PitchBook News - VCs voice caution during shutdowns

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The Daily Pitch: VC

April 13, 2020

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Today's Top Stories

PitchBook survey: Investors turn cautious during shutdowns

Shutdowns of business in places like New York have hurt fundraising, investors say. (Eduardo Munoz Alvarez/Getty Images News)

Private market investors are turning defensive.
Investors are riding out the coronavirus outbreak with a wait-and-see stance, but a significant portion of them already expect to scale back their VC and PE bets this year, according to a survey by PitchBook.

The survey, conducted on March 31 and April 1, provides an early glimpse into how the vast economic turmoil caused by the pandemic may be shaping the outlook of LPs and investors

Answers from the survey's 383 respondents suggest that investors in the private markets are becoming more conservative even as they try to gauge the impact of the global health emergency

Limited partners have begun to hit the pause button, with about 29% of LP respondents saying they would suspend allocations to the private markets over the coming six months

GPs at venture and PE firms seem even gloomier; when asked about their projected investing for the coming year, more than 35% of GPs said they expect their total capital deployment to fall by at least 10%

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Tips from the experts on how to avoid misinformation about COVID-19. [Smithsonian Magazine]

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Today's Headlines


	The Daily Benchmark
	2006 Vintage Global Venture Funds with more than $250M
	VC Deals
	Cohesity hits $2.5B valuation
	BigBasket carts off $60M
	Bugcrowd picks up $30M Series D
	Fundraising
	Index raises $2B across two funds
	Qiming lands $1.1B healthcare and tech fund

The Daily Benchmark

2006 Vintage Global Venture Funds with more than $250M

Median IRR

3.56%

Top Quartile IRR Hurdle Rate

11.74%

1.28x

Median TVPI

Select top performers

Summit Partners Venture Capital Fund II

Thomas McNerney & Partners II

M/C Venture Partners VI

*IRR: net of fees

22 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Cohesity hits $2.5B valuation

Data management company Cohesity has raised a $250 million Series E at a $2.5 billion valuation. The financing was co-led by DFJ Growth, Foundation Capital, Greenspring Associates and Wing Venture Capital. Cohesity raised $250 million in 2018 at a $1.1 billion valuation, according to PitchBook data.

Additional Investors:

Baillie Gifford, Sozo Ventures, Sequoia, SoftBank, Hewlett Packard Enterprise, Cisco Investments

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View 41 competitors »

BigBasket carts off $60M

BigBasket, which offers an online grocery platform, has raised $60 million from investors including Alibaba, CDC Group and Mirae Asset-Naver Asia Growth Fund, according to TechCrunch. Founded in 2011 and based in Bengaluru, the company reportedly raised a $150 million Series F in May.

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View 34 competitors »

Bugcrowd picks up $30M Series D

Bugcrowd has raised $30 million in a round led by Rally Ventures. The San Francisco-based company is the developer of a cybersecurity platform that helps companies including Mastercard, Pinterest and Fitbit detect and manage vulnerabilities. Founded in 2012, Bugcrowd has raised over $80 million in VC financing to date.

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View 33 competitors »

Fundraising

Index raises $2B across two funds

Index Ventures has closed a pair of funds: the $800 million Index Ventures 10 and the $1.2 billion Index Growth 5. Based in London and San Francisco, Index primarily makes early-stage investments. It has backed Datadog, which went public last year, Plaid, the fintech startup that was acquired by Visa for $5.3 billion in January, and Slack.

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View 513 investments »

Qiming lands $1.1B healthcare and tech fund

Chinese VC firm Qiming Venture Partners has closed a $1.1 billion fund that will invest in early-stage startups across the healthcare and technology, media and telecom sectors. Several of the firm's portfolio companies have entered the public markets, including smartphone manufacturer Xiaomi, app maker Meituan Dianping and online entertainment company Bilibili.

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View 317 investments »