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In today's Daily Pitch, you'll find: - PitchBook analysts predict a big year in 2022 for US private equity.
- Six charts explain how the 2021 IPO market's flood of massive listings broke the mold.
- VC funding for agtech startups soared to a record $3.2 billion in Q3, boosting annual deal value to nearly $8 billion.
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| Analysts forecast a huge 2022 for US PE | |  | | (Nora Carol Photography/Getty Images) | | | The AUM of the big five public alternatives managers will eclipse $3 trillion next year. Funds over $5 billion will collectively raise $250 billion in 2022, including the three largest-ever buyout funds. And PE firms will close at least 400 middle-market software deals.
These are just a few of the predictions from PitchBook analysts on PE's 2022 outlook. Our latest analyst note details seven projections in the US private equity space for next year, including a big IPO year for private capital managers and new exit opportunities for PE-backed healthcare provider platforms. | | | | | | | | | | Six charts that put the IPO market into perspective | |  | | (Mara Potter/PitchBook News) | | | For years, private investors' portfolios have swelled with unicorns and decacorns. In 2021, the dams broke as many of the world's most promising companies made the leap to US public markets.
This flood of IPOs was an abrupt change from the comparatively tame performance of the past decade. From crypto to cars, frontier tech led the charge. SPACs stepped up. Public investors paid a premium.
But are the IPO market's best days behind it? | | | | | | | |
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| A message from SS&C Intralinks | | |
| Private capital markets are red-hot. Will they combust? | | Private capital is heating up with massive allocations and competition. But friction is building between fund managers and investors.
If VC overheats, fund sizes may be forced to grow to compete for opportunities, thus raising the pressure for better performance and liquidity. But investors are seeking less risk and are sticking with tried-and-true midsize funds as the volume of first-time funds dwindles. How will these opposing trends resolve?
Download Intralinks' new report, Alternative Allocations: The Future of Fundraising, produced from new market data provided by PitchBook, to understand emerging market pressures, including: - Investors' ESG concerns and implications of going green
- First-time private capital fundraising activity
- Regional fundraising trends
- Forecast: Key drivers and indicators
Download this hot new report, and manage fundraising with a cool head. | | | | | | | |
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| Agtech startups reap record VC funding | | Venture funding for agtech startups hit a quarterly record of $3.2 billion in Q3 2021—boosting annual deal values to $7.8 billion, which already eclipses 2020's total by more than 20%.
Our latest installment of Emerging Tech Research digs into major trends that shaped this space globally in Q3, including increased concern for food security amid supply chain disruptions, data-enabled crop productivity gains and environmentally friendly agricultural techniques. Among the takeaways: - More VC-backed companies are sprouting up to offer ag biologicals, environmentally friendly alternatives to synthetic fertilizers.
- Emerging techniques are providing more complete measurements of soil health, offering insights from in-field sensors and hyperspectral imaging using drones, planes or satellites.
- Carbon farming, or capturing atmospheric carbon in soil and crop roots, can help combat climate change while encouraging sustainable farming.
| | | | | | | | | | Crypto, NFTs and meme stocks brought together pop culture and modern finance in an emotionally charged year. But is "identity investing" here to stay? [Bloomberg]
Researchers and drillers are racing to find new sources of helium to secure the future of our most indispensable technologies. [Wired]
The drama-free rise of Jonathan Gray to Blackstone president. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 499 Deals | 1650 People | 417 Companies | 36 Funds | | | | | | |
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| 2017 Vintage Global Secondaries Funds | | | | | | |
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| At the intersection of blockchain & gaming | | The blockchain gaming industry is seeing significant growth in capital from institutional investors. Multiple blockchain-based games have now crossed all-time transaction values of $1 billion and attracted millions of players.
Following its inaugural blockchain market report published last week, Forte uses PitchBook datasets to dive deeply into the intersection between blockchain and gaming. Highlights include: - A handful of the largest blockchain companies have attracted the bulk of VC raised in 2021.
- The bulk of media attention has been focused on NFTs, but infrastructure and value-added services have seen a lot of activity.
- The ever-changing regulatory environment means established gaming companies will likely explore partners dedicated to compliance.
Read it now | | | | | | | |
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| Gopuff eyes valuation of up to $40B | | | Gopuff has raised $1.5 billion in a round that could value the instant delivery company at up to $40 billion, according to a report from Axios. The new funding is said to be structured as a convertible debt note led by Guggenheim Partners. The company was last valued at $15 billion with a $1 billion fundraise in July and is reportedly preparing for a 2022 IPO | | | | | | | | Rokt raises $325M, preps for public debut | | | | | | | | | Cockroach Labs hits $5B valuation with Series F | | | Cockroach Labs has raised $278 million in a Series F led by Greenoaks. The round more than doubles the company's valuation to $5 billion. Investors including Altimeter, Coatue, GV and Tiger Global also joined the round for Cockroach, which provides the cloud-native SQL database CockroachDB. | | | | | | | | Infarm tops $1B valuation with Series D | | | | | | | | | Dialpad raises $170M in Iconiq-led round | | | | | | | | | Cloud startup CData collects $140M | | | CData Software has raised $140 million in Series B funding led by growth equity investor Updata Partners. North Carolina-based CData provides a cloud-native data connectivity platform. | | | | | | | | Gtmhub grabs $120M in Index-led round | | | | | | | | | Tasso secures $100M Series B | | | | | | | | | | | | | | | | Accel leads $75M round in Singapore's Nansen | | | | | | |
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| Restore Hyper Wellness raises $140M | | | Restore Hyper Wellness has raised $140 million in a Series C led by General Atlantic. The funding values Austin-based Restore, a provider of health and wellness services such as IV drip therapy and infrared saunas, at $500 million, according to a PitchBook estimate. | | | | | | | | Summit Partners invests $120M in marketing platform Mavrck | | | Summit Partners has invested $120 million in Mavrck, a Boston-based marketing platform for enterprise consumer brands. Founded in 2014, Mavrck helps global brands reach a larger consumer base primarily through social media. | | | | | | | | Percheron acquires Caliber Car Wash | | | Percheron Capital has acquired a majority stake in Caliber Car Wash, an Atlanta-based express conveyor car wash platform. Caliber Car Wash has produced over 50 pipeline express conveyor car wash facilities for customers in the Southeast and mid-Atlantic. | | | | | |
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| Byju's in talks for $4B SPAC deal | | | Byju's is in advanced talks to go public via a merger with one of Churchill Capital's blank-check companies, Bloomberg reported. The edtech provider, which is India's most valuable startup, could raise about $4 billion and seek a valuation of up to $48 billion, according to the report. Byju's backers include General Atlantic, Tiger Global and Owl Ventures. | | | | | | | | Littlejohn sells Kaman Distribution Group for $1.3B | | | | | | | | | Reddit files to go public | | | Reddit has confidentially filed for an IPO. The news sharing and social media platform hired its first CFO earlier this year, and Reuters reported in September that Reddit was hoping to reach a $15 billion valuation with a public offering early in 2022. The company was valued at over $10 billion in August with a round led by Fidelity Management & Research. | | | | | | | | TPG officially files for IPO | | | Private equity firm TPG has filed for its IPO. The Fort Worth, Texas-based firm, founded in 1992, reported roughly $109 billion in assets under management, more than 900 employees, over 280 current portfolio companies and $3.9 billion in 2021 revenue in its filing. | | | | | |
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| Ares raises $2.2B for climate fund | | | Ares Management Corporation has closed its first climate infrastructure fund at $1.4 billion, with an additional $800 million in related transaction vehicles. The fund will target companies in the renewable energy, resource and energy efficiency, energy storage, vehicle electrification and transmission climate sectors. | | | | | | | | Blue Cloud collects $350M for fourth fund | | | Blue Cloud Ventures has held a final close on $350 million for its latest vehicle, which will target fast-growing cloud software companies with up to $100 million in annual recurring revenue. Blue Cloud has already made seven investments out of BCV IV. | | | | | | | | Madrona raises $120M for Fund VII extension | | | Madrona Venture Group has raised $120 million from existing LPs for an extension of its seventh flagship fund. The vehicle closed on $300 million in 2018. | | | | | |
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