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In today's Daily Pitch, you'll find: - We map out Rivian's road to its mega-IPO, exploring who owns how much of the electric truck maker and some key financial measures.
- Helion lands new funding for the growing nuclear fusion market.
- Our recent reports breaking down emerging opportunities in the climate tech ecosystem.
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| Rivian's mega-IPO was built with truckload of private capital | |  | | (Joey Schaffer/PitchBook News) | | | Truck maker Rivian's hotly anticipated IPO this week is yet another gauntlet thrown at the feet of legacy automakers in the race to electrification.
We broke down the company's private funding history and public financials. Among the highlights: - Rivian is expected to raise more than $9.8 billion and could be valued at $70.6 billion based on a midpoint price of $73 per share.
- Amazon's 22.4% stake would be worth $11.7 billion at that price. The online retail giant was one of the automaker's earliest large backers.
- Rivian's revenue is minimal, and it lost around $1 billion in the first half of 2021. In the long term, Rivian hopes to make a substantial amount of recurring revenue from services such as software and memberships.
| | | | | | | | | | Breaking down the climate tech ecosystem | | Decarbonizing the planet is a process that will leave no part of the economy untouched. This transformation poses innumerable challenges—but also unprecedented opportunities in climate tech. This sector is a critical area of innovation, and it's attracting an increasing amount of VC, with $30.8 billion invested in climate-focused startups in the first nine months of 2021.
PitchBook is excited to release our new climate tech coverage as part of our expanding Emerging Tech Research. The reports include:
Introduction to Climate Tech: Preview - Our breakdown of the climate tech industry organizes this complex landscape into a clear taxonomy; the preview offers a sneak peek at market maps covering 46 industry groups.
- It features analyses of highly specific subgroups, separating electric transportation from the rest of sustainable transportation, and distinguishing clean energy generation and grid tech.
Climate Tech Quarterly Update: Preview - Our inaugural installment of Emerging Tech Research on the sector recaps a record-setting Q3 in climate tech.
- The report includes a timeline, spotlights on emerging opportunities, and the latest data on dealmaking and exits.
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| A message from Twin Brook Capital Partners | | |
| | | Twin Brook Head of Underwriting Kim Trick and Director Sarah Roche discuss the benefits of consistency and why historical experience and human capital matter when it comes to supporting borrowers and managing through cycles. | | | | | | | |
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| Helion secures $2.2B as nuclear energy industry matures | |  | | (vchal/Getty Images) | | | Helion Energy, which focuses on generating zero-carbon electricity from fusion, has secured a $500 million Series E led by industry veteran Sam Altman. The company also announced an additional $1.7 billion of commitments tied to performance-based milestones.
A standout year for nuclear energy startups, VCs have already poured over $676 million into the sector this year, more than the total amount raised in the past five years combined, according to PitchBook data. | | | | | | | | | | Understanding PE's Q3 performance through six charts | |  | | (twomeows/Getty Images) | | | The third quarter was a lucrative three months for private equity firms. - PitchBook's Q3 2021 US PE Breakdown presents a myriad of data on this quarter's performance, but six specific tables offer a closer look.
- Business-to-business deals continued to account for the majority of PE transactions, while IT deals are continuing to carve out a larger share of the overall total. In terms of deals by region, the data has remained consistent over the past five year. However, the Southern US has seen a minimal but steady decline in PE deals in the same period.
| | | | | | | | | | Many traders, hedge fund managers and institutional investors are still struggling to size up crypto's systemic risks. [Institutional Investor]
A new scientific grant program, co-founded by Stripe CEO Patrick Collison, is highlighting big problems—and bigger opportunities—in American science. [The Atlantic]
Zillow relied on an algorithm to find houses to purchase, fix up and sell for a profit. What to take away from the company's real estate stumbles. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 23 Deals | 54 People | 16 Companies | 4 Funds | | | | | | |
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| 2019 Vintage European PE Funds | | | | | | |
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| Lime locks down $523M in debt | | | | | | | | | Momenta raises additional $500M | | | Autonomous driving startup Momenta has added $500 million to its Series C round, according to reports. Temasek, Bosch and SAIC Motor participated in the funding for the Beijing-based company, among others. | | | | | | | | | | | | |
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| Advent, Permira closing in on McAfee for $10B+ | | | A group including private equity firms Advent International and Permira is nearing a deal to take security software company McAfee private for more than $10 billion, The Wall Street Journal reported. An agreement could be announced as soon as Monday. | | | | | | | | Carlyle in talks to buy half of Resonetics at $2.3B value | | | The Carlyle Group is in advanced talks to purchase half of Resonetics, a medical device manufacturing company, at a $2.3 billion valuation, including debt, Bloomberg reported. Resonetics is currently owned by GTCR. | | | | | | | | KKR invests $2B in South Korean energy provider | | | KKR has bought 2.4 trillion won (about $2 billion) of newly issued convertible preferred shares in energy company SK E&S, which is a member of South Korean conglomerate SK Group. SK E&S will use the capital to accelerate its transformation into a clean energy provider. | | | | | | | | Thoma Bravo seals takeover of cloud specialist QAD | | | Thoma Bravo has completed its acquisition of QAD, a provider of cloud-based solutions for the manufacturing and supply chain sectors, for $2 billion. As part of the deal, QAD stockholders will receive $87.50 per share. | | | | | | | | Bain Capital commits $150M to new entity Enhance Health | | | Bain Capital has committed $150 million to newly established Medicare Advantage broker Enhance Health, The Wall Street Journal reported. Based in Fort Lauderdale, Fla., Enhance aims to build a Medicare insurance distribution platform through acquisition and organic initiatives that help clients choose and enroll in appropriate plans. | | | | | | | | KKR eyes Telecom Italia unit takeover | | | KKR is considering a buyout of Telecom Italia's network unit, Bloomberg reported. The firm holds a stake in the grid operations of the former Italian phone monopoly, which KKR could also increase as one of its strategic options, the report said. | | | | | |
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| Desert Peak postpones IPO | | | Desert Peak Minerals has postponed its IPO, a week after announcing a target range that would have raised up to $230 million. The Denver-based company, formed in 2019 by Kimmeridge Energy Management, manages mineral and royalty interests in the Permian Basin. | | | | | | | | Real Good Foods dips in Nasdaq debut | | | Real Good Foods Co. has begun trading on the Nasdaq after raising $64 million in its IPO. The stock opened Friday at $11.66, below the IPO price of $12 per share, which was itself below the target price range of $14 to $16. The frozen food company previously raised private funding from investors including Strand Equity Partners and Fidelity Investments. | | | | | |
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"Middle-market firms continue to execute on the tried-and-true roll-up across sectors, spurred by the current environment in which platform multiples are high and many small business owners are looking to sell. For instance, insurance brokerages, wealth management firms, and registered investment advisors (RIAs) all saw record M&A activity in the first half of 2021, largely driven by PE-backed platforms."
Source: PitchBook's Q2 2021 US PE Middle Market Report | | | | | |
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