PitchBook News - Pensions size up allocations

Read online | Don't want to receive these emails? Manage your subscription.

Log in

The Daily Pitch: VC

December 14, 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:

Public pensions plans weigh their allocations to private equity for 2023.

UK-listed companies were still the biggest draw for private capital in Europe in 2022, despite PE-backed take-privates slowing.

Chart of the day: Median PE capital raised by type, from our European PE Breakdown.

Today's Top Stories

Will public pensions stick to their PE targets in 2023?

(Madison Thompson/PitchBook News)

As limited partners consider their target allocations to private equity in 2023, public pension plans are taking varying approaches. Calpers and the Iowa Public Employees' Retirement System, for example, are expanding the asset class's position in their portfolios, while the Alaska Permanent Fund Corporation's CIO is more bearish on the value of the space.

Despite the different approaches, a core—and consequential—chunk of institutional portfolios remains dedicated to private equity.

Recommended Reads

With deals scarce, PE firms are holding on to some of their most promising portfolio companies longer, rolling them into new funds. But most asset owners are passing on these so-called continuation funds. [Institutional Investor]

From Charles Ponzi to Bernie Madoff, here's a brief history of financial skullduggery. [The Washington Post]

US nuclear scientists have achieved the long-sought goal of a fusion ignition—but don't expect this clean technology to power the grid yet. [Wired]

Since yesterday, the PitchBook Platform added:

16

VC valuations

2266

People

614

Companies

25

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2019 Vintage North American Real Assets Funds
	A message from PitchBook Media
	PitchBook's 2023 Media Kit released
	VC Deals
	Snyk cuts valuation with $196.5M Series G
	Zappi rakes in $170M
	HistoSonics raises $100M round
	Vic.ai secures $52M
	Ngrok closes $50M Series A
	Tellus Therapeutics nabs $35M
	Post News targets $250M valuation
	Fundraising
	Fifth Wall raises $866M fund for real estate tech

The Daily Benchmark

2019 Vintage North American Real Assets Funds

Median IRR

15.10%

Top Quartile IRR

27.00%

1.28x

Median TVPI

Select top performers

North Hudson Fortuna III

Ridgewood Energy Oil & Gas Fund IV

Scout Energy Partners V

*IRR: net of fees

28 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from PitchBook Media

PitchBook's 2023 Media Kit released

Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.

The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

Click here to download it today or to speak to someone on the media team.

Share:

VC Deals

Snyk cuts valuation with $196.5M Series G

UK-founded Snyk has raised $196.5 million in a round led by QIA, valuing it at $7.4 billion. The company, which provides cybersecurity for software developers, was previously valued at $8.6 billion following its 2021 Series F.

View round

View 29 competitors »

Zappi rakes in $170M

Automated market research startup Zappi has closed a $170 million round led by Sumeru Equity Partners. Founded in 2012, the London-based company counts PepsiCo, McDonald's and Heineken among its clients.

View round

View 110 competitors »

HistoSonics raises $100M round

Biotech startup HistoSonics has raised a $100 million round led by the investment arm of pharmaceutical giant Johnson & Johnson. Previous investors Venture Investors, Lumira Ventures and Yonjin Venture also participated.

View round

View 10 competitors »

Vic.ai secures $52M

AI accounting startup Vic.ai has closed a $52 million Series C led by previous investors GGV Capital and ICONIQ Growth. Cowboy Ventures and Costanoa Ventures also participated in the round.

View round

View 30 competitors »

Ngrok closes $50M Series A

Network management and application delivery startup Ngrok has closed a $50 million Series A led by Lightspeed. This is the company's first venture-backed financing round since its founding in 2013.

View round

View similar company »

Tellus Therapeutics nabs $35M

Neonatal healthcare startup Tellus Therapeutics has raised a $35 million Series A led by Perceptive Advisors and Xontogeny.

View round

View similar company »

Post News targets $250M valuation

Twitter rival Post News is seeking a $50 million round that would peg the startup at a $250 million valuation, Axios reported. Noam Bardin, the former CEO of Waze, leads the company.

View round

View similar company »

Fundraising

Fifth Wall raises $866M fund for real estate tech

Venture capital firm Fifth Wall has closed a $866 million vehicle for investments into real estate technology startups, both in early and later stages.

View fund

View 124 investments »

Chart of the Day

"PE growth/expansion funds have been very popular in 2022, representing 29% of capital raised in European PE funds. This fund strategy is at the cross-section between PE and VC as it targets growth companies that are well-established but still young, fast-growing, and seeking minority stakes. These tend to have higher returns than more mature PE targets, and are less risky than the less-established companies targeted by VCs."

Source: PitchBook's Q3 2022 European PE Breakdown

About PitchBook | Terms of use | Advertise with us | Contact

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

PitchBook News - Pensions size up allocations

Older messages

Ready to take a closer look at PitchBook?

Visualizing the unicorn slowdown

Real assets funds power through

Web3, DeFi draw top VCs

Fundraising funk hits emerging firms

You Might Also Like

Negative social proof for persuasion

🔍 How Smashd Added 500K+ Followers W/ One Content Series

The Biggest ClickBank Event of the Year - Are You Ready?

Full HCU recoveries

🌩️ Even a hurricane can't stop me

The United States Should Print $250 Billion & Buy Bitcoin

Let's Talk News Sites? (This One Makes $42K/Month)

Want 4 months of Litmus for free?

Microstrategy Buys $4.6B in Bitcoin as Saylor Speeds Up Accumulation

How to master executive brand advocacy on social