PitchBook News - VC fund returns take a turn

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The Daily Pitch: VC

July 15, 2022

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

VC fund returns turned negative in Q1, according to preliminary data in the latest edition of PitchBook's Benchmarks.

The venture secondaries market in Europe is expected to benefit from the economic downturn.

Asset managers are funneling billions into student and college housing deals.

Today's Top Stories

PitchBook Benchmarks for PE, VC and more

The global private markets' decade-long expansion was most recently defined by record-breaking activity in fundraising, fund performance and dealmaking. The current volatility has yet to be fully captured in fund returns, yet there are hints of what's to come, as preliminary data from Q1 shows that VC returns have turned negative.

Our quarterly PitchBook Benchmarks provide a detailed snapshot of data, tracking aggregate closed-end fund returns across multiple strategies and vintage years. The latest edition is now available, including data through Q4 2021 and preliminary data from Q1 2022, and providing downloadable XLS tables, data visualizations and PDFs that break down the figures by fund type and geography.

see the data

Share:

Secondaries market to grow as European VC struggles to exit

(Blake Little/Getty Images)

As the public markets turn against high-growth tech stocks, opportunities for attractive European VC-backed exits have dwindled.

The venture secondaries market in Europe is expected to benefit from the downturn as startup shareholders and investors find themselves in need of liquidity.

Recommended Reads

Smaller and medium-sized Chinese VCs are still showing up to meet with the country's startups, but do they have any money left to offer? [Financial Times]

How one investor is raising millions from scientists, financiers and crypto fans eager to buy into psychedelic treatments that aren't even legal yet. [The Wall Street Journal]

Adtech startups like Urban Legend have hundreds of social media influencers at their disposal, and it's becoming increasingly difficult to tell an earnest opinion from a paid one. [Wired]

Since yesterday, the PitchBook Platform added:

8

VC valuations

1972

People

475

Companies

51

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2014 Vintage Global PE Funds with more than $1B
	VC Deals
	Indian fintech OneCard hits $1.4B valuation
	Merlin Labs secures $105M Series B
	Manifold Bio picks up $40M Series A
	Tiger Global leads $30M round for Hivery
	Robin reels in $30M
	Detect Technologies bags $28M
	Nucleus nabs $14M for consumer genetic testing
	Portfolio Companies
	Stripe slashes internal valuation by 28%
	Crypto specialist Celsius files for bankruptcy protection
	Fundraising
	Battery Ventures raises $3.8B across two funds

The Daily Benchmark

2014 Vintage Global PE Funds with more than $1B

Median IRR

19.20%

Top Quartile IRR

26.35%

1.73x

Median TVPI

Select top performers

Spectrum Equity VII

GTCR Fund XI

Insight Venture Partners IX

*IRR: net of fees

42 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Indian fintech OneCard hits $1.4B valuation

OneCard has raised $100 million at a $1.4 billion valuation in a round led by Temasek, TechCrunch reported. Based in India, the company is a credit card provider for the South Asian market.

View round

View 24 competitors »

Merlin Labs secures $105M Series B

Merlin Labs has raised $105 million in a round co-led by Snowpoint and Baillie Gifford. The company is a developer of autonomous flight technology for fixed-wing aircraft.

View round

View similar company »

Manifold Bio picks up $40M Series A

Manifold Bio has raised $40 million in a round led by Triatomic Capital. Based in Boston, the company offers a platform for testing protein therapeutic designs.

View round

View similar company »

Tiger Global leads $30M round for Hivery

Hivery has raised $30 million in a round led by Tiger Global. The Australian company offers retail assortment and space simulation solutions for global consumer-packaged goods companies and retailers.

View round

View similar company »

Robin reels in $30M

Robin has raised a $30 million Series C led by Tola Capital. The Boston-based company offers a platform to support hybrid work.

View round

View 12 competitors »

Detect Technologies bags $28M

Prosus Ventures has led a $28 million Series B for Detect Technologies. The Indian company offers a suite of AI-powered applications to help enterprises improve safety and productivity.

View round

View 1 competitors »

Nucleus nabs $14M for consumer genetic testing

Nucleus Genomics has raised $14 million in a round led by Seven Seven Six. The New York-based company is developing a direct-to-consumer genetic testing platform.

View round

View similar company »

Portfolio Companies

Stripe slashes internal valuation by 28%

Stripe has cut the internal value of its shares from $40 apiece to $29, The Wall Street Journal reported. The payments giant was last valued by private investors at $95 billion; the new internal share price, which is calculated separately from shareholders' stock, implies a valuation of about $74 billion.

View details

View 107 competitors »

Crypto specialist Celsius files for bankruptcy protection

Crypto lender Celsius Network has filed for Chapter 11 bankruptcy protection. The company, which halted withdrawals last month citing extreme market conditions, stated that it will continue to operate, but that it is "not requesting authority to allow customer withdrawals at this time." Celsius has raised funds from backers including WestCap and Caisse de dépôt et placement du Québec.

View details

View 5 competitors »

Fundraising

Battery Ventures raises $3.8B across two funds

Battery Ventures has raised $3.3 billion for its 14th flagship fund and $530 million for Select Fund II, a vehicle intended to make additional investments primarily in portfolio companies of the firm's other funds.

View fund

View 824 investments »

Chart of the Day

Source: PitchBook's Q1 2022 Private Fund Strategies Report

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PitchBook News - VC fund returns take a turn

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