US PE firms shatter records across the board

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The Daily Pitch: VC

March 2, 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:

Public PE firms broke records across the board in 2021 as investors continue to reward light balance sheets and high payouts.

After having its resilience tested as never before during two years of pandemic-related disruptions, the private debt market is poised for growth.

US VCs are backing European startups at a record pace, joining €70 billion worth of rounds in 2021.

Today's Top Stories

US PE firms break records across the board

(Atlas Studio/Getty Images)

The five big public PE firms—Blackstone, Apollo Global Management, Ares Management, The Carlyle Group and KKR—had a lucrative 2021. Overall, investors broke records in metrics including assets under management, fundraising, total profits and more.

Our latest analyst note breaks down the data behind US PE firms' earnings in Q4 2021. Takeaways include:

Healthy fund performance bodes well for future growth as a flurry of flagship offerings hits the market. Additionally, billions in net accrued-performance revenues may be realized as firms exit profitable investments.

Valuations for publicly traded managers diverged in 2021, with public investors rewarding high-payout, balance-sheet-light approaches.

In 2021, public investors cemented the move away from evenly distributing their management fees and carried interest to shareholders, favoring the steady flow of fees over the less consistent payout of carry. TPG and KKR restructured their payouts; other firms are expected to follow suit.

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US investors pile into European rounds at record pace

(wenjin chen/Getty Images)

Investment in European and Israeli startups crossed the €100 billion mark in 2021 for the first time. Among the most significant drivers of that record was the increased presence of US VCs.

Investors from across the pond took part in deals worth over €70 billion in total—a figure that dwarfs the previous record. And the flood of US capital into European startups is only expected to accelerate.

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Quick Takes


	The Daily Benchmark
	2015 Vintage Global PE Funds
	VC Deals
	Veev brings home $400M Series D
	Israel's MDClone picks up $63M
	Anrok banks $20M
	Summit Nanotech raises $14M
	Fundraising
	Serena Ventures launches $111M fund

The Daily Benchmark

2015 Vintage Global PE Funds

Median IRR

19.40%

Top Quartile IRR

24.46%

1.60x

Median TVPI

Select top performers

Clairvest Equity Partners V

Gridiron Capital Fund III

Brookfield Capital Partners IV

*IRR: net of fees

129 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Veev brings home $400M Series D

Veev has raised $400 million in a round led by Bond, with support from investors including LenX and Zeev Ventures. Based in California, the company aims to improve the speed and quality of homebuilding.

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Israel's MDClone picks up $63M

Warburg Pincus has co-led a $63 million Series C investment in healthcare data startup MDClone, alongside Viola Growth. Existing investors AMoon, Lightspeed and OrbiMed also participated. Founded in 2016, MDClone partners with the US Department of Veterans Affairs, National Institutes of Health and Israeli hospitals and healthcare providers.

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Anrok banks $20M

Anrok, a developer of a sales-tax platform for SaaS businesses, has raised $20 million in a round co-led by Index Ventures and Sequoia. The company was valued at $34.3 million in June, according to PitchBook data.

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Summit Nanotech raises $14M

Summit Nanotech has raised a $14 million Series A co-led by Xora Innovation and Capricorn's Technology Impact Fund, along with BHP Ventures. The Canadian company is a developer of lithium extraction tech for use in electric vehicles and other industries.

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Fundraising

Serena Ventures launches $111M fund

Serena Williams' venture firm, Serena Ventures, has raised $111 million to back diverse founders. The early-stage VC firm has made investments in startups including online class provider MasterClass and plant-based food startup Daily Harvest.

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View 55 investments »