Tracking SoftBank Vision Fund's performance

A primer on private markets real estate; test your private markets knowledge; mapping Africa's growing VC landscape; Instacart files for IPO
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The Daily Pitch: VC
May 13, 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:
  • Our analyst note on real estate investing breaks down the sector by industry dynamics, economic drivers, terminology and more.

  • Our SoftBank Vision Fund Dashboard tracks the portfolio's performance, investments and other metrics.

  • Test your private markets knowledge with this week's PitchBook News Quiz.
Today's Top Stories
Tracking the SoftBank Vision Fund portfolio's performance
(NurPhoto/Getty Images)
SoftBank will slow new investments from its Vision Fund portfolio and retain cash as its tech holdings plummet in value.

The portfolio is more important than ever to SoftBank: The segment accounts for nearly half of the firm's holdings following a years-long reallocation that has reduced its Alibaba stock.

In a new dashboard, we're tracking the Vision Fund portfolio's performance, investments and other metrics.
see the dashboard
 
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Analyzing real estate investing strategies, economic drivers and more
Real estate attracts increased attention from private markets investors during periods of inflation, and this recent bout has been no different.

Terminology, industry dynamics, investment strategies and other factors may appear opaque or difficult to tie together for investors looking to move into the real estate space, and many are still attempting to glean the finer points of how to approach the asset class. Meanwhile, for those pursuing real estate investments for their inflation-hedging abilities, a second look may be merited.

Our analyst note on the space provides a clear and comprehensive picture of private markets real estate investing strategies, sectors and economic drivers.
read it now
 
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A message from Allvue Systems
Tear sheet templates for private equity managers
Keeping all stakeholders—both internal and external—in the loop with clean data snapshots is a key challenge for many private equity managers.

Now you can get a solid foundation for the one-off, high-level reporting of investment data with sample guidance from Allvue in a new Tear Sheet Template Kit designed specifically for private equity managers.

This PDF kit includes both a fund-level tear sheet and a portfolio company-level tear sheet that you and your team can use as templates to update investors, prospects, and internal team members quickly and easily on essential metrics.

Access the kit here
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PitchBook News Quiz
(Julia Midkiff/PitchBook News)
Did you follow the private markets news this week? Take the PitchBook News Quiz to see how you stack up.

This week: Jared Kushner puts Saudi money to work, SoftBank has a new vision and a stablecoin destabilizes crypto markets.
take the quiz
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Mapping Africa's growing venture capital landscape
(Adam Gault/Getty Images)
The rise in demand for fintech innovation and influx of foreign investors have helped Africa continue last year's blistering pace of VC dealmaking.

Kenya and Egypt are leading the pack, recording more than 52% of the total capital raised by African startups so far this year. What are some other trends in the continent? Here's a closer look at the latest data amassed by PitchBook, depicting how the momentum has carried over into 2022.
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Median VC valuations for fintech hit new highs in Q1
Global VCs invested $29.3 billion in fintech during Q1, representing a 7.3% decrease in deal value from the previous quarter. Yet a string of sizable deals for payments companies including Bolt, Checkout.com and Brex helped push the median pre-money valuation for late-stage fintech companies to $257.5 million during the quarter—a 44.5% increase from 2021's full-year figure.

On the exit front, many fintech startups are expected to become acquisition targets of incumbents and other well-established fintech companies, as IPO activity grinds to a halt in the current economic environment.

Our Q1 Emerging Tech Research report on fintech breaks down the sector's strong quarter, highlighting emerging opportunities in corporate crypto finance, carbon credit tokenization and payment facilitation. It also includes a comprehensive market map of key players across each fintech sub-segment, with detailed looks at companies such as Bitwave, Celo and OpenNode.
read the preview
 
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Recommended Reads
Scientists have grown plants in lunar soil for the first time, but it's still unlikely we'll be farming on the moon anytime soon. [Gizmodo]

Advertising has won the war against Netflix and other streaming platforms. Do consumers even care? [Fast Company]

A surprise federal appeals court decision is causing social media's legal foundation to crumble in Texas. What happens next? [Protocol]
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Since yesterday, the PitchBook Platform added:
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VC valuations
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Quick Takes
  The Daily Benchmark  
  2014 Vintage Global Real Estate Funds  
  VC Deals  
  6K secures $102M Series D for battery material production  
  Eridan lands $46M  
  Solidus Labs snags $45M for trade surveillance tech  
  Tiger Global leads $42M round for Komodor  
  Mathison raises $25M for equitable hiring  
  Fertility startup Legacy secures $25M  
  StackHawk picks up $20.7M  
  LandGate bags $10M  
  Exits & IPOs  
  Instacart confidentially files for IPO  
  Fundraising  
  Elsewhere Partners wraps up $175M Fund II  
 
 
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The Daily Benchmark
2014 Vintage Global Real Estate Funds
Median IRR
11.26%
Top Quartile IRR
14.71%
1.42x
Median TVPI
Select top performers
L-A Saturn Acquisition
Exeter Industrial Value Fund III
Activum SG Real Estate Fund III
*IRR: net of fees
61 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
6K secures $102M Series D for battery material production
6K has raised $102 million in a round led by Koch Strategic Platforms. The company is the developer of a microwave plasma production system that creates materials for lithium-ion batteries and products related to additive manufacturing, renewable energy, aerospace, consumer electronics and more.
View round
 
View 5 competitors »
 
Eridan lands $46M
Eridan has raised $46 million in a round co-led by Capricorn's Technology Impact Fund and Monta Vista Capital. The Mountain View, Calif.-based company is a developer of wireless connectivity infrastructure.
View details
 
View 4 competitors »
 
Solidus Labs snags $45M for trade surveillance tech
Solidus Labs has raised a $45 million Series B led by Liberty City Ventures. The New York-based company offers trade surveillance, transaction monitoring and threat intelligence services for the crypto and decentralized finance space.
View round
 
View 47 competitors »
 
Tiger Global leads $42M round for Komodor
Komodor, the creator of an automated troubleshooting platform for open-source system Kubernetes, has raised a $42 million Series B led by Tiger Global. The company has now raised $67 million in total backing.
View round
 
View similar company »
 
Mathison raises $25M for equitable hiring
Mathison has raised a $25 million Series A led by F-Prime Capital. The company's hiring and retention platform helps employers measure diversity, equity and inclusion, source underrepresented candidates and reduce bias in the hiring process.
View round
 
View similar company »
 
Fertility startup Legacy secures $25M
Legacy has raised a $25 million Series B led by Bain Capital Ventures. Founded in 2018, the Boston-based fertility company offers at-home sperm testing kits as well as sperm analysis, DNA fragmentation and cryopreservation for the samples.
View round
 
View similar company »
 
StackHawk picks up $20.7M
StackHawk has raised a $20.7 million Series B co-led by Sapphire Ventures and Costanoa Ventures. The Denver-based company offers an application security testing platform.
View round
 
View 59 competitors »
 
LandGate bags $10M
Clean energy company NextEra Energy Resources has led a $10 million Series B for LandGate. Based in Denver, LandGate offers an online marketplace for US commercial land and resources including solar, wind, minerals, water and carbon offsets.
View round
 
View similar company »
 
Exits & IPOs
Instacart confidentially files for IPO
Grocery delivery provider Instacart has confidentially filed for an initial public offering with the SEC. The company was valued at $39 million in March 2021 after raising $265 million from investors including Andreessen Horowitz, Sequoia and D1 Capital Partners.
View details
 
View 12 competitors »
 
Fundraising
Elsewhere Partners wraps up $175M Fund II
Elsewhere Partners has closed its second fund on $175 million. The growth-stage VC firm invests in business software companies located outside of traditional venture capital hubs.
View fund
 
View 15 investments »
 
Chart of the Day
Source: PitchBook's 2022 Nordic Private Capital Breakdown
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