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The Daily Pitch: VC

September 17, 2021

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

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

An analysis of US PE fund performance broken down by GP investment styles.

On the heels of a record year for secondaries, KKR is said to be weighing a bid for Lexington Partners.

The latest edition of our interactive PE lending league tables, ranking the most active lenders in the asset class.

Today's Top Stories

Measuring the effects of specialization strategies in US PE funds

(Bet_Noire/Getty Images)

Specialization has been a defining theme among US PE firms for over two decades, with both firms and funds dialing in on geography, sector and investment type.

Many allocators appreciate the added control of this approach when it comes to portfolio management. Yet a question remains: Does specialization, particularly by sector, lead to outperformance? Our recent analyst note seeks the answer—and the results are surprising.

read it now

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Pandemic puppy boom fetches deals in Silicon Valley

(Julia Midkiff/PitchBook News)

Pet startups have snatched up more than $1.1 billion in venture capital investment so far this year, easily surpassing a high-water mark set in 2019.

The pandemic added to a banner year for new pets: About one in five US households took in a dog or cat between March 2020 and May 2021. Pet-crazy millennials are also driving a long-running trend of more—and more expensive—pet ownership.

Pet insurance is a particularly hot category. London-based Bought By Many raised $350 million in the largest pet-related VC deal so far for 2021.

Don't call it a blip: Investors believe that demographic forces and shifting consumer preferences spell robust growth for pet startups.

Recommended Reads

Europe has grown increasingly reliant on renewable energy in the form of wind power. But what happens when it stops blowing? [Fortune]

Many organizations check candidates' Facebook, Instagram and the like as part of the hiring process. But new research suggests that recruiters might want to stop using social media profiles as a screening tool. [Harvard Business Review]

The field of biology is undergoing a technological makeover, and the story of Ginkgo Bioworks demonstrates the challenges and progress that come with that change. [The New York Times]

Since yesterday, the PitchBook Platform added:

23

VC valuations

1849

People

499

Companies

22

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2017 Vintage Global Debt Funds
	A message from Litera
	Close any deal, any time, anywhere, by innovating the transaction process
	VC Deals
	Discord collects $500M in new funding
	Apna raises $100M from Tiger Global
	India's Pine Labs grabs another $100M
	Omaze picks up $85M
	Amolyt Pharma secures $80M Series B
	Fundraising
	Santé Ventures closes Fund IV on $260M

The Daily Benchmark

2017 Vintage Global Debt Funds

Median IRR

8.90%

Top Quartile IRR Hurdle Rate

13.80%

1.12x

Median TVPI

Select top performers

400 Capital Asset Based Term Fund I

Hamilton Lane Strategic Opportunities Fund 2017

Glendon Opportunities Fund II

*IRR: net of fees

66 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from Litera

Close any deal, any time, anywhere, by innovating the transaction process

It takes more than a global pandemic to stop lawyers from delivering outstanding client service. The legal industry embraced remote work to close a record number of transactions in 2021.

But lawyers are fighting an uphill battle due to an outdated deal process that has them:

Relying on frequent—and inconvenient—status calls to keep deal participants up to date.
Waiting for emails from different time zones to move forward with document revisions.
Depending on industrial printers and scanners to prepare signature packets.

It's time to innovate the transaction management process and free deals from the constraints of the office. If you're ready to close any deal, any time, anywhere, you'll want to read this new white paper from Litera.

Download your complimentary copy today

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VC Deals

Discord collects $500M in new funding

Discord has raised $500 million in a round led by Dragoneer Investment Group, with participation from Baillie Gifford, Coatue, Fidelity Management & Research and Franklin Templeton. The deal values the San Francisco-based company at around $15 billion, Bloomberg reported. Discord, which was valued at $7 billion in December, is the developer of a platform that offers instant video, voice and text messaging for friends and the gaming community.

View round

View 13 competitors »

Apna raises $100M from Tiger Global

Apna, the developer of a job recruitment platform for blue-collar workers in India, has raised a $100 million Series C at a valuation of $1.1 billion. The round was led by Tiger Global and had participation from other investors including Owl Ventures, Insight Partners and Sequoia India. This is the third investment fetched by the company in 2021. Apna raised $70 million in June at a valuation of $570 million.

View round

View 3 competitors »

India's Pine Labs grabs another $100M

Pine Labs, the Indian developer of a merchant commerce platform, has raised $100 million from Invesco. The funding comes about two months after the startup secured $600 million at a reported valuation of $3.5 billion. Serving merchants of various sizes across Asia and the Middle East, Pine Labs' cloud-based platform offers payment acceptance solutions, enterprise automation systems and digital gift card distribution, among other services.

View round

View 38 competitors »

Omaze picks up $85M

Omaze has raised an $85 million Series C led by Moore Strategic Ventures. The California-based company is the developer of an online fundraising platform for social impact charities. Omaze was valued at $137.7 million in August 2020, according to PitchBook data.

Select Additional Investors:

Causeway Media Partners, FirstMark Capital, Mockingbird Ventures, Pegasus Tech Ventures, Telstra Ventures

View round

View 8 competitors »

Amolyt Pharma secures $80M Series B

Amolyt Pharma has raised $80 million in a round co-led by Andera Partners and Sectoral Asset Management. The company is developing therapeutics for rare endocrine and related diseases.

Select Additional Investors:

Eurazeo, Kurma Partners, Life Sciences Partners, Mass General Brigham Ventures, Pontifax Venture Capital

View round

View 34 competitors »

Fundraising

Santé Ventures closes Fund IV on $260M

Santé Ventures, a healthcare and life sciences investor, has closed its fourth namesake fund on $260 million. The Austin-based VC firm, which typically leads seed-stage and Series A rounds, will use the capital to invest in 15 to 25 startups in the biotech, medtech and healthech sectors. Santé closed its third namesake vehicle on $250 million in 2019.

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View 49 investments »