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PitchBook News - What's behind Sequoia's split?

Plus: VC's new normal, ESG's impossible question, cleantech's mineral shortage, private credit takes the spotlight & more
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The Weekend Pitch
June 11, 2023
Presented by the U.S. National Science Foundation
(Jenna O'Malley/PitchBook News)
Sequoia Capital's seemingly amicable divorce from its China and India businesses has the tech world talking, but few close watchers of the firm were surprised by the dramatic split.

The leaders of the three units—Roelof Botha, Neil Shen and Shailendra Singh—told their limited partners that the breakup was in large part a result of conflicts that arose when different geographies invested in companies that could potentially compete with each other.

But many observers I spoke to are doubtful that what the firm described in a letter to its LPs as "growing market confusion due to the shared Sequoia brand" is the main reason for the separation.

Rising geopolitical tension between the US and China is an obvious catalyst for the high-profile split. But the rift between Washington and Beijing is likely not the only impetus for the storied firm's geographical dissolution.

This is the Weekend Pitch, and I'm Marina Temkin. You can reach me at marina.temkin@pitchbook.com or on Twitter @MTemkin.
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A message from the U.S. National Science Foundation  
Invention to impact
HEN Nozzles develops firefighting products that improve water flow to extinguish fires faster and conserve water. The company's adjustable nozzle is a major innovation that works effectively both indoors and outside. HEN Nozzles (NSF-2127461) is one of hundreds of deep tech startups funded annually by the U.S. National Science Foundation (NSF), a government agency that plays a central role in accelerating discoveries into the marketplace.

Each startup can receive up to $2 million for translational research & development. By investing more than $200 million annually, NSF helps teams navigate the earliest stages of technology translation. In the past five years, these companies have proceeded to raise billions in follow-on capital, and the portfolio has had 300+ exits.

Learn more about NSF funding at seedfund.nsf.gov.
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Reporter's notebook: Optimism reigns supreme at SuperVenture

(Courtesy of SuperVenture)
Optimism was the theme of this year's SuperVenture conference, as VCs discussed how to navigate the new normal that has settled in for the global venture market.

Fundraising, valuations and ESG best practices were also among key topics at the event in Berlin.
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Trivia
Clean energy startups that are developing new and environmentally friendly ways to power the future have generated a lot of interest from investors, even though Q1 2023 saw deal count and value fall. How many clean energy deals closed in Q1 2023?

A.) 267 deals
B.) 138 deals
C.) 64 deals
D.) 196 deals

Find the answer at the bottom of The Weekend Pitch!
 

Getting clarity on ESG performance

Do ESG investments deliver returns that are as high as non-ESG investments? That's one of the most important questions in the private markets—and it's nearly impossible to answer.

However, new research using the Principles for Responsible Investment (PRI) and PitchBook data provides insight on one aspect of ESG performance: GPs committed to PRI-managed private investing funds performed about as well as non-PRI signatories.

You can read up on the latest developments in PitchBook's Analyst Note: Are "ESG Investors" Underperforming?
 

Cleantech's critical minerals problem

(Vibe Images/Shutterstock)
Solar module producers like Sunroof won big last quarter, and federal funding is fueling a clean tech revolution.

But a danger is looming: The minerals needed for next-generation cleantech innovations such as copper, lithium and zinc are in short supply. Read more in our Q1 2023 Clean Energy Report.
 

Private credit's 'golden moment'

(Roman Bodnarchuk/Shutterstock)
The largest public alternative asset managers are grounded in private equity. However, that strategy has proved more challenging to pull off in 2023, with PE capital deployment and fundraising down. Meanwhile, the cautious environment for traditional lenders is creating lucrative opportunities for those firms to expand in private credit.

Get more insights into the growth drivers of firms like Blackstone and KKR in our latest US Public PE and GP Deal Roundup.
 

Quote/Unquote
Changpeng Zhao
(Ben McShane/Sportsfile for Web Summit via Getty Images)
"Defendants have enriched themselves by billions of U.S. dollars while placing investors' assets at significant risk."

—The United States Securities and Exchange Commission in a filing against crypto exchange Binance and its founder and CEO Changpeng Zhao, alleging the company misled investors and operated an illegal trading platform.
 

Recommended Reads
They fled San Francisco. The AI boom brought them back. [The New York Times]

Smoke brings a warning: There’s no escaping climate's threat to health. [The Washington Post]

As more partners exit, things are looking increasingly angsty at Goldman Sachs. [Puck]
 

Stay tuned
Keep an eye out for these fresh insights and research reports coming out this week.
  • Analyst Note: Impact of Accelerators on the Startup Ecosystem
  • Q1 2023 Insurtech Report
  • Q1 2023 Real Assets Report
  • Analyst Note: Sodium Batteries
  • Q1 2023 US PE Lending League Tables
  • Q1 2023 US PE Middle Market Report
  • Analyst Note: Funding Trends Deep-Dive on Gaming
  • Q2 2023 PitchBook Private Capital Indexes
 

Trivia
Answer: B)

PitchBook tracked that 138 deals closed within the clean energy vertical. Read more about those deals in our Q1 2023 Clean Energy Report.

This edition of The Weekend Pitch was written by Marina Temkin, Leah Hodgson, Emily Burleson, Rosie Bradbury and Jacob Robbins. It was edited by James Thorne, Kate Rainey, Ron Prichard and Laural Hobbes.

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