PitchBook News - Assessing PE mega-fund growth

A new look at fund performance; Microsoft scores Activision Blizzard for $68.7B; Curbio brings home $65M; Mythical Games lands Polystream
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The Daily Pitch: VC
January 19, 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:
  • Our recent analyst note explores fundraising trends and performance within the PE mega-fund space.

  • The latest edition of PitchBook's Benchmarks, tracking private fund returns across strategy, geography and more.

  • Microsoft is buying into the metaverse with plans to acquire gaming giant Activision Blizzard for $68.7 billion.
Today's Top Stories
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 a 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 as smaller funds.

These are just some of the findings in our recent analyst note, which details fundraising trends and performance within the PE mega-fund space.
read it now
 
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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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A message from Ansarada
2022 M&A predictions from leading global dealmakers
Ansarada has launched a new forward-facing report: 2022 M&A Outlook: Q&A with the Top Global Dealmakers. This interview-style report explores the key themes that will shape 2022, according to a group of expert M&A dealmakers around the globe.

While the future remains unpredictable, momentum in the M&A market shows no signs of slowing. M&A activity surged in 2021—despite new COVID-19 variants and restrictions—demonstrating dealmakers' appetite and resilience in the face of uncertainty.

Dealmakers have continued to take potential hurdles in stride and execute successful deals in a remote working environment. And more than ever, ESG is guiding the decisions they make.

Amid this backdrop, Ansarada has turned to the experts for their global dealmaking predictions for the year ahead.

Get the 2022 M&A predictions
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Microsoft buys into metaverse with $68.7B Activision Blizzard acquisition
Microsoft CEO Satya Nadella (Joan Cros/Getty Images)
Big tech is joining venture capital in a land rush for companies targeting the metaverse despite few real-world examples of the tech world's latest buzzword in action.
  • Microsoft plans to buy Activision Blizzard for $68.7 billion in cash, a roughly 45% premium on the video game giant's pre-announcement share price. "Gaming … will play a key role in the development of metaverse platforms," Microsoft CEO Satya Nadella said in a statement.

  • Gaming startups that aspire to build the metaverse—a loosely defined concept that describes virtual worlds—have seen their valuations soar. Blockchain game company Animoca Brands raised $358.9 million Tuesday at a more than $5 billion valuation in a round led by Liberty City Ventures. Other billion-dollar gaming startups with metaverse ambitions include Sorare, Dapper Labs and Axie Infinity.

  • The acquisition could help to justify high price tags for gaming startups like Animoca, but it faces an uphill battle. This week, the FTC and the Justice Department launched an effort to take a tougher stance on large mergers. California is also suing Activision over allegations of sexual harassment and discrimination.
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Recommended Reads
Ethereum's supremacy is waning as the race to dominate the decentralized-finance ecosystem begins. [The Economist]

Why private equity is doubling down on Hollywood. [The Hollywood Reporter]

Investors are continuing to bet on the rent-to-buy housing market. But does the strategy really unlock a path to homeownership? [Financial Times]
Since yesterday, the PitchBook Platform added:
28
VC valuations
1716
People
481
Companies
22
Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2020 Vintage Global Secondaries Funds  
  A message from Allvue Systems  
  How to complete a capital call in 10 minutes or less  
  VC Deals  
  Curbio brings home $65M  
  Spyke Games raises $55M seed round  
  GGV Capital leads $50M round for Pinwheel  
  Clockwise captures $45M Series C  
  Proton.ai picks up $20M  
  Exits & IPOs  
  Mythical Games to purchase Polystream  
 
 
The Daily Benchmark
2020 Vintage Global Secondaries Funds
Median IRR
93.69%
Top Quartile IRR 
112.96%
1.64x
Median TVPI
Select top performers
RCP Secondary Opportunity Fund III Overage Fund
AlpInvest Partners Fund VII - Secondary Investments
Blackstone Strategic Partners Infrastructure III
*IRR: net of fees
13 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
A message from Allvue Systems
How to complete a capital call in 10 minutes or less
Completing a capital call doesn't need to be a process that eats up hours or days of your team's time.

By leveraging straight-through processing, you can drastically simplify and streamline the process into just five easy steps with data that seamlessly flows throughout the stages of the investment lifecycle. In fact, you can go from determining allocations to blasting out notices in just a handful of minutes.

In a new infographic from Allvue Systems, you'll learn how it's possible to reduce the capital call process from an average of 10 hours to 10 minutes—all without sacrificing quality or control.

Get the infographic here
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VC Deals
Curbio brings home $65M
Curbio has raised a $65 million Series B led by Revolution Growth. Founded in 2017, the company is the developer of a pay-at-closing home renovation platform for real estate agents and their clients. In 2020, Curbio was valued at $105 million after raising $25 million, according to PitchBook data.
Additional Investors:
Brick & Mortar Ventures, Camber Creek, Comcast Ventures, Kayne Anderson Capital Advisors, Masco Ventures, Second Century Ventures
View round
 
View 4 competitors »
 
Spyke Games raises $55M seed round
Spyke Games has raised $55 million in a round led by Griffin Gaming Partners. Founded in 2020 and based in Istanbul, the mobile gaming company released its first game, "Royal Riches," in 2021, with an official launch set to come within a month.
View round
 
View similar company »
 
GGV Capital leads $50M round for Pinwheel
Pinwheel has raised a $50 million Series B led by GGV Capital. The New York-based company is the developer of an API platform designed to help financial institutions manage payroll transactions including direct deposits, underwriting and employment verification. Pinwheel was valued at $100 million in June, according to PitchBook data.
Additional Investors:
AMEX Ventures, Coatue, First Round Capital, Franklin Templeton, Indeed, Kraken Ventures, Upfront Ventures
View round
 
View 2 competitors »
 
Clockwise captures $45M Series C
Clockwise has raised $45 million in a round led by Coatue. Based in the Bay Area, the company offers smart calendar software that helps businesses such as Twitter and Netflix schedule and manage meetings. Clockwise raised $18 million at a $93 million valuation in 2020, according to PitchBook data.
Additional Investors:
Accel, Atlassian Ventures, Bain Capital, Greylock Partners
View round
 
View 9 competitors »
 
Proton.ai picks up $20M
Proton.ai has raised a $20 million Series A led by Felicis Ventures. The company is the developer of an AI-based sales platform designed to help B2B companies predict and analyze customer demand.
Additional Investors:
Abstract Ventures, Battery Ventures, J Ventures, Msc Industrial Direct Co
View round
 
View similar company »
 
Exits & IPOs
Mythical Games to purchase Polystream
Mythical Games has agreed to acquire streaming platform developer Polystream. The deal follows Mythical's $150 million Series C, led by Andreessen Horowitz in November. Polystream was valued at $29.9 million in 2019, according to PitchBook data.
View details
 
View 27 competitors »
 
Chart of the Day
Source: PitchBook's Q3 2021 US PE Middle Market Report
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