StepStone Group related stories
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Phathom Pharmaceuticals grabs $90 mlnMenlo Park, California-based Phathom Pharmaceuticals, a newly launched biopharmaceutical company focused on treating gastrointestinal diseases and disorders, has secured $90 million in funding. Frazier Healthcare Partners led the round with participation from other investors that included Medicxi, RA Capital Management, Abingworth, certain accounts managed by Janus Henderson Investors, BVF Partners LP, Greenspring Associates, Richard King Mellon Foundation and Sahsen. Also, Phathom has secured a $50 million term loan facility from Silicon Valley Bank.
Welsh Carson inches closer to $4bn for Fund XIIIThe firm activated fees on the vehicle in January following a $2.8bn first close in August.
Connecticut to boost diversification with Europe and secondariesThe state’s treasurer will add an additional $200m per year in a transition plan to increase private equity allocation.
- Canadian VC climbs to 18-year high in 2018 as top deals raise $1.4 bln
Canada’s venture capital market broke records in 2018, its ninth straight year of growth. The milestones included the most financings sized $100 million or more – ever. That made the market’s top 10 VC financings especially cash-intensive. In all, they drew $1.4 billion from investors, up 17 percent from the $1.2 billion raised by the top 10 deals in 2017. The number is based on PE Hub Canada’s list of the largest financings announced in 2018, supplemented by preliminary data from Refinitiv. It points to the considerable influence of late-stage rounds in technology investment activity, which reached a total of $4.3 billion last year, a nearly two-decade high.
CIBC Innovation Banking invests in Ruby ReceptionistsCIBC Innovation Banking has provided undisclosed debt financing to Ruby Receptionists, a Portland, Oregon-based virtual receptionist platform. The deal's proceeds will support the company's acquisition of ProfessionalChats, a U.S. managed online chat service, and other growth initiatives. Founded in 2003, Ruby Receptionists' technology enables personalized live virtual receptionist services for more than 8,000 small businesses in North America. It is backed by Updata Partners and StepStone Group. Last year, PE Hub Canada interviewed /canada/2018/09/cibcs-tech-lending-arm-ramps-up-cross-border-strategy-with-new-hires-deals/ Mark McQueen, the CIBC group’s president and executive managing director.
Warburg Pincus invests $130 mln in growth of Assent ComplianceAssent Compliance, an Ottawa-based supply-chain data management company, has secured a $130 million investment from Warburg Pincus, a U.S. private equity firm. As a result, Warburg's Justin Sadrian and Sam Lipsick will join the board. BDC Capital, Greenspring Associates, OpenText Enterprise Apps Fund and Volition Capital, which backed /canada/2017/07/assent-compliance-raises-40-mln-in-series-b-financing-report/ Assent's Series A and B rounds, will remain as investors. Assent provides cloud-based enterprise supply-chain data management software to help companies manage and reduce third-party market access, reputational, financial and operational risks. It will use the deal's proceeds to enhance the platform and expand product compliance, vendor management and social responsibility solutions.
- Openspace Ventures wraps up second fund at $135 mln
Openspace Ventures has closed its second fund at a hard cap of $135 million. Fund 2's investors include Stepstone Group and Temasek as well as pension funds, university endowments, insurance companies and family offices. Based in Singapore and Jakarta, the venture firm invests in tech companies in Southeast Asia.