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The Daily Pitch: VC

March 31, 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 new Allocator Solutions report, introducing methodologies to help LPs forecast cash flows and pace capital commitments.

In an effort to make SPACs more like IPOs, the SEC has proposed rules that could add further pain to an already downtrodden market for blank-check deals.

Virtual behavioral health treatment is likely here to stay, as is investor interest in the startups that make it possible.

Today's Top Stories

Cash Flow Forecasting and Commitment Pacing: Introducing Allocator Solutions

While the prospect of differentiated returns is enticing, introducing private fund structures to a portfolio can leave allocators with many unanswered questions. Pacing commitments and managing liquidity are just two of the complications LPs must navigate.

In our new Allocator Solutions report, we provide an answer to these challenges through the introduction of the Cash Flow Forecasting and Commitment Pacing methodologies. The report features a deep dive from PitchBook analysts into the models they use to help LP clients build and maintain private market allocations, leveraging historical data to build probabilistic forecasts and scenario analysis tailored to unique portfolios.

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Proposed SEC rules would upend SPACs' special status

SEC Chairman Gary Gensler (Evelyn Hockstein/Getty Images)

In an effort to make SPACs more like IPOs, the SEC has proposed rules that could add further pain to an already downtrodden market for blank-check deals.

The regulator's complaints closely resemble longstanding gripes of the industry's critics—that blank-check deals are replete with misaligned interests, misleading information and heaps of dilution.

The proposed rules aim to correct those perceived shortcomings with a laundry list of new disclosures and limits on the legal protections that blank-check mergers have thus far enjoyed.

Recommended Reads

Meet Starling Lab, a moonshot project that's using the blockchain to preserve the world's most important information. [Fast Company]

The sports-card industry is undergoing a tech revolution. Why one company wants to lead the charge. [Forbes]

A growing number of solo venture capitalists are raising bigger funds and writing larger checks. [The Information]

Since yesterday, the PitchBook Platform added:

11

VC valuations

1887

People

491

Companies

29

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2014 Vintage Global Real Assets Funds
	VC Deals
	Cross River raises $620M
	Neuron23 nabs $100M in SoftBank-led round
	Beewise buzzes off with $80M
	Modern Treasury lands $50M
	Founders Fund leads $25M round for Mosaic
	Fundraising
	Gumi Cryptos Capital closes $110M fund

The Daily Benchmark

2014 Vintage Global Real Assets Funds

Median IRR

7.61%

Top Quartile IRR

12.42%

1.25x

Median TVPI

Select top performers

Quantum Energy Partners VI

BP Natural Gas Opportunity Partners

Ardian Secondary Fund VI Infrastructure

*IRR: net of fees

50 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Cross River raises $620M

Cross River Bank, a provider of financial services, has raised $620 million in a round co-led by Andreessen Horowitz and Eldridge. The company plans to use the funding in part to further develop its embedded payments, cards, lending and crypto solutions.

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Neuron23 nabs $100M in SoftBank-led round

Neuron23 has raised a $100 million Series C led by SoftBank's Vision Fund 2. Based in the Bay Area, the company is developing precision medicines for genetically defined neurological and immunological diseases.

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View 4 competitors »

Beewise buzzes off with $80M

Insight Partners has led a $80 million Series C funding round for Beewise, a climate tech precision robotics company that aims to protect the bee population. Beewise's technology works to increase pollination capacity and honey production while detecting threats such as pesticides and pests.

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Modern Treasury lands $50M

Modern Treasury has raised an additional $50 million for its Series C from SVB Capital and Salesforce Ventures, following an $85 million first close in 2021. Based in San Francisco, the company's payments software helps organizations manage and track transactions.

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Founders Fund leads $25M round for Mosaic

Mosaic has raised a $25 million Series B led by Founders Fund. Based in the San Diego area, the company's financial analytics platform provides predictive reporting tools.

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View similar company »

Fundraising

Gumi Cryptos Capital closes $110M fund

Gumi Cryptos Capital has raised $110 million for its sophomore fund, which will support early-stage startups in the blockchain sector. The vehicle's predecessor raised $21 million to back seed-stage investments.

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View 42 investments »

Chart of the Day

"Capital invested into startups reached a record high in 2021, and GPs will be keen to raise fresh capital to ensure they are well equipped to compete for larger rounds. Given the challenges facing wider financial products during COVID-19, LPs will be eager to pump capital into investment strategies that can deliver returns."

Source: PitchBook's 2021 Annual European Venture Report