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What the future holds for private capital

Highland Europe closes milestone VC mega-fund; Zift secures $70M; Dayforward lands $25M; Mexico's Zenfi picks up $8.5M
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The Daily Pitch: VC
January 24, 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 analysts forecast that global private capital AUM will reach $13 trillion by 2027.

  • Find out why the practice of buying stakes in private equity firms has recently gained traction.

  • A look at four of last year's key trends that pushed private equity over the New Year's Day finish line.
 
Today's Top Stories  
Private market AUM growth will slow, but it won't die
Persistent global market headwinds will likely blunt the growth of total private capital AUM, but they won't stop it altogether. As the alternatives industry heads into a period of uncertainty, private closed-end funds are likely in for a progressive slowdown in capital commitments.

Our aggregate model suggests that global private capital AUM will reach a total of $13 trillion by 2027, a cumulative growth of 20.7% and a steep drop from the over 200% AUM growth over the past decade.
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GP stakes gain traction as fundraising slows
(YesPhotographers/Shutterstock)
The practice of buying stakes in private equity firms—also called general partner stakes—is gaining traction as institutional investors look at ways to gain diversified exposure to the asset class in a tough fundraising environment.

At the same time, firms are seeing GP stakes as a way of bolstering their balance sheets.
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A Message from Deloitte  
ESG at the expansion stage: How fast-growth companies are navigating ESG priorities
After a record-breaking 2021 for dealmaking, ESG's primary arenas of cleantech, climate tech and impact investing saw robust tallies of investment at the expansion stage in 2022—totaling $15.7 billion across a few hundred completed deals. Yet, balancing ESG priorities with rapid growth can prove challenging. The latest edition of Deloitte's Road to Next series explores key metrics emerging from dealmaking data while discussing insights on key priorities and how ESG implementation can aid growth, with highlights including:
  • How factoring in risks stemming from governance ripple effects future-proofs businesses
  • What growth in available capital for ESG-related enterprises entails, especially in environments of rising risk
  • A spotlight on under-discussed segments of cleantech
Read it now
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Highland Europe closes milestone VC mega-fund on €1B
Highland Europe counts food brand Huel among its portfolio.
(GarethWilley/Shutterstock)
Highland Europe, a UK-based venture capital firm, has hit a €1 billion final close on its latest growth fund—Europe's first VC mega-fund to close this year.

European VC fundraising has become more challenging, but the proliferation of larger funds has helped push the total capital raised higher as LPs gravitate toward more established managers.
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Four charts that spotlight how PE held on in 2022
(Paolo Cremonesi/Shutterstock)
2022 wasn't a banner year for PE, but several metrics—deal value and exit count, for example—showed it was roughly in line with recent years. The industry stumbled over the New Year's Day finish line thanks to shifts in strategy that led to smaller median deal size and different kinds of investments.
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Recommended Reads
The growing success of chips using Arm technology is heaping pressure on Intel as SoftBank-owned Arm prepares for an IPO. [The Wall Street Journal]

Even as company cafeterias struggle with emptier workplaces, food is still important to employees. Here's how some businesses are reinventing the company meal. [The New York Times]

How women on boards navigate the line between warmth and competence. [Harvard Business Review]
 
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Quick Takes  
  The Daily Benchmark  
  2010 Vintage Global Secondaries Funds  
  VC Deals  
  Zift secures $70M  
  Dayforward lands $25M, acquires Commercial Travelers  
  Mexico's Zenfi picks up $8.5M  
  Calimero Network raises $8.5M  
  Former FTX US head scores $5M for crypto startup Architect  
  Grazzy gets $4.25M for digital tipping  
  Portfolio Companies  
  Quordle purchased by Merriam-Webster  
 
 
The Daily Benchmark  
2010 Vintage Global Secondaries Funds
Median IRR
13.60%
Top Quartile IRR
18.00%
1.50x
Median TVPI
Select top performers
Origami Opportunities Fund I
StepStone Ohio Secondary Opportunities Fund
Landmark Real Estate Fund VI
*IRR: net of fees
14 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Zift secures $70M
Zift Solutions, which offers a marketing and partner relations platform, has secured $70 million in a round led by Investcorp Technology Partners. Investcorp is now Zift's majority shareholder.
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Dayforward lands $25M, acquires Commercial Travelers
Digital life insurance startup Dayforward has raised $25 million in a round led by Axa Venture Partners. The startup has also bought Commercial Travelers Life Insurance Company (not to be confused with Travelers) from National Guardian Life Insurance Company.
View round
 
View similar company »
 
Mexico's Zenfi picks up $8.5M
Magma Partners has led an $8.5 million round for Mexico-based Zenfi, TechCrunch reported. The company's platform helps users understand their finances and taxes.
View round
 
View similar company »
 
Calimero Network raises $8.5M
Blockchain infrastructure startup Calimero Network has raised $8.5 million in seed funding co-led by Khosla Ventures, Lyrik Ventures and Near Foundation. The London-based startup was founded in 2022 and is creating a management platform for private networks, called "shards," on its blockchain.
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View similar company »
 
Former FTX US head scores $5M for crypto startup Architect
The former president of FTX US, Brett Harrison, has launched crypto trading platform Architect with a $5 million round, according to reports. The funding comes from investors including Coinbase Ventures, Circle Ventures and former White House communications director Anthony Scaramucci.
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Grazzy gets $4.25M for digital tipping
Grazzy, which offers a payments platform for hourly workers, has raised a $4.25 million seed round. Next Coast Ventures and Tuesday Capital participated in the round. The Austin-based startup has raised a total of $6.8 million.
View round
 
View similar company »
 
 
Insights on over 100K clinical trials now available in PitchBook
In response to market volatility and slowing innovation in the computer hardware and software space, investors are turning to healthcare—specifically, non-cyclical industries like biotech and pharma—as the next wave of high-impact, high-return opportunities. However, biotech and pharma investing contain a different set of risk profiles compared to tech startups. Progress through clinical trial stages is the best indication of the ultimate commercial viability of a new drug or medical device—and therefore, the likelihood of achieving a solid investment return.

To help investors isolate biotech and pharma companies with the highest chance of success, we've launched a new clinical trial integration, providing insights on over 100,000 clinical trials alongside our industry-leading funding data. With this new tool, investors can reduce time spent on opportunity discovery and due diligence by viewing a company's funding status alongside its drug development pipeline.

Explore our new clinical trial integration.
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Portfolio Companies  
Quordle purchased by Merriam-Webster
Wordle competitor Quordle, which offers an online game that features four words to be guessed at once, has been acquired by dictionary giant Merriam-Webster for an undisclosed amount. The New York Times purchased Wordle in January 2022 for at least $1 million.
View details
 
View similar company »
 
 
Chart of the Day  
"It is likely that banks will gradually return to underwriting new LBO loans late in 2023 as the backlog clears and the leveraged loan market becomes more liquid—but not before ceding significant share to direct lenders."

Source: PitchBook's 2022 Annual US PE Breakdown
 
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Who's in the newsletter today?
People
Brett Harrison
Investors
Anthony Scaramucci
Axa Venture Partners
Circle Ventures
Coinbase Ventures
Investcorp Technology Partners
Khosla Ventures
Lyrik Ventures
Magma Partners
Merriam-Webster
National Guardian Life Insurance Company
Near Foundation
New York Times
Next Coast Ventures
Tuesday Capital
Companies
Architect
Calimero Network
Commercial Travelers Life Insurance Company
Dayforward
FTX US
Grazzy
Quordle
Travelers
Wordle
Zenfi
Zift Solutions
 
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