ZoomInfo stays the course to Wall Street

Livestreaming startup brings in $26.5M; France eyes boost to bailout funding; Pliant Therapeutics files for biotech IPO; Carbon Health picks up $26M
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PitchBook
The Daily Pitch: VC
May 12, 2020
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Today's Top Stories
How the big five public PE firms are faring in the pandemic
Blackstone CEO Stephen Schwarzman saw his firm mark down its portfolio by 21.6% in Q1. (Jemal Countess/Getty Images)
The big five publicly listed PE firms have released their first earnings reports since the coronavirus crisis began, providing a trove of data on how they're responding and evolving. Our latest research note takes a deep dive into these new reports to analyze key financial results and broader trends from Q1 2020. The findings include:
  • Cash produced from management and other fees is up year-over-year for each manager

  • GPs are temporarily boosting assets under management by holding onto capital that would have otherwise been distributed

  • As GPs continue to collect and deploy capital, fee-related earnings should be able to support management companies
read the note
 
More coronavirus news: Continuing coverage from PitchBook
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ZoomInfo still set on public debut
ZoomInfo Technologies, the Massachusetts-based developer of a business intelligence platform, still intends to go public as soon as next month, according to Bloomberg. The listing would reportedly be one of the first tech company debuts since the start of the pandemic.

In February 2019, ZoomInfo was acquired by rival DiscoverOrg, which had received backing from private equity firms including TA Associates and The Carlyle Group. In the first quarter after it merged with DiscoverOrg, ZoomInfo booked $100 million in revenue, and its April revenue increased 80% year-over-year, again according to Bloomberg.

Just four US-based PE-backed companies have gone public so far in 2020, including real estate finance business Velocity Financial and Pharmaceutical Product Development, a provider of clinical trial and lab services, according to PitchBook data.
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A message from SS&C Intralinks
(Un)doing business in the age of coronavirus
Intralinks
Even under the best of conditions, some companies need to rethink how they're operating. Restructuring is a natural part of the economic cycle. But this is different. COVID-19 has disrupted commerce on a scale rarely seen before—and support from banks and government is already running out.

Read our new blog series, Best Practices for Turning Around Distressed Companies, for expert insight and first steps restructuring companies need to take to survive.

Once you've made a corporate restructuring or business bankruptcy decision, your team needs to move quickly and efficiently to stabilize operations, build an information base, coordinate advisers and map out a rigorous restructuring framework. We can help. Talk to us.
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Ask PitchBook
Wondering how the pandemic is affecting your segment of the private markets? Looking for an explanation of which companies will benefit from government relief programs? Curious about what's driving a recent trend you've noticed?

Send us an email at ask@pitchbook.com, and the news team will track down the answers you're seeking.

Thanks to all those who submitted questions for our first Ask PitchBook article, which explored distressed-debt investing.
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Recommended Reads
Why small farms in New York are experiencing a sudden spike in demand. [The New York Times]

Some policy makers predict that the economic recovery will follow a trajectory similar to the Nike symbol. [The Wall Street Journal]

Handshakes have historically represented things like a greeting or a sign of equality between two individuals. One writer explores how the custom may be gone for good, and why that's not such a bad thing. [The Atlantic]
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Quick Takes
  The Daily Benchmark  
  2014 Vintage Global Buyout Funds  
  VC Deals  
  M17 Entertainment bags $26.5M Series D  
  Carbon Health picks up $26M  
  Zeus snags $15M at half of previous valuation  
  Shiprocket takes off with $13M Series C  
  Exits  
  Vroom files confidentially for IPO  
  Pliant Therapeutics files for public debut  
  Fundraising  
  France eyes more bailout funding for tech startups  
 
 
The Daily Benchmark
2014 Vintage Global Buyout Funds
Median IRR
17.00%
Top Quartile IRR Hurdle Rate
24.00%
1.45x
Median TVPI
Select top performers
Consonance Private Equity
BVIP Fund VIII
Ufenau IV German Asset Light
*IRR: net of fees
78 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
M17 Entertainment bags $26.5M Series D
M17 Entertainment, the operator of a livestreaming platform, has raised $26.5 million in a round led by Vertex Growth. The Taiwanese company plans to use the funding to expand across new markets including Japan and the US.
Additional Investors:
ASE Group, InnoVen Capital, Kaga Electronics Co., Stonebridge Ventures
View round
 
View similar company »
 
Carbon Health picks up $26M
Carbon Health has raised $26 million in a Series B1 round led by DCVC. The San Francisco-based company is the developer of a platform designed to help healthcare professionals communicate with patients, book appointments and manage treatment plans. Founded in 2015, Carbon Health raised $30 million last June.
View round
 
View 31 competitors »
 
Zeus snags $15M at half of previous valuation
Zeus Living, a provider of furnished home rentals for business travelers that's backed by Airbnb, has raised about $15 million in debt and equity from existing backers CEAS Investments, Initialized Capital and Soros Fund Management, according to Bloomberg. The new funding reportedly values the company at about $110 million. Zeus was valued at $205 million after a $55 million round last year, according to PitchBook data.
View round
 
View 2 competitors »
 
Shiprocket takes off with $13M Series C
Shiprocket has raised $13 million in a round led by Tribe Capital, with participation from InnoVen Capital and Bertelsmann India, according to reports. Founded in 2012, the New Delhi-based company is a provider of ecommerce shipping automation software that's designed to help users send and track orders.
View round
 
View 70 competitors »
 
Exits
Vroom files confidentially for IPO
Vroom, the provider of an online used car marketplace, has filed confidentially for an IPO that it plans to complete in June, according to The Wall Street Journal. The debut would come at a time when the auto industry—from manufacturers to dealerships—has been heavily disrupted by the coronavirus. New York-based Vroom has raised more than $700 million to date, according to PitchBook data, including a $254 million Series H in December. Its backers include Durable Capital Partners, AutoNation and General Catalyst.
View details
 
View 7 competitors »
 
Pliant Therapeutics files for public debut
Pliant Therapeutics has filed for an IPO on the Nasdaq that could bring in more than $86 million. Backed by investors including Third Rock Ventures (32.3% pre-IPO stake) and Eventide Asset Management (9.3%), the Bay Area-based biotech startup is a developer of therapies for fibrosis. As part of the public debut, Swiss drug giant Novartis, which led Pliant's $100 million Series C in March, plans to purchase $10 million in shares through a private placement transaction.
View details
 
View 14 competitors »
 
Fundraising
France eyes more bailout funding for tech startups
France is looking to increase its €4 billion (around $4.3 billion) bailout package for tech startups by more than 50%, according to Bloomberg. By the end of the month, the government plans to expand upon financial measures that were established in late March. Steps include a potential doubling of a loan program and increased tax breaks, the report said.
Chart of the Day
"With global travel restrictions and border closures in place, we expect cross-border M&A to take a hit in the coming quarters. A new normal is likely to develop post the pandemic in which de-globalization accelerates as companies pursue methods to re-engineer supply chains and focus on domestic acquisitions."

Source: PitchBook's Q1 2020 European M&A Report
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