Global Markets Snapshot: Volatility takes a toll

Nontraditional investors begin to retreat; Catalio closes $381M+ life sciences fund; Zepto carts off $200M; Teleport locks onto $110M
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The Daily Pitch: VC
May 4, 2022
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In today's Daily Pitch, you'll find:
  • Our Global Markets Snapshot examines a month of private markets activity and trends in equity, debt and commodities.

  • While so-called tourist investors haven't fled VC completely, there are still signs of a tactical retreat in Q1.

  • A breakdown of private equity giant KKR's first-quarter earnings.
Today's Top Stories
Equities decline in April amid market volatility, expectations of rising rates
The public markets saw a sharp sell-off in April, headlined by the Nasdaq's monthly decline of 13.3%. VC-backed IPOs have posted losses of nearly half their value over the past year, and unicorn creation faltered as equity market valuations cooled. Consumer staples was the only sector to rise in April, climbing 2.5%.

Our Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also explores private markets activity, including major deals, IPO performance and unicorn creation by region. In this monthly digest, we provide the datasets that PitchBook's research team is keeping an eye on as financial markets remain volatile.
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'Tourist' investors haven't fled VC, but there are signs of a tactical retreat
(Andriy Onufriyenko/Getty Images)
Corporate venture arms, hedge funds, private equity firms and other nontraditional backers have rushed into venture during the last few years, with participation reaching over 78% of total US deal value in 2021.

But now, many of these investors are starting to retreat from VC-backed startups amid high stock market volatility and increasing interest rates.
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KKR's distributable earnings, performance fees spike YoY in Q1
(SOPA Images/Getty Images)
The third private equity giant to report its Q1 finances this year, KKR saw its distributable earnings climb almost 50% to $1 billion in Q1, compared to the same period last year.

The firm's performance income—the revenue from fees charged to the investors whose money KKR manages—also grew year-over-year, hitting $609 million in the first quarter, up 250% from $171 million in Q1 2021.
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Recommended Reads
The COO of software company ZenLedger boasted of his work history with the likes of Goldman Sachs and Larry King. But did anyone check to see if it was true? [The New York Times]

Why some investors are worried by a subtle wording change in the SEC's proposed new rules. [Institutional Investor]

Despite soaring commodity prices, oil-and-gas giant BP reported a massive loss in the first quarter after taking a $25.5 billion hit by exiting its Russian holdings. [The Wall Street Journal]
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Quick Takes
  The Daily Benchmark  
  2019 Vintage Global VC Funds  
  VC Deals  
  Zepto carts off $200M Series D  
  Point nabs $115M  
  Teleport raises $110M Series C  
  Seattle's Edge Delta secures $63M  
  Traceable AI picks up $60M  
  LottieFiles lands $37M  
  Element5 brings in $30M  
  Scalapay snags $27M for Series B  
  Valence adds $25M in new funding  
  Fundraising  
  Catalio snags over $381M for Fund III  
  The Home Depot reveals $150M VC fund  
  Israel's Hetz Ventures wraps third fund with $123M  
 
 
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The Daily Benchmark
2019 Vintage Global VC Funds
Median IRR
41.73%
Top Quartile IRR
59.23%
1.35x
Median TVPI
Select top performers
Kairos Investors Fund II
Vectr Fintech Fund I
Northzone IX
*IRR: net of fees
70 Funds in Benchmark »
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VC Deals
Zepto carts off $200M Series D
Zepto has raised $200 million at a $900 million valuation in a round led by Y Combinator, according to reports. The Mumbai-based company operates a grocery delivery service across multiple cities in India.
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Point nabs $115M
Point has raised a $115 million Series C led by growth equity firm WestCap. Based in Palo Alto, the company offers equity financing to homeowners in exchange for a fractional share of the future value of their homes. VCs like Andreessen Horowitz and Ribbit Capital also participated in the round.
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Teleport raises $110M Series C
Teleport has raised $110 million in a round led by Bessemer Venture Partners, valuing the company at $1.1 billion. Based in Oakland, Calif., Teleport offers an identity-based authentication platform that helps customers such as Snowflake and DoorDash manage digital infrastructure. The startup raised a $30 million Series B in August 2021.
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View 89 competitors »
 
Seattle's Edge Delta secures $63M
Edge Delta has raised a $63 million Series B led by Quiet Capital. The company uses distributed stream processing and machine learning to offer data analytics and insights in real time.
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Traceable AI picks up $60M
Traceable AI has raised a $60 million Series B led by IVP, with support from Tiger Global, Unusual Ventures and Big Labs. Based in the Bay Area, the company offers an API security platform intended to detect and manage malicious attacks. The funding values the company at more than $450 million.
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LottieFiles lands $37M
LottieFiles has raised a $37 million Series B led by Square Peg Capital. Based in San Francisco, the company is the developer of a motion graphics platform intended to help designers manage and collaborate on projects. LottieFiles raised a $9 million Series A in January 2021.
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Element5 brings in $30M
Element5 has raised a $30 million Series B led by Insight Partners. The San Jose-based company offers robotic process automation software to help post-acute care providers manage staffing operations.
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Scalapay snags $27M for Series B
Scalapay has raised a $27 million Series B extension from Poste Italiane, the Italian provider of a service infrastructure network and payment cards. Scalapay offers a buy now, pay later platform. The new capital brings the round's total to $524 million.
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Valence adds $25M in new funding
Valence has raised a $25 million Series A led by Insight Partners, TechCrunch reported. The Toronto-based company offers digital tools that enable managers to track team performance.
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Fundraising
Catalio snags over $381M for Fund III
Catalio Capital Management has closed its third life sciences fund with more than $381 million in capital commitments, surpassing a target of $300 million. The fund will be used to back biomedical tech companies at all stages of growth. Operating out of New York, Baltimore and London, the firm raised $100 million for the vehicle's predecessor.
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View 53 investments »
 
The Home Depot reveals $150M VC fund
The Home Depot has announced the launch of Home Depot Ventures, a $150 million fund. The vehicle will back early- and growth-stage emerging tech companies that are working to improve the customer experience and are focused on home improvement.
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View 44 investments »
 
Israel's Hetz Ventures wraps third fund with $123M
Hetz Ventures, an Israeli seed-stage VC firm, has collected $123 million for its third namesake fund. Launched in 2018, Hetz backs companies across verticals like cybersecurity, fintech and DevOps. The firm raised $77 million for its second flagship vehicle in 2020.
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View 17 investments »
 
Chart of the Day
"FoF invested mainly in PE that were common 15 years ago have vastly declined in popularity—dropping from two thirds of the FoF capital raised in 2006 to only 18% in 2021. On the other hand, VC has spiked from 5.6% of FoF capital raised to 57.9%. LPs want venture, which is on a performance hot streak not seen for over 20 years."

Source: PitchBook's 2021 Annual Private Fund Strategies Report
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