PitchBook News - Micro-funds hit above their weight

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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

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.

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]

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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View 47 investments »