PitchBook News - GPs, LPs pursue pandemic balancing act

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The Daily Pitch: VC

June 3, 2020

Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A

Today's Top Stories

The nation in turmoil

Protests, violence and soul-searching have gripped the US from coast to coast, and the business world is wrestling with this fraught moment.

PitchBook News wants to hear our readers' views about it. What is your reaction to the turbulence? Share your thoughts by emailing us at press@pitchbook.com.

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Creative capital: How cash-strapped funds can bridge the liquidity gap

(z_wei/iStock/Getty Images Plus)

As the pandemic plunges the global economy into crisis, general partners need capital not only to support their ailing portfolio investments but also to pursue new opportunities. At the same time, their investors are becoming increasingly capital constrained.

To balance the needs of their limited partners along with their portfolio companies, fund managers are turning to a range of financing tools like subscription credit lines to bridge the fund financing gap:

Recommended Reads

After being left out of most formal pandemic relief programs, healthcare companies owned by KKR, Apollo Global Management and Cerberus Global Management have found backdoor access to federal funding. [Bloomberg]

Which tech giant will dominate your work computer? Microsoft is taking no prisoners in its battle for market share with names such as Slack and Zoom. [The Wall Street Journal]

In the US, the market for coronavirus masks has devolved into a chaotic scene ruled by oddballs and a shadowy network of investors. [ProPublica]

Since yesterday, the PitchBook Platform added:

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People

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Companies

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Funds

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Quick Takes


	The Daily Benchmark
	2010 Vintage US PE Funds
	People
	Nextdoor co-founder joins Unusual Ventures
	VC Deals
	Silver Lake leads $108M round for Vacasa
	Locus Robotics grabs $40M
	Manufacturing automation startup lands $28M
	SoftBank leads $23M round for Brazil's Cortex
	Home cooking startup Tovala serves up $20M Series B

The Daily Benchmark

2010 Vintage US PE Funds

Median IRR

11.99%

Top Quartile IRR Hurdle Rate

19.22%

1.59x

Median TVPI

Select top performers

NYLIM Mezzanine Partners III

Ticonderoga KI

ComVest Investment Partners IV

*IRR: net of fees

36 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Nextdoor co-founder joins Unusual Ventures

Sarah Leary, co-founder of neighborhood social media startup Nextdoor, has joined Unusual Ventures as a venture partner. Leary will focus on consumer startup investments at the Bay Area-based firm, which raised $400 million for its second fund last year.

View details

View 66 investments »

VC Deals

Silver Lake leads $108M round for Vacasa

Vacasa, which operates a vacation rental platform, has raised a $108 million Series D led by Silver Lake. Existing investors including Riverwood Capital and Level Equity also participated in the funding. The Oregon-based company raised a $319 million round in October at a $1 billion valuation, according to a PitchBook estimate.

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View 7 competitors »

Locus Robotics grabs $40M

Locus Robotics, a developer of autonomous robots for fulfillment warehouses and ecommerce operations, has raised a $40 million Series D led by Zebra Ventures. Founded in 2014, the company was valued at $184 million in April 2019, according to PitchBook data.

Additional Investor:

Scale Venture Partners

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View 20 competitors »

Manufacturing automation startup lands $28M

Vention has raised C$38 million (around $28 million) in a Series B led by Georgian Partners, with participation from existing backers Bain Capital Ventures and White Star Capital. The Montreal-based company is a developer of manufacturing automation tech for industrial equipment. Vention raised a C$17 million round in January 2019.

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View 29 competitors »

SoftBank leads $23M round for Brazil's Cortex

Cortex, a Brazilian big data startup, has raised 120 million reais (about $23 million) in a round led by SoftBank's Latin America Fund. Redpoint Eventures and Endeavor Catalyst also contributed to the funding. Cortex's platform provides data intelligence for users' communications, marketing and sales teams. The startup's clients include Unilever, Fiat Chrysler and L'Oréal.

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Home cooking startup Tovala serves up $20M Series B

Foodtech startup Tovala has raised $20 million in a round led by Finistere Ventures, with participation from Comcast Ventures, OurCrowd and others. The Chicago-based business makes smart ovens that are designed to cook the company's prepared meals.

Additional Investors:

Gordon Segal, New Stack Ventures, Origin Ventures, Pritzker Group Venture Capital, Rich Products Ventures, University of Chicago

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View 4 competitors »