1. Home
  2. Discover
  3. Business
  4. PitchBook News

PitchBook News - Why is VC dry powder still piling up?

The battle for grid-scale batteries; emerging managers brace for headwinds; negative returns threaten pension plans
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
January 16, 2023
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
Ads
Today's Top Stories  
Why is VC dry powder still piling up?
(maoyunping/Shutterstock)
VC firms continued to accumulate a growing pile of cash as of the end of Q3 last year, while the dry powder for other private asset markets—including private equity, private credit and secondaries—declined, according to PitchBook data.

The heavy presence of nontraditional investors in venture deals has contributed to the record stockpile of undeployed capital held by VC investors. At the same time, strong fundraising in the first half of 2022 also added to VC firms' war chests.
read more
 
Share: Email LinkedIn Twitter Facebook
Go with the (redox) flow
In the battle for grid-scale battery dominance, who will emerge victorious? Lithium-ion has proven to be far from perfect, but the alternatives—such as redox flow to metal air—also have their lists of pros and cons with much to prove. With the first winter since Russia's invasion of Ukraine approaching and threatening Europe's energy security, the interest and investment in new energy technologies have never been higher.  

In our recent analyst note, PitchBook analyst John MacDonagh dives into the figures, trends, and emerging technologies on the rise. He lays out these alternatives—and the big players that VCs are betting on.
read it now
 
Share: Email LinkedIn Twitter Facebook
PE emerging managers brace for headwinds in 2023
(garcia fotografia/Shutterstock)
Emerging managers are in for a challenging year as LPs become more cautious about their allocations and favor deploying capital with proven GPs they already know and trust.

For managers who typically don't have track records of strong returns and pre-existing relationships with GPs, the market environment could produce fierce competition with mega-funds. However, it's unlikely that LPs will abandon smaller and newer managers altogether.
read more
 
Share: Email LinkedIn Twitter Facebook
'Warning signs': PE could impact public pension plans' funding status this year
(RoseRodionova/Shutterstock)
Declining private equity asset values constitute a major threat to public pension plans this year. A reporting lag in private equity return data means that institutional portfolios with allocations to the asset class will reflect 2022's losses in their 2023 numbers.

While most investors believe the losses won't be as acute as those in public equities, pensions—and their beneficiaries—should be concerned about declining funded ratios. Negative PE returns could push the national average funded ratio to below 2007 and 2008 figures, making it impossible for pensions to compensate all of their retirees, according to an Equable Institute report.
read more
 
Share: Email LinkedIn Twitter Facebook
Recommended Reads
A new study shows Exxon's scientists were uncannily accurate in their global warming projections from the 1970s onward. [The Guardian]

Charting out what experts and decision-makers perceive as the greatest risks to humanity. [Visual Capitalist]

The number of UFO sightings reported to the Pentagon has risen sharply in the last year, according to an unclassified government report. [Axios]
 
Ads
Since yesterday, the PitchBook Platform added:
1
VC valuations
69
People
68
Companies
See what our data software can do
 
Quick Takes  
  The Daily Benchmark  
  2019 Vintage Global VC Funds  
  VC Deals  
  Welcome Homes collects $29M  
  Insurance specialist Joyn nabs $17.7M  
  CyberX rakes in $15M  
  Portfolio Companies  
  Gemini Trust hit with SEC complaint  
  Altum lends $4M to VC-backed Uk University  
  Sealed snags InfiSense  
  Fundraising  
  New firm Theory Ventures targets $200M fund  
 
 
The Daily Benchmark  
2019 Vintage Global VC Funds
Median IRR
35.03%
Top Quartile IRR
62.45%
1.36x
Median TVPI
Select top performers
Flexcap Fund I
Grayscale STRIVE Fund 2
Creandum V
*IRR: net of fees
80 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Welcome Homes collects $29M
Welcome Homes, which offers a platform for designing and building single-family homes, has raised a $29 million Series A led by Era Ventures.
View round
View similar company »
Insurance specialist Joyn nabs $17.7M
OMERS Ventures has led a $17.7 million Series A for Joyn, which provides insurance to small and medium-sized businesses.
View round
View similar company »
CyberX rakes in $15M
CyberX, a crypto market maker, has raised $15 million from Foresight Ventures, CoinDesk reported. Market makers act as trading firms and platforms for cryptocurrency tokens.
View round
 
View similar company »
 
 
PitchBook webinar: 2023 European Private Capital Outlook
Join us for a webinar examining developments in the European private capital markets and the outlook for 2023. PitchBook analysts will discuss important deals, exit trends and fundraising activity, along with what could be on the horizon for the landscape in a time of global market uncertainty. Key takeaways include:
  • The European VC and PE dealmaking landscape in 2022 and beyond.

  • An update on the exit environment and its impact on PE- and VC-backed companies.

  • Challenges and opportunities within fundraising for GPs and LPs.
Register now to secure your spot.
Share: Email LinkedIn Twitter Facebook
 
Portfolio Companies  
Gemini Trust hit with SEC complaint
The SEC has charged Gemini Trust, a crypto exchange provider run by Cameron Winklevoss and Tyler Winklevoss, in a complaint alleging it offered unregistered securities. Genesis, a subsidiary of Gemini, is also part of the complaint.
View details
View 44 competitors »
Altum lends $4M to VC-backed Uk University
Uk University, or Universidad Uk, has secured $75 million Mexican pesos (about $4 million) from Mexican private lender Altum Capital. The university, which is based in Mexico City and serves Latin America, has other backers including Potencia Ventures, Zoma Capital and the Inter-American Development Bank.
View details
 
View 1 serviced firms »
 
Sealed snags InfiSense
Climate-tech startup Sealed has acquired InfiSense, a data company specializing in building performance, for an undisclosed sum. Sealed raised a $45.5 million Series B led by Fifth Wall last year.
View details
 
View 1 competitors »
 
 
Fundraising  
New firm Theory Ventures targets $200M fund
California-based Theory Ventures has begun raising capital for its first fund and hopes to collect $200 million, The Wall Street Journal reported. The firm, founded by Tomasz Tunguz, will focus on making seed and Series A investments in enterprise software companies.
View details
 
View investment »
 
 
Chart of the Day  
Source: 2022 Annual US PE Breakdown
 
Ads
 
Who's in the newsletter today?
People
Cameron Winklevoss
Tomasz Tunguz
Tyler Winklevoss
Investors
Era Ventures
Fifth Wall
Foresight Ventures
Inter-American Development Bank
OMERS Ventures
Potencia Ventures
Theory Ventures
Zoma Capital
Companies
CyberX
Gemini Trust
Genesis
InfiSense
Joyn
Sealed
Welcome Homes
Service Providers
Altum Capital
 
 
Ads
 
About PitchBook | Terms of use | Advertise with us | Contact
Follow us: in twtr fb

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.

© 2023 PitchBook. Win what's next. All rights reserved.

Key phrases

The Daily Pitch VC dry powder

Older messages

The future of infrastructure investing

Friday, January 20, 2023

European PE surprises in 2022; leveraged loan defaults in focus; Logistics startup Locad collects $11M; Fractal Growth Partners seeks $250M for fund Read online | Don't want to receive these emails

Europe's fintech startups to watch

Friday, January 20, 2023

Healthcare's annual checkup; a new look at fund performance; Sublime secures $40M to decarbonize cement making; Impel scores $104M Read online | Don't want to receive these emails? Manage your

European VC misses the mark

Friday, January 20, 2023

Blackstone sets secondaries record; Sequoia raises $195M seed fund; Pathalys Pharma pockets $150M; Living Carbon captures $21M Read online | Don't want to receive these emails? Manage your

A fresh look at fund performance

Tuesday, January 10, 2023

Why is VC dry powder still piling up?; mobility tech hits the headlines; primary care M&A on the horizon; tracking Europe's 'soonicorns' Read online | Don't want to receive these

Fintech faces tough choices

Monday, January 9, 2023

The battle for grid-scale batteries; public investors shy away from indoor farming; Q&A: Family offices in the private markets Read online | Don't want to receive these emails? Manage your

You Might Also Like

Computer Vision in the 1980s: Translating Visual Processing into Algorythms

Wednesday, April 24, 2024

A Quiet Decade of Key Advancements ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

🦅 This will increase your productivity 10x

Wednesday, April 24, 2024

Will 𝕏 charge all new users? / New LinkedIn feature / Instagram profile Notes will be available to all ‌ ‌ ‌ Growth Notes by Hypefury 🦅 Together With Road to Freedom Hey Reader, Yannick here. In this

The end of Steph-LeBron-KD

Wednesday, April 24, 2024

Wed, April 24th, 2024 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Blockchain Groups Sue SEC Over Dealer Rule

Wednesday, April 24, 2024

Plus Venezuela Adopts Tether Amid Sanction Concerns ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Digiday Programmatic Marketing Summit: Only a few spots left

Wednesday, April 24, 2024

Connect with leaders from Spark Foundry, Assembly Global, HP and more ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Shopify Dispatch Issue #448 - Low-cost items, PCI DSS v4 in Shopify

Wednesday, April 24, 2024

​ Issue #448 - April 24th, 2024 Your Low-Cost Items Kevin Hillstrom writes about having a low-cost product that's loved by customers and keeping it low-cost. This is why Costco's $1.50 hot dog

[Webinar] Supercharge your social workflow with AI

Wednesday, April 24, 2024

AI Bootcamp–last chance to register! ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The marketing and sales alignment you need now

Wednesday, April 24, 2024

Today's Guide to the Marketing Jungle from Social Media Examiner... Presented by Social Media Marketing World logo Tomorrow is 🐧 World Penguin Day, Reader! Birds in formalwear… They always make the

Alternatives To Big Social

Wednesday, April 24, 2024

I like LinkedIn. I enjoy the connections I make there and I enjoy seeing where everyone is in their business life. But I've recently found that smaller social networks really where the true

This A.I. demo blew their minds !

Wednesday, April 24, 2024

Why spend hours learning the different AI tools out there while you try to copy and paste your struggles away? View in browser ClickBank Did you see it last night ClickBanker? If you've been toying