PitchBook News - US PE smashes records

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The Daily Pitch: VC

October 12, 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:

Our latest US PE Breakdown, packed with data and analysis about private equity's record year.

A timeline of Henry Kravis and George Roberts' legacy, through 45 years at the helm of KKR.

Today's Top Stories

US PE deals top $787B as industry shatters records across the board

The US private equity industry is storming through 2021, smashing records as investors take advantage of a bullish climate and remain undeterred by the possibility of inflation and interest rate hikes.

Our Q3 US PE Breakdown, sponsored by Liberty GTS, CohnReznick and Stout, tracks all the trends defining US private equity in what is shaping up to be a year to remember. Key takeaways include:

US PE dealmaking through Q3 has already broken 2019's annual record for deal value, at more than $787 billion.

Exits are on an astounding run; year-to-date value has topped $638 billion—over 50% above the previous high.

Fundraising is proceeding at a rapid clip, and Q4 is expected to close the year on a strong note.

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End of an era: A timeline of Kravis and Roberts' legacy at KKR

Henry Kravis, left, and George Roberts (Courtesy of KKR)

After nearly half a century in charge, the founders of PE giant KKR, Henry Kravis and George Roberts, have stepped down as co-CEOs and handed the reins over to Joe Bae and Scott Nuttall.

The duo, who launched the firm with Jerome Kohlberg in 1976, helped build the foundation of the private equity industry and joined in some of its biggest deals.

Our timeline tracks the biggest events, deals and funds of Kravis and Roberts' years at the helm.

Recommended Reads

Why credit card companies back legality rather than morality as their sway over what goes on the internet increases. [The Economist]

Fortune's annual list of the top 10 companies getting creative to address society's unmet needs. [Fortune]

How millennials are teaming up to make homeownership work for them despite debt and soaring prices. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

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418

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Quick Takes


	The Daily Benchmark
	2020 Vintage Global Buyout Funds
	Partner Perspectives
	Untapped investment potential in the Australian digital health ecosystem
	VC Deals
	MoonPay collects $400M
	Swile raises $200M
	Elliptic picks up $60M Series C
	Fintech startup Mono banks $15M
	Fundraising
	Costanoa Ventures closes $225M fund

The Daily Benchmark

2020 Vintage Global Buyout Funds

Median IRR

9.62%

Top Quartile IRR Hurdle Rate

55.75%

1.05x

Median TVPI

Select top performers

Crestview Partners IV

Accelmed Partners II

Thoma Bravo Explore Fund

*IRR: net of fees

80 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

Partner Perspectives

Untapped investment potential in the Australian digital health ecosystem

Even prior to the onset of the COVID-19 pandemic, the Australian digital health ecosystem was flourishing thanks to a variety of factors, including synergistic relationships between public and private players. However, the acceleration of the pandemic has resulted in a surge of patients and providers online—leading to a slew of opportunities in digital health, from startups to established companies alike, for expansion. In their brand-new report, the Australian Trade & Investment Commission draws on PitchBook data to explore market trends across the digital health landscape, with highlights including:

A summary of the key fiscal, industry and regulatory factors encouraging innovation in the ecosystem.
Analysis of venture financing trends.
Case studies of maturing Australian digital health companies.

Read it now.

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VC Deals

MoonPay collects $400M

MoonPay has raised $400 million at a $3.4 billion valuation in a round co-led by Tiger Global and Coatue, The Information reported. Founded in 2018, the company offers a platform to help users buy and sell cryptocurrency and other digital assets.

Swile raises $200M

SoftBank has led a $200 million Series D for Swile, the provider of an all-in-one employee payments card for meal, gift and transportation vouchers. The funding values the French startup at more than $1 billion.

Select Additional Investors:

Bpifrance, Index Ventures, Eurazeo

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View 12 competitors »

Elliptic picks up $60M Series C

Elliptic has raised $60 million in a round led by Evolution Equity Partners. Founded in 2013, the UK-based company is the developer of a crypto-asset risk management and compliance platform.

Select Additional Investors:

Octopus Ventures, SignalFire, Wells Fargo Strategic Capital

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View 14 competitors »

Fintech startup Mono banks $15M

Mono has raised a $15 million Series A led by Tiger Global, TechCrunch reported. The company's open banking platform helps businesses across Nigeria collect and manage bank transfer payments from customers.

Select Additional Investors:

Entrée Capital, Golden Palm Investments, Lateral Capital

View round

View similar company »

Fundraising

Costanoa Ventures closes $225M fund

Palo Alto-based Costanoa Ventures has raised $225 million for its fourth namesake fund, according to an SEC filing. The early-stage VC firm raised $175 million for its third fund in 2017. Its portfolio includes fintech startup Lively and Quizlet, a developer of online learning tools for students.

View fund

View 83 investments »

Chart of the Day

"Late-stage rounds have grown in size and now contain a wide variety of investors, similar to largescale VC rounds witnessed in the US ecosystem. Capital options have expanded for businesses as investors pumped copious amounts of capital into late-stage companies to maximize their potential in the VC ecosystem before a substantial exit event that could generate improved returns to investors."

Source: PitchBook's Q2 2021 European VC Valuations Report