PitchBook News - Fund performance holds strong

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The Daily Pitch: VC

August 5, 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:

Our latest Global Fund Performance Report uses data through Q4 2021 and preliminary 2022 figures to explore the returns of various fund strategies.

We list the most active VC investors in European healthtech startups by deal count since 2018.

Today's Top Stories

Global fund performance holds strong, but may soon return to modest levels

Rolling one-year IRRs through Q4 2021 were robust, though lower than in immediately prior quarters due to macroeconomic headwinds that continued to plague markets into 2022.

One-year returns for PE funds leveled off at 46.6% in Q4 2021, illustrating the impact of global factors, including inflation and rising interest rates, on private equity. The effects of these influences will likely be seen in greater magnitude in Q1 2022, with preliminary quarterly returns data for each of the fund strategies at more moderate levels.

VC registered a 50.5% return in the year through Q4 2021 after a 65.1% return in the year through Q3—even "lagging" fund strategies posting returns well above normal levels.

Our latest Global Fund Performance Report provides data through Q4 2021 as well as some preliminary 2022 figures to provide a comprehensive look at the returns of various fund strategies, including real estate, real assets, private debt, funds of funds and secondaries.

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Apollo takes advantage of market boom with $4B secondaries business

(MJgraphics/Shutterstock)

Seeking to take advantage of the flourishing market for secondary transactions, alternative asset management giant Apollo Global Management has formed a new platform to buy secondhand private fund stakes and provide other forms of fund financing.

The launch comes at a time when asset managers and investment banks are in an escalating race to build up their footprints in the fast-growing secondary market for private funds. Investors and sponsors are increasingly seeking liquidity amid a volatile global market.

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Since yesterday, the PitchBook Platform added:

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Quick Takes

	The Daily Benchmark
	2011 Vintage Global PE Funds
	VC Deals
	Afresh secures $115M
	Talon Cyber Security snags $100M
	LatAm fintech startup Geopagos picks up $35M
	Axio locks down $23M
	Kurtosis snaps up $20M Series A
	Canaan invests $18M in Mosey
	Ghost raises $15M
	Exits & IPOs
	Plastiq to go public via SPAC

The Daily Benchmark

2011 Vintage Global PE Funds

Median IRR

15.22%

Top Quartile IRR

22.59%

1.81x

Median TVPI

Select top performers

Shamrock Capital Growth Fund III

Monomoy Capital Partners II

COPE Opportunities 2

*IRR: net of fees

100 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Afresh secures $115M

Afresh has raised a $115 million Series B led by Spark Capital. The company aims to cut down on food waste by providing grocers with an AI-driven platform for managing fresh food supply.

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View 1 competitors »

Talon Cyber Security snags $100M

Tel Aviv-based Talon Cyber Security has raised a $100 million Series A led by Evolution Equity Partners. The company is the developer of a secure browser for organizations.

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View similar company »

LatAm fintech startup Geopagos picks up $35M

Argentina-based Geopagos, which facilitates payments processing for companies in Latin America, has raised $35 million in a round led by Riverwood Capital.

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View similar company »

Axio locks down $23M

Cyber-risk management specialist Axio has raised a $23 million Series B led by Istari, a cybersecurity-focused investor founded by Temasek in 2020.

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View 41 competitors »

Kurtosis snaps up $20M Series A

Coatue has led a $20 million Series A for Kurtosis, with additional investors including Coinbase Ventures and Mantis VC, TechCrunch reported. The startup offers a development platform for distributed systems.

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View similar company »

Canaan invests $18M in Mosey

Mosey has raised an $18 million Series A led by Canaan Partners. Mosey helps companies meet payroll compliance requirements when hiring remote workers in any US state.

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View similar company »

Ghost raises $15M

Ghost Security, an Austin-based application security company, has raised $15 million from 468 Capital, DNX Ventures and Munich Re Ventures.

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View 3 competitors »

Exits & IPOs

Plastiq to go public via SPAC

Plastiq has agreed to go public via a merger with blank-check company Colonnade Acquisition Corp. II, Bloomberg reported. The combined company will have a value of roughly $480 million, including debt. The payments provider has been backed by investors including Kleiner Perkins, B Capital Group and Khosla Ventures.

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View 23 competitors »

Chart of the Day

"In recent years, late-stage maturation in Europe has been fueled by an influx of larger traditional VC funds, international investors, and nontraditional backers. Valuations and round sizes tied to late-stage companies have surged, particularly in the past two years, as growth rates for digital companies, and competition between investors to participate in sought-after rounds, has increased. Software-based solutions in subsectors including fintech, infosec, and healthtech have proven popular."

Source: PitchBook's Q2 2022 European Venture Report

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PitchBook News - Fund performance holds strong

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