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In today's Daily Pitch, you'll find: - Our analysts' take on the UK's new SPAC rules. Will looser regulations lure more blank-check companies to London?
- TPG's Nintex acquisition is the latest in a slew of tech buyouts for the Wall Street-bound firm.
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| How the UK's new regulations may reshape the European SPAC landscape | |  | | (TangMan Photography/Getty Images) | | | The UK has made long-awaited changes to its listing rules for SPACs, loosening regulations to more closely mimic major global markets in hopes of luring blank-check companies to London.
But will it work? The bulk of European SPAC vehicles this year have opted for Amsterdam, and the UK may face an uphill battle to pitch itself as an attractive target in a post-Brexit world. Our latest analyst note breaks down the regulatory changes, covering what's new and what may be next for London's SPAC listings. | | | | | | | | | | TPG lands Nintex in latest tech acquisition | |  | | (anyaberkut/Getty Images) | | | TPG has agreed to acquire a majority stake in automation software business Nintex, continuing the private equity firm's slew of tech buyouts ahead of its planned IPO. - TPG will acquire the majority stake from tech-focused private equity firm Thoma Bravo, which will retain a minority interest in the company.
- Nintex offers workflow automation, generates digital documents, enables e-signatures and more.
- The acquisition will mark the 29th tech-focused buyout for TPG this year, according to PitchBook data. TPG is currently planning an IPO that would reportedly value the firm at $10 billion.
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| A message from Lincoln International | | |
| Private companies respond to investor interest in ESG and sustainability | | Against a backdrop of growing scrutiny from shareholders and stakeholders, today's institutional investors find themselves increasingly accountable for how they deploy capital. In response, many capital allocators are turning to environmental and social impact investments that align with investor priorities.
As demand for responsible investing accelerates, more fund managers are making ESG reporting a core part of their investment evaluations, leading sponsors and lenders to incorporate ESG considerations into their due-diligence processes.
Though a universal standard for ESG reporting has yet to emerge, moving forward, investors will look for continuity of sustainability commitment from companies looking to tap into capital markets.
Read the key considerations for private companies, lenders and sponsors grappling with the rapidly evolving ESG landscape. | | | | | | | |
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| Private funds might have to give up a bigger share of their profits | |  | | (Joey Schaffer/PitchBook News) | | | Politicians on both sides of the Atlantic have long argued that the government should carve a larger slice out of private equity and venture capital profits. They could be closer to getting their way.
The end result could not only eat into PE firms' profits, but may also undermine an important tool for aligning the interests of fund managers and their investors. | | | | | | | | | | Dominant venture hubs drive the trends. What does the rest of US VC look like? | |  | | Denver is among the emerging venture ecosystems whose data tells its own story. (Lightvision, LLC/Getty Images) | | | The Bay Area, New York, Boston and Los Angeles are unquestionably the premier venture hubs in the US. Their outsized influence means these four metros shape the story that has come to define US VC, and activity in smaller markets is typically lumped in with that narrative—whether or not it fits.
Our recent analyst note breaks out the data by ecosystem to evaluate disparities between the four hubs and emerging venture markets around the US. Topics covered include: - The differences in median deal sizes across investment stages.
- How that deal size spread affects valuations, percentage stakes acquired and more.
- The impacts of other factors, including cost of living, industry and local network size.
| | | | | | | | | | Netflix seems to be taking its promises to Black America seriously, but are all big tech attempts to redress American's racial inequality ultimately a PR stunt? [Wired]
A nearly six-hour outage revealed just how much the world relies on Facebook. [The New York Times]
The 22 private equity tycoons who made it onto Forbes' annual list of the 400 wealthiest Americans. [Forbes] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 566 Deals | 1460 People | 332 Companies | 13 Funds | | | | | | |
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| 2018 Vintage Global PE Funds | | | | | | |
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| A guide to leveraging data and insights at the speed of your business | | Today's volatile and fast-moving markets demand a rich, steady source of high-quality data and insights to reduce or eliminate the knowledge gaps, guesswork and risk associated with investing. As good intelligence leads to better decision-making to deliver profit, poor insights and decisions can have tangible financial effects.
Failure to anticipate those risks and losses can negatively impact future portfolios and revenue and lead to reputational damage. This presents an opportunity to adopt new processes and research partners capable of uncovering, analyzing and acting upon the "quick turn" insights that lead to better quality research and help you make informed decisions that uncover opportunity and drive growth.
Click here to learn more about the role the right insights and data partner can play in critical decision-making. | | | | | | | |
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| Orca Security hits $1.8B valuation | | | Orca Security has raised $550 million in an extended Series C round led by Temasek. The funding values the company at $1.8 billion. Orca Security is the developer of a cybersecurity platform designed to help companies including Autodesk and Duolingo manage cloud security and compliance requirements. | | | | | | | | Honor banks $370M in debt and equity | | | Honor has raised a $70 million Series E led by Baillie Gifford. The funding, which values the company at more than $1.25 billion, also includes $300 million in debt financing led by Perceptive Advisors. Based in the Bay Area, the company is a developer of professional home-care services for the elderly. | | | | | | | | Masterworks secures $110M Series A | | | Masterworks has raised $110 million in a round led by Left Lane Capital. The New York-based company is the developer of a fractional investment platform that allows users to buy and sell shares in works of art by artists such as Banksy and Picasso. The funding values Masterworks at more than $1 billion. | | | | | | | | | Bengaluru-based Licious has raised a $52 million Series G at a valuation of more than $1 billion, according to reports. IIFL AMC and Avendus Capital co-led the round. The company offers an online delivery platform for meat and seafood. | | | | | | | | | Buk has raised $50 million at a $417 million valuation in a round led by Greenoaks Capital Partners. Founded in 2017, the Chilean company is the developer of an HR management platform. | | | | | | | | | | | | | | | Spark Capital leads $20M round for Studs | | | | | | |
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| Apollo, Brookfield among bidders for Aramco's $15B+ gas pipeline stake | | | | | | | | | ArchiMed acquires Xpress Biologics | | | Healthcare-focused firm ArchiMed has acquired a majority stake in Xpress Biologics. Existing backer Noshaq will also reinvest in the company. Based in Belgium, Xpress Biologics provides plasmid DNA to treat life-threatening diseases, including genetic conditions and viral infections such as COVID-19. | | | | | | | | Apax, CCMP to buy Eating Recovery Center | | | | | | | | | PE-owned Calpine Containers picks up packaging specialist | | | | | | | | | Linden Capital acquires BioIVT | | | Linden Capital Partners has acquired BioIVT, a New York-based provider of biological specimens and other services for the academic research, pharmaceutical, and diagnostics discovery and development markets. Linden acquired the company from Arsenal Capital Partners. | | | | | |
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| PitchBook Webinar: Views on sustainable investing | | Ongoing global challenges and consumer-led pushes for sustainability have prompted changes at all levels of business, from startups built on ethical practices to new goals at long-standing companies.
In this webinar, our analysts will explore some of the findings from our 2021 Sustainable Investment Survey, which garnered record responses from around the globe. The report covers views on the main frameworks for impact investing and why stakeholders are showing more interest in sustainable investments.
Register today to secure your spot. | | | | | | | |
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| Home furnishings retailer Arhaus files for IPO | | | Freeman Spogli-backed home furnishings retailer Arhaus has filed for an IPO. It plans to list on the Nasdaq under the ticker ARHS, and reported $16 million of net income on $355 million in revenue in the first half of 2021. | | | | | | | | Telecom company IHS Holding to raise over $500M in IPO | | | | | | | | | Summit-backed fire pit maker files for public debut | | | Solo Brands, a Summit Partners-backed maker of fire pits and camp stoves, has filed for an IPO. The Texas-based company plans to list on the NYSE under the ticker symbol DTC. It reported $42 million in net income for the first half of 2021. | | | | | |
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| G Squared closes $1.2B fund | | | Growth-stage VC firm G Squared has raised $1.2 billion for its fifth flagship fund. The Chicago-based investor also announced the opening of a new Miami office. G Squared's prior fund closed in 2019 with $341 million, according to PitchBook data. In recent months, the firm has backed home services platform Thumbtack and ridehailing service Bolt. | | | | | | | | | NFX has raised a $450 million third fund dedicated to investments in seed and pre-seed stage startups. The vehicle is nearly double the size of the firm's previous fund, which closed in 2019 at $275 million. From its latest fund, NFX is expecting to invest in about 70 companies across fintech, marketplaces, gaming, proptech, tech-bio and crypto sectors. | | | | | |
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"Through Q2, the median pre-money valuation of late-stage deals with nontraditional investor participation reached $235.5 million, 4.4 times the median pre-money valuation of deals without their participation. This year, companies have raised rounds with some of the highest private post-money valuations ever."
Source: PitchBook's Q2 2021 US VC Valuations Report | | | | | |
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