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The Daily Pitch: VC

August 5, 2020

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Today's Top Stories

KKR reports record fundraising amid profitable Q2

Investor demand for deals in Hong Kong and other parts of Asia helped KKR soar to a quarterly fundraising record.
(Max Sit/Getty Images)

KKR returned to profitability in the second quarter following a disastrous start to the year. The firm also raised $16.4 billion in new capital in Q2, a quarterly high for KKR, driven in part by strong investor demand for buyout and infrastructure strategies in Asia.

The New York-based firm reported a net profit of $698.6 million, reversing its Q1 net loss of nearly $1.3 billion amid slumping public equity prices in the early days of the pandemic. Its Q2 profit marks a year-over-year increase of nearly 36%. KKR posted distributable earnings of $325.6 million, or 39 cents per share, topping reported analyst estimates of 36 cents per share and nearly equaling its earnings from Q2 2019.

KKR had $221.8 billion in assets under management as of the end of Q2, up 7% from the previous quarter and up 8% from the corresponding year-ago period. After the quarter's fundraising push, the firm now has nearly $67 billion in dry powder. KKR shares closed up 1% Tuesday.

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Recommended Reads

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Quick Takes


	The Daily Benchmark
	2012 Vintage Global Venture Funds
	VC Deals
	Rippling banks $145M
	Yotpo picks up $75M Series E
	Digital fiction startup Radish books $63M+
	Buckle secures $31M
	Silverfort grabs $30M for user authentication
	Bain Capital backs Japanese payments startup
	Portfolio Companies
	UK clears Amazon's Deliveroo investment

The Daily Benchmark

2012 Vintage Global Venture Funds

Median IRR

16.74%

Top Quartile IRR Hurdle Rate

28.28%

1.80x

Median TVPI

Select top performers

BioGeneration Ventures II

IA Venture Strategies Fund II

Vickers Venture Fund IV

*IRR: net of fees

25 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Rippling banks $145M

Rippling, which offers software for managing information technology and human resources data, has raised a $145 million Series B led by Founders Fund. The new capital reportedly values the San Francisco-based company at $1.35 billion. Rippling raised a $45 million Series A in 2019.

Additional Investors:

Kleiner Perkins, Greenoaks Capital, Bedrock, Coatue Management, Initialized Capital, Y Combinator

View round

View 19 competitors »

Yotpo picks up $75M Series E

Yotpo, the developer of a marketing platform for retail brands including Patagonia and Drunk Elephant, has raised $75 million in a round led by Bessemer Venture Partners. With offices in New York and Tel Aviv, the company raised a $51 million Series D in 2017.

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View 39 competitors »

Digital fiction startup Radish books $63M+

Radish, which runs a platform for digital fiction, has raised $63.2 million, according to TechCrunch. The round was led by SoftBank Ventures Asia and Korean publisher Kakao Pages. Radish will reportedly use the funds to expand its US audience and invest in content and marketing.

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View 2 competitors »

Buckle secures $31M

Insurance tech startup Buckle has raised a $31 million Series A led by HSCM Bermuda and Eos Venture Partners. The company offers coverage to ridesharing drivers by combining commercial and personal auto insurance.

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View similar company »

Silverfort grabs $30M for user authentication

Silverfort, the developer of an authentication platform that operates without agents or proxies, has raised $30 million in Series B funding led by Aspect Ventures. Citi Ventures, Maor Investments and existing investors also supported the round. With the new capital, Silverfort has brought in more than $40 million to date. The company is based in Tel Aviv and also has an office in Boston.

Additional Investors:

TLV Partners, Singtel Innov8, StageOne Ventures

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View 16 competitors »

Bain Capital backs Japanese payments startup

Bain Capital Tech Opportunities has led a Series E investment in Hey, the operator of a payments and ecommerce platform in Japan. PayPal Ventures, Goldman Sachs and other investors also participated. In conjunction with the funding, Hey has acquired Coubic, the developer of a consumer-facing platform for reservations.

Additional Investors:

YJ Capital, Anatole, World Innovation Lab

View details

View similar company »

Portfolio Companies

UK clears Amazon's Deliveroo investment

British regulators have given the final approval for Amazon to buy a 16% stake in meal and grocery delivery startup Deliveroo, ending a year-long review process. The Competition and Markets Authority determined that the deal would not be detrimental to competition in the food delivery industry, but added that further investment by Amazon in the startup could trigger more scrutiny. The review concerned a $575 million round that the ecommerce giant led in May 2019.

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View 25 competitors »

Chart of the Day

"Add-ons allow a PE firm to pursue a buy-and-build strategy for a company, which can help bolster an already established portfolio company and increase earnings. This strategy will be paramount as PE firms seek to cut their losing portfolio companies and attempt to increase the exit multiple for their portfolio companies that survive the pandemic crisis."

Source: PitchBook's Q2 2020 North American M&A Report