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| In today's Daily Pitch, you'll find: | | | | | |
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| PitchBook Benchmarks for PE, VC and more | | The global private markets' decade-long expansion was most recently defined by record-breaking activity in fundraising, fund performance and dealmaking. The current volatility has yet to be fully captured in fund returns, yet there are hints of what's to come, as preliminary data from Q1 shows that VC returns have turned negative.
Our quarterly PitchBook Benchmarks provide a detailed snapshot of data, tracking aggregate closed-end fund returns across multiple strategies and vintage years. The latest edition is now available, including data through Q4 2021 and preliminary data from Q1 2022, and providing downloadable XLS tables, data visualizations and PDFs that break down the figures by fund type and geography. | | | | | | | | | PE deals target billions in student housing amid shortages, rising costs | |  | | (Image Source/Getty Images) | | | The student and college housing sector is seeing tens of billions of dollars in deal activity this year, as PE firms and asset managers address rising real estate value and a global student housing shortage.
Blackstone and Singaporean sovereign wealth fund GIC have been especially active in the space. | | | | | | | | | Secondaries market to grow as European VC struggles to exit | |  | | (Blake Little/Getty Images) | | | As the public markets turn against high-growth tech stocks, opportunities for attractive European VC-backed exits have dwindled.
The venture secondaries market in Europe is expected to benefit from the downturn as startup shareholders and investors find themselves in need of liquidity. | | | | | | | | | How much do investors get paid? An inside look at compensation trends | |  | | (nadia_bormotova/Getty Images) | | | Investor pay packages have become more generous in recent years in terms of cash and carried interest, according to the latest J.Thelander-PitchBook survey.
At firms with less than $1 billion in AUM, for example, the most senior positions saw significant increases in carried interest compensation—but the picture varies across roles. | | | | | | | | | | Smaller and medium-sized Chinese VCs are still showing up to meet with the country's startups, but do they have any money left to offer? [Financial Times]
How one investor is raising millions from scientists, financiers and crypto fans eager to buy into psychedelic treatments that aren't even legal yet. [The Wall Street Journal]
Adtech startups like Urban Legend have hundreds of social media influencers at their disposal, and it's becoming increasingly difficult to tell an earnest opinion from a paid one. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 455 Deals | 1972 People | 475 Companies | 51 Funds | | | | | | |
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| 2014 Vintage Global PE Funds with more than $1B | | | | | | |
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| Indian fintech OneCard hits $1.4B valuation | | | OneCard has raised $100 million at a $1.4 billion valuation in a round led by Temasek, TechCrunch reported. Based in India, the company is a credit card provider for the South Asian market. | | | | | | | Merlin Labs secures $105M Series B | | | | | | | | Manifold Bio picks up $40M Series A | | | Manifold Bio has raised $40 million in a round led by Triatomic Capital. Based in Boston, the company offers a platform for testing protein therapeutic designs. | | | | | | | Tiger Global leads $30M round for Hivery | | | Hivery has raised $30 million in a round led by Tiger Global. The Australian company offers retail assortment and space simulation solutions for global consumer-packaged goods companies and retailers. | | | | | | | | | Robin has raised a $30 million Series C led by Tola Capital. The Boston-based company offers a platform to support hybrid work. | | | | | | | Detect Technologies bags $28M | | | Prosus Ventures has led a $28 million Series B for Detect Technologies. The Indian company offers a suite of AI-powered applications to help enterprises improve safety and productivity. | | | | | | | Nucleus nabs $14M for consumer genetic testing | | | Nucleus Genomics has raised $14 million in a round led by Seven Seven Six. The New York-based company is developing a direct-to-consumer genetic testing platform. | | | | | |
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| Upland scores $115M from HGGC | | | HGGC has invested $115 million in Upland Software, a cloud software business. Upland currently serves over 1,800 customers and employs over 1,000 people around the world. | | | | | | | Carrick Capital inks $75M Bishop Fox deal | | | Carrick Capital Partners has invested $75 million in Bishop Fox, a cybersecurity company specializing in offensive security, such as continuous penetration testing. The latest investment brings Bishop Fox's total funding raised to $100 million. | | | | | | | TPG, Decarbonization Partners stake Monolith | | | | | | | | Resurgens Technology funds Wellspring | | | | | | | | Gridiron Capital invests in Vistage Worldwide | | | Gridiron Capital has invested in Vistage Worldwide, a CEO coaching and peer advisory organization for small and medium-sized businesses. Founded in 1957, Vistage serves over 27,000 members. | | | | | | | TA Associates to back Intelerad | | | TA Associates has agreed to invest in Intelerad, a medical imaging software and services provider for the healthcare industry. | | | | | |
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| Stripe slashes internal valuation by 28% | | | Stripe has cut the internal value of its shares from $40 apiece to $29, The Wall Street Journal reported. The payments giant was last valued by private investors at $95 billion; the new internal share price, which is calculated separately from shareholders' stock, implies a valuation of about $74 billion. | | | | | | | Crypto specialist Celsius files for bankruptcy protection | | | Crypto lender Celsius Network has filed for Chapter 11 bankruptcy protection. The company, which halted withdrawals last month citing extreme market conditions, stated that it will continue to operate, but that it is "not requesting authority to allow customer withdrawals at this time." Celsius has raised funds from backers including WestCap and Caisse de dépôt et placement du Québec. | | | | | |
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| Battery Ventures raises $3.8B across two funds | | | Battery Ventures has raised $3.3 billion for its 14th flagship fund and $530 million for Select Fund II, a vehicle intended to make additional investments primarily in portfolio companies of the firm's other funds. | | | | | | | Nova closes debut fund on $565M | | | Nova Infrastructure has closed its debut fund on $565 million. The vehicle will focus on middle-market infrastructure investments in North America. | | | | | |
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