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The Daily Pitch: VC

August 1, 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 new scoring of manager performance is exhibited in a ranking of fund families across PE and VC strategies

Built environment startups are on pace to nearly double 2021's VC funding by the end of the year

TPG and Francisco Partners line up a $6.5 billion software LBO

Tiger Global succeeds at selling its stake in Flipkart at a relatively small discount

Today's Top Stories

Introducing PitchBook's manager performance scoring

Evaluating a fund manager's track record is a particularly opaque process for LPs. Typical benchmarking metrics can be too narrow—assessing individual funds through the broad strokes of IRR quartiles—or too wide—scrutinizing a manager's overall performance regardless of asset class.

To address this, PitchBook has developed a method to score an asset manager's various fund families by strategy compared with their peers. We showcase this data in our inaugural Global Manager Performance Score League Tables, which rank the top-performing fund families in 10 strategies.

Read the methodology our Quantitative Research team used to produce the league tables here.

see the rankings

Share:

'Green infrastructure' pulls big VC dollars into climate tech

(Fahroni/Getty Images)

From green cement to waterproof wood, VC-backed companies in the built environment—anything along the lifecycle of buildings and physical infrastructure—are the buzziest thing in climate tech right now.

Companies working in this space closed more than $1.8 billion in VC deals in the first half of 2023. That's the strongest H1 the segment has seen and on pace to nearly double the funding raised in a busy 2021 by the end of this year.

Recommended Reads

Can the Pentagon learn to work with Silicon Valley startups? [Financial Times]

Charting the top-performing S&P 500 sectors over the business cycle. [Visual Capitalist]

How Asian governments hope to meet booming demand for family offices. [Bloomberg]

Since yesterday, the PitchBook Platform added:

15

VC valuations

1782

People

705

Companies

24

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage Global Real Estate Funds

Median IRR

13.50%

Top Quartile IRR

25.32%

0.08x

Median DPI

Select top performers

PGIM Real Estate U.S. Impact Value Partners

Lubert-Adler 2020 Recovery Capital

Exeter Industrial Value Fund V

*IRR: net of fees

43 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Warburg Pincus has brought on Andrew Sibbald as managing director and co-head of Europe. Sibbald joins from Evercore, where he was senior managing director of the firm's European investment banking business.

VC Deals

Plotlogic, a mining-tech startup, has raised a $28 million Series B led by Galvanize Climate Solutions and SE Ventures.

Carbon Upcycling, a low-carbon cement producer, has raised a $26 million Series A led by BDC Capital's Climate Tech Fund and Climate Investment.

Cybersecurity startup Cyble has raised a $24 million Series B led by Blackbird Ventures and King River Capital.

GlassPoint, which produces solar-generated steam for industrial businesses, has raised an $8 million Series A led by 300PPM.

Grasp, which offers an online learning platform, has secured $4 million in a seed round led by Balderton Capital.

Béa Fertility, a London-based provider of at-home fertility treatment kits, has raised $3.2 million in a round led by Octopus Ventures.

PE Deals

Epiris has agreed to acquire UK funeral services provider Pure Cremation.

Apax Partners will purchase a co-controlling stake in Spanish medical equipment distributor Palex Medical alongside its current majority shareholder, Fremman Capital.

Inflexion has agreed to sell Xtrac to MiddleGround Capital. The UK-based company manufactures automotive transmission systems

HealthEdge Investment Partners, United Western Group and Advantage Capital Holdings have made a recapitalization investment in Veridian Healthcare, an outsourced medical equipment manufacturer.

One Rock Capital Partners has agreed to acquire Vienna-based global packaging manufacturer Constantia Flexibles from Wendel Group.

EIG Partners has been scoping out additional equity partners to join portfolio company MidOcean Energy's roughly $13 billion take-private of Origin Energy alongside Brookfield, Reuters reported. The deal was announced in March.

Exit & IPOs

BC Partners has agreed to sell its stake in IMA Group to merchant bank BDT & MSD Partners. Italy-headquartered IMA manufactures automatic packaging machines.

Fundraising

CVC Capital Partners-owned Glendower Capital has closed its Secondary Opportunities Fund V on $5.8 billion.

Greenoaks has raised $2.1 billion for its fifth venture capital fund, Axios reported.

Ares Management is targeting $2 billion for Ares Secondaries Infrastructure Solutions Fund III, which will focus on assets in the communications, transportation, renewable energy or utility industries, The Wall Street Journal reported.

Coatue has raised nearly $331 million for its early-stage startups fund, Coatue Ventures III.

Bill Gates' Breakthrough Energy Ventures, a climate change-focused firm, is raising a third venture fund.

Chart of the Day

"The median EV to EBITDA multiple now stands at 8.8x for the 12 months ended Q2 2023, down from 8.9x in 2022 and 10.5x in 2021, the all-time peak.

"EV to revenue multiples tell a similar story. After surging to 2.0x in 2021, the median multiple has declined by an even more severe 24.0%. EV to revenue is a broader yardstick of value, as it captures a bigger sample size than EV to EBITDA, including the tech and financial sectors where EBITDA is not necessarily relevant."

Source: PitchBook's Q2 2023 Global M&A Report

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PitchBook News - How we score manager performance

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