Strong fund performance carries into 2021

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The Daily Pitch: VC

October 8, 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:

The latest edition of PitchBook Benchmarks, with complete data through Q1 2021.

Even though researchers can see patients in person, investors are still betting on virtual clinical trial tech.

Coatue is said to be expanding its footprint in Europe with a new office location.

Today's Top Stories

PitchBook Benchmarks for PE, VC and more

(Sean Gladwell/Getty Images)

The US private markets have surged over the past decade as investors pour increasing amounts of capital into alternative assets. Fund strategies have expanded in kind, yet the private markets remain largely opaque, and without uniform reporting standards, it is challenging for pensions and endowments to find true transparency.

PitchBook Benchmarks provide a one-stop destination that tracks aggregate investor performance across a range of strategies by measuring cash multiples, IRR and other metrics. The latest edition, featuring data through Q1 2021, is now available. It features preliminary data for the past several quarters, visualizations, and PDFs that slice the data by fund type and geography.

take a look

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Virtual clinical trials continue to attract investor interest

(someone25/Getty Images)

Remote clinical trials were a necessity during the pandemic, but even now venture capitalist interest in companies offering these decentralized options doesn't appear to be waning. A number of companies in the field have raised recent funding from notable investors.

Recommended Reads

Why the number of private equity deals for wineries, vineyards and distributors has skyrocketed in 2021. [The Wall Street Journal]

Asset managers are having a difficult time recruiting and retaining talent. Is a resistance to change to blame? [Institutional Investor]

A wild search to uncover how much of stablecoin Tether's supposed $69 billion in assets actually exists. [Bloomberg]

Since yesterday, the PitchBook Platform added:

13

VC valuations

1925

People

464

Companies

25

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2013 Vintage North American Debt Funds
	A message from Citizens
	How private equity is raising the bar for your business
	VC Deals
	Rebel Foods hits $1.4B valuation
	Fintech startup Till Payments raises $80M
	Third Point leads $40M round for Kentik
	BrightHire picks up $20.5M
	Toch.ai secures new funding

The Daily Benchmark

2013 Vintage North American Debt Funds

Median IRR

6.48%

Top Quartile IRR Hurdle Rate

8.90%

1.21x

Median TVPI

Select top performers

Davidson Kempner Long-Term Distressed Opportunities Fund II

Oaktree Real Estate Debt Fund

York Special Opportunities Fund II

*IRR: net of fees

28 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from Citizens

How private equity is raising the bar for your business

Today, more companies than ever are backed by private equity—a trend that is likely to accelerate as investment demand continues to rise.

The access to capital, top-tier talent and strategic partnerships that PE-backed firms enjoy has raised the bar across industries. This has significant implications for all middle-market companies that want to remain competitive.

Replicate the benefits of PE partnerships to maintain your edge in this increasingly competitive marketplace.

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VC Deals

Rebel Foods hits $1.4B valuation

Rebel Foods has raised $175 million at a $1.4 billion valuation in a round led by Qatar Investment Authority, TechCrunch reported. The Mumbai-based company is the operator of a network of cloud kitchens that prepare food exclusively for delivery across 40 cities.

Additional Investors:

Coatue, Evolvence Capital

View round

View 8 competitors »

Fintech startup Till Payments raises $80M

Till Payments has raised A$110 million (around $80.4 million) in Series C financing from investors including Akuna Capital and Avenir Growth Capital. The Australian startup is the developer of a payments platform used in more than 500 cities across the world.

Additional Investors:

Regal Funds Management, Woodson Capital Management

View round

View similar company »

Third Point leads $40M round for Kentik

San Francisco-based Kentik has raised a $40 million Series C led by Third Point Ventures. The company is a developer of network management software designed to help companies such as Zoom and Dropbox detect and prevent performance issues.

Additional Investors:

DCVC, Delta-v Capital, Engineering Capital, Gaingels, Golub Capital, Tahoma Ventures, Vistara Growth

View round

View 46 competitors »

BrightHire picks up $20.5M

BrightHire has raised a $20.5 million Series B led by 01 Advisors. The New York-based startup is the developer of an interview intelligence platform designed to help companies improve and manage the hiring process. BrightHire was valued at $77.5 million in May, according to PitchBook data.

Additional Investors:

Index Ventures, Zoom Apps Fund

View round

View 50 competitors »

Toch.ai secures new funding

Toch.ai has raised $11.75 million in Series A financing led by Moneta Ventures. The Mumbai-based company is the developer of a video processing platform that automatically creates subtitles, highlight clips, overlays and more.

Select Additional Investors:

Baring Private Equity Partners India, InnoVen Capital

View round

View similar company »

Chart of the Day

"Another interesting development in the region is the Netherlands' growing deal volume over the past decade. Reviewing absolute numbers, in 2011 the Netherlands closed 180 deals, while that number jumped nearly two times in 2020. Conversely, when looking at the same period for France, deal volume declined. Further, on a proportionate basis, the Netherlands is also eating France's market share."

Source: PitchBook's 2021 France & Benelux Private Capital Breakdown