General Catalyst seals mega-funds' return

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The Daily Pitch: VC

October 25, 2024

Presented by SRS Acquiom

In today's Daily Pitch, you'll find:

KKR makes a $3 billion cleantech bet on Italian oil and gas company Eni's biofuel unit

With General Catalyst's $8B haul, mega-funds are clearly back

Our Q3 valuations data for public companies in the foodtech sector

Riding a secondary share sale surge, fashion dealer Vinted reaches a $5.4B valuation

General Catalyst's $8B haul cements the return of mega-funds

General Catalyst Managing Partner Hemant Taneja
(Sam Barnes/Getty Images)

Hemant Taneja's General Catalyst came out swinging on Thursday with $8 billion in fresh capital. That's the largest haul by a venture capital firm in over two years, according to PitchBook data.

Leading venture firms have defied expectations this year, pulling in huge sums of capital from LPs despite venture exits—and by extension, realized returns— being nearly nonexistent.

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Public foodtech focuses on eating at home

The most successful foodtech companies so far this year have zeroed in on food accessibility, with home meal kit and food delivery marketplaces emerging as winners in the public markets.

Meal kit companies showed a 57% stock price surge this quarter despite overall challenging market conditions. In addition, analysts project online grocery companies will continue to see substantial growth.

Our Q3 2024 Foodtech Public Comp Sheet and Valuation Guide tracks stock performance, valuations, revenue growth, and EBITDA margins for key publicly traded companies.

see the data

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A message from SRS Acquiom

Post-closing M&A claims: What you need to know

The SRS Acquiom 2024 M&A Claims Insight Report has arrived. In it, you'll find exclusive analyses of earnouts and indemnification claims from more than 850 private-target acquisitions, valued at approximately $168 billion, for which SRS Acquiom served as shareholder representative. Topics include:

Indemnification claim activities
Earnout achievement rates
Expense funds

All of the deals examined in the report included escrows fully released between Q3 2022 and Q2 2024. Most of the data is not publicly available, and you won't find these insights anywhere else.

Get the insights

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Secondhand fashion dealer Vinted sews up $5B+ valuation

(Stephane De Sakutin/Getty Images)

Secondhand fashion marketplace Vinted has reached a €5 billion valuation (about $5.4 billion) via a secondary share sale.

The deal comes amid a spate of secondary share sales in Europe as investors and employees seek liquidity amid an exit drought. Only 588 exits have closed this year, according to PitchBook data.

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KKR buys into biofuel unit at $12B+ valuation

(NurPhoto/Getty Images)

KKR plans to acquire a 25% stake in Italian oil and gas company Eni's biofuel and sustainable mobility unit, Enilive, at a €11.75 billion valuation (about $12.7 billion). The deal is PE's latest in the European cleantech sector, which is on pace for another blockbuster year.

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PitchBook Benchmarks for PE, VC and more

PitchBook Benchmarks provide a detailed snapshot of the latest data for closed-end fund returns across strategies. The new edition is now available, updated through Q1 2024 with preliminary quarterly returns through Q2. It features tables and charts that break down the data by geography and fund type. Additional data and vintage years are available in Excel data packs for PitchBook clients.

see the data

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Do we need to compare Ivy League endowment returns?

(Mara Potter/PitchBook News)

While it's fun to compare the performance of endowments, top funds take relatively similar approaches to growing their capital base, and that makes for similar results. So is peer-to-peer comparison the best way to tell stories about these institutions?

Harvard University's $53.2 billion endowment has posted a one-year return that fit neatly below the returns seen at Columbia University and Brown University for the same period, and above those at the Massachusetts Institute of Technology, Cornell University and Dartmouth College.

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Since yesterday, the PitchBook Platform added:

2221

People

764

Companies

29

Funds

See what our data software can do

The Daily Benchmark:
2016 Vintage US PE Funds

Median IRR

20.20%

Top Quartile IRR

25.13%

1.04x

Median DPI

Select top performers

Renovus Capital Partners II

Gemspring Capital Fund I

Bertram Growth Capital III

*IRR: net of fees

84 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Alpha-9 Oncology, a biopharma startup developing cancer treatments, raised a $175 million Series C led by Lightspeed and Ascenta Capital.

San Francisco-based Finix, a fintech startup developing a payment processor, raised a $75 million Series C led by Acrew Capital, Leap Global Partners and Lightspeed.

Outrider, a startup developing autonomous driving trucks for supply chain operations, raised a $62 million Series D led by Koch Disruptive Technologies and NEA.

Retail technology startup Simbe, which develops AI-powered robots for store operations, raised a $50 million Series C led by Goldman Sachs.

Concentric AI, which specializes in data security, raised a $45 million Series B led by Top Tier Capital Partners and HarbourVest Partners.

Urbint, a which offers a platform for worker safety in the energy and infrastructure industries, raised a $35 million round led by S2G Ventures.

Cyber Guru, a Rome-based cybersecurity awareness training specialist, received a $25 million Series B led by Riverside Acceleration Capital.

Granola, a London-based AI-powered notepad developer, raised a $20 million Series A led by Spark Capital.

Don't miss our upcoming webinar

]The rate of distributions as a proportion of venture market NAV has fallen as low as during the 2009 global financial crisis, according to PitchBook data. Join experts from PitchBook, NVCA, J.P. Morgan, Dentons, and Deloitte to discuss what the future could hold for the US VC market.

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PE Deals

Levine Leichtman Capital Partners acquired a majority stake in German tutoring provider Schülerhilfe from Oakley Capital.

Solar and energy storage company Pine Gate Renewables received a $288 million investment from Blackstone Credit and Insurance.

Seven2 acquired the Italian workplace safety company Fulgard from Argos Wityu.

Paris-based investor Latour Capital bought Groupe Visco, a company specializing in high-precision machining and mechanical grinding, from Tikehau Capital and Carvest.

TurbineAero, an aerospace and aviation parts maintenance company, has been acquired by Snow Peak Capital.

The Only Agency, an agency for makeup artists, hairstylists and fashion stylists, has been acquired by Presidio Investors.

Exits & IPOs

Three sports businesses belonging to Endeavor will be acquired by TKO Group in a $3.25 billion deal. The Professional Bull Riders League, sports hospitality company On Location and sports rights and events business IMG will now be owned by TKO.

Canadian security company GardaWorld will likely re-acquire a portion of the majority stake currently owned by BC Partners as the PE firm sells it back to GardaWorld's management, Bloomberg reported.

Ghost Energy, an energy drinks company, has been acquired by Keurig Dr Pepper for over $1 billion, the Wall Street Journal reported.

Fintech startup Effectiv, which provides fraud prevention technology, has been acquired by AI digital identification company Socure for $136 million.

Fundraising

Paris-based early-stage VC 360 Capital held a €30 million first close for its latest fund.

London-based Resurge Growth Partners has launched a €120 million venture equity fund.

Investors

KKR released its Q3 earnings report, in which the firm reported an AUM of $624 billion, up 18% year-over year, and $24 billion of capital invested in the quarter. The firm's fee related earnings (FRE) rose to $1 billion for the first time, up 79% year-over-year.

Doug Ostrover and Marc Lipschultz of Blue Owl Capital have acquired the NHL's Tampa Bay Lightning in a deal that saw Arctos sell a portion of its stake in the hockey team. The team was valued at $1.8 billion in the deal, Bloomberg reported.

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Chart of the Day

Source: Q4 2024 Enterprise SaaS M&A Quarterly Update

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General Catalyst seals mega-funds' return

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