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In today's Daily Pitch, you'll find: - The latest episode of "In Visible Capital" explores how private equity is driving innovation in the behavioral health industry.
- VCs invested nearly $114 billion in Greater China last year, but the future still remains uncertain.
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| VC dealmaking in Greater China remains resilient, but uncertainty looms | | VCs invested a near-record $113.8 billion in Greater China last year—a remarkable total given tightened regulations from Beijing on foreign IPOs that should have drastically affected the venture market.
The impact could still occur, according to our H2 2021 Greater China VC Report, as investors active in the region signal that they may be increasingly cautious. Still, strong dealmaking across a range of sectors and stages underscores the importance of Greater China to global investors. Highlights from the report: - Capital continued to flow in from abroad, with more than 950 deals including participation from an investor based outside the region.
- Exit value totaled a record $239 billion, a significant portion of which came from IPOs, highlighting VC liquidity's reliance on healthy public markets.
- Fundraising continued to fall, with the lowest total raised since at least 2015 and a third consecutive year of declining fund count.
| | | | | | | | | | On the podcast: The new PE behavioral health play | | Investment in behavioral health companies has exploded in recent years, with a notable uptick in private equity activity since the beginning of the pandemic. PE firms closed over 70 buyouts in the space in 2020, more than double 2016's number, according to PitchBook data.
In this episode of "In Visible Capital," PitchBook's Rebecca Springer welcomes Sonara co-founder Avi Jayaraman and Dexter Braff, president of The Braff Group, for a discussion about the rapidly evolving behavioral health industry and how private equity is helping to drive innovation in the space. Topics include: - Growth and greenfield opportunities in the behavioral health space.
- The advantages and challenges that PE firms face when operating in healthcare.
- How technology can bridge staffing shortages.
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| Innovation & Opportunities in Management Consulting industry report | | In 2021, the worldwide management consulting market size exceeded $200 billion and experienced a healthy growth rate of 12%. Despite the entire business community dealing with the uncertainty brought on by the COVID-19 pandemic, management consulting firms still flourished thanks to the positive impact of digitization.
Introhive's industry report examines the impact of digitization on the management consulting industry and explores how firms can continue to excel in an ever-shifting global and economic climate.
Read the report | | | | | | | |
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| BlackRock seeking to manage up to $150B in AIG assets | |  | | (Erik McGregor/Getty Images) | | | In its latest collaboration with private equity, American International Group has agreed to let BlackRock oversee up to $150 billion of its assets.
The world's largest asset manager, with nearly $10 trillion in AUM, will manage up to $90 billion of the insurance group's life and retirement investment portfolio and $60 billion of its global investment portfolio. | | | | | | | | | | As the Russian invasion continues, museum curators and volunteers in Ukraine are working to relocate and protect artworks, cultural artifacts and more. [Bloomberg]
How one supply-chain unicorn turned global chaos into growth. [Fortune]
Whether or not roller derby is ready for it, crypto has entered the arena. [Recode] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 544 Deals | 1894 People | 495 Companies | 34 Funds | | | | | | |
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| 2020 Vintage Global Debt Funds | | | | | | |
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| Celona picks up $60M Series C | | | Celona, the developer of an enterprise networking platform designed to deploy and integrate a 5G cellular network within existing infrastructures, has raised $60 million in a round led by DigitalBridge Ventures. The company was valued at $109 million in 2020, according to PitchBook data. | | | | | | | | | Dispatch has raised a $50 million Series C led by PeakSpan Capital. The Minnesota-based company offers a last-mile delivery platform for B2B customers. | | | | | | | | | Shoreline has raised a $35 million Series B led by Insight Partners. The Bay Area-based company is the developer of an incident-automation platform for cloud operations. | | | | | | | | Space-tech startup Pixxel snags $25M | | | Pixxel has raised a $25 million Series A led by Radical Ventures. The company is a developer of imaging satellites used to aid in agriculture, mining and environmental applications. | | | | | |
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| PE firms to take over Ensemble Health | | | | | | | | | Kingswood Capital acquires The Save Mart Companies | | | | | | | | | Macquarie, BCI to buy National Grid unit | | | | | | | | | KKR nearing deal for Ivirma | | | KKR is nearing a deal to acquire Spanish fertility-clinic company Ivirma Global for €2.5 billion to €3 billion (about $2.7 billion to $3.3 billion), Bloomberg reported. Cinven, Nordic Capital and The Carlyle Group had also expressed interest in Ivirma, which runs 75 clinical offices and 28 laboratories in nine countries. | | | | | | | | Ted Baker rejects Sycamore Partners bid | | | Ted Baker has rejected a bid by Sycamore Partners to buy the UK fashion label at a £253.8 million (about $332.6 million) valuation. In a statement, Ted Baker said the offer "failed to compensate shareholders for the significant upside that can be delivered by Ted Baker as a listed company." Sycamore had raised its offer to 137.5 pence per share from 130 pence. The new offer represents a 40% premium to the company's March 17 closing price before the offer period started. | | | | | |
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| Don't miss our upcoming ESG webinar | | Sustainable investing and ESG continue to carve out a niche in the market, but this growth hasn't been without ambiguity or a lack of consensus on what these trends are and how they operate.
This webinar will explore some of the prevailing sustainable investing philosophies, the groups behind them, and how this intersects with topics like greenwashing and impact.
Sign up now | | | | | | | |
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| KKR's $2B+ Koki sale loses steam | | | KKR's sale of Japanese power tool manufacturer Koki Holdings has been postponed, Bloomberg reported, with bidders unable to match the more than $2 billion value KKR expected for the company. KKR bought Koki in 2017 for about $1.3 billion. | | | | | |
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| Valor Equity eyes $2.75B for latest fund | | | Valor Equity Partners is expected to collect up to $2.75 billion for its sixth flagship fund, The Wall Street Journal reported. The firm closed its fifth fund at $1.7 billion in April. | | | | | | | | Regeneration.VC captures $45M for climate innovation | | | Los Angeles-based Regeneration.VC has wrapped its first fund on $45 million to support consumer-powered climate innovation across consumer brands, packaging, reverse logistics and more. The firm's portfolio includes Clean02, which repurposes commercial building emissions into carbon-captured products, and VitroLabs, a developer of lab-grown leather. | | | | | |
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"Early-stage valuation step-ups showed a huge increase in 2021. At the median, these values were growing 2.8x from the previous round. On average, the valuation increase hit 4.9x, highlighting the frenzied nature of early-stage dealmaking in 2021."
Source: PitchBook's 2021 Annual US VC Valuations Report | | | | | |
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