drones.
Check out our agtech market map to explore where else investors have planted their money. | | | | | | | | | | As meetings pile up and remote work encourages hours to push beyond 5 p.m., the workday is becoming ever longer. [The Atlantic]
How Bolt founder Ryan Breslow is challenging the culture of Silicon Valley's tech and venture capitalist incumbents. [Forbes]
How Russia has avoided defaulting on its debt. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 595 Deals | 1714 People | 584 Companies | 30 Funds | | | | | | |
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| 2018 Vintage Global PE Funds between $500M-$1B | | | | | | |
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| Sequoia taps Botha as Leone's successor | | | Sequoia has named partner Roelof Botha as its new leader, as first reported by The Wall Street Journal. Botha, who has been with Sequoia since 2003, will take over in July when current global managing partner Doug Leone reaches the mandatory retirement age. Leone said in a statement he will remain a general partner at the firm. | | | | | | | | Ron Fisher to step down from Vision Fund | | | | | | |
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| Chinese fast-fashion company valued at $100B | | | Fast-fashion giant Shein has reached a valuation of $100 billion after raising $1 billion from investors including General Atlantic, Axios reported. The Chinese company offers clothing, beauty and home products. It has received prior backing from IDG, Sequoia and Tiger Global, according to Bloomberg, which initially reported that the company was raising new funds. | | | | | | | | G Squared leads $100M round for LinkSquares | | | LinkSquares has raised a $100 million Series C led by G Squared, with support from G2 Venture Partners and existing backers. The Boston-based startup, which provides an AI-based contract management platform for companies' in-house legal teams, is now valued at $800 million. | | | | | | | | Adaptive Phage Therapeutics extends Series B to $61M | | | Maryland-based Adaptive Phage Therapeutics, a clinical-stage biotech company developing therapies for multidrug-resistant infections, has raised $20 million in a Series B extension. The AMR Action Fund supported the financing, which brings the round's total to $61 million. | | | | | | | | Labster picks up $47M for virtual labs | | | Copenhagen-based Labster has raised $47 million from investors including Sofina Group and Pirate Impact. The startup, which offers virtual science laboratory simulations for universities and schools, has now raised $147 million in total funding. | | | | | | | | Digital food pharmacy Season snags $34M | | | Austin-based Season Health has raised $34 million in a Series A led by Andreessen Horowitz. The company, which launched earlier this year, helps patients with chronic diseases access healthy food through meal deliveries prescribed by their medical providers. | | | | | | | | Revelle lands $25M in venture debt | | | Runway Growth Capital has provided $25 million in senior secured debt to medtech company Revelle Aesthetics, a developer of medical devices for the aesthetics industry. The proceeds will be used to support Avéli, Revelle's product designed to reduce cellulite. | | | | | | | | Venatorx raises new funds | | | Venatorx Pharmaceuticals has sold shares of its Series C preferred stock in a round led by the AMR Action Fund. The Pennsylvania-based company develops treatments for patients with multidrug-resistant bacterial infections and hard-to-treat viral infections. | | | | | |
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| Ariel Alternatives acquires Sorenson | | | Ariel Alternatives has acquired a controlling stake in Sorenson, a Salt Lake City-based communications provider for people who are deaf and hard of hearing, at a $1.3 billion enterprise value. | | | | | | | | Blackstone buys Colorado life science, tech complex for $600M+ | | | | | | | | | HIG lands Pixelle Specialty Solutions | | | | | | |
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| VC-backed FinAccel acquires Bank Bisnis | | | | | | |
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| AMD set to purchase VC-backed Pensando | | | AMD, a publicly traded semiconductor manufacturer, has agreed to acquire Pensando, a California-based provider of distributed computing services, for $1.9 billion. Founded in 2017, the company has received prior backing from investors such as Lightspeed and JC2 Ventures. | | | | | | | | Actis offloads Brazilian renewable energy platform | | | Actis has sold Echoenergia, a Brazil-based independent renewable energy platform, to Equatorial Energia, a publicly traded utilities company. Actis, an investor in sustainable infrastructure, established Echoenergia in 2017. | | | | | |
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| Apollo Hybrid Value closes second fund at $4.6B | | | Apollo Global Management's Hybrid Value business has closed its second flagship fund at $4.6 billion. The unit focuses on value-added growth capital and structured equity solutions, with clients including sovereign wealth funds, pension funds and insurance companies. The fund's predecessor raised $3.3 billion in 2019. | | | | | | | | Blue Wolf locks down $1.1B for fifth fund | | | Blue Wolf Capital Partners has closed its fifth namesake vehicle on $1.1 billion. The vehicle will support the firm's strategy of targeting middle-market companies across the healthcare and industrial sectors. Blue Wolf closed its fourth flagship fund on $540 million in 2017. | | | | | | | | Dunes Point Capital sets sights on $775M | | | Dunes Point Capital is seeking at least $775 million and up to $950 million for its third flagship vehicle, The Wall Street Journal reported. Based in New York and founded by former Blackstone executive Timothy White, the firm focuses on small and mid-sized companies in the industrials and business services sectors. | | | | | | | | 5AM Ventures reels in $750M | | | 5AM Ventures has raised $450 million for its seventh flagship vehicle, which will focus on early-stage life sciences startups. The firm has also collected $300 million for its second opportunities vehicle, which will target late-stage investments in its portfolio and elsewhere. | | | | | | | | Edison amasses $450M for Fund X | | | Edison Partners has closed its 10th flagship fund on $450 million. The vehicle will target investments in underserved US regions such as the Southeast and Rocky Mountains. | | | | | | | | Avoro Ventures wraps debut fund on $186M | | | Avoro Ventures has closed its inaugural namesake fund on $186 million in commitments. The firm is the venture arm of Avoro Capital Advisors, a New York-based investment manager that focuses mainly on the life sciences and biotech sectors. | | | | | | | | SeaX secures $60M for second vehicle | | | SeaX Ventures has closed its second fund with $60 million to help global startups expand in Southeast Asia. The vehicle will target investments in industries including blockchain, foodtech, AI and robotics. | | | | | |
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