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In today's Daily Pitch, you'll find: - Our latest US VC Valuations Report explores how startup valuations are faring in the face of market headwinds.
- Our PE Earnings Dashboard, updated for Q1, tracks key performance metric trends for public PE firms using company filings and PitchBook data.
- European LPs are increasing their allocations to the private markets. Where are the region's most active limited partners?
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| US VC valuations yet to see full impact of market volatility | | Valuations of VC-backed companies endured a quick shift to a difficult market in the first three months of 2022. While the numbers do not yet depict the immediate impact of the ongoing volatility, PitchBook analysts say that investor sentiment has changed over the last quarter.
Our latest US VC Valuations Report explores how startup valuations across the venture lifecycle are reacting in the face of market headwinds—which include rising interest rates, high inflation and geopolitical tension due to the war in Ukraine. Key takeaways include: - Early-stage deal sizes and pre-money valuations hit record highs in Q1. At the outset, the numbers suggest that early-stage startups are a bit more insulated from turbulence in the public markets than those at later stages.
- As tech stocks took the brunt of the market volatility over the past few months, the average late-stage pre-money valuation decreased from the highs of 2021, along with the top-decile figure.
- The average public listing valuation fell to $993.1 million in Q1. While the figure is still elevated on a historical scale, it represents roughly one-third of 2021's $2.8 billion.
| | | | | | | | | | Tracking public US private equity earnings | |  | | (Drew Sanders/PitchBook News) | | | After an electric 2021, publicly traded US private equity firms saw earnings come down off their highs in the first quarter of 2022. However, many firms reported a jump in distributable earnings—the allocation of cash that can be returned to investors—after strong fee-related earnings and portfolio returns.
Since the last quarterly edition of our earnings dashboard, we've added TPG—which went public in January—and Blue Owl. | | | | | | | |
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| A message from the National Science Foundation | | |
| | Using 3D-printing technology, PSYONIC created an affordable bionic hand with multi-touch sensors.
PSYONIC (NSF-1951382) is one of hundreds of deep tech startups annually funded by the NSF, a government agency that plays a central role in accelerating discoveries into the marketplace.
Each startup can receive up to $2 million to support translational research & development. By annually investing roughly $200 million in startups, NSF helps teams navigate the earliest stages of technology translation. In the past five years, these companies have gone on to raise billions in follow-on capital, and the portfolio has had 200+ exits.
Learn more about NSF funding at seedfund.nsf.gov | | | | | | | |
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| Money map: Where are Europe's most active LPs? | |  | | (georgeclerk/Getty Images) | | | As the alternatives industry has evolved in Europe, so has the investor community, with institutions increasingly looking to grow their private market strategies.
From pension funds to insurance companies and government agencies, we look at the region's most active limited partners and where they are. | | | | | | | | | | Five charts that show fintech investment trends in Q1 | |  | | (twomeows/Getty Images) | | | Through the first three months of 2022, VC-backed fintech companies continued to show resilience and adaptability amid ongoing market uncertainty.
Here's a breakdown of several noteworthy trends in the fintech industry during Q1, according to our latest Emerging Tech Research report on the sector. | | | | | | | | | | As other investors back away amid market volatility, private lenders like Apollo Global Management and Ares Management have been stepping in to prop up struggling public bond deals. [Financial Times]
Asset managers are more willing to report diversity data. But that doesn't mean the data is improving. [Institutional Investor]
The story of one Wall Street investment giant's move from New York to Nashville. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 441 Deals | 1667 People | 568 Companies | 23 Funds | | | | | | |
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| 2017 Vintage Global PE Funds with more than $1B | | | | | | |
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| Share your firm's expertise | | You can reach thousands of C-suite executives, managing directors and other business leaders by partnering with PitchBook Media. Share your firm's expertise and spotlight key insights with an actively growing audience across multiple channels, including: - A concise message in The Daily Pitch newsletter that reaches over a million private market professionals.
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Connect with us to learn more | | | | | | | |
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| | | Rippling has raised a $250 million Series D co-led by Bedrock and Kleiner Perkins, valuing the San Francisco-based company at $11.25 billion. Rippling provides a workforce platform that helps businesses unify their HR and IT data. | | | | | | | | SoftBank co-leads $200M round for Habi | | | Habi has raised a $200 million Series C led by Homebrew and the SoftBank Latin America Fund. Operating in over 15 cities in Mexico and Colombia, the residential real estate technology company offers valuation, transaction and financing products to banks, brokers and low- and middle-income consumers. | | | | | | | | Chainalysis hits $8.6B valuation | | | Chainalysis has raised a $170 million round led by Singapore sovereign wealth fund GIC, bringing the company's valuation to $8.6 billion, The Information reported. The New York-based company offers cryptocurrency investigation and compliance services to law enforcement agencies, regulators and businesses. | | | | | | | | Evisort lands $100M Series C | | | Evisort has raised $100 million in a round led by TCV. The company provides a no-code contract intelligence platform for legal, IT, finance, sales and procurement teams. Evisort was valued at $184 million with a $35 million round in February 2021, according to PitchBook data. | | | | | | | | Material Security valued at $1.1B | | | | | | | | | Mothership raises $76M for same-day delivery | | | Mothership has raised $76 million from investors including Benchmark, WestCap and Bow Capital. The logistics company plans to use the capital to expand its on-demand freight platform nationwide. | | | | | | | | Observe collects $70M in Series A2 | | | | | | | | | Nexite bags $67M Series C | | | Tel Aviv-based Nexite has raised a $67 million Series C led by Pitango Growth and Saban Ventures. The startup's platform provides retailers with real-time data based on in-store sales. | | | | | |
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| DigitalBridge, IFM to take Switch private in $11B deal | | | Digital infrastructure investor DigitalBridge and IFM Investors have agreed to take US data center operator Switch private in a roughly $11 billion transaction, including debt. Switch's stock rose nearly 10% following news of the deal. | | | | | | | | Partners Group to buy rental home portfolio in $1B+ deal | | | Partners Group has agreed to purchase over 2,000 new-build homes and 1,000 in-contract homes from Fortress Investment Group, Bloomberg reported. The deal would reportedly value the portfolio, which is primarily located in the US Sun Belt, at over $1 billion. | | | | | | | | Apollo in talks to lead $1B in financing for Elon Musk's Twitter takeover | | | | | | | | | Eurazeo leads $210M investment in Aiven | | | Eurazeo has led a $210 million investment in Aiven, the provider of an open-source cloud data platform, at a $3 billion valuation. Headquartered in Helsinki, Aiven also has hubs in Berlin, Boston, Paris, Sydney, Singapore and Toronto. | | | | | | | | Permira to sell Althea Group to F2i, DWS | | | Permira has agreed to sell Althea Group, an Italian provider of technology management services to the European healthcare industry, to F2i and DWS. Established in 2014, Althea today serves over 2,700 healthcare facilities across 18 countries. | | | | | | | | | | | | | | | UnisLink receives funding from Riverside | | | Riverside Partners has invested in UnisLink, a Phoenix-based provider of integrated revenue cycle and population health management services for physician groups and other related healthcare professionals. | | | | | |
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| Monroe collects $500M for private credit | | | Monroe Capital has closed its Opportunistic Private Credit Fund I on roughly $500 million. The vehicle raised $286 million from LPs and includes targeted leverage of about $215 million. | | | | | | | | NextGen secures $100M+ for second fund | | | NextGen Growth Partners has raised more than $100 million for its second flagship vehicle. The fund will continue the firm's strategy of partnering with entrepreneurs to identify and acquire growth-stage companies. | | | | | | | | Chingona Ventures wraps up Fund II with $52M | | | Chicago-based Chingona Ventures has closed its second flagship fund on $52 million. The vehicle will be used to make pre-seed investments primarily in the fintech, future of learning and health and wellness verticals, with a focus on diverse founders. | | | | | | | | Temasek's Fullerton lists PE fund-of-funds | | | Investment specialist Fullerton Fund Management, a portfolio company of Singapore's Temasek, has teamed up with digital securities exchange ADDX to tokenize a private equity fund-of-funds. Fullerton is targeting 8% to 12% in returns per year over seven years and will invest the vehicle in a portfolio of six to eight PE and private credit funds. | | | | | |
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