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PitchBook News - For sale: Tiger's portfolio companies

Q&A: Pear VC on seed investing; fintech investors show preference for B2B; Europe's top 5 VC cities
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The Daily Pitch: VC
June 19, 2023
Presented by Allvue Systems
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In today's Daily Pitch, you'll find:
 
Today's Top Stories  
Exclusive: Tiger Global opens full portfolio to individual bids
(winfinity/Shutterstock)
Tiger Global has been trying to generate liquidity from its pandemic-era shopping spree for months. After its initial attempt to sell a curated portfolio of assets in a secondary strip transaction didn't result in a deal, Tiger told a select group of secondary investors they could bid on any individual private company in its portfolio.

By offering to sell its assets piecemeal, Tiger is showing more pressure for liquidity compared to other venture firms, said one investor who has been having conversations with Tiger's advisor about buying direct stakes.
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Q&A: Pejman Nozad on ripening Pear VC into a top seed-focused firm
(Courtesy of Gary Sexton Photography)
Since it was founded 10 years ago, Pear VC has grown into one of Silicon Valley's best-performing seed firms. Last month, the firm announced a fourth fund of $432 million.

PitchBook spoke with Pear's founder, Pejman Nozad, about what attracted new LPs to the firm, how Pear cuts through the hype of AI and what it now takes to raise a Series A.
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Fintech VC investors search for best opportunities in B2B
Venture investors active in fintech are shifting their preference toward B2B companies, but capital deployment remains slower than in previous years.

At this year's Money20/20 Europe conference in Amsterdam, more than 8,000 participants gathered to discuss the emerging opportunities in open banking, embedded finance, payments and generative AI.
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Europe's top 5 VC cities: Paris plays catch-up with London
(Andy.LIU/Shutterstock)
London remains Europe's largest VC hub in terms of venture funding despite seeing significant declines in dealmaking.

Paris, on the other hand, is increasing its share of Europe's total amount raised as it looks to knock London off the top spot.
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Microsoft embraces the age of AI
(Future Publishing/Getty Images)
In January, Microsoft made its third round of investments in OpenAI, the creator of ChatGPT. Microsoft's productivity software combined with advanced foundational AI models promise to be a powerful force.

In a recent report, Morningstar analysts consider Microsoft's future capabilities as well as the future of AI, including regulations and internal corporate standards, controls and disclosures. Ultimately, the analysts believe AI will be available across virtually all software offerings—and Microsoft will have a head start. And while the widespread adoption of the technology could result in future job losses, new jobs will be created, too.
read the report
 
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Recommended Reads
Cava's IPO was a "break in the clouds" for the icy IPO market, says one of its early investors. Will others follow? [Fortune]

These programs bring cleaner forms of transportation to the low-income communities most affected by car pollution. [The New York Times]

Interview podcasts are expanding social learning at an unprecedented scale. [Wired]
 
Since yesterday, the PitchBook Platform added:
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The Daily Benchmark:
2020 Vintage Global Debt Funds
Median IRR
11.04%
Top Quartile IRR
13.85%
0.18x
Median DPI
Select top performers
Castlelake V Dislocated Opportunities
WestRiver Innovation Lending Fund VIII
MTP Energy Opportunities Fund III
*IRR: net of fees
72 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Beekeeper's Naturals, a health and wellness products startup, has secured a $14 million investment co-led by Devonshire Investors and CAVU Consumer Partners.

Sparetech, a German data platform for industrial spare parts, has raised a €10 million Series A led by Insight Partners.

Weather risk data company Reask has raised a $6.6 million seed round co-led by Mastry Ventures and Collaborative Fund.

Polish tire recycling startup Contec has secured €5 million from Pruszyński.

Decentralized infrastructure provider Intuition has raised a $4 million seed round led by Superscrypt.
 
PE Deals  
KKR and HarperCollins are bidding to acquire book publisher Simon & Schuster, whose attempted $2.18 billion sale to Penguin Random House in 2020 was blocked by the Department of Justice, The Wall Street Journal reported.

TPG has agreed to acquire Waste Harmonics from Arcapita and merge the waste management company with Keter Environmental Services, which TPG acquired in 2021.

ChrysCapital has invested $100 million in Indian eyewear brand Lenskart.

Perwyn has acquired Monaco's cruise sales company Cruiseline, which provides voyages in the Mediterranean, North Sea, Latin America and the Caribbean.

Inflexion-owned Rosemont Pharmaceuticals has acquired Lucis Pharma, a specialist pharmaceutical business in the UK.
 
Exit & IPOs  
Munich-based bus company Flix, which also owns the Greyhound Lines bus system in North America, has discussed the possibility of an IPO with several investment banks, Reuters reported. General Atlantic, Permira, and TCV led the company's $650 million Series G round in 2021.
 
Chart of the Day  
Source: PitchBook's Q1 2023 Global M&A Report
 
Who's in the newsletter today?
Investors
Arcapita
CAVU Consumer Partners
ChrysCapital
Collaborative Fund
Devonshire Investors
General Atlantic
HarperCollins
Inflexion
Insight Partners
KKR
Mastry Ventures
Penguin Random House
Permira
Perwyn
Pruszyński.
Rosemont Pharmaceuticals
Superscrypt
TCV
TPG
Companies
Beekeeper's Naturals
Contec
Cruiseline
Flix
Greyhound Lines
Intuition
Keter Environmental Services
Lenskart
Lucis Pharma
Reask
Simon & Schuster
Sparetech
Waste Harmonics
 
 
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