| | | | | The Daily Pitch: VC, PE and M&A | February 4, 2022 ![]() | | Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A | | | | | | | In today's Daily Pitch, you'll find: - Our information security market map explores how startups are scaling to secure the cloud.
- Our latest Global M&A Report breaks down the trends driving last year's records and explores the headwinds that could shape the market in 2022.
- Spanish soccer authority RFEF has joined the lawsuit against CVC Capital Partners and La Liga's proposed partnership.
| | | | | | | | | | Infosec Market Map: Startups scale to secure the cloud | |  | | (Mara Potter/PitchBook News) | | | The information security segment is changing, fast. Blame the cloud.
Enterprises are ramping up their spending to keep cloud-based assets safe, and venture capitalists are boosting the valuations of the cloud security sector's leaders.
Check out our information security market map to explore where investors have placed their bets. | | | | | | | | | | Global M&A rockets to nearly $5T in 2021 | | Global M&A flourished in 2021, as the unprecedented depth, breadth and velocity of the market sent total deal value past $4.9 trillion. The growing number of public companies, which are more acquisitive than their private counterparts, reverses a nearly 20-year trend and bodes well for future M&A activity.
Our 2021 Annual Global M&A Report, sponsored by Liberty GTS, breaks down the trends driving last year's records and explores the headwinds that might shape the market in the months to come. Takeaways include: - Economic resurgence paved the way for record activity in both North America and Europe, with aggregate deal value sitting at $2.8 trillion and $1.8 trillion, respectively.
- Healthcare M&A activity continued its multiyear growth trajectory, with two of the sector's largest deals underscoring the shift of healthcare IT toward cloud integration.
- Despite the sustained recovery in oil prices, energy dealmaking recovered only modestly, as the industry grappled with factors such as fuel shortages and the global energy transition.
- Tech ended the year at a frenetic pace, with deal value up more than 50% over 2020, yet looming regulatory scrutiny could complicate future dealmaking in the industry.
| | | | | | | | | | Carlyle tops $300B in AUM, sees real estate beat PE investments in Q4 | |  | | The Carlyle Group CEO Kewsong Lee (Patrick T. Fallon/Getty Images) | | | The Carlyle Group reported a record $3 billion in net income for 2021, hauling in $648 million in the fourth quarter alone.
The Washington, DC-based private equity firm saw its real estate investments significantly outperform its PE investments in Q4, with returns of 11% and 6%, respectively, according to its latest earnings report. - The firm reported its assets under management grew to $301 billion in Q4, up more than 22% year-over-year.
- Carlyle's strong real estate performance mirrors the returns of Blackstone, which reported last week that its total real estate holdings climbed 19.2% and its private equity investments rose 4.8%.
- Carlyle reported $903 million in distributable earnings—the allocation of cash that can be returned to investors—in Q4, compared to $237 million in the fourth quarter of 2020, representing a 281% jump.
Related read: Blackstone eyes $1T in AUM this year, ahead of its goal | | | | | | | | | | Spanish soccer joins lawsuit against $2.3B CVC Capital, La Liga deal | |  | | (Francis Gonzalez/Getty Images) | | | A blockbuster legal battle between private equity and soccer clubs is escalating in Spain.
The governing body of Spanish soccer has joined a lawsuit led by clubs Barcelona, Real Madrid and Athletic Bilbao against a proposed €2 billion (about $2.3 billion) partnership between La Liga, Spain's topflight soccer league, and CVC Capital Partners, saying in a statement that "incalculable damage is being caused to Spanish football." | | | | | | | | | | Cinven gets third fine from UK regulators over drug pricing | |  | | (Mint Images/Getty Images) | | | The UK's competition watchdog has fined four drug companies—one of which was previously owned by Cinven—after an investigation found their arrangement to restrict competition led to a 700% increase in the price of an anti-nausea drug.
Cinven will share in the £15.5 million (about $21 million) penalty for its former portfolio company, marking the third time the firm has been fined by the UK regulator after a pharmaceutical investigation. | | | | | | | | | | A growing number of influential investors plan to rely on their distinct brands and deep networks to raise individual funds as they call it quits at some of the most respected venture firms. [Business Insider]
One investment adviser's take on why this might not be the moment to begin investing in venture and buyout funds. [The Wall Street Journal]
The startups hoping to retrofit the funeral industry for the direct-to-consumer era. [The New York Times] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 529 Deals | 2214 People | 575 Companies | 24 Funds | | | | | | | | | | | | | | | | | | | | 2017 Vintage Global PE Funds between $250M-$500M | | | | | | | | | | | | | Founders Fund values Ramp at $8B | | | New York-based fintech specialist Ramp has raised a new round of at least $200 million from Founders Fund at a valuation of $8 billion, The Information reported. The company, which is the creator of a corporate credit card and spend management platform, was believed to be valued at $3.9 billion in August. | | | | | | | | Dewpoint bags $150M in SoftBank-led round | | | | | | | | | Productboard pulls in $125M | | | | | | | | | At-home care provider wraps $105M round | | | ConcertoCare, a provider of virtual and at-home care for seniors and other adults with unmet health and social needs, has raised a $105 million Series B led by Wells Fargo Strategic Capital. The New York-based company has also announced its acquisition of Crown Health, a home-based primary care practice serving the Pacific Northwest. | | | | | | | | Colombian fintech startup nails down $55M | | | | | | | | | Koya Medical picks up $26M Series B | | | | | | | | | | | PE-backed Inland Pipe lands Inliner | | | | | | | | | LLR backs parking specialist | | | LLR Partners has invested in ParkHub, a provider of parking software and payments solutions in markets including sports, music and entertainment, higher education, and parks and recreation. | | | | | | | | | | Wag to take $300M valuation haircut in upcoming SPAC deal | | | Wag, the operator of a pet services marketplace, has agreed to go public on the Nasdaq through a combination with blank-check company CHW Acquisition Corporation, valuing the combined entity at $350 million. Wag was valued at $650 million in 2018 and later bought back a nearly 50% stake in itself from SoftBank, according to reports. The company also received prior backing from investors such as General Catalyst and Greylock Partners. | | | | | | | | Nestlé to pick up Orgain stake from Butterfly | | | | | | | | | | | Stonepeak closes fourth infrastructure fund at $14B | | | Stonepeak has closed its fourth North American infrastructure fund on $14 billion, which will be used to target infrastructure assets in the communications, energy transition, and transport and logistics sectors. The New York-based firm closed its third infrastructure vehicle on $7.2 billion in 2018, exceeding a target of $5 billion. | | | | | | | | Main Post eyes $1B for consumer-focused fund | | | San Francisco-based Main Post Partners is targeting at least $1 billion for its latest fund, which will be devoted to consumer-focused investments. | | | | | | | | Artisanal Ventures brings in $62M for debut effort | | | Artisanal Ventures has collected $62 million in commitments for its inaugural namesake fund. The firm targets B2B cloud companies in sectors such as SaaS, AI and machine learning, making investments of up to $3.5 million. Artisanal's portfolio includes Transmit Security, a provider of passwordless authentication tech, and Benchling, the creator of an informatics platform for the life sciences industry. | | | | | | | | | | | | | | Who's in the newsletter today? | | Investors | | | | Companies | | | | | | | | | | | | | |
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