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In today's Daily Pitch, you'll find: - A new market map exploring the entertainment segment of the global metaverse VC ecosystem.
- Despite an expected upswing, private real estate fundraising appears to be falling, according to our H1 2022 Global Real Estate Report.
- Amid growing demand, blockchain networks have enabled startups to create a new option for real estate investing: tokenization.
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| The complex reality of real estate in H1 2022 | | Private real estate fundraising appears to be in decline—an unexpected development for a strategy typically regarded as an inflation hedge. Going into this year, allocations to real estate were predicted to increase, but through H1, that growth has not materialized.
A shift in investors' interest has combined with the evolution of opposing market forces to alter the landscape, according to our latest Global Real Estate Report, sponsored by Baker Tilly. Among the takeaways: - In H1, real estate made up a smaller share of total private market capital raised than in any year on record, due in part to the lure of real assets amid infrastructure's recent steadfast performance.
- Real estate's one-year horizon IRR reached 24.8% through 2021—its best performance in a decade and just shy of the all-time high reached in 2011—but preliminary figures from Q1 2022 show the run of good fortune might not last.
- Opportunistic funds dominated capital raised, accounting for over 50% of the total, while distressed funds fell to just 1%. That may seem surprising in the current market, yet our data shows less of a correlation between distressed fundraising and economic recessions than might be expected.
| | | | | | | | | Real estate tokenization: An emerging use for blockchain | | The division of real estate into digital tokens purchasable by investors, known as tokenization, has the potential to solve issues historically associated with real estate investing, such as illiquidity and high barriers to entry.
Our latest analyst note explores how the emergence of blockchain networks such as Ethereum, Algorand and Solana has enabled startups to slice real estate into small pieces that are stored on blockchains and traded. Growing demand among both retail and institutional investors for exposure to the sector supports tokenization, yet barriers to adoption remain.
The report also includes a profile of Lofty, which seeks to be a leader in this industry by building a real estate marketplace that allows investors to acquire tokens representing fractional ownership in residential rental properties. | | | | | | | |
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| A message from McDermott Will & Emery | | |
| Join leading professionals for a can't-miss networking event in New York City | | Experience the healthcare private equity industry's most dynamic event of the fall! Join fellow senior leaders at McDermott Will and Emery's HPE New York for riveting conversations on the most pressing topics and trends impacting healthcare investing.
Whether you are looking to identify new investment opportunities or position your company for growth, this event will provide unparalleled access to leading senior professionals active in healthcare investing including private equity investors, executives and founders. Join us on Friday, October 21 at the iconic Lotte New York Palace for a half-day of insightful panels and premier networking opportunities at HPE New York 2022.
Register today | | | | | | | |
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| Market Map: Entertain me in the metaverse | |  | | (Chaosamran_Studio/Shutterstock) | | | Billions of dollars have been invested into the metaverse, but its nature remains a mystery. What's clear is that much of the money and effort is being spent on novel ways to entertain and connect people.
Our latest market map explores where money is going in the metaverse ecosystem, with details on the entertainment sector. | | | | | | | | | | Executives at private equity giants like The Carlyle Group, Blackstone and KKR have convinced outsiders that they are in the process of ceding control to a younger generation. But are founders really ready to let go? [The New York Times]
Elon Musk is now banking on a whistleblower report from Twitter's former security chief as new grounds to call off the $44 billion deal. [Financial Times]
The satellites tracking illegal fishing and logging in some of the world's most inaccessible places. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 425 Deals | 1713 People | 499 Companies | 11 Funds | | | | | | |
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| 2020 Vintage North American Real Estate Funds | | | | | | |
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| Karan Mehandru joins Madrona as managing director | | | | | | |
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| EarlySalary banks $110M Series D | | | EarlySalary has raised a $110 million Series D co-led by TPG and Norwest Venture Partners. Based in India, the company offers consumer lending and buy now, pay later services for mid-income professionals. | | | | | | | Web3 gaming company Xterio raises $40M | | | Xterio has raised $40 million in a round led by FunPlus, Makers Fund, FTX Ventures and XPLA. Based in Switzerland, the company develops Web3 games and other interactive entertainment products. | | | | | | | Recurve picks up $18M Series B | | | | | | | | Outpost nabs $7M+ for reusable satellites | | | | | | | | Power emerges from stealth with $7M | | | Power has raised $7 million in seed financing co-led by Footwork and CRV. The Bay Area-based company's platform helps patients find and navigate clinical trials. | | | | | |
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| Temasek to lead $100M investment in Animoca Brands | | | Temasek plans to lead a $100 million investment in Animoca Brands, a Hong Kong-based crypto investment specialist, Bloomberg reported. Temasek will lead the funding through convertible bonds. | | | | | | | Main Street, Yankees join AC Milan investor group | | | | | | | | Accel-KKR invests in Teamcore | | | Accel-KKR has made a majority growth investment in Teamcore, the provider of a retail execution platform. The Chile-based company offers go-to-market strategies, product roadmaps and more. | | | | | | | Genstar Capital lands Numerix | | | Genstar Capital has acquired Numerix, a New York-based provider of capital markets risk management technology. | | | | | | | Align sells WilliamsMarston stake to Kelso | | | | | | | | Apollo to exit Parallel Infrastructure to Harmoni Towers | | | | | | |
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| Thoma Bravo to sell Frontline Education to Roper for $3.7B | | | | | | |
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