PitchBook News - A fresh look at fund performance

A mixed year for female founders; assessing mega-fund growth, performance; SoftBank invests $146M in Qraft; femtech startup Gameto lands $20M
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The Daily Pitch: VC
January 11, 2022
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's Benchmarks, tracking private fund returns across strategy, geography and more.

  • Our latest analyst note explores fundraising trends and performance within the PE mega-fund space.

  • Female founders had an exceptional 2021, but they still only pulled in a small fraction of total US VC funding.
Today's Top Stories
PitchBook Benchmarks for PE, VC and more
As allocators devote more and more resources to alternative assets, the largely opaque nature of private capital makes finding transparent fund performance a challenge.

Enter our quarterly PitchBook Benchmarks, which provide a detailed snapshot of the latest data on closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q2 2021 and featuring downloadable XLS tables, data visualizations, and PDFs that break down the numbers by fund type and geography.
take a look
 
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An exceptional year for female founders still means a sliver of VC funding
(Daniela Simona Temneanu/Getty Images)
2021 was an exceptionally strong year for venture capital investment across the US; total funding topped nearly $330 billion, according to PitchBook data.

But despite the surge in overall numbers, companies founded solely by women garnered only 2% of dollars invested in VC-backed startups throughout the year.
read more
 
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A message from Altvia
Buyer's guide to establishing and evolving a tech stack in private capital
Digitalization and digital transformation are hot topics for all industries, but especially for private equity and venture capital in the current climate. Why?

The private equity industry has been notoriously slow to adopt new technology. This resistance is starting to catch up with the industry and is producing negative effects.

In today's modern landscape, more businesses are operating remotely and relying on their data to make important decisions. Technology has become a critical business capability that can no longer be ignored. Those who don't transition and use technology to replace or enhance traditional processes will find it much more difficult to respond to changing market conditions and run the risk of getting beat by their competitors.

Get the guide here
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Assessing US PE mega-fund growth and performance
(princessdlaf/Getty Images)
The growth in US PE mega-funds, vehicles $5 billion and larger, has been driven by record-setting deal activity, which allowed large firms to rapidly deploy capital and return to market sooner with new fundraises at sizable step-ups.

The largest PE managers with their core strategy in the mega-fund range have successfully launched additional mega-funds when expanding into new strategies. But when looking at longer time horizons, analysts found that mega-funds do not always result in returns of the same magnitude compared to smaller funds.

These are just some of the findings in our latest analyst note detailing fundraising trends and performance within the PE mega-fund space.
read it now
 
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What's in store for European VC in 2022?
(yuanyuan yan/Getty Images)
Investors are preparing for another record year of venture capital activity in Europe, with high valuations, strong growth and a bigger geographic footprint.

But 2022 won't follow exactly in the footsteps of 2021, and there are potential headwinds. We spoke to five VCs active in Europe to find out what they expect in the year ahead.
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Ecommerce startup Ankorstore becomes latest European unicorn
From left, Ankorstore founders Nicolas Cohen, Pierre-Louis Lacoste, Nicolas d'Audiffret and Mathieu Alengrin. (Courtesy of Ankorstore)
Ankorstore has reached a valuation of $1.98 billion with its latest round, making the ecommerce startup Europe's second unicorn of 2022.

Tiger Global and Bond led the round, part of a busy start to what is expected to be another banner year for France's VC-backed companies.
read more
 
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Recommended Reads
Despite rising costs and transparency issues, pension funds are pumping record sums into private equity. [The Wall Street Journal]

An obscure corner of trust law offers a new kind of corporate ownership structure, one that can make the values of a pro-social company permanent. [The New Yorker]

Pending FDA approval, cultivated meat may be reaching supermarkets soon. [Bloomberg]
Since yesterday, the PitchBook Platform added:
23
VC valuations
1456
People
448
Companies
16
Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2015 Vintage Global PE Funds with more than $1B  
  VC Deals  
  SoftBank invests $146M in Qraft  
  Akura Medical secures $25M  
  Femtech startup Gameto lands $20M  
  Zluri picks up $10M  
 
 
The Daily Benchmark
2015 Vintage Global PE Funds with more than $1B
Median IRR
19.40%
Top Quartile IRR 
24.44%
1.59x
Median TVPI
Select top performers
Brookfield Capital Partners IV
Oaktree Power Opportunities Fund IV
Thoma Bravo Discover Fund
*IRR: net of fees
54 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
SoftBank invests $146M in Qraft
Seoul-based Qraft Technologies has raised $146 million from SoftBank. The company is a developer of AI-based investment tools for global asset managers.
View round
 
View similar company »
 
Akura Medical secures $25M
Akura Medical has raised $25 million in Series A1 financing led by Cormorant Asset Management. The company is developing thrombectomy devices designed to remove blood clots.
Additional Investors:
Picard Angst MedTech, Shifamed, The Capital Partnership
View round
 
View similar company »
 
Femtech startup Gameto lands $20M
Gameto has raised a $20 million Series A led by Future Ventures. The New York-based company is developing ovarian therapeutics intended to improve fertility and help women manage the impact of menopause.
Select Additional Investors:
Bold Capital Partners, Lux Capital, Overwater Ventures, Plum Alley Investments, TA Ventures
View round
 
View similar company »
 
Zluri picks up $10M
Zluri has raised a $10 million Series A led by MassMutual Ventures. Founded in 2020 and based in the Bay Area, the company is the developer of a SaaS management platform for IT teams.
Additional Investors:
Endiya Partners, Kalaari Capital
View round
 
View similar company »
 
PitchBook Webinar: Technology trends impacting AI, climate and food
Join Pitchbook's Emerging Tech team on Jan. 13 to hear their analysis and expectations for emerging tech market growth and investment opportunities in AI and machine learning, climate tech and foodtech.

During the webinar, PitchBook analysts will share insights on specific technologies ripe for growth and expectations for the space in 2022, including:
  • AI and machine learning, and the shifting priority toward more data preparation.

  • Which carbon negative technologies are driving growth in climate tech.

  • Foodtech's remarkable progress and expectations for growth among alt-protein providers in 2022.
Register here to secure your spot.
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Chart of the Day
"As with the early stage, the gap between median late-stage valuations has held steady in 2021. The median for the VC market overall is $120.0 million, 71.4% higher than the full-year 2020 markup. For female-founded companies, the median is $100.0 million YTD, a 69.4% increase from 2020."

Source: PitchBook's All In: Female Founders in the US VC Ecosystem Report
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