Peeling back the layers of sustainable investing

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The Daily Pitch: VC

February 15, 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:

An analysis of how sustainable investments are defined and carried out in the private markets, focusing on the different schools of thought in ESG and impact investing.

Launching Feb. 22, the fifth season of PitchBook's "In Visible Capital" podcast is dedicated to covering change and innovation in private equity.

Apollo Global Management has agreed to a $1.4 billion investment in Aldar Properties as PE continues to bet big on the real estate sector.

Today's Top Stories

Peeling back the layers of ESG and impact investing in PE, VC

(Galeanu Mihai/Getty Images)

While fund managers may aim to do well by doing good, they can take much different approaches to environmental, social and governance and impact investing.

Our latest analyst note explores how sustainable investments are defined and carried out in the private markets, focusing on the different schools of thought in ESG investing. Peeling back the layers of these philosophies—purist, pragmatist and pluralist—reveals why they can lead to such different-looking portfolios in PE compared to VC.

Where advocates for one approach might see a legitimate sustainable investment program, skeptics might see "greenwashing"—a fund manager claiming sustainability but not following through. While investors are unlikely to rally around only one ESG or impact philosophy, each perspective represents an effort to cultivate a more sustainable economy.

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Despite SEC BlockFi decision, demand for crypto lending is here to stay

(Namthip Muanthongthae/Getty Images)

Crypto lending specialist BlockFi's $100 million penalty to settle regulators' allegations sets the bar for other companies that offer a high-yield savings product in exchange for holding users' digital assets.

Other providers could try to register their products with the SEC or fight it out in court, according to PitchBook fintech analyst Robert Le. Crypto lending could also move to DeFi protocols. In any case, it seems there is a future for crypto lending regardless of regulators or courts' decisions.

Recommended Reads

How one Alabama company's buying binge helped fuel private equity's push into the hospital industry. [The Wall Street Journal]

The so-called iBuyer model and its promise of an easy sale is upending the housing market, creating competition for real estate agents and threatening commissions. [Protocol]

Why Peloton's slumping sales, layoffs and other problems could spell trouble for its peers. [Recode]

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Quick Takes


	The Daily Benchmark
	2018 Vintage Global Secondaries Funds
	VC Deals
	Game studio Tripledot becomes unicorn with Series B
	Databook draws in $50M
	Taxfyle books $20M in new funding

The Daily Benchmark

2018 Vintage Global Secondaries Funds

Median IRR

70.20%

Top Quartile IRR

94.73%

1.59x

Median TVPI

Select top performers

Glouston Private Equity Opportunities VI

Lexington Capital Partners IX

Verdane Capital X

*IRR: net of fees

13 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Game studio Tripledot becomes unicorn with Series B

London-based Tripledot has raised $116 million in a round led by 20VC, TechCrunch reported. The funding values the casual mobile games developer at $1.4 billion. Tripledot plans to use the funds to acquire other game studios, according to the report.

Additional Investors:

Access Industries, Eldridge, Lightspeed

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Databook draws in $50M

Databook has raised $50 million at a $550 million valuation in a Series B led by Bessemer Venture Partners. Based in Mountain View, Calif., the company is the creator of a customer intelligence platform designed to manage enterprise sales operations. Databook was valued at $96 million with a $16 million round in April 2021, according to PitchBook data.

Additional Investors:

DFJ Growth, Haystack, M12, Salesforce Ventures, Threshold Ventures

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View 77 competitors »

Taxfyle books $20M in new funding

Taxfyle has raised $20 million in a Series B co-led by Fuel Venture Capital and IDC Ventures. Founded in 2015, the Miami-based company offers an online tax filing platform that helps connect businesses and individuals with accounting professionals.

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View 6 competitors »