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In today's Daily Pitch, you'll find: - An analysis of the key trends that drove European private equity's blockbuster 2021.
- Four charts from our latest US PE Breakdown exploring healthcare investment activity in an uncertain year for the sector.
- We examine why 2021 was a record-shattering year for early-stage VC.
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| European PE records blockbuster year | | European private equity showed no sign of slowing down in 2021, with new records set in terms of deal count and value. The industry saw dealmaking bolstered by mountains of dry powder, eager sellers and strong debt markets.
Our 2021 Annual European PE Breakdown takes a comprehensive look at the main drivers of the standout year. The report also includes a deep dive into some key investment strategies spanning sectors such as IT, healthcare and financial services. Among the takeaways: - Add-ons played a major role as a path to value creation, having accounted for 65% of all buyouts in the region.
- The UK & Ireland continued dominating as a destination for private capital, despite the impact of Brexit. Combined, the two countries doubled their pre-global financial crisis peaks and quadrupled deal value from 10 years ago.
- This is the hottest exit market yet, thanks in part to a strong IPO market lifted by public equity investors' willingness to pay a premium for fast-growing private companies.
| | | | | | | | | | Exclusive: Permira refuels debt fund arm with $2B+ | |  | Germany's FlixBus is a Permira portfolio company.
(Courtesy of FlixBus) | | | Permira's debt investment arm has raked in about €2 billion (about $2.28 billion) for its fifth direct-lending fund, putting the private equity firm roughly halfway to its €4 billion target, according to a person familiar with the matter. - Permira Credit Solutions Fund V will primarily provide debt financing to midsized European companies with €10 million to €75 million of annual EBITDA.
- Investors have recently poured money into the booming private credit market as they hunt for higher-yielding assets in a low-interest rate environment.
- Funds with a direct-lending strategy raised more than $33 billion midway through 2021, compared with $43.4 billion for all of 2020, according to PitchBook data.
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| PE healthcare investments mature in an uncertain year for health | |  | | (IronHeart/Getty Images) | | | PE investments in healthcare continued to both expand and mature in 2021, as firms look to position themselves on the right side of change in an industry that accounted for nearly 20% of US GDP in 2020.
The shock waves of the pandemic have both benefited and stymied growth in the healthcare sector. Some facilities are still struggling with increased operating costs from COVID-19 safety precautions, lost revenue and staff churn. While others, such as laboratories that pivoted to testing, unlocked a new revenue stream.
Here's a closer look at four charts from our latest US PE Breakdown that highlight PE's healthcare activity in 2021. | | | | | | | | | | Why 2021 was a record-shattering year for the early stage | |  | | (Nuthawut Somsuk/Getty Images) | | | Early-stage startups in the US had a phenomenal showing in 2021, reporting record metrics for deal count, capital investment, median deal size and pre-money valuation.
Much of the robust performance can be attributed to an influx of investment from nontraditional investors and record levels of capital washing through the system as VC dry powder continues to hit all-time highs, according to the PitchBook-NVCA Q4 2021 Venture Monitor. | | | | | | | | | | Crypto entrepreneurs tend to hide their identities behind pseudonyms, and Silicon Valley VCs are learning to live with it. But will fake identities lead to less bias in investing or conceal checkered pasts? [The Information]
A longtime Harvard Business School professor and SVPGlobal's co-founder are teaming up to create a firm that will bring PE investment strategy to the public markets. [Institutional Investor]
Regenerative ranching is better for the environment. Can it also be profitable? [Texas Monthly] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 472 Deals | 1535 People | 460 Companies | 31 Funds | | | | | | |
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| 2018 Vintage Global VC Funds | | | | | | |
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| Longtime dean of Harvard Business School joins Thrive Capital | | | Nitin Nohria has joined Thrive Capital as partner and executive chairman, Bloomberg reported. Nohria stepped down as dean of the Harvard Business School in 2020. | | | | | |
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| Bolt secures $355M Series E | | | | | | | | | | | | | | | | | | EV startup EVage lands $28M | | | EVage has raised $28 million in seed financing led by RedBlue Capital. Based in Chandigarh, India, the company is a developer of electric commercial vehicles for ecommerce customers, including Amazon India's delivery service partner. | | | | | |
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| Carlyle backs clean energy specialists | | | The Carlyle Group has invested over $100 million in clean energy developer NineDot Energy and electric vehicle charging and services company Fermata Energy. Founded in 2015 and based in New York, NineDot is a developer of community-scale energy generation and battery storage projects. Fermata Energy, founded in 2010, works with automakers including Ford and Nissan. | | | | | | | | Lee Equity Partners backs Therapy Partner Solutions | | | Lee Equity Partners has invested in Therapy Partner Solutions, a physical therapy platform provider that serves the US Southeast. The company's platform comprises around 60 owned and managed care sites across eight states, as well as revenue-cycle outsourcing and compliance consulting operations for independent clinics. | | | | | | | | Court Square recapitalizes GoEngineer | | | | | | |
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| PitchBook Webinar: 2022 European Private Capital Outlook | | Don't miss our upcoming 2022 European Private Capital Outlook webinar. Join us Jan. 20 for a conversation about the industry in 2022.
During the discussion, PitchBook analysts Nalin Patel and Dominick Mondesir will highlight their forecasts on the trends most likely to shape European PE and VC this year, including predictions that: - At least 15 merged SPACS will be taken private by sponsors.
- Global carveout deal value will hit a new high of €200 billion.
- European VC deal value will hit a record €175 billion.
- VC-backed public listings will decline in value and count from 2021's highs.
Register here to secure your spot | | | | | | | |
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| StubHub explores direct listing, possible $13B+ valuation | | | StubHub Holdings, which operates event ticketing platforms StubHub and Viagogo is considering going public via a direct listing, Bloomberg reported. The company could seek a valuation of more than $13 billion in its offering. StubHub has received backing from firms including FirstMark Capital and Next Play Capital. | | | | | |
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| FTX launches $2B venture fund | | | FTX, the operator of a cryptocurrency derivatives exchange, has launched a $2 billion venture fund to focus on investments in sectors including blockchain, Web3 and gaming. The firm has appointed former Lightspeed partner Amy Wu to lead the multi-stage VC fund. | | | | | |
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| UAE sovereign wealth fund invests in Israeli VC firms | | | A United Arab Emirates sovereign wealth fund has invested roughly $100 million in tech-focused VC firms in Israel, The Wall Street Journal reported. The deal comes over a year after the signing of the Abraham Accords, an agreement intended to strengthen foreign relations between the two countries. | | | | | |
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