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PitchBook News - Micro-funds hit above their weight

Anduril targets $500M for AI systems; January Ventures closes $21M fund; home energy specialist seals new funding; Tiger Global backs Kard
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The Daily Pitch: VC
April 29, 2022
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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In today's Daily Pitch, you'll find:
  • As the popularity of seed deals grows in the US, so does the number of micro-funds, providing LPs, firms and startups with unique strategies in the venture market.

  • The Carlyle Group saw its natural resources and infrastructure funds grow 19% year-over-year in Q1.

  • Test your knowledge with our brand-new weekly quiz for fans of the private markets.
Today's Top Stories
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.
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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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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
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Taxfix's $220M Series D adds to elevated European fintech activity
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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.
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Recommended Reads
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]
Since yesterday, the PitchBook Platform added:
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See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2009 Vintage Global Debt Funds  
  VC Deals  
  Anduril Industries seeks $500M Series E  
  Kelonia Therapeutics banks $50M  
  Sealed secures new funding to fight home energy waste  
  Smallstep picks up $26M  
  Tiger Global leads $23M round for Kard  
  Fundraising  
  Interstate Fusion Ventures eyes $40M Fund II  
  January Ventures closes sophomore fund on $21M  
 
 
The Daily Benchmark
2009 Vintage Global Debt Funds
Median IRR
9.76%
Top Quartile IRR
14.12%
1.44x
Median TVPI
Select top performers
VSS Structured Capital II
CapitalSouth Partners Fund III
Fortress Investment Fund III PIK Notes
*IRR: net of fees
27 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
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.
View round
 
View 1 competitors »
 
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.
View details
 
View 208 investments »
 
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.
View round
 
View similar company »
 
Smallstep picks up $26M
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.
View round
 
View similar company »
 
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.
View round
 
View 2 competitors »
 
Fundraising
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.
View fund
 
View 11 investments »
 
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.
View fund
 
View 47 investments »
 
Chart of the Day
Source: PitchBook's Q1 2022 Global M&A Report
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Who's in the newsletter today?
Investors
Alta Partners
Boldstart Ventures
Fifth Wall
Horizons Ventures
Interstate Fusion Ventures
January Ventures
StepStone Group
Tiger Global
Venrock
Companies
Anduril Industries
Kard
Sealed
Smallstep
 
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