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PitchBook News Date:

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news@pitchbook.com 21-05-2021 13:21:14
Subject: Apollo, PE and succession struggles
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The Daily Pitch: VC, PE and M&A

May 21, 2021
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE
and M&A
TODAY'S TOP STORIES

Who's in the
More fallout over PE succession struggles newsletter
as Apollo's Harris steps aside today?
People
Adam Neumann
Brian Dutko
Brian Sheth
David Rubenstein
Doug Ostrover
Glenn Youngkin
Josh Harris
Kewsong Lee
Marc Rowan
Mike Cagney
Mike Kelly
William Conway
Investors
https://temp-mail.org/en/view/f15fb4ed82ae151c5254eaf207d79483 1/13
10T Holdings
137 Ventures
Accel
Addition
AltaIR Capital
Altimar Acquisition
Corporation
Andreessen Horowitz
Apollo Global
Management
Arbor Ventures
Baillie Gifford
Bain Capital
Apollo Global Management co-founder Josh Harris (left) was Ventures
considered the front-runner to succeed Leon Black. Bedrock
(Jim McIsaac/Getty Images) Blackstone
Boldstart Ventures
Executing a succession plan is rarely easy. It's been
BoxGroup
particularly tough for private equity.
Brookfield
The latest example came Thursday when Apollo
Technology Partners
Global Management co-founder Josh Harris
Coatue Management
announced he would step back from his day-to-
Creandum
day role as managing director in early 2022,
DCM Ventures
capping a power struggle to succeed co-founder
DST Global
Leon Black following an internal probe into Black's
Digital Currency
ties to disgraced financier Jeffrey Epstein. Co- Group
founder Marc Rowan ultimately was named CEO. Founders Fund
Franklin Templeton
Harris started Apollo in 1990 with Black and Investments
Rowan. And, as the head of the firm's booming General Catalyst
private equity unit, was considered a front-runner Greenspring
to be CEO. But Rowan instead won out after Group 11
launching an insurance strategy that's now larger HCM Capital
than Apollo's buyout arm. Haystack
Howard Schultz
This isn't the first awkward leadership handoff in Iconiq Capital
the industry. Last year, The Carlyle Group co-CEO Khosla Ventures
Glenn Youngkin left the firm to run for governor Kleiner Perkins
of Virginia, with Kewsong Lee taking over as sole Lachy Groom
CEO. The announcement came after months of Leon Black
reported tension between Youngkin and Lee, who Mad Engine
stepped in after co-founders David Rubenstein Madrona Venture
and William Conway stepped back from managing Group
the firm's day-to-day operations in 2017. Migdal Insurance

Moore Strategic
Ventures
Finally, Vista Equity Partners president and co-
More Investment
founder Brian Sheth left the firm last year after House
founder Robert Smith admitted to tax fraud, Morgan Creek Digital
leaving the tech-focused investor without one of Natalie Portman
its top dealmakers. Sheth likely would have been Oprah Winfrey
a candidate to take over for Smith. Platinum Equity
Project A
RPM Ventures
Related read: Leon Black to step down after Epstein
Rainier Partners
probe; Apollo to embrace strategic shift
Ribbit Capital
Share: Root Ventures
SFW Capital Partners
Scale Venture
Breaking down the SoftBank Vision Funds' Partners
Sequoia
turnaround
Spark Capital
TCV
The Carlyle Group
The Harel Group
Thrive Capital
Tiger Global
Ubiquity Ventures
Vista Equity Partners
Zeev Ventures
Companies
Amazon
Attentive
BowX Acquisition
Corp.
Checkout.com
Clari
Dooly
Dyal Capital Partners
Esper
Fifth Sun
Figs
Figure
Flywire
SoftBank CEO Masayoshi Son in 2015 Heyday
(Koki Nagahama/Getty Images) Klarna
Loom
Over the course of one year, SoftBank rebounded from
Oatly
its largest-ever annual loss to record-setting profits—
Owl Rock Capital
both outcomes owed to its Vision Fund bets. Our latest
Pion
PitchBook analyst note delves into how the firm has
Redis Labs
evolved. Among the takeaways:
Robinhood
The Vision Fund was propelled by high step-up
Salesforce
multiples for late-stage mega-rounds and
SoFi
premium prices for tech IPOs. Coupang and
St. Modwen
DoorDash alone delivered around $29 billion in
Starbucks
gains for the Japanese firm.
Sunbit
Trade Republic
The Vision Fund 2 marks a departure from its
WeWork
predecessor: Its bets are smaller, more
Workrise
diversified and laser-focused on artificial
eToro
intelligence.
SoftBank's success has bolstered the thesis that

mega-financing can pay off in venture capital.
Hedge funds and other nontraditional investors
are increasingly borrowing from the Vision Fund
playbook.
read it now
Share:
A MESSAGE FROM DEALCLOUD
Building a stronger investor relations

machine
Across industries and business, the

pandemic not only transformed business
operations, but also highlighted the
importance of quick, easy and
comprehensive access to the information
required to make critical decisions.
Although dealmakers regularly use software to

streamline their work, few investor relations
professionals leverage the purpose-built technology
available to boost fundraising and to drive
conversations with LPs. Using these technologies, IR
teams can leverage third-party data and accumulated
institutional knowledge to get ahead of the
competition.
As capital concentration increases, competition for

both financial commitments and strong partnerships
has intensified. To keep pace, capital markets firms
must act quickly and decisively, unhindered by slow,
labor-intensive processes and outdated workflows.
Learn more
Share:
Ranking the most active investors of Q1
In the wake of a year like no other, 2021 is off to a

busy start for dealmakers. EQT, Shore Capital Partners
and The Carlyle Group led the PE side, and Enterprise
Ireland was far and away the busiest venture investor
in Q1.
PitchBook's Global League Tables for the first

quarter of this year are now available, spanning the full
spectrum of the private markets.
These interactive tables rank everything from the
most active VCs in China to the busiest PE law
firms.
The data can be broken down by firm, deal type,

geography, sector and more.
check out the rankings
Share:
Trade Republic tops $5B valuation with

Series C
German neobroker Trade Republic has raised $900

million in a round led by Sequoia, valuing the company
at over $5 billion.
The Series C makes Trade Republic one of the
most valuable fintech companies in Europe,
behind major players such as Klarna,
Checkout.com and eToro.
The funding is a significant step-up from its

Series B, which saw Trade Republic pull in €62
million (about $76 million) last year. The latest
investment was supported by new investors TCV
and Thrive Capital, alongside existing backers
Accel, Founders Fund, Creandum and Project A.
Trade Republic allows users to invest in stocks,

exchange-traded funds and derivatives on a
commission-free basis. It currently operates in
Germany, Austria and France, with over 1 million
customers and more than $7 billion in assets
under management.
Share:
Recommended Reads
After Suzy Niffenegger was evicted from her condo, no

landlord would rent to her. She's just one of many low-
income Americans who have turned to extended-stay
hotels as a last housing option. [The New York Times]
Controversial NYU Stern professor, author, pundit and

startup founder Scott Galloway on Clubhouse, WeWork
and why he antagonizes venture capitalists. [Forbes]
The COVID-19 situation in the US seems to finally be

heading toward the light at the end of the tunnel. But
the pandemic's mental wounds are still wide open.
[The Atlantic]
Since yesterday, the PitchBook Platform added:
466 1672 530 30

Deals People Companies Funds
See what our data software can do
QUICK TAKES
The Daily Benchmark

2012 Vintage Global VC Funds-of-Funds
VC Deals
Workforce management startup snags $300M
Figure raises $200M at $3.2B valuation
Sunbit lands $130M for buy-now-pay-later platform
Loom banks $130M
Dooly nabs $80M
Heyday brings in $70M
Esper secures $30M Series B
PE Deals
Blackstone inks $1.7B deal for St. Modwen
Platinum Equity-backed Mad Engine buys graphic
apparel designer
SWF partners with Pion
Portfolio Companies
WeWork racks up $2.1B in losses
Robinhood debuts IPO access to users
Exits & IPOs

Blue Owl Capital lists on NYSE
Oatly shares climb nearly 19% on first day of trading
Fundraising
Bain Capital Ventures stocks up with $1.3B across two
funds
Rainier Partners eyes $250M for debut vehicle
THE DAILY BENCHMARK
2012 Vintage Global VC Funds-of-Funds
Median IRR
17.10%
Top Quartile IRR Hurdle Rate

20.35%
2.39x
Median TVPI
Select top performers

Cendana Capital
SVB Strategic Investors Fund V-A Opportunity
Franklin Park Venture Fund Series 2012
*IRR: net of fees
12 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC DEALS
Workforce management startup snags

$300M
Workforce management startup Workrise has raised

$300 million in a Series E led by Baillie Gifford. The
Austin-based company, formerly known as RigUp,
helps energy and infrastructure companies find skilled
workers for projects; its platform also manages
payroll, benefits and access to training. Workrise was
valued at $1.84 billion last year, according to PitchBook
data.
Additional Investors:
137 Ventures, Andreessen Horowitz, Bedrock, Brookfield
Technology Partners, Founders Fund, Franklin Templeton
Investments, Moore Strategic Ventures
View round View 13 competitors »
Figure raises $200M at $3.2B valuation
Figure, a fintech startup that offers lending, trading,

and settlement infrastructure using blockchain
technology, has closed a $200 million Series D led by
10T Holdings and Morgan Creek Digital. The round,
which values the company at $3.2 billion, also saw
participation from new and existing investors including
DCM Ventures, Ribbit Capital and RPM Ventures. The
startup was co-founded in 2018 by SoFi co-founder
Mike Cagney.
DST Global, HCM Capital, Digital Currency Group
Sunbit lands $130M for buy-now-pay-later

platform
Fintech startup Sunbit has raised $130 million at a

$1.1 billion valuation in a round led by Group 11. The
Los Angeles-based company provides a platform that
splits up online and in-store purchases into smaller
payments, working with auto dealers, dentist offices,
optical practices and more. Sunbit was valued at $80.3
million in 2019, according to PitchBook data.
AltaIR Capital, More Investment House, Migdal Insurance, The
Harel Group, Zeev Ventures
View round View similar company »
Loom banks $130M
Loom, a workplace video-messaging startup, has

raised a $130 million Series C led by Andreessen
Horowitz, with participation from Iconiq Capital,
Kleiner Perkins, Sequoia, Coatue Management and
General Catalyst. The new funding values the San
Francisco-based company at $1.53 billion. It was
valued at $323 million last year, according to PitchBook
data.
View details View similar company »
Dooly nabs $80M
Dooly, a developer of note-taking automation software

for Salesforce, has raised an $80 million Series B led
by Spark Capital. New investors Greenspring, Tiger
Global and Lachy Groom, as well as returning investors
including Boldstart Ventures, also joined the round.
The investment brings the Vancouver, Canada-based
startup's total funding to over $100 million.
BoxGroup, Addition
Heyday brings in $70M
Heyday has raised a $70 million Series B led by

General Catalyst, with participation from Khosla
Ventures and Arbor Ventures. The company offers a
data-driven platform to help third-party sellers on
digital marketplaces such as Amazon build brand
exposure to new markets. Heyday emerged from
stealth in November with a $175 million Series A.
View round View similar company »
Esper secures $30M Series B
Esper, which offers a platform for enterprise device

management and DevOps, has raised $30 million in a
round led by Scale Venture Partners. Existing investors
Madrona Venture Group, Root Ventures, Ubiquity
Ventures and Haystack also participated in the funding.
Based in the Seattle area, the company raised $7.6
million in February 2020.
PE DEALS
Blackstone inks $1.7B deal for St. Modwen
Blackstone has agreed to acquire UK-based warehouse

and housing developer St. Modwen for £1.2 billion
(about $1.7 billion), or roughly 542 pence per share in
cash. The deal marks a roughly 21% premium to the
company's closing stock price May 6, the day before
Blackstone's proposal was announced.
View deal View similar company »
Platinum Equity-backed Mad Engine buys

graphic apparel designer
Mad Engine has acquired Fifth Sun, a Chico, Calif.-

based designer and distributor of graphic apparel. Mad
Engine is an apparel and accessories company that
designs and creates licensed, private label and branded
products. Platinum Equity has backed Mad Engine
since December.
SWF partners with Pion
SFW Capital Partners has completed a majority

recapitalization of Pion, a UK-based provider of quality-
control instruments for the life sciences industry.
Industry veteran Brian Dutko will become CEO, while
Mike Kelly will become chairman of the company's
board of directors.
PORTFOLIO COMPANIES
WeWork racks up $2.1B in losses
WeWork's Q1 losses nearly quadrupled to $2.1 billion

amid a sharp drop in members of its shared-office
workspaces, the Financial Times reported,
underscoring the challenge facing the company in its
effort to return to profitability. WeWork's settlement in
parting ways with co-founder Adam Neumann
accounted for some $500 million of the quarterly loss,
according to the report. WeWork is set to go public in a
pending reverse merger with BowX Acquisition Corp. at
a valuation of $9 billion. Before its aborted IPO in
2019, WeWork's valuation peaked at $47 billion.
View details View 24 competitors »
Robinhood debuts IPO access to users
Robinhood has started to allow traders on its platform

to buy shares of companies in an IPO. The online
brokerage will offer shares that have been allocated to
it by underwriters, and it won't have access to all IPOs.
Traders who submit requests to purchase a stock may
be given access subject to the availability of the stock
and a random selection process overseen by
Robinhood. Medical clothing company Figs will be the
first company to offer shares through the new service.
EXITS & IPOS
Blue Owl Capital lists on NYSE
Owl Rock Capital and Dyal Capital Partners have

merged with blank-check company Altimar Acquisition
Corporation to form Blue Owl Capital, a publicly traded
alternative asset management firm. Doug Ostrover will
serve as Blue Owl's CEO. The stock made its debut on
the NYSE under the ticker OWL, and was up 4% at
market close.
View details View similar company »
Oatly shares climb nearly 19% on first day

of trading
Oatly debuted on the Nasdaq at $17 a share and

closed at $20.20 apiece, up nearly 19%. The Swedish
oat milk maker sold 64.7 million American depository
shares, with shareholders selling a further 19.7 million.
The offering raised more than $1.4 billion. Oatly has
attracted the backing of a number of high-profile
private equity firms, including Blackstone, as well as
individual investors including Oprah Winfrey, Natalie
Portman and former Starbucks CEO Howard Schultz.
FUNDRAISING
Bain Capital Ventures stocks up with $1.3B

across two funds
Bain Capital Ventures has raised $950 million for its

ninth core fund, which will target early-stage startups.
The firm has also raised a $350 million co-investment
fund to target growth opportunities. Operating out of
several offices throughout the US, BCV focuses on the
cloud infrastructure, AI, and machine learning sectors,
among others. The firm made 37 new seed and Series
A investments in the past year. Its portfolio includes
Attentive, Clari, Flywire and Redis Labs.
View fund View 351 investments »
Rainier Partners eyes $250M for debut

vehicle
Rainier Partners has set a $250 million target for its

first buyout fund, The Wall Street Journal reported.
Based in Seattle, Rainier plans to make investments
ranging from $10 million to $50 million in Canadian
and US companies across the business services,
financial services, consumer services and industrial
services sectors.
View fund View 1 investments »
CHART OF THE DAY
Source: PitchBook's Q1 2021 Private Fund Strategies

Report
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Subject: Apollo, PE and succession struggles