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| The Weekend Pitch |
| July 6, 2025 |
| The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data |
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| Buffalo Bills safety Damar Hamlin (Aaron M. Sprecher/Getty Images) |
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One of the earliest firms to let retail investors dip into VC is betting that inking partnerships with big-name athletes and celebrities will fuel its growth.
The Cashmere Fund, which invests in early-stage startups and has a minimum investment of just $500, has brought on board the likes of star Buffalo Bills quarterback Josh Allen and his teammate, safety Damar Hamlin. It's also added former J.Crew Group President Jenna Lyons, who has since starred in reality TV shows, as a partner.
The strategy: to capture the attention of retail investors in a market suddenly saturated with investment firms jostling for their dollars.
I'm Michael Bodley, and this is The Weekend Pitch. You can reach me at michael.bodley@pitchbook.com or on X @michael_bodley.
Deal terms for these types of de facto celebrity endorsements vary. But the celebrities usually must invest in The Cashmere Fund as LPs, according to CEO Elia Infascelli. In exchange, they also receive a stake in the fund's management company.
"Getting into venture capital, it gets us ownership. It gives us influence. And it gives us a seat at the table when the next big thing is taking place," Hamlin told PitchBook. "And I want more athletes to realize that we're not just brands. We’re brand-builders. We're business minds. We can be changemakers in the space of venture capital." |
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The board of Spectris, a UK-based precision instruments maker, unanimously backed a £4.1 billion (around $5.6 billion) takeover offer from KKR. This marks a reversal of previous support for a £3.8 billion offer from which PE firm?
A) Thoma Bravo
B) Advent International
C) Apollo Global Management
D) EQT
Find your answer at the bottom of The Weekend Pitch! |
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The return of evergreen funds
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| (Halbergman/Getty Images) |
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The evergreen, semi-liquid private fund universe has grown rapidly—crossing $427 billion in AUM, with expectations to surpass $1 trillion within five years. But what are these funds actually delivering in terms of performance?
Our recent analyst note covers the returns, risks and realities of interval and tender-offer funds across strategies like private credit, PE, real estate, infrastructure and multi-asset portfolios. It also provides preliminary versions of a new suite of evergreen fund indexes, designed to bring benchmarking consistency to a category that has lacked clear performance standards. |
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Bright spots for Asia-Pacific region
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Amid rising US-China tensions and other shifting geopolitical tides, investors are redefining their strategy across the Asia-Pacific region. But opportunity is emerging from disruption, according to our 2025 APAC Private Capital Outlook: Midyear Update.
Japan stands out as a regional bright spot, offering robust PE and credit activity along with a maturing VC ecosystem. Meanwhile, China and Southeast Asia continue to face headwinds from political friction and liquidity challenges. |
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"There are companies coming out of the gate with these large, chunky seed rounds. We're seeing a lot of them having an easy time raising big valuations, but then there's a Series A valuation drop-off because they can't live up to the VC expectations."
—Bo Ren, managing director of early-stage startups at Silicon Valley Bank, discussing early-stage AI startups turning to debt financing. Read more about how AI and machine learning specialists have grabbed a bigger share of venture debt funding here. |
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Keep an eye out for these insights and research reports coming out this week:
- Q1 2025 AI/ML Report
- Analyst Note: Automotive Infotainment
- Q2 2025 European PE Breakdown
- Q2 2025 European Venture Report
- Analyst Note: Private Equity Climate Funds: Heating up or cooling down?
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| (Carlos Duarte/Getty Images) |
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Answer: B
Spectris previously supported a takeover bid from a group led by Advent International and rejected an earlier bid from KKR, swinging back and forth in the bidding war before agreeing to KKR's latest £4.1 billion offer. Read more about the Spectris take-private saga here. |
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