PitchBook News - Global fund performance holds strong

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The Daily Pitch: VC

May 5, 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:

Our latest Global Fund Performance Report uses data through Q3 2021 to provide a comprehensive look at the returns of various fund strategies.

Critics will say this is the beginning of the end for NFT projects, which have been characterized largely by over-promises and flash over substance, but PitchBook analyst Ryan Vaswani makes the case for a different outcome.

Kleiner Perkins chair John Doerr is donating $1.1 billion to fund a Stanford University climate school as the firm sits out a cleantech resurgence.

Today's Top Stories

Global fund performance holds strong, but a decline could be on the horizon

One-year horizon IRRs through Q3 2021 remained incredibly strong despite another wave of COVID-19 during the quarter that raised concerns about a pullback in performance. Returns to date indicate that the majority of private market funds have been able to pivot to handle pandemic-related challenges.

Our latest Global Fund Performance Report uses data through Q3 2021 as well as some preliminary Q4 figures to provide a comprehensive look at the returns of various fund strategies. We also examine why public market comparisons may lead to disappointing private markets performance in coming quarters. Key highlights of the report include:

PE returns cooled in Q3 2021, dropping to 6.8% amid a quickly changing macroeconomic backdrop. That figure represents the strategy's lowest quarterly IRR since Q1 2020.

Real estate hit a 17.2% one-year horizon IRR, its best one-year performance since 2014, with preliminary Q4 IRR suggesting a bright future for the asset class.

Private debt performance waned drastically during the quarter, but still remains strong on an annual basis, though deceleration of these figures is anticipated in coming quarters.

Secondaries funds stepped up to a new level of fundraising in 2020 and experienced a substantial uptick in performance during 2021, notching a one-year horizon IRR of 52.5%.

read the report

After a crash, what comes next for NFTs?

(Andrei Askirka/Getty Images)

The red-hot market for NFTs is freezing over as transactions and daily sales plummet.

Critics will say this is the beginning of the end for NFT projects, which have been characterized largely by over-promises, "rug pull" scams and flash over substance.

PitchBook analyst Ryan Vaswani makes the case for a different outcome: The purge in NFT speculation will refocus entrepreneurs on bringing clear value to digital assets.

read the analysis

A message from Velocity Global

How asynchronous work benefits your team

Asynchronous work is when a company's roster isn't expected to be online at the same time or complete their work simultaneously. This model gives employees scattered across multiple time zones the flexibility to get work done on their terms.

However, asynchronous work isn't without challenges. These models require transparency, communication, and documentation across different borders and multiple time zones.

Read Velocity Global's guide to async work to learn how to implement a successful strategy so your office can hire anyone, anywhere in the world.

John Doerr gives $1.1B to climate school as Kleiner Perkins sits out cleantech resurgence

(Andriy Onufriyenko/Getty Images)

An enthusiasm for planet-saving tech has firmly gripped the venture industry. But Kleiner Perkins, a onetime leader in the space, has largely sat on the sidelines of the recent wave.

The firm's actions contrast those of chair John Doerr, who, along with his wife Ann Doerr, is donating $1.1 billion to Stanford University for the creation of a new school focused on sustainability and climate change.

Recommended Reads

The story of how one Vietnamese blockchain unicorn turned the country into the world's most surprising crypto startup hotspot. [Fortune]

Nintendo of America president Reggie Fils-Aimé on the Wii's launch in the US and why he thought it would get him fired. [Fast Company]

As online platforms have increased their dominance, many have leveraged their power by raising fees and changing rules. At what cost? [Harvard Business Review]

Since yesterday, the PitchBook Platform added:

VC valuations

1149

People

297

Companies

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2010 Vintage Global Funds-of-Funds
	People
	Sameer Dholakia joins Bessemer as partner
	VC Deals
	Sentry hits $3B+ valuation
	Mosyle secures $196M
	Tailscale nabs $100M Series B
	Apnimed locks down $62.5M
	Allocate raises $15.3M
	Sensible Weather snaps up $12M
	Fundraising
	Magnify Ventures announces $52M fund

The Daily Benchmark

2010 Vintage Global Funds-of-Funds

Median IRR

13.13%

Top Quartile IRR

15.20%

1.79x

Median TVPI

Select top performers

Commonfund Capital Venture Partners IX

OTRS/FP Private Equity Fund

TrueBridge-Kauffman Fellows Endowment Fund II

*IRR: net of fees

49 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Sameer Dholakia joins Bessemer as partner

Sameer Dholakia has joined Bessemer Venture Partners as partner. An industry veteran, Dholakia previously served as CEO at SendGrid and VMLogix. In his new role, Dholakia will focus on the firm's growth investment practice.

View details

VC Deals

Sentry hits $3B+ valuation

Sentry has raised a $90 million Series E co-led by Bond and Accel that values the company at more than $3 billion. San Francisco-based Sentry offers an application monitoring platform that tracks errors, performance and more.

View round

View 3 competitors »

Mosyle secures $196M

Mosyle has raised a $196 million Series B led by Insight Partners. The company offers a unified software platform that helps businesses and educational institutions manage Apple devices.

View round

View 2 competitors »

Tailscale nabs $100M Series B

Tailscale has raised $100 million in a round co-led by CRV and Insight Partners. The Toronto-based company is the provider of a corporate virtual private network for banks and other organizations.

View round

View 2 competitors »

Apnimed locks down $62.5M

Apnimed has raised $62.5 million in a round led by Sectoral Asset Management. Based in the Boston area, the company is a developer of pharmacologic treatments for people affected by obstructive sleep apnea and related disorders.

View round

View similar company »

Allocate raises $15.3M

Allocate has raised a $15.3 million Series A led by M13. Based in the Bay Area, the company's digital investment platform helps tech startups access noninstitutional venture capital investors.

View round

View similar company »

Sensible Weather snaps up $12M

Sensible Weather has raised a $12 million Series A led by Infinity Ventures. The company provides a climate risk analytics platform, and partners with the hospitality and recreation industries to offer customers weather-related travel reimbursements. Sensible raised a $4 million seed round in December.

View round

View similar company »

Fundraising

Magnify Ventures announces $52M fund

Magnify Ventures has debuted with $52 million in new funding. Based in Los Angeles, the early-stage firm backs companies related to parenting and family life, the future of work, household optimization and aging and longevity. Magnify Ventures' portfolio includes startups like employee leave platform Cocoon and Seven Starling, a provider of postpartum therapy.

View fund

View 4 investments »

Chart of the Day

Source: PitchBook's H2 2021 Greater China Venture Report

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