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PitchBook News - A placement agent primer for GPs

B Capital raises $2B+ growth fund; PhonePe hits $12B valuation; Courtside closes $100M vehicle; Outrider hauls in $73M for autonomous trucks
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The Daily Pitch: VC
January 20, 2023
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:
  • Our latest analyst note explores how placement agents can help level the playing field between established managers and firms raising first-time funds.

  • Multistage-focused firm B Capital Group has closed its largest fund, a $2.1 billion venture growth vehicle.

  • We take a look at what may lie ahead in the PE landscape.
 
Today's Top Stories  
What a placement agent can do for GPs
Facing a harsher fundraising environment, some general partners might benefit from working with a placement agent, who can help them find the right institutional investors, prepare marketing and due diligence documents, and more.

Our latest analyst note explains the role that placement agents play in the fundraising process and how they can help level the playing field between established managers and firms raising first-time funds. Key takeaways include:
  • Experienced managers made up nearly 85% of the capital raised through Q3 2022.

  • About 12.5% of the 2,760 funds closed through Q4 2022 involved a placement agent.

  • Since the pandemic, funds that retained agents took more time to close than those that didn't. In 2021, funds working with placement agents spent more than 18 months in the market, while others spent over 16 months.
read it now
 
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B Capital raises $2.1B growth fund as late-stage prices slowly fall
From left, B Capital Goup co-founders Raj Ganguly and Eduardo Saverin. (Courtesy of B Capital Group)
Multistage-focused firm B Capital Group has closed its largest growth fund. The $2.1 billion venture growth vehicle comes even as backing for late-stage companies has dropped substantially last year from its peak in 2022.

Venture capitalists have slowed their investment pace in growth companies in large part because investors were unwilling to pay the prices entrepreneurs were expecting.

Valuations are expected to dip later this year, providing an opportunity for B Capital to invest at attractive prices.
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Looking ahead at the PE landscape with quantitative data from 2022
(Kwangmoozaa/Shutterstock)
It was a mixed bag for the US private equity market in 2022. And challenges lie ahead—including the prospect of higher interest rates, tightening financial conditions and even a recession.

Our recent Quantitative Perspectives report highlights how these uncertainties might impact the PE landscape this year. We explore four key takeaways from the report.
read more
 
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Recommended Reads
VCs are betting big to disrupt the $100 billion lotto industry. [Forbes]

Time and money are running out for India's startups. [The Economist]

Uber is hoping to develop vehicles with lower top speeds and smaller footprints that could be more efficient and cost-effective for its ridehailing and delivery drivers. [The Wall Street Journal]
 
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Quick Takes  
  The Daily Benchmark  
  2011 Vintage Global Secondaries Funds  
  VC Deals  
  PhonePe soars to $12B valuation  
  Outrider hauls in $73M for autonomous trucks  
  Cloudian scores $60M  
  Lithium extractor Summit Nanotech secures $50M  
  Rx Redefined raises $8M Series A  
  Exits & IPOs  
  Possible sale could value Vice Media under $1B  
  Fundraising  
  Courtside closes $100M fund  
 
 
The Daily Benchmark  
2011 Vintage Global Secondaries Funds
Median IRR
15.18%
Top Quartile IRR
18.45%
1.63x
Median TVPI
Select top performers
NewQuest Asia Fund I
AlpInvest Partners Fund V - Secondary Investments
CS Strategic Partners V
*IRR: net of fees
16 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
PhonePe soars to $12B valuation
India-based payments startup PhonePe has raised $350 million at a more than $12 billion valuation, TechCrunch reported. General Atlantic led the round for the company, which has previously raised funding from prominent players like Walmart and Tencent.
View round
 
View 14 competitors »
 
Outrider hauls in $73M for autonomous trucks
Colorado-based startup Outrider has raised a $73 million Series C for its autonomous yard trucks, used at distribution centers across the US. FM Capital led the round, which included backing from chip giant Nvidia's venture arm NVentures.
View round
 
View similar company »
 
Cloudian scores $60M
Data management software startup Cloudian has secured a $60 million investment from Intel's venture capital arm, Silicon Valley Bank, Digital Alpha and others, bringing the California-based company's total funding to $233 million.
View round
 
View 8 competitors »
 
Lithium extractor Summit Nanotech secures $50M
Summit Nanotech, a startup specializing in clean and sustainable lithium extraction, has closed a $50 million Series A led by Evok Innovation and BDC Capital's Climate Tech Fund. Lithium is highly desired for electric vehicles, and the company has deployed its technology to Chile for testing.
View round
 
View 5 competitors »
 
Rx Redefined raises $8M Series A
Rx Redefined, a healthcare startup that provides medical supplies to doctors and patients, has closed an $8 million Series A led by Crosscut Ventures Management. The company also received backing from Tusk Venture Partners and Jeff Immelt, the former CEO of General Electric.
View round
 
View similar company »
 
 
Exits & IPOs  
Possible sale could value Vice Media under $1B
Vice Media has been looking for a buyer amid pressure from lender Fortress Investment Group, and the company may agree to sell for under $1 billion, CNBC reported. Vice's backers include PE firms such as TPG and Sixth Street and media companies including The Walt Disney Company and A&E Networks.
View details
 
View 37 competitors »
 
 
Fundraising  
Courtside closes $100M fund
Early-stage VC investor Courtside Ventures has closed its Fund III on $100 million. The firm is targeting startups in gaming, sports and lifestyle. Its investments include The Athletic, a sports news site that was acquired by The New York Times, and online marketplace StockX.
View fund
 
View 74 investments »
 
 
Chart of the Day  
Source: PitchBook's 2022 Annual European Venture Report
 
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Who's in the newsletter today?
Investors
A&E Networks
BDC Capital
Courtside Ventures
Crosscut Ventures Management
Digital Alpha
Evok Innovation
FM Capital
General Atlantic
General Electric
Intel's venture capital arm
Jeff Immelt
NVentures
Nvidia
Silicon Valley Bank
Sixth Street
TPG
Tencent
The New York Times
The Walt Disney Company
Tusk Venture Partners
Walmart
Companies
Cloudian
Outrider
PhonePe
Rx Redefined
StockX
Summit Nanotech
The Athletic
Vice Media
Service Providers
Fortress Investment Group
 
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