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The Daily Pitch: VC

February 17, 2023

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

Our 2022 Global League Tables, ranking the top investors, advisers and more across PE and VC.

Many expected the pandemic would breathe new life into startups outside New York City and the Bay Area, but not much has changed.

SVB Private's CIO shares her optimism that valuation markdowns will spur investors deeper into the private markets.

Today's Top Stories

Ranking the busiest investors of 2022

Stiff macro headwinds left a mark on dealmaking in 2022, but private market investors found a path through the storm. The world's most active PE firm closed 213 deals last year, and the busiest VC firm notched 344.

Who else made the leaderboard? Our interactive Global League Tables for 2022 are now available, spanning the full spectrum of private market activity. We rank everything from the most active law firms in the venture universe to the busiest PE investors by region.

see the rankings

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Capital remains concentrated in the Bay Area and New York

At the start of the pandemic, many expected capital to move out of the major startup hubs of New York City and the San Francisco Bay Area. Three years later, our latest analyst note suggests that not much has changed—and there are disadvantages for companies in smaller markets.

Capital has become increasingly concentrated within the New York City and Bay Area markets, where VCs have raised $330.8 billion in commitments since the beginning of 2019 while other funds couldn't secure even half that amount. The median distance between lead investor and target company has increased for nearly all stages due to the pandemic and remote work, but these effects could fade, causing distances to shrink and bringing back barriers for smaller markets and companies to succeed.

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A message from Morgan Stanley At Work

Why private companies are embracing shareholder liquidity

As companies stay private longer, shareholders also are waiting for their vested equity rewards. Given this, along with current market conditions, companies are conducting private tender offers to provide liquidity to shareholders. Whether granting partial or full liquidity to shareholders, these programs can help companies satisfy liquidity pressure and help attract and retain talent.

Download this guide to learn how today's private companies are facilitating shareholder liquidity through private company tender offers. You'll learn how a liquidity program works, who needs to be involved in the process, and considerations for organizing it efficiently.

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Q&A: SVB Private CIO evaluates opportunities in valuation markdowns

Saccocia

Shannon Saccocia, CIO at SVB Private, Silicon Valley Bank's wealth management arm, says valuation markdowns will prompt investors to move deeper into the private markets. We spoke with Saccocia about her expectations for allocation trends, her outlook on private asset valuations and the "disillusioned" state of investors in the current market environment.

Recommended Reads

History proves that disruptive companies emerge from crises, and the perfect storm could be brewing right now. [Forbes]

High net worth investors are fleeing private real estate funds, yet continue to put their faith in PE vehicles. [The Wall Street Journal]

One writer comes to the defense of the PE industry's "volatility laundering" of private asset valuations. [Financial Times]

Since yesterday, the PitchBook Platform added:

16

VC valuations

2323

People

660

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21

Funds

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Quick Takes

	The Daily Benchmark
	2017 Vintage Global VC Funds with less than $250M
	Fundraising
	Rainier Partners raises $300M for first fund
	PeerCapital targets $108M+
	Camber Creek amasses $100M+ for proptech startups
	Investors
	Tikehau secures $428M from InBev founders
	Corporate M&A
	LG Chem acquires $75M stake in Piedmont Lithium

The Daily Benchmark

2017 Vintage Global VC Funds with less than $250M

Median IRR

28.12%

Top Quartile IRR

52.81%

1.67x

Median TVPI

Select top performers

SmartFin Ventures

Sorenson Ventures I

Unicorn India Ventures Fund I

*IRR: net of fees

39 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

R-Zero, an air disinfection startup, has raised $105 million Series C from investors including BMO, Qualcomm Ventures, Upfront Ventures and John Doerr.

Avilar Therapeutics has secured a $75 million from Sanofi Ventures, RA Capital Management and Medical Excellence Capital, among others.

Paris-based Brigad, which connects freelancers and businesses for short-term projects, has raised €33 million. Investors included Balderton Capital, Wendel, Serena and Square Capital.

ChargerHelp, which repairs and maintains electric vehicle charging stations, has raised a $17.5 million Series A led by Blue Bear Capital.

China's Pudu Robotics has raised more than $15 million in a Series C3 from Puhua Capital.

Intel Capital has led a $14 million investment for Unisers, Reuters reported. The startup's tools detect defects in semiconductor manufacturing.

Netherlands-based NextKidney, which offers a portable hemodialysis machine, has secured an €11.9 million Series B.

Alongside, which operates a crypto index, has raised an $11 million round led by Andreessen Horowitz.

Wave Equity Partners has invested $10 million in UK-based QiO Technologies. The startup's technology helps energy-intensive businesses reduce greenhouse gas emissions and energy costs.

Israel-based fintech Ledge has raised a $9 million seed round co-led by NEA and Vertex Ventures.

Sikoia, a provider of customer onboarding and risk assessment data for financial institutions, has raised $6 million in a round led by MassMutual Ventures.

Goose Insurance Services has secured a $4 million Series A led by Axis Insurance Managers. Goose's app allows users to find and buy insurance.

PE Deals

Stone Point Capital has agreed to purchase a 20% stake in Truist Insurance for $1.95 billion alongside a group of co-investors that includes Mubadala.

Public Investment Fund, the Saudi Arabia sovereign wealth fund, has invested $265 million in Chinese esports organization VSPO, which also has backing from Tencent.

Foresight has invested £3.8 million into Scotland's Electric Heating Company.

I Squared Capital has acquired a controlling stake in the Whistler Pipeline, through which natural gas flows from Texas' Permian Basin to the Gulf Coast. Sellers include Ridgemont Equity Partners, Stonepeak Infrastructure Partners and West Texas Gas.

BlackRock has acquired a majority stake in Canada's Environmental 360 Solutions, a waste management company, from Almada, OPSEU Pension Trust and Oaktree Capital Management.

HIG Capital has acquired beauty products company Pinalli. The Pinalli family and current management will reinvest in the Italian business alongside HIG.

Eureka Equity Partners has invested in Advertiser Perceptions, a provider of market intelligence to the media, advertising and tech industries.

Investcorp has agreed to acquire a majority stake in software engineering company NetRom Software.

Avedon Capital Partners has agreed to acquire Dutch IT services providers Detron and Zetacom.

Fundraising

Rainier Partners raises $300M for first fund

Rainier Partners has completed fundraising for Rainier Partners Fund I, the firm's first fund, on its hard cap of $300 million. The firm, which focuses on lower-middle-market services companies, has invested in Calpine Containers, Wilmar and Pet Food Express.

View fund

View 4 investments »

PeerCapital targets $108M+

PeerCapital, a Bengaluru-based VC firm investing in early-stage technology startups, is targeting 9 billion Indian rupees (about $108.8 million) for its first fund, Mint reported.

View fund

View 2 investments »

Camber Creek amasses $100M+ for proptech startups

Camber Creek, a VC firm focused on real estate technology, has closed its inaugural Opportunity Fund at more than $100 million.

View fund

View 41 investments »

Investors

Tikehau secures $428M from InBev founders

France's Tikehau Capital has secured €400 million (about $428 million) in backing from two of the founding families of beer group Anheuser-Busch InBev. The Van Damme and Van der Straten Ponthoz families are acquiring a 9.3% stake through SFI, a subsidiary of the families' investment company Patrinvest.

View details

View 194 investments »

Corporate M&A

LG Chem acquires $75M stake in Piedmont Lithium

LG Chem has agreed to purchase a 5.7% stake in Piedmont Lithium for $75 million. The parties also struck up a purchase agreement in which a Piedmont joint venture with Sayona Mining will sell lithium ore to LG Chem for cathode materials production.

View details

View similar company »

Chart of the Day

Source: PitchBook's 2022 Annual European VC Valuations Report

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PitchBook News - Ranking 2022's busiest investors

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