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In today's Daily Pitch, you'll find: - Our Global Real Assets Report explores growing investor interest in infrastructure bets and the future of oil and gas amid ESG pressures.
- An analysis of what's driving the rapid rise in mega-exits for AI and machine learning startups, and what 2022 might hold for the space.
- MoonPay adds to the $26.7 billion that cryptocurrency and blockchain companies have amassed in global VC funding this year.
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| This may be a turning point for real assets | | The outlook for real assets is more bullish than it has been in years. However, only time will tell whether GPs and LPs will be attracted to strategies that have underperformed for years.
Our Q3 2021 Global Real Assets Report dives deep into fundraising activity, commodity performance, transportation trends and more. Takeaways include: - Infrastructure managers have continued to attract capital by delivering reliable fund returns in the region of 10%.
- The passage of a $1 trillion infrastructure package in the US may create some public-private partnership opportunities for private capital, while government transportation and renewable energy projects in Europe and Australia continue to facilitate investment.
- Fundraising in oil and gas has been lackluster in 2021, continuing a steady decline that began in the mid-2010s. It remains to be seen whether elevated prices will lure capital back into the strategy despite ESG pressures.
| | | | | | | | | | What's driving the AI & ML mega-exit boom | |  | | (monsitj/Getty Images) | | | The rapid increase in mega-exits of AI and machine learning startups demonstrates promising areas for private companies to apply AI & ML, including autonomous vehicles, information security and IT operations.
Mega-exits in the sector have tripled from eight to 26 year-over-year through the third quarter of 2021, with deal value quintupling to $153.3 billion.
Our latest analyst note explores leading use cases for AI mega-exits and why companies that use deep learning as their primary AI architecture are on pace to overtake supervised machine learning startups in mega-exits by 2022. | | | | | | | |
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| PE's push into the mental health space | | Private equity is paying increased attention to the mental and behavioral health space. Dealmaking figures show a post-COVID bump in transactions, following a surge in patient demand over the past 18 months.
In partnership with PitchBook, Vector Medical Group has released Private Equity's Push into the Mental Health Space. The surge in demand caught many providers off guard, especially with social distancing requirements forcing appointments online. PE capital is helping mental health providers boost their telehealth capabilities. Similar trends are happening in the drug and alcohol rehabilitation market. The report includes an in-depth Q&A on the mental health market with Dana Jacoby, CEO of Vector Medical Group.
To download the report, click here. | | | | | | | |
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| KKR makes record-breaking $37B offer for Telecom Italia | |  | | (MR.Cole_Photographer/Getty Images) | | | KKR is offering €33 billion (around $37 billion) to take Gruppo TIM, the Italian telecoms group formerly known as Telecom Italia, private in what could be the largest-ever PE buyout in Europe.
The offer values the company at €10.8 billion, bringing the deal value to about €33 billion when TIM's roughly €22.2 billion net debt, as of Sept. 30, is included.
See how KKR's offer stacks up against some of the largest European PE buyouts. | | | | | | | | | | MoonPay adds to crypto's $26B+ cash pile | | As the cryptocurrency universe grows, entrepreneurs see an opportunity to provide fintech infrastructure akin to payments giants like Stripe and PayPal. - Infrastructure startup MoonPay has raised $555 million at a $3.4 billion valuation, co-led by Tiger Global and Coatue.
- Cryptocurrency and blockchain companies have amassed $26.7 billion in global VC funding across 1,475 deals this year, more than quadruple last year's haul.
- The Series A was the first round of institutional capital for Miami-based MoonPay, a profitable company with clients including NFT marketplace OpenSea and Bitcoin.com, a platform for buying and holding digital currencies.
- Tiger Global's stable of crypto unicorns has grown to nearly a dozen, including FTX, TaxBit and BlockFi.
| | | | | | | | | | Why public retirement funds are facing a cash crunch that could force them to sell assets at losses to pay pension checks. [The Wall Street Journal]
As demand for labor rises, how many workers are willing to rejoin the labor force? [Financial Times]
How brands are adopting strategic aesthetics to ensure consumers can't resist the lure of a well-designed package. [The Atlantic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 442 Deals | 1541 People | 514 Companies | 17 Funds | | | | | | |
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| 2013 Vintage Global Growth Funds | | | | | | |
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| | | Influencer marketing platform LTK has raised $300 million from SoftBank at a $2 billion valuation. The company connects brands with influencers to create social media shopping experiences. Formerly known as RewardStyle and Liketoknow.it, Dallas-based LTK was valued at $374.5 million in 2015, according to PitchBook data. | | | | | | | | Tiger Global leads $250M round for Deliverr | | | Deliverr, a provider of ecommerce fulfillment services, has raised a $250 million Series E led by Tiger Global. In January, the San Francisco-based company raised $170 million at a $900 million valuation, according to PitchBook data. | | | | | | | | Sword Health brings in $163M Series D | | | Sword Health has raised $163 million at a $2 billion valuation in a round led by Sapphire Ventures. The New York-based company provides virtual healthcare for patients with musculoskeletal conditions. The fundraise also includes a secondary investment of $26 million. | | | | | | | | AutoFlight flies off with $100M Series A | | | Electric aircraft startup AutoFlight has raised $100 million in a Series A round led by Berlin-based tech holding company Team Global and its CEO Lukasz Gadowski. The Chinese startup is creating both passenger and cargo autonomous aircraft and aims to enter mass production by 2024. Following the funding, AutoFlight will create a European subsidiary in Germany to work on its air taxi program. | | | | | | | | Singapore's Pace banks $40M | | | | | | | | | | | | | |
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| Bain, Hellman & Friedman land Athenahealth for $17B | | | | | | | | | CVC Capital, HPS take stakes in Authentic Brands at $12.7B value | | | CVC Capital Partners and HPS Investment Partners have purchased equity stakes in brand development, marketing and entertainment company Authentic Brands Group at a $12.7 billion enterprise value. In completing the deal, Authentic Brands shelved its anticipated IPO, which it now plans to pursue in 2023 or 2024, CNBC reported. | | | | | | | | Apollo picks up 50% stake in Broad Reach Power | | | Funds managed by Apollo Global Management have acquired a 50% stake in Broad Reach Power, a utility-scale energy storage and renewable energy platform. Apollo purchased the stake from a shareholder group led by EnCap Investments. Based in Houston, the company owns a portfolio of wind, solar and energy storage power projects across the US. | | | | | | | | Godspeed acquires Ascent Engineering | | | Godspeed Capital Management has acquired Ascent Engineering Group, a consulting firm that specializes in the design and engineering of mechanical, electrical, and plumbing systems for education, healthcare, and state and local government clients in the mid-Atlantic. | | | | | |
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| PitchBook Webinar: Private fund strategies—Spotlight on VC | | Join PitchBook on Dec. 1 for a discussion on the current state of private fund performance in the latest installment of our recurring webinar series, Private Fund Strategies.
Get the latest insights into market performance across asset classes and strategies, including a spotlight on VC and massive VC-backed exit value, record-breaking fundraising, and the continued proliferation of mega-deals.
Key topics include: - A quarterly update on private market fund performance and fundraising.
- A spotlight on performance across VC strategies, including a detailed comparison of established and emerging fund managers.
- A deep dive on sector specialist fund manager performance.
- Deal-level returns as seen through our original research.
Sign up today | | | | | | | |
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| Carlyle offloads PK to Concentrix for $1.6B | | | The Carlyle Group has agreed to sell PK to customer engagement solutions company Concentrix for around $1.6 billion. Carlyle originally invested in the customer experience design engineering company in 2016. | | | | | | | | L Squared sells GWS Tool Group to Sandvik | | | | | | |
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