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| As live college sports take a time out, esports score big on virtual campuses | |  | | (Kelilah King/PitchBook) | | | Classes aren't the only thing moving online this semester.
College students are socializing from afar through esports, the latest venue for not-so-personal interaction. Schools like MIT and Brown University have seen gaming clubs swell, as hundreds of students seek out social entertainment.
The momentum at universities—and within the wider world of gaming—could provide the foothold that collegiate esports has been waiting for: | | | | | | | | | | How LPs can best manage their uncalled capital, new fund commitments | | Analyses of private market performance tend to focus on how the GP generates returns—and understandably so. But the treatment of uncalled capital is also critical when evaluating the total return of a private market allocation, which is what truly matters to investors.
Last year, Warren Buffett criticized corners of the private equity industry for overlooking this fact: "We have seen a number of proposals from private equity funds where the returns are really not calculated in a manner that I would regard as honest," the iconic investor said. "It makes their return look better if you sit there for a long time in Treasury bills. It's not as good as it looks."
For even the most sophisticated investors, properly timing capital outflows can be a challenge. So our analysts have developed new commitment pacing and cash flow models to help investors better manage their private market allocation: | | | | | | | |
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| A message from INSIGHT2PROFIT | | |
| Take your exit planning to the next level with Quality of Pricing | | As businesses evaluate the M&A market and determine if they can garner pre-COVID valuations, potential sellers want to assess their business, identify priority areas that may require attention pre-exit and prepare to go to market.
INSIGHT2PROFIT's Quality of Pricing® (QoP®) serves as an invaluable tool in the exit planning process, regardless of whether the company is in the early stages of discussions with investment bankers or further in the process of attracting potential buyers. While buyers are sitting on significant dry powder and are seeking high-quality targets at lower valuations, QoP optimizes transaction value by: - Quantifying historical EBITDA growth due to pricing and commercial improvement
- Identifying, measuring and prioritizing near-term opportunities to be realized pre-transaction
- Isolating COVID impacts to business and demonstrating extent and pace of recovery
- Laying out an EBITDA improvement roadmap to inform buyer value creation plans
- Lending credibility and tangibility to proforma EBITDA adjustments in a CIM
- Providing data engineering to develop a commercial data cube for the virtual data room
- Collaborating with investment banks to market business and address questions from buy side advisors
Read on to learn how sell-side QoP drives valuation and helps buyer confidence for successful transactions.
Contact: Andy Fauver, 216.832.5461, afauver@insight2profit.com | | | | | | | |
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| Yandex, Uber to spin off self-driving car unit | |  | | Moscow-based Yandex and Uber have decided to spin off the taxi unit of their shared venture, MLU BV. (Vasil Nanev/Getty Images) | | | Uber and Russian internet giant Yandex are spinning off the self-driving car subsidiary of their ridehailing and food delivery joint venture, MLU BV. Yandex will invest $150 million in the new entity, Yandex SDG, including $100 million in equity and $50 million as a convertible loan. Yandex SDG will be 73% owned by Yandex, while Uber will have 19% of the business.
In connection with the deal, Yandex will hold 61.7% of MLU and Uber will own 33.5%. Bloomberg reported in June that Yandex had been looking to buy all of Uber's initial 38% stake as an alternative to taking the taxi business public. Uber merged its Russian operations with Moscow-based Yandex in 2017. | | | | | | | | | | Coming soon: The newest issue of our magazine | | The next edition of the quarterly PitchBook Private Market PlayBook will be released in October, featuring articles on private equity's growing interest in pro sports, the rise of SPACs, Q&As with our analysts and much more.
Today is the last day to register for the Q3 edition of the magazine. If you'd like to start receiving it or want your copy mailed to a different address, sign up here: | | | | | | | | | | For now, at least, proposed legislation in California that could curtail private equity acquisitions of healthcare companies has died in the state legislature. [The Wall Street Journal]
The pandemic is reshaping economics around the globe. For two entrepreneurs working in a shipping container in a Malaysian parking lot, it means their vertical farm is booming. [The New York Times]
Frank Fisher is the latest in a 300-year-old line of butchers. As the years go by, he's come to grips with the fact that he will also be the last. [The Guardian] | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 289 Deals | 1393 People | 396 Companies | 12 Funds | | | | | | |
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| PitchBook Webinar: AI and machine learning | | Join us on Sept. 10 for a conversation about AI and machine learning. PitchBook analysts will explore the current state and future of the space, how optimism in the industry is shifting from hype to reality, and other topics, including: - Trends in AI and machine learning VC and deal activity data
- Market size, opportunities and recent deals across PitchBook's segmentation of AI and machine learning, including horizontal platforms, vertical applications, AI semiconductors and autonomous machines
- The impact of recent technical breakthroughs on the vertical's outlook
Register here | | | | | | | |
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| PE-backed Innovative takes over Integro | | | | | | | | | Apax among firms circling Avaloq | | | Apax Partners, Motive Partners and Nordic Capital have advanced to the second round of bidding alongside others to purchase a stake in Swiss fintech company Avaloq from Warburg Pincus in a deal that could value the business at some 2 billion Swiss francs (about $2.2 billion), according to Bloomberg. Warburg Pincus acquired a 35% stake in Avaloq in 2017. | | | | | |
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| Thoma Bravo wraps up $11B Ellie Mae exit | | | Thoma Bravo has completed its deal to sell Ellie Mae, which offers digital lending services for the mortgage industry, to Intercontinental Exchange for around $11 billion, including debt. Intercontinental owns and operates the NYSE and other exchanges and clearinghouses, as well as provides other information services. Thoma Bravo acquired Ellie Mae for some $3.7 billion in April 2019. | | | | | | | | Kimberly-Clark cleans up with $1.2B personal care deal | | | Kimberly-Clark has agreed to buy personal care products company Softex Indonesia from investors including CVC Capital Partners in an all-cash deal worth some $1.2 billion. Kimberly-Clark, which owns brands such as Cottonelle and Kleenex, plans to expand its market share and presence in Southeast Asia with the deal, which is expected to close in the fourth quarter. | | | | | | | | Louis Dreyfus mulls investment from Abu Dhabi fund | | | Commodities trader Louis Dreyfus is discussing the sale of a stake in itself to Abu Dhabi sovereign wealth fund ADQ, according to Bloomberg, a deal that could potentially give the company its first outside owner in its 169-year history. Louis Dreyfus' current billionaire owner, Margarita Louis-Dreyfus, is reportedly looking for cash to pay back $1 billion in loans she used to buy out other family members to take control of the company. | | | | | |
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