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In today's Daily Pitch, you'll find: - Our recent analyst note explores fundraising trends and performance within the PE mega-fund space.
- The latest edition of PitchBook's Benchmarks, tracking private fund returns across strategy, geography and more.
- Microsoft is buying into the metaverse with plans to acquire gaming giant Activision Blizzard for $68.7 billion.
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| Assessing US PE mega-fund growth and performance | |  | | (princessdlaf/Getty Images) | | | The growth in US PE mega-funds, vehicles $5 billion and larger, has been driven by record-setting deal activity, which allowed large firms to rapidly deploy capital and return to market sooner with new fundraises at sizable step-ups.
The largest PE managers with a core strategy in the mega-fund range have successfully launched additional mega-funds when expanding into new strategies. But when looking at longer time horizons, analysts found that mega-funds do not always result in returns of the same magnitude as smaller funds.
These are just some of the findings in our recent analyst note, which details fundraising trends and performance within the PE mega-fund space. | | | | | | | | | | PitchBook Benchmarks for PE, VC and more | | As allocators devote more and more resources to alternative assets, the largely opaque nature of private capital makes finding transparent fund performance a challenge.
Enter our quarterly PitchBook Benchmarks, which provide a detailed snapshot of the latest data on closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q2 2021 and featuring downloadable XLS tables, data visualizations, and PDFs that break down the numbers by fund type and geography. | | | | | | | |
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| 2022 M&A predictions from leading global dealmakers | | Ansarada has launched a new forward-facing report: 2022 M&A Outlook: Q&A with the Top Global Dealmakers. This interview-style report explores the key themes that will shape 2022, according to a group of expert M&A dealmakers around the globe.
While the future remains unpredictable, momentum in the M&A market shows no signs of slowing. M&A activity surged in 2021—despite new COVID-19 variants and restrictions—demonstrating dealmakers' appetite and resilience in the face of uncertainty.
Dealmakers have continued to take potential hurdles in stride and execute successful deals in a remote working environment. And more than ever, ESG is guiding the decisions they make.
Amid this backdrop, Ansarada has turned to the experts for their global dealmaking predictions for the year ahead.
Get the 2022 M&A predictions | | | | | | | |
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| Microsoft buys into metaverse with $68.7B Activision Blizzard acquisition | |  | | Microsoft CEO Satya Nadella (Joan Cros/Getty Images) | | | Big tech is joining venture capital in a land rush for companies targeting the metaverse despite few real-world examples of the tech world's latest buzzword in action. - Microsoft plans to buy Activision Blizzard for $68.7 billion in cash, a roughly 45% premium on the video game giant's pre-announcement share price. "Gaming … will play a key role in the development of metaverse platforms," Microsoft CEO Satya Nadella said in a statement.
- Gaming startups that aspire to build the metaverse—a loosely defined concept that describes virtual worlds—have seen their valuations soar. Blockchain game company Animoca Brands raised $358.9 million Tuesday at a more than $5 billion valuation in a round led by Liberty City Ventures. Other billion-dollar gaming startups with metaverse ambitions include Sorare, Dapper Labs and Axie Infinity.
- The acquisition could help to justify high price tags for gaming startups like Animoca, but it faces an uphill battle. This week, the FTC and the Justice Department launched an effort to take a tougher stance on large mergers. California is also suing Activision over allegations of sexual harassment and discrimination.
| | | | | | | | | | EQT targeting $23B for buyout fund | |  | | (SOPA Images/Getty Images) | | | Swedish private equity firm EQT is looking to raise at least €20 billion (around $23 billion) for its tenth flagship buyout fund as it looks to expand its US footprint, the Wall Street Journal reported. Should it reach its target, EQT X will be 28% bigger than EQT IX which reached a €15.6 billion close in April last year. - The fund is currently the largest European-managed fund on the market. At €20 billion, it would be the second-largest vehicle to come out of the region after CVC Capital Partners' Fund VIII, which reached a €21.3 billion close in 2020.
- However, the fund is not expected to focus exclusively on Europe. Its predecessor targets investments in Europe and the US with an investment range between €125 million and €1 billion and a focus on healthcare, TMT and services and industrial technology.
- Notable deals from EQT IX include biopharma company Parexel, which EQT and Goldman Sachs Asset Management acquired in July last year for $8.5 billion, and real estate investment firm Exeter Property Group which EQT bought for over $1.8 billion in January 2021.
| | | | | | | | | | Ethereum's supremacy is waning as the race to dominate the decentralized-finance ecosystem begins. [The Economist]
Why private equity is doubling down on Hollywood. [The Hollywood Reporter]
Investors are continuing to bet on the rent-to-buy housing market. But does the strategy really unlock a path to homeownership? [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 573 Deals | 1716 People | 481 Companies | 22 Funds | | | | | | |
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| 2020 Vintage Global Secondaries Funds | | | | | | |
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| A message from Allvue Systems | | |
| How to complete a capital call in 10 minutes or less | | Completing a capital call doesn't need to be a process that eats up hours or days of your team's time.
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In a new infographic from Allvue Systems, you'll learn how it's possible to reduce the capital call process from an average of 10 hours to 10 minutes—all without sacrificing quality or control.
Get the infographic here | | | | | | | |
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| | | Curbio has raised a $65 million Series B led by Revolution Growth. Founded in 2017, the company is the developer of a pay-at-closing home renovation platform for real estate agents and their clients. In 2020, Curbio was valued at $105 million after raising $25 million, according to PitchBook data. | | | | | | | | Spyke Games raises $55M seed round | | | Spyke Games has raised $55 million in a round led by Griffin Gaming Partners. Founded in 2020 and based in Istanbul, the mobile gaming company released its first game, "Royal Riches," in 2021, with an official launch set to come within a month. | | | | | | | | GGV Capital leads $50M round for Pinwheel | | | Pinwheel has raised a $50 million Series B led by GGV Capital. The New York-based company is the developer of an API platform designed to help financial institutions manage payroll transactions including direct deposits, underwriting and employment verification. Pinwheel was valued at $100 million in June, according to PitchBook data. | | | | | | | | Clockwise captures $45M Series C | | | Clockwise has raised $45 million in a round led by Coatue. Based in the Bay Area, the company offers smart calendar software that helps businesses such as Twitter and Netflix schedule and manage meetings. Clockwise raised $18 million at a $93 million valuation in 2020, according to PitchBook data. | | | | | | | | | Proton.ai has raised a $20 million Series A led by Felicis Ventures. The company is the developer of an AI-based sales platform designed to help B2B companies predict and analyze customer demand. | | | | | |
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| OpenGate Capital lands chemical distributor | | | OpenGate Capital has acquired Chemisphere, a St. Louis-based specialty solvent blender and chemical distributor that was founded in 1974. With over 1.2 million gallons of storage capacity, 58,000 gallons in blending capacity and 64,000 square feet of warehouse and manufacturing space, Chemisphere provides more than 1,000 chemicals and blends for personal care products, industrial products, agriculture and more. | | | | | | | | Bain circles Carlyle's VXI Global Solutions | | | | | | | | | Incline acquires Alliance Environmental Group | | | Incline Equity Partners has acquired Alliance Environmental Group, a California-based provider of environmental remediation and indoor air quality services. Founded in 1995, Alliance serves customers on the West Coast through 14 locations in California, Arizona, Nevada and Washington. | | | | | |
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| Affinity looks to offload Japan, South Korea Burger King businesses for $1B+ | | | Affinity Equity Partners is hoping to sell its Burger King franchises in Japan and South Korea for upward of $1 billion, Reuters reported. Affinity reportedly acquired the South Korean franchise in 2016 for around $170 million and picked up Burger King Japan a year later; in 2021, the businesses reported adjusted EBITDA of roughly $67 million and $6 million, respectively. | | | | | | | | Mythical Games to purchase Polystream | | | Mythical Games has agreed to acquire streaming platform developer Polystream. The deal follows Mythical's $150 million Series C, led by Andreessen Horowitz in November. Polystream was valued at $29.9 million in 2019, according to PitchBook data. | | | | | |
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