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PitchBook News - The pulse of private credit fundraising

VC fund returns take a turn; Whatnot hits $3.7B valuation; Fifth Wall closes $500M climate fund; Meati Foods gobbles up $150M
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The Daily Pitch: VC
July 22, 2022
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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In today's Daily Pitch, you'll find:
  • Briarcliffe Credit Partners' founder and chief executive shares his perspective on the fundraising market in the private credit space.

  • PE deals in the software sector have mostly weathered global market turbulence.

  • VC fund returns turned negative in Q1, according to preliminary data in the latest edition of PitchBook's Benchmarks.
 
Today's Top Stories  
Fundraising adviser explores private debt capital-raising trends in 2022
(bagira22/Getty Images)
The fundraising pace for private debt strategies is showing signs of slowing, according to PitchBook data, a reversion from last year's fast clip. Just $28.9 billion was raised for private credit funds in the first quarter of 2022, a sharp decline compared with the record $72.8 billion raised in Q4 2021.

A string of macro headwinds are weighing on managers' fundraising efforts. However, certain strategies—which could maintain resilient performance in volatile markets and rising rate environments—will remain popular among allocators who are hunting for opportunities to earn higher returns in a time of uncertainty.

We spoke with Jess Larsen of Briarcliffe Credit Partners, a placement agent dedicated to private credit managers, to take the pulse of the current fundraising market in the space.
read more
 
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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
 
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A message from Apex Group  
Fund managers benefit from $3.8m savings with Apex Group
Forrester Consulting has recently released its independent study, having interviewed key decision-makers across a number of large Apex Group clients, and the findings in its Total Economic Impact™ study of Apex Group are compelling:
  • Around $5.4m in cost benefits
  • $2.75m Net Present Value over three years
  • 105% return on investment ROI
To find out more about the benefits and savings that Apex Group's single-source solution can provide, download Forrester's Total Economic Impact™ report on Apex Group here.

Apex Group's transformation over the past few years has been driven by the Group's founding vision—to deliver service in a better way, in a way that no one else can.
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Software industry withstands market turbulence, remains hot for PE firms
(Oselote/Getty Images)
Through Q2 of this year, PE firms have completed 378 deals within the software sector, totaling $74.4 billion in deal value.

Deals within the software industry have remained mostly unfazed by global market turbulence, and sub-sectors within the space have also performed strongly.
read more
 
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Recommended Reads
With college diplomas in hand, Generation Z is entering the workforce. What they want from employers is not quite the same as in generations past. [The Economist]

Carbon-capture innovators claim they can spare us a global climate catastrophe—and make billions in the process. [Texas Monthly]

The startup working to bring the Metaverse to kids in a way teachers and parents can trust. [Forbes]
 
Since yesterday, the PitchBook Platform added:
41
VC valuations
1599
People
431
Companies
29
Funds
See what our data software can do
 
Quick Takes  
  The Daily Benchmark  
  2008 Vintage Global Real Estate Funds  
  VC Deals  
  Whatnot locks down $260M  
  Meati Foods lands $150M for fungi-based protein  
  15Five brings in $52M Series C  
  Zededa raises $26M Series B  
  Hashflow picks up $25M  
  Anvilogic secures $25M  
  Digital coaching platform TaskHuman raises $20M  
  Fundraising  
  Fifth Wall debuts $500M climate fund  
 
 
The Daily Benchmark  
2008 Vintage Global Real Estate Funds
Median IRR
7.48%
Top Quartile IRR
10.46%
1.33x
Median TVPI
Select top performers
Occasio CMBS Fund I
K2 Fund
Cabot Industrial Value Fund III
*IRR: net of fees
59 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Whatnot locks down $260M
Whatnot has raised $260 million at a $3.7 billion valuation in a Series D co-led by DST Global and CapitalG. The Los Angeles-based company offers a live shopping platform for collectors and enthusiasts.
View round
 
View 1 competitors »
 
Meati Foods lands $150M for fungi-based protein
Meati Foods has raised a $150 million Series C led by Revolution Growth. Based in Colorado, the company offers meat alternatives made from mushroom root.
View round
 
View 16 competitors »
 
15Five brings in $52M Series C
15Five, the developer of a performance management platform for small and medium-sized businesses, has raised $52 million in a round led by Quad Partners. The company was valued at more than $140 million in 2019, according to PitchBook data.
View round
 
View 54 competitors »
 
Zededa raises $26M Series B
Zededa has raised $26 million from investors including Lux Capital and Energize Ventures. The San Jose-based company's edge computing platform is designed to help enterprise customers manage and orchestrate distributed edge infrastructure and applications.
View round
 
View 36 competitors »
 
Hashflow picks up $25M
Hashflow has raised $25 million at a $400 million valuation from investors including Electric Capital, Dragonfly Capital and LedgerPrime. Founded in 2021, the company offers a DeFi trading platform.
View round
 
View similar company »
 
Anvilogic secures $25M
Anvilogic has raised a $25 million Series B led by Outpost Ventures, a Neuberger Berman fund. Based in Palo Alto, the company offers a cybersecurity platform that automates threat detection and incident response.
View round
 
View similar company »
 
Digital coaching platform TaskHuman raises $20M
TaskHuman has raised a $20 million Series B led by Madrona. The company is the developer of a digital coaching platform for employees in areas including career and leadership, physical fitness and mental well-being.
View round
 
View 1 competitors »
 
 
Fundraising  
Fifth Wall debuts $500M climate fund
Fifth Wall has closed its inaugural climate fund on $500 million. The vehicle will target companies developing software, hardware, renewable energy, energy storage, smart buildings and carbon sequestration technologies aimed at decarbonizing the real estate industry.
View fund
 
View 105 investments »
 
 
Chart of the Day  
Source: Q2 2022 PitchBook-NVCA Venture Monitor
 
Who's in the newsletter today?
Companies
15Five
Anvilogic
Hashflow
Meati Foods
TaskHuman
Whatnot
Zededa
Investors
CapitalG
DST Global
Dragonfly Capital
Electric Capital
Energize Ventures
Fifth Wall
LedgerPrime
Lux Capital
Madrona
Neuberger Berman
Quad Partners
Revolution Growth
 
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