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The Daily Pitch: VC

September 3, 2020

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Today's Top Stories

New models for LP commitment pacing and fund cash flows

(oatawa/Getty Images)

In deciding how to invest in private markets, every LP has slightly different considerations. Some have a larger appetite for risk. Others have more significant liquidity needs. But ultimately, all need to develop a strategy for managing their private market allocation over time and across market cycles.

The latest edition of PitchBook Benchmarks includes its usual deluge of fund performance data across several different private strategies, updated through Q4 2019. This quarter's version also introduces customizable new commitment pacing and cash flow models to help PitchBook clients design, plan, implement and maintain their private market allocation:

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Quick Takes


	The Daily Benchmark
	2014 Vintage Global Funds-of-Funds
	Webinar Promo
	Webinar: AI and machine learning
	VC Deals
	Yuanfudao eyes $13B valuation
	Brazilian fintech startup banks $300M
	SoftBank leads $150M round for Unacademy
	Biofourmis raises $100M in SoftBank-led round
	Indonesian insurance startup grabs $54M
	Legion secures $22M Series B for workplace management
	Portfolio Companies
	SEC probes Robinhood for not divulging high-speed trader deals
	Magic Leap investors mark down stakes
	Bill Ackman's SPAC previously approached Airbnb about merger
	Exits & IPOs
	Nuvei files for potential $3B+ debut
	Gaming company Skillz becomes latest to go public via SPAC

The Daily Benchmark

2014 Vintage Global Funds-of-Funds

Median IRR

15.80%

Top Quartile IRR Hurdle Rate

18.22%

1.41x

Median TVPI

Select top performers

Pantheon Multi-Strategy Program 2014 (USD)

Bowside Capital Fund III

SwanCap Opportunities Fund II

*IRR: net of fees

52 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

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Webinar: AI and machine learning

Join us on Sept. 10 for a conversation about AI and machine learning. PitchBook analysts will explore the current state and future of the space, how optimism in the industry is shifting from hype to reality, and other topics, including:

Trends in AI and machine learning VC and deal activity data

Market size, opportunities and recent deals across PitchBook's segmentation of AI and machine learning, including horizontal platforms, vertical applications, AI semiconductors and autonomous machines

The impact of recent technical breakthroughs on the vertical's outlook

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VC Deals

Yuanfudao eyes $13B valuation

Online education platform provider Yuanfudao is planning to raise $1.2 billion in a round that could value the company at $13 billion, according to Reuters. Founded in 2012 and based in Beijing, Yuanfudao has raised prior VC funding from investors including Hillhouse Capital, Tencent and Boyu Capital. In March, the company reportedly raised $1 billion at a $7.8 billion valuation.

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Brazilian fintech startup banks $300M

Neon Pagamentos has raised $300 million in Series C funding led by General Atlantic, with support from BlackRock, Vulcan Capital, PayPal Ventures and others. The financing will be split between two $150 million tranches and will help fund new features on the Brazil-based startup's financial platforms, as well as future acquisitions. Neon has grown its user base by 26% since March and now operates 9.4 million accounts across its digital banking services.

Additional Investors:

Monashees, Propel Venture Partners, Endeavor Catalyst, Flourish Ventures

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View 14 competitors »

SoftBank leads $150M round for Unacademy

Indian edtech startup Unacademy has reportedly raised a $150 million round led by SoftBank's Vision Fund 2, with support from Facebook and Sequoia. The new funding is believed to value Unacademy at $1.45 billion, up from the $510 million valuation it reached earlier this year. The provider of online classes has reportedly grown to include 350,000 paying subscribers and 30 million registered users.

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View 36 competitors »

Biofourmis raises $100M in SoftBank-led round

Biofourmis, a creator of technology that monitors and recommends treatment for patients away from the hospital, has secured $100 million in a Series C led by SoftBank's Vision Fund 2. Existing investors Openspace Ventures, MassMutual Ventures, Sequoia and EDBI also participated. The Boston-based company has seen its revenue surge 900% in the first half of this year, with much of that coming through partnerships with drug companies.

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Indonesian insurance startup grabs $54M

PasarPolis, an Indonesian insurance startup, has raised $54 million in a Series B led by LeapFrog Investments, SBI Investment and Xiaomi. The Jakarta-based company offers microinsurance products to individuals living in Thailand and Vietnam, in addition to its home country. Indonesian firms Alpha JWC Ventures and Intudo Ventures also participated in the round.

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Legion secures $22M Series B for workplace management

Legion has raised $22 million in a round led by Stripes, with participation from investors including Workday Ventures, Norwest Venture Partners and First Round Capital. The California-based company is the developer of a workforce management platform designed to help customers such as Cinemark Theaters and RaceTrac Petroleum oversee hourly employees. Stripes operating partner Paul Melchiorre will join the company's board as part of the round.

Additional Investors:

Dollar General, NTT DoCoMo, XYZ-Ventures, Webb Investment Network

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View 46 competitors »

Portfolio Companies

SEC probes Robinhood for not divulging high-speed trader deals

Robinhood is the subject of a civil fraud investigation by the SEC, according to The Wall Street Journal. The online brokerage company is being probed for not fully disclosing until 2018 that it sold client orders to high-speed trading firms, the report said. It's believed that Robinhood could pay more than $10 million in fines if it agrees to settle with the regulatory agency. The company, which provides a commission-free investment platform, was valued at $11.2 billion with a $200 million Series G last month.

View details

View 20 competitors »

Magic Leap investors mark down stakes

Magic Leap investors downgraded the worth of their stakes by an average of 93% between January and June, according to The Information. Institutional backers now reportedly value the augmented reality company at $450 million, down from a $6.7 billion valuation in April 2019, according to PitchBook data. This July, the company named former Microsoft executive Peggy Johnson as its new CEO, replacing co-founder Rony Abovitz. Abovitz stepped down in May, a month after Magic Leap reportedly laid off about half of its workers.

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Bill Ackman's SPAC previously approached Airbnb about merger

Bill Ackman approached Airbnb about a potential merger with his blank-check company before the vacation rental business confidentially filed for a public listing in August, according to Bloomberg. Airbnb reportedly hasn't expressed interest in the offer, but a merger with Ackman's company, Pershing Square Tontine Holdings, is not completely off the table.

View details

View 22 competitors »

Exits & IPOs

Nuvei files for potential $3B+ debut

Montreal-based payments specialist Nuvei has filed to go public in Toronto, with Reuters reporting the listing could raise between $500 million and $600 million and result in a valuation of more than $3 billion. The company banked $270 million in growth funding at a $2 billion valuation in a December round led by Canadian investors Novacap and Caisse de dépôt et placement du Québec.

View details

View 19 competitors »

Gaming company Skillz becomes latest to go public via SPAC

Skillz has agreed to go public by merging with special-purpose acquisition company Flying Eagle in a deal that will value the mobile gaming business at $3.5 billion. The SPAC involves participation from the same team of individuals that helped DraftKings go public through a reverse merger earlier this year. Based in San Francisco, Skillz has also received $159 million in commitments from investors including Wellington, Fidelity Investments, Franklin Templeton and Neuberger Berman via a PIPE investment.

View details

View 1 competitors »

Chart of the Day

"While North American GPs accounted for the vast majority of capital raised in H1 2020, the balance between European and North American managers will likely be more evenly distributed in the back half of the year. Paris-based Antin Infrastructure Partners closed on €6.5 billion ($7.4 billion) with its Fund IV in late July. Further, Stockholm-based EQT is targeting €12.5 billion ($14.0 billion) for its fifth infrastructure vehicle, although the fund may not hold a final close this year because it was just launched at the end of June 2020."

Source: PitchBook's H1 2020 Real Assets Report

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PitchBook News - New models for pacing LP commitments

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