Sizing up the 2022 IPO market

Revisiting our top 7 articles of 2021; GenFleet gathers $75M; Delivery Hero takes over Glovo; Energy Impact Partners pulls SPAC plans
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The Daily Pitch: VC, PE and M&A
January 3, 2022
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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In today's Daily Pitch, you'll find:
  • A decade-long buildup of VC-backed startups promises a busy US IPO market in 2022.

  • PitchBook analysts predict a big year in 2022 for US private equity.

  • From 'solo VCs' to the rise of climate tech, our most-read articles of 2021.
Today's Top Stories
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 this year. Funds over $5 billion will collectively raise $250 billion, 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 forecasts that PitchBook analysts made for private equity this year. Our Private Equity Outlook details seven predictions in US PE, including a big IPO year for private capital managers and new exit opportunities for PE-backed healthcare provider platforms.
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What to watch for in the 2022 IPO market
(Andriy Onufriyenko/Getty Images)
After a standout year for public listings that padded the pockets of investors, the US IPO market has entered 2022 from a position of strength. Household names like Reddit and Chobani are lining up offerings, and a large volume of IPO-ready companies should keep the supply coming.

But there are headwinds—from rising interest rates to declining sentiment for IPOs and SPACs—that threaten the market's momentum.
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2021 in review: Our top 7 articles
From record-breaking valuations to game-changing funds, check out some of our best content of the year.

US VC valuation trends in seven charts

Rivian, mobility and the race for a net-zero future

PitchBook's 2021 university rankings: The top 50 colleges for founders

Is Sequoia's fund restructuring really a game-changer for VC?

Wall Street wins signal the start of a synthetic biology revolution

How 'solo VCs' are changing the venture game

Why investors are raising climate tech funds at a torrid pace
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Recommended Reads
How Tiger Global changed venture capital dealmaking in 2021. [Business Insider]

The EU hopes to classify some natural gas and nuclear power investments as climate-friendly. But what makes an investment "green"? [The Wall Street Journal]

After a year dominated by Mars and space tourism, companies and governments are turning their attention to the moon in 2022. [The New York Times]
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Quick Takes
  The Daily Benchmark  
  2018 Vintage European PE Funds  
  People  
  Oak HC/FT promotes Chandramouli to partner  
  VC Deals  
  GenFleet Therapeutics raises $75M  
  Voyant Photonics raises $15.4M Series A  
  Amberstone Biosciences picks up $12M  
  Curi Bio lands $10M Series A  
  PE Deals  
  3G lands majority stake in window treatments company in $7.1B deal  
  Gemspring Capital acquires JTI Electrical  
  Exits & IPOs  
  Energy Impact Partners pulls SPAC plans  
  Littlejohn buys supply chain company Magnate Worldwide  
  Delivery Hero takes over Spain's Glovo  
 
 
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The Daily Benchmark
2018 Vintage European PE Funds
Median IRR
20.75%
Top Quartile IRR
32.30%
1.15x
Median TVPI
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TDR Capital IV
Nordic Capital Fund IX
V4C Poland Plus Fund
*IRR: net of fees
30 Funds in Benchmark »
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People
Oak HC/FT promotes Chandramouli to partner
Oak HC/FT, a VC and growth equity firm that focuses on the fintech and healthtech sectors, has promoted Vig Chandramouli to partner. Chandramouli focuses on investing in healthcare companies.
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VC Deals
GenFleet Therapeutics raises $75M
GenFleet Therapeutics has raised a $75 million Series C led by Huagai Capital. Investors including Suxin Venture Capital, Cherami Investment Group, ABC International, DYEE Capital, Qiaojing Eastern Investment, Baidu Venture and Wenzhou Capital also participated. The Shanghai-based company develops treatments for cancer and autoimmune diseases.
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Voyant Photonics raises $15.4M Series A
Voyant Photonics has raised $15.4 million in a round led by UP.Partners, with support from LDV Capital and Contour Ventures. The company is a developer of LiDAR systems fabricated on semiconductor chips.
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Amberstone Biosciences picks up $12M
Amberstone Biosciences has raised a $12 million Series A co-led by Viva BioInnovator, Co-win Ventures and Sinovation Ventures. Founded in 2018, the Laguna Hillls, Calif.-based company is a developer of immunotherapeutics intended to treat solid tumor cancers and other diseases.
Additional Investors:
Changrong Capital, Lifespan Investments
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Curi Bio lands $10M Series A
Curi Bio has raised $10 million from investors including Dynamk Capital and DS Asset Management. Based in Seattle, the company is a creator of human stem cell-based products designed to aid the development of genetic medicines and cell therapies.
Additional Investor:
UTC Investment
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PE Deals
3G lands majority stake in window treatments company in $7.1B deal
3G Capital has agreed to acquire a 75% stake in Hunter Douglas, a Dutch manufacturer of window coverings and architectural products, at a $7.1 billion enterprise value. 3G will pay €175 (about $198) per Hunter Douglas share, representing a 73% premium to the company's closing share price on Dec. 30. The Sonnenberg family, which founded Hunter Douglas in 1919, will control the remaining 25% stake in the company.
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Gemspring Capital acquires JTI Electrical
An affiliate of Gemspring Capital has acquired a majority stake in JTI Electrical & Instrumentation, a California-based designer and engineer of electrical and mechanical systems. Founded in 2000, JTI provides services to industrial processing facilities in the food and beverage, agriculture, manufacturing and energy industries.
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Exits & IPOs
Energy Impact Partners pulls SPAC plans
ESG investor Energy Impact Partners has withdrawn its IPO registration for EIP Acquisition Corp I. The blank-check company was intended to target a business in the energy transition and decarbonization sector. EIP Acquisition had been seeking $300 million in its IPO.
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Littlejohn buys supply chain company Magnate Worldwide
Investment firm Littlejohn & Co. has acquired Magnate Worldwide, a supply chain management company that provides freight logistics services. Portland, Ore.-based Magnate Worldwide was formed in 2015 by Magnate Capital Partners and CIVC Partners as a holding company designed to make logistics and transportation acquisitions. Magnate operates multiple brands for specialty freight delivery in industries such as fine arts, aerospace and healthcare.
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Delivery Hero takes over Spain's Glovo
Delivery Hero has agreed to acquire a 39.4% stake in Glovo, bringing its holdings in the Spanish delivery app provider to more than 83% and valuing Glove at €2.3 billion, Reuters reported. The Barcelona-based startup has raised funding from investors including Luxor Capital, Mubadala, Drake Enterprises, Idinvest Partners and Lakestar.
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View 36 competitors »
 
Chart of the Day
Source: PitchBook's All In: Female Founders in the US VC Ecosystem Report
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