CLASH OF THE TITANS
It’s not just venture capital firms raising record amounts of capital. Private equity tech giants are also facing off with a slate of new mega-funds.
Vista Equity Partners Management and Thoma Bravo, which are two of the largest technology-focused PE firms, are currently in a race for big dollars. Vista hopes to raise approximately $12 billion for its new buyout fund, while Thoma Bravo is targeting $10 billion, according to The Wall Street Journal.
Why is this important?
Dry powder levels are at record highs. Buyout funds were sitting on an all-time high of $633 billion at the end of 2017. As Bain’s head of private equity recently told Term Sheet, “We’ve got a flat number of deals and an increasing value per deal, so you quickly come to a situation where the industry is becoming much more competitive for each deal that is done. As a result, the prices are at an all-time high.”
So Vista and Thoma Bravo’s latest mega-funds could further inflate prices of tech companies and drive down the firms’ returns. Both Vista and Thoma Bravo are hyper-focused on investing in technology companies and sometimes compete with one another for deals. According to Dealogic, technology has been the most popular sector for PE investors in the last several years, accounting for 20.5%, or $79.5 billion, of all acquisitions globally in 2017.
On a related note, there’s also been an explosion of PE investment in unicorns in the last five years, according to PitchBook data. The deal count has quadrupled and the value of those deals has expanded at an even more extraordinary rate. Buyout firms are investing more than ever in technology companies in an attempt to prove that specializing in software can a viable strategy. Read more.
…As an aside, if you like long-reads, I recommend this profile of Vista Equity Partners founder Robert Smith. It’s a deep dive into Vista’s operating standards, the personality-and-aptitude test requirements, and Smith’s journey to the top.
PEOPLE MOVES: Sarah Smith, a former executive at Facebook and Quora, has joined investment firm Bain Capital Ventures as its first female partner. She will be based in San Francisco and will focus on early-stage investments across business and consumer technologies and marketplaces. Read more at Fortune.
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• OpenClassrooms, a Paris-based online higher education platform, raised $60 million in Series B funding. General Atlantic led the round.
• Parsable, a San Francisco-based provider of a connected worker platform, raised $40 million in Series C funding. Future Fund led the round.
• Plastiq, a San Francisco-based payment solutions provider, raised $27 million in funding. Investors include Atlas Venture, Khosla Ventures and Top Tier Capital Partners.
• Mynd, an Oakland, Calif.-based tech-enabled property management company, raised $20 million in Series B funding. Lightspeed Ventures led the round, and was joined by investors including investors Canaan Partners and Jackson Square Ventures.
• Arevo, a Santa Clara, California-based provider of 3D printing technology and services, raised $12.5 million in Series B funding. Asahi Glass led the round, and was joined by investors including Sumitomo Corporation of Americas, Leslie Ventures and Khosla Ventures.
• Compound, a blockchain technology company, raised $8.2 million in seed funding. Bain Capital Ventures, Andreessen Horowitz and Polychain Capital led the round, and were joined by investors including Transmedia Capital, Compound Ventures, Abstract Ventures, Danhua Capital and Coinbase.
• Tracking First, a Provo, Utah-based enterprise data governance platform, raised $4 million in funding. Silverton Partners led the round, and was joined by investors including Kickstart Seed Fund.
• PetPlate, a Brooklyn-based direct-to-consumer subscription service that delivers fresh-cooked pet meals, raised $4 million in seed funding. Dane Creek Capital led the round, and was joined by investors including Amity Supply, SWAT Equity, The Yard Ventures, Castor Ventures, and BrandProject.
• Student Loan Genius, an Austin-based student loan benefits provider, raised $3.5 million in funding. Vestigo Ventures led the round, and was joined by investors including CMFG Ventures, Prudential Financial and Rubicon Venture Capital.
• CareTaker Medical, a Charlottesville, Virginia-based wireless medical device firm, raised $3.4 million in funding. Investors include IrishAngels and KOFA Healthcare.
• RunSafe Security, a McLean, Virginia-based provider of a patented cyberhardening process for vulnerable embedded systems and devices across critical infrastructure, raised $2.4 million in seed funding. Alsop Louie Partner led the round.
HEALTH AND LIFE SCIENCES DEALS
• HiFiBiO Therapeutics, a Paris-based biotherapeutics company, raised $37.5 million in Series B funding. Sequoia China and LYFE Capital led the round, and were joined by investors including VI Ventures, Nest.Bio Ventures, Legend Star Capital and Proxima Ventures.
• EIP Pharma, a Cambridge, Mass.-based therapeutics company focused on CNS diseases, raised $20.5 million in Series B funding. Access Industries led the round.
PRIVATE EQUITY DEALS
• Blue Wolf Capital acquired a majority stake in TGW, a U.K.-based industrial knife manufacturer. Financial terms weren’t disclosed.
• Maroon Group, which is owned by CI Capital Partners, acquired J. Tech Sales, a Boca Raton, Fla.-based distributor of specialty chemicals and ingredients. Financial terms weren’t disclosed.
• Mecadaq Group, an Activa Capital portfolio company, is buying Hirschler Manufacturing Inc, a Kirkland, Wash.-based producer of high-precision mechanical parts. Financial terms weren’t disclosed.
• Tianqi Lithium will acquire Nutrien’s stake Sociedad Quimica Y Minera (NYSE:SQM), one of the world’s biggest lithium producers, for $4.1 billion.
• PluralSight, a Farmington, Ut.-based cloud-based learning platform, raised $311 in an IPO of 20.7 million shares priced at $15, above its $12 to $14 range. Insight Ventures Partners (53% pre-offering), ICONIQ Strategic Partners (9.3%), and Keith Sparkjoy (7.4%) back the firm. Morgan Stanley, J.P. Morgan, Barclays, BofA Merrill Lynch are underwriters in the deal. The firm plans to list on the Nasdaq as “PS.” Read more.
• Abpro, a Woburn, Mass.-based cancer antibodies biotech, withdrew its $60 million IPO. The firm posted revenue of $2.2 million in 2017. UBS and Wells Fargo were underwriters in the deal. It planned to list on the Nasdaq as “ABP.” Read more.
• Arion Bank, an Iceland-based firm, is planning for an IPO in Iceland and Swedon this year. The firm is backed by Kaupthing. Read more.
• Bunge Açúcar & Bioenergia SA, the Brazilian sugar and ethanol subsidiary of Bunge Ltd., filed for an IPO in the country. Read more.
• WeWork is acquiring MissionU, a San Francisco-based one-year vocational bootcamp, according to Axios. Financial terms weren’t disclosed, but the company had raised approximately $11 million in venture funding from investors including FirstMark and First Round Capital. Read more.
• Dialpad acquired TalkIQ, a San Francisco-based provider of real-time speech recognition and natural language processing technologies. Financial terms weren’t disclosed. TalkIQ had raised approximately $14 million in venture funding from investors including Aspect Ventures, Salesforce Ventures, Felicis Ventures, and
• Castik Capital acquired Ipan Group, a Munich-based provider of IP management services and software, to Warburg Pincus. Financial terms weren’t disclosed.
• Resurgens Technology Partners acquired Assurance Software, a Wayne, Penn.-based company that helps businesses develop business continuity programs, from Sungard AS. Financial terms weren’t disclosed.
FIRMS + FUNDS
• Digital Colony, a digital infrastructure-focused investment firm, raised $2.4 billion for its new fund, according to an SEC filing.
• Sorenson Capital promoted Bert Roberts to managing director.
• StepStone Group named six new partners, including Ian Aaker, Rebecca Ajavananda, Kate Budiselik, Tracy Harris, Jay Morgan, and John Waters.
• Vasudev (Vas) Bailey joined ARTIS Ventures as a partner.
• John Kibler joined Brentwood Capital Advisors as a managing director.
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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here.
WPA6021602IMG2018年5月17日波琳娜马里诺娃泰坦之战 不仅仅是风险投资公司筹集了创纪录的资本金。私募股权科技巨头也面临着一大批新的巨型基金。Vista的股权合作伙伴管理和托马斯布拉沃，这是两个最大的技术为重点的PE公司，目前正在争夺大美元。据《华尔街日报》报道，Vista希望为其新收购基金筹集约120亿美元，而Thoma Bravo的目标是100亿美元。为什么这很重要？干粉含量处于创纪录高位。截至2017年底，收购基金创下6330亿美元的历史新高。正如贝恩的私人股本主管最近对任期表所说，“我们有一个平价的交易，每笔交易的价值都在增加，所以你很快就会发现，现在的行业对每一笔交易都变得更有竞争力。因此，价格达到历史最高水平。“因此Vista和ToMA Bravo最新的巨型基金会进一步抬高技术公司的价格，并压低公司的收益。Vista和ToMaBravo都非常专注于投资科技公司，有时相互竞争交易。根据Dealogic的数据，在过去的几年中，技术一直是PE投资者最受欢迎的行业，占全球2017次收购的20.5%，或795亿美元。根据PotBook的数据，在过去的五年里，PE在独角兽中的投资也出现了爆炸式增长。交易数量翻了两番，这些交易的价值以更为惊人的速度扩大。控股收购公司在技术公司中的投资比以往任何时候都要多，试图证明软件专业是可行的策略。多读。除了WPA603015QTEAS之外，如果您喜欢长读数，我推荐Vista股权合作伙伴罗伯特·史密斯的这个简介。这是对Vista的操作标准、个性和能力测试要求的深入跳槽，以及史米斯通往顶峰的旅程。人们移动：脸谱网，前首席执行官萨拉史密斯和QuoLa，加入了投资公司贝恩资本投资公司作为其第一个女性合作伙伴。她将立足于三藩，专注于商业和消费技术和市场的早期投资。阅读更多的财富。广告财富的最新…证券交易委员会创造了虚假的初始COINN提供网站（由Jeff John Roberts）和WOP60608QTEWOLL的WestPruteWPAP60300 7QTE Jordan Belft ISNWPA60607QTET支付债务，检察官说，牛；特斯拉在犹他的崩溃正在调查美国安全监管机构（由KIR）腾讯如何从FITNITE狂热中获利（Adam Lashinsky）风险交易 巴黎的在线高等教育平台OpenBoo教室筹集了6000万美元的B系列资金。大西洋总领航了这一轮。总部位于三藩的PalsPalm是一家连接工人平台的提供商，在C系列资金中筹集了4000万美元。未来基金引领了这一轮。总部位于三藩的支付解决方案提供商PalpTiq筹集了2700万美元的资金。投资者包括阿特拉斯风险投资公司、科斯拉风险投资公司和顶级资本合伙人。Bo.Myd，一家总部位于Calif.州奥克兰的科技型物业管理公司，在B系列融资中筹集了2000万美元。光速创投引领了这一轮，并加入了包括投资者、迦南合作伙伴和杰克逊广场创投在内的投资者。总部位于加利福尼亚的圣克拉拉3D打印技术和服务提供商阿列沃在B系列基金中筹集了1250万美元资金。Asahi Glass领导了这一轮，并加入了包括住友美洲公司、Leslie Ventures和科斯拉创投在内的投资者。B股链科技公司筹集了820万美元的种子资金。贝恩资本风险投资公司，Andreessen Horowitz和Pull SouthCapital领导了这一轮，并加入了包括TrimeCapital，复合风险投资公司，抽象风险投资公司，丹华资本和Cin Basic的投资者。首先，普罗沃，犹他的企业数据治理平台，筹集了400万美元的资金。SelvtnPartners领导了这一轮，并加入了包括KKESTPRED种子基金在内的投资者。BeT盘子是一家总部位于布鲁克林区的直接面向消费者的订阅服务，提供新鲜烹饪的宠物餐，筹集了400万美元的种子资金。丹麦河资本领导了这一轮，并加入了投资者，包括友好供应，SWAT股权，庭院风险投资公司，卡斯特风险投资公司，和Brand项目。学生贷款天才，一个基于奥斯丁的助学贷款提供者，筹集了350万美元的资金。Vesto创投引领了这一轮，并加入了包括CMFG风险投资公司、保诚金融和RuBiCon风险投资公司在内的投资者。Virginia夏洛茨维尔的无线医疗设备公司CARTARKER医疗公司筹集了340万美元的资金。投资者包括爱尔兰人和科法医疗保健公司。公牛：RunSauleSur保卫，一个位于Virginia州的McLean，为脆弱的嵌入式系统和设备在关键基础设施上的专利网络硬化过程提供了供应商，筹集了240万美元的种子资金。Alsop Louie的合伙人领导了这一回合。广告健康与生命科学协议巴黎的HiiBiopixor基于生物治疗公司，筹集了3750万美元的B系列资金。红杉中国和LYFE资本主导轮，并被投资者包括VI企业，鸟巢加入。生物企业，传奇星资本和比邻的企业。牛，EIP制药公司，一个剑桥，以大众为基础的治疗公司专注于中枢神经系统疾病，筹集了2050万美元的B系列资金。接入产业引领了这一轮。
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