Mar 12, 2018

Private Placement Activity Week of 3/5/2018 – 3/9/2018

Click here for the full report: Weekly Equity Market Update_vPublic (3.9.2018)

Trends & Commentary

  • This week, 14 U.S. private placement deals between $20 million and $50 million closed, accounting for $516 million in total proceeds, compared to last week’s 10 U.S. deals leading to $357 million in total proceeds. This week also had 5 U.S. deals between $50 million and $100 million yielding $320 million, compared to last week’s 4 deals resulting in $279 million in total proceeds.
  • The U.S. VC average deal size has been significantly increasing for early and late stage VC deals. Late stage VC has increased by 8.8% CAGR 2008 – 2017 while early stage VC has grown by 7.4% CAGR 2008 – 2017. (see figure)
  • Southern Cross, a PE fund that invests in energy, pharmaceuticals and technology in Latin America, has decided against restructuring its third fund after receiving some interest from its LPs. It is largely because its third fund has been a weak performer, the discount on fund stakes would have been steep and that the fund wanted more time to exit.
  • Univision has filed to withdraw its pending IPO due to “prevailing market conditions”. Univision initially filed plans to IPO in 2015.
  • New State Capital Partners has closed its second institutional fund on its $255 million hard cap. The fund can invest more than $50 million equity per deal in sectors such as business services, healthcare services and industrials.
  • Travis Kalanick has launched 10100, a new investment fund. 10100 will focus on large-scale job creation investments in real estate and e-Commerce companies in China and India, as well as a nonprofit focus on education and the future of cities.
  • First-time VC funds raised $5.9 billion across 59 vehicles in 2017, a 21% YoY increase in capital raised and 37% YoY increase in the number of first-time funds.

Highlights

  • Atom, a developer of a movie ticket booking application, raised $60 million in Series C funding – Fidelity Investments led the round.
  • True Fit, a provider of a data platform for fashion retailers to find online stores, raised $59 million in Series C funding at a $220 pre-money valuation – Georgian Partners led the round.
  • TripActions, a developer of an online corporate and business travel management platform, raised $51 million in Series B funding at a $209 million pre-money valuation – existing investor Lightspeed Venture Partners led the round.
  • Degreed, a provider of an employee learning platform, raised $43 million in Series C funding at a $175 million pre-money valuation – Owl Ventures and existing investor Jump Capital led the round.
  • Qualia, a developer of a cloud-based real estate transaction platform, raised $33 million in Series B funding – Menlo Ventures led the round.

 

Source: PitchBook Data, Inc., NYSE, S&P Global Market Intelligence

Note: Bolded names in “Investors” column indicate existing investors participating in new deal