PitchBook News - Tracking public fintech valuations

Large investors flock to venture debt; Ballmers back Black fund managers; Vertex Ventures eyes $500M for China-focused fund; Credit Key unlocks $15M
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The Daily Pitch: VC
October 20, 2022
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Today's Top Stories  
Public fintech valuations remain far off their highs
Many of the recent traditional IPOs and deSPAC transactions have not resulted in as big a payday as expected for late-stage fintech investors, as stocks of fast-growth, low-profit companies in the sector are 60% to 80% off their peak.

Our analysts believe a challenged IPO market with lower valuations means that executing an IPO will be more difficult and valuations will be lower, at least in the short term. The trend could affect the performance of certain growth equity and late-stage VC funds.

Our Fintech Q3 Public Company Valuation Guide tracks stock performance, revenue forecasts and market caps of key publicly traded fintech companies in sectors including payments, insurtech and property tech.
see the data
 
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Large-scale investors flock to venture debt's 'phenomenal returns'
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Venture debt was a small, poorly understood asset class a decade ago.

But as startups have grown, so have their borrowing needs. Large asset managers and private equity firms have been piling into venture debt in recent years, drawn to the asset class's surprisingly lucrative returns and relatively low risk.

However, venture debt's unique characteristics make it difficult for newcomers with traditional credit experience to transition to lending to unprofitable startups.
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A message from SS&C Intralinks  
Report from the front lines: GPs and LPs speak out on new strategies for PE
The pandemic transformed every aspect of private equity—from rapidly changing market opportunities and targets to processes like fundraising, investor onboarding, reporting and portfolio management.

Download Intralinks' new report, Forging New Paths in Private Equity Investing, produced in association with Private Equity Wire, for the results of a recent focus group with senior executives from top PE firms across the spectrum of private asset classes. Get insights on:
  • Why LPs are focusing on "re-ups" rather than new strategies
  • Investor sentiment on building new manager relationships
  • The emergence of deeper due diligence processes
  • Changes to onboarding significance and processes
  • ESG and sustainability concerns
Download this new report to map out a better private equity strategy.
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Private equity fundraising challenges set up a tough 2023
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As fundraising challenges cloud the private equity market, managers seeking new capital are expected to see an even tougher year in 2023.

These additional challenges could confront private equity managers across almost all fund sizes and strategies, several industry participants said. As a result, firms could take longer to reach the fundraising finish line.
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Ireland sees Europe's fastest PE deal growth
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Ireland saw the most growth in PE deal activity among European countries over the last five years.

While the country still only accounts for a relatively small share of overall deal activity—147 deals were recorded in 2021—it has seen fast growth. Between 2016 and 2021, annual deal activity in Ireland grew by an average of 30.3%.
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Recommended Reads
Are private equity firms ditching the leverage in leveraged buyouts? [Bloomberg]

Will the energy crisis crush European industry? [Financial Times]

Why Wellington Management is investing heavily into making itself a viable home for rising alternatives managers. [Institutional Investor]
 
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Quick Takes  
  The Daily Benchmark  
  2016 Vintage Global Funds-of-Funds  
  VC Deals  
  Orionis Biosciences brings home $55M  
  PIC Therapeutics raises $35M  
  Nourish Ingredients bulks up with $28M+  
  Credit Key unlocks $15M for B2B BNPL  
  Fundraising  
  Vertex Ventures seeks $500M for China-focused fund  
  Investors  
  Steve and Connie Ballmer back VC, PE firms with Black managers  
 
 
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The Daily Benchmark  
2016 Vintage Global Funds-of-Funds
Median IRR
23.55%
Top Quartile IRR
32.48%
1.89x
Median TVPI
Select top performers
Weathergage Capital Investments 2016
SVB Strategic Investors Fund VIII
Fairview Private Markets Fund IV
*IRR: net of fees
39 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
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VC Deals  
Orionis Biosciences brings home $55M
Orionis Biosciences has raised $55 million from investors including Cormorant Asset Management and Novartis. The medtech company will use the funding to advance its lead cancer immunotherapies through clinical trials.
View round
 
View similar company »
 
PIC Therapeutics raises $35M
PIC Therapeutics, a drug discovery company developing medicines for cancer treatment, has raised a $35 million Series A led by OrbiMed, with participation from Lumira Ventures and Harrington Discovery Institute, among others.
View round
 
View similar company »
 
Nourish Ingredients bulks up with $28M+
Nourish Ingredients has raised a $28.6 million Series A led by Horizons Ventures, TechCrunch reported. The Australian startup uses synthetic biology to develop animal-free fats.
View round
View similar company »
Credit Key unlocks $15M for B2B BNPL
Credit Key, a buy now, pay later specialist targeting B2B companies, has raised $15 million from existing investors RedBird Capital, Bonfire Ventures and Greycroft, Axios reported. The company also secured a $100 million debt facility from Fortress Investment Group.
View round
 
View 8 competitors »
 
 
PitchBook webinar: US leveraged loan market outlook
With rising rates, distress and volatility, the leveraged loan market is currently facing significant instability and wariness from investors. Join our experts from LCD as they explore market trends, CLOs and the potential role of PE in this environment and answer your questions about the future of leveraged loans.

Register now to secure your spot.
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Fundraising  
Vertex Ventures seeks $500M for China-focused fund
Vertex Ventures is raising a $500 million vehicle that will target China-based tech companies. The firm is backed by Singapore's sovereign wealth fund Temasek.
View details
 
View 121 investments »
 
 
Investors  
Steve and Connie Ballmer back VC, PE firms with Black managers
Former Microsoft CEO Steve Ballmer and his wife, Connie Ballmer, have committed $400 million of personal capital to back Black PE and VC managers, The Wall Street Journal reported. The Ballmers committed $150 million to two new funds-of-funds—managed by Goldman Sachs and GCM Grosvenor—that will back firms with Black owners or managers. They committed another $250 million to Black-founded asset managers Ariel Investments and Fairview Capital.
View details
 
View 2 investments »
 
 
Chart of the Day  
Source: PitchBook's Q2 2022 US PE Middle Market Report
 
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