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The Daily Pitch: VC

October 6, 2020

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

Today's Top Stories

ESG investing: What's hot and what's not?

This summer, PitchBook ran a survey seeking the views of investors and their advisers on the fast-developing space of sustainable investment. We received hundreds of responses from around the globe, creating a unique snapshot of the state of ESG and impact investing, as well as how the sector has evolved since our previous survey in 2016.

Our survey report, sponsored by 500 Startups, breaks down the data to illuminate the biggest drivers of sustainable investing, the most important practices and biggest challenges in developing programs, and key areas of focus for LPs and GPs:

read the results

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Investment firm pay, diversity tracked in Thelander-PitchBook survey

Results of the Thelander-PitchBook 2020 investment firm survey include insights into base pay, carried interest and bonuses for dozens of positions at venture capital firms across the globe.

The survey breaks down firm's compensation data for certain positions and reveals how male employees compared to their female counterparts. It also explores questions regarding diversity, equity and inclusion.

Key takeaways include:

At venture capital firms with less than $500 million in assets under management, the median annual salaries of women who hold the title of senior managing director or senior partner outpaced the salaries of male colleagues in the same roles.

Jody Thelander, founder and CEO of J.Thelander Consulting, said the data indicates how female executives trade off excess cash with a significantly lower carried interest. "The higher the cash, the lower the carry," she said.

Of the 161 firms surveyed from June to August, 75% said they don't have a diversity, equity and inclusion committee.

More than half said they had policies in place that ensure a certain percentage of female and underrepresented employees and recruits.

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BDO's Private Capital Pulse Survey reveals cautiously optimistic fund managers

At the start of 2020, private capital professionals were already voicing concerns around an economic downturn. COVID-19 has now made this recession a reality and left in its wake a blurred and uneven road to recovery. BDO surveyed 200 US fund managers at PE and VC firms on their strategic priorities, economic and market outlooks, and what they are doing to prepare for an uncertain future.

The first in a series to capture the industry's up-to-date sentiment in this uncertain environment, BDO's Private Capital Pulse Fall 2020 Survey covers:

Private capital's economic outlook for 2021
Emerging investment strategies to promote deal flow
Top challenges and competitors for deals
Insights on asset pricing
How private capital is preparing for a potential second wave of COVID-19

Read BDO's Private Capital Pulse Fall 2020 Survey

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Recommended Reads

Foundry Group managing director Seth Levine takes a look at why VC returns may be more skewed than you think. [VC Adventure]

As climate change continues to render some geographies unlivable, experts are urging "climate haven" cities to prepare to absorb displaced residents. Now, with the financial shortfalls of COVID-19, those cities face a new challenge. [Bloomberg]

Neiman Marcus, an arrest, and how one creditor's crusade against private equity went wrong. [Financial Times]

Since yesterday, the PitchBook Platform added:

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VC valuations

1357

People

421

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Funds

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Quick Takes


	The Daily Benchmark
	2014 Vintage Global Venture Funds with more than $250M
	VC Deals
	Cooler Screens secures $80M+ Series C
	GrubMarket raises $60M at $400M+ valuation
	Exits & IPOs
	Romeo Power merges with SPAC

The Daily Benchmark

2014 Vintage Global Venture Funds with more than $250M

Median IRR

18.56%

Top Quartile IRR Hurdle Rate

23.30%

1.78x

Median TVPI

Select top performers

Column Group II

DCM VII

True Ventures IV

*IRR: net of fees

25 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

PitchBook Webinar: The Revised Volcker Rule

Revisions are coming to the Volcker Rule this month, easing regulation compliance and providing banks with greater access to private markets—particularly VC and private debt funds.

Join our webinar on Oct. 8 to get caught up on key elements of the Volcker Rule, including what it is, why it exists and expected implications of the revisions. Takeaways will include:

An overview of the Volcker Rule and changes being made

Implications for GPs and LPs, notably within VC and debt fund strategies

Insights from industry experts

Register today to secure your spot

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VC Deals

Cooler Screens secures $80M+ Series C

Cooler Screens has raised more than $80 million from investors including Verizon Ventures, M12 and GreatPoint Ventures. The Chicago-based company offers internet-of-things-based video screens to help retailers transform cooler doors for marketing opportunities. The funding includes debt financing from Silicon Valley Bank.

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GrubMarket raises $60M at $400M+ valuation

Grocery delivery startup GrubMarket has been valued at between $400 million and $500 million after raising $60 million in Series D funding, according to TechCrunch. BlackRock, Reimagined Ventures, Trinity Capital Investment, Celtic House Venture Partners and others reportedly participated in the round. GrubMarket has acquired a slew of food distributors this year as part of its expansion plans. The San Francisco-based company was valued at $255 million with a $30 million round in April 2019.

Additional Investors:

Marubeni Ventures, Sixty Degree Capital, GGV Capital, Mojo Partners, Digital Garage, WI Harper Group, Scrum Ventures, CentreGold Capital

View details

View 21 competitors »

Exits & IPOs

Romeo Power merges with SPAC

Battery maker Romeo Power has agreed to merge with blank-check company RMG Acquisition in a deal that values the combined business at $1.33 billion. Romeo Power will raise $384 million in the deal, which includes a $150 million PIPE investment from investors such as The Heritage Group and Republic Services. Romeo Power manufactures batteries for commercial trucks and has received backing from auto parts maker BorgWarner and TAG Holdings.

View details

View 14 competitors »