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In today's Daily Pitch, you'll find: - Our newest Global M&A Report explores how geopolitical conflict and rising inflation impacted M&A activity in Q1 2022.
- Investors at century-old Baillie Gifford discuss why the Scottish firm views itself as a more patient private market investor than many of its peers.
- Elo Mutual Pension Insurance Co. is among the most active limited partners in Northern Europe. As part of our new LP spotlight series, we spoke with Karita Meling, Elo's head of private equity.
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| Global M&A remains strong despite geopolitical conflicts | | Global M&A activity bifurcated for much of Q1 2022. Previously negotiated deals closed on time, while announced activity diminished due to the uncertainty created by Russia's invasion of Ukraine, according to our latest Global M&A report, sponsored by Liberty GTS.
Final deal counts for the quarter fell compared to the fervent activity seen in the back half of 2021 but were healthy relative to the past five years. Key findings include: - As much of the globe pushes beyond the worst effects of the COVID-19 pandemic, consumer spending has been dampened as housing and transportation costs lift.
- Higher-growth companies have lagged as have tech-heavy indexes, including the Nasdaq. Going forward, analysts expect deal professionals will be walking a tightrope.
- Capital intensive industries—including energy and industrials—appear poised for prolonged growth, despite higher raw materials costs.
- PE continues to account for a swelling proportion of deal activity, including a significant percentage of the biggest deals. Eight of the 20 largest deals to close in Q1 were led by financial sponsors.
| | | | | | | | | | A conversation with Karita Meling, head of private equity at Finland's Elo | |  | Karita Meling
(Courtesy of Elo) | | Elo Mutual Pension Insurance Co. is among the most active limited partners in Northern Europe, with over €29 billion (about $30.9 billion) in AUM. According to PitchBook data, Elo has recorded around 250 fund commitments to date.
As part of our new LP spotlight series, we spoke with Karita Meling, Elo's head of private equity, to learn more about the pension fund's strategy, its investment priorities and the future of the asset class. | | | | | | | |
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| A message from RBC Capital Markets | | |
| How is volatility influencing private equity M&A activity? | | Private equity M&A activity in 2021 was 50% higher than the previous record. Private equity firms executed 8,500 transactions worth over $1.2 trillion last year, and the outlook remains strong despite market volatility. The IPO backlog has grown, and private equity firms are turning to M&A to deploy capital and make the right investments to drive returns.
Where are the current challenges for M&A dealmaking? How are private equity sponsors evolving their strategies? Which sectors are seeing strong growth opportunities?
Understand the evolving private equity and M&A landscape with insights from RBC Capital Markets' experts. | | | | | | | |
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| Century-old asset manager Baillie Gifford says it's in no hurry to score exits | |  | | (joe daniel price/Getty Images) | | | Most mutual funds and asset managers that have flocked to the VC ecosystem over the past decade have set out to amass big stakes in fast-growing startups that later go public.
But Baillie Gifford, a 114-year-old Scottish firm that invests in VC-backed companies out of several evergreen vehicles, claims to be more patient than many of its peers. We spoke to multiple Baillie Gifford investors about the firm's portfolio, its stance on IPOs and more. | | | | | | | | | | Why subscriptions likely won't take over the game industry anytime soon. [Protocol]
The fear of being stuck somewhere without a charge has deterred some Americans from seriously considering electric cars. Broken and slow charging stations could stall the EV movement even further. [Wired]
From his focus on philanthropy to a recently launched climate initiative, the UK's Christopher Hohn is a hedge fund manager like no other. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 544 Deals | 1333 People | 379 Companies | 27 Funds | | | | | | |
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| 2018 Vintage Global PE Funds | | | | | | |
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| Cinven appoints Julia Kahr to partner, head of North America | | | Cinven has appointed Julia Kahr as partner and head of North American operations. Kahr most recently served as a senior managing director at Blackstone. | | | | | |
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| Biofourmis picks up $300M Series D | | | Biofourmis has raised $300 million at more than $1 billion valuation in a round led by General Atlantic. The company's virtual healthcare platform is designed to monitor and manage chronic conditions such as heart failure, hypertension and diabetes. | | | | | | | | Harness hits $3.7B valuation | | | Harness has raised a $230 million Series D led by Norwest Venture Partners. The funding values the company at $3.7 billion. San Francisco-based Harness is the creator of a software delivery platform that provides developers with operations automation, security scanning and more. | | | | | | | | Upside secures $165M in debt and equity | | | Upside has raised $65 million in equity financing and $100 million in debt financing led by General Catalyst, with support from Bessemer Ventures and Builders VC. The company helps brick-and-mortar businesses such as gas stations and convenience stores offer cash back to their customers. | | | | | | | | Divergent Technologies brings in $160M Series C | | | Divergent, the developer of an automotive production system for vehicle structures, has raised $160 million. John L. Thornton, former president of Goldman Sachs, has joined the company's board. | | | | | | | | | Ayar Labs has raised $130 million in a round led by Boardman Bay Capital Management. Founded in 2015, the Santa Clara, Calif.-based company builds photonics-based optics and lasers. Ayar Labs was valued at $450 million in February, according to PitchBook data. | | | | | | | | Qualified wraps up $95M Series C | | | Qualified, the developer of a lead generation platform for sales teams, has raised $95 million in a Series C led by Sapphire Ventures. Tiger Global also participated in the funding, among others. | | | | | | | | Tiger Global leads $75M round for RelationalAI | | | RelationalAI has raised $75 million in Series B funding led by Tiger Global, bringing the startup's total VC backing to $122 million. The Berkeley, Calif.-based company's relational knowledge graph system is used to develop intelligent data apps. | | | | | | | | BandLab nabs $65M for social music platform | | | Singapore-based BandLab has raised a $65 million Series B led by Vulcan Capital, with support from Prosus Ventures and others. The startup's platform offers tools to help musicians create and share their music. | | | | | | | | Adept emerges from stealth with $65M | | | Adept has emerged from stealth with a $65 million Series A led by Greylock Partners and Addition. The startup is developing a natural language interface that integrates with existing software like Tableau, Photoshop and Twilio to help users offload manual tasks. | | | | | | | | Verana Networks secures $28M for 5G | | | Verana Networks has raised $28 million in a Series B led by DC Investment Partners. The Massachusetts-based company will use the funds to commercialize its 5G radio access network solution for wireless service providers. | | | | | |
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| Advent, General Catalyst back SonarSource | | | | | | | | | Abry Partners stakes Kevin Hart's production company | | | Abry Partners has acquired a $100 million stake in comedian Kevin Hart's production company, HartBeat Productions, The New York Times reported. The deal values the company at more than $650 million. | | | | | | | | TPG Growth acquires Morrow Sodali | | | TPG Growth has acquired a majority stake in Morrow Sodali, a global shareholder engagement and governance advisory firm. Morrow Sodali serves more than 850 clients in over 80 countries. | | | | | | | | NexPhase invests in Aztec Software | | | NexPhase Capital has invested in Aztec Software, an educational software company focused on the adult education and workforce training and certification markets. Founded in 1980, Aztec serves customers in all 50 states. | | | | | | | | Nexa Equity lands payments company Choice | | | Nexa Equity has acquired Choice, Inc., the provider of a global payments platform. Choice is expected to process more than $3 billion in annual payments volume across over 7,000 customers in the US and Canada. | | | | | |
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| Main Capital exits Locatiqs to Sogelink | | | Main Capital Partners has sold Locatiqs Group to French construction software provider Sogelink. Based in the Netherlands, Locatiqs provides software and services for the geographic information systems and field service management markets. Sogelink has been backed by Paris-based Keensight Capital since 2019. | | | | | | | | Blue Point sells Kendall Vegetation Services | | | | | | |
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| Flare Capital wraps Fund III on $350M | | | Flare Capital Partners has closed its third flagship fund with $350 million in committed capital. Based in Boston, the VC firm targets investments in healthcare tech companies, including those developing big data analytics, secure infrastructure and mobile solutions. Flare raised $255 million for its second fund in 2019. | | | | | | | | Slow Ventures snags $325M across two funds | | | Slow Ventures has launched its fifth seed fund and its second opportunity fund, which together represent $325 million in new capital commitments. The early-stage VC firm invests in areas such as crypto, SaaS, consumer brands and social networking. Slow Ventures raised $165 million for its fourth seed fund and $55 million for its first opportunity fund in 2019. | | | | | | | | Ansa Capital launches with $100M | | | New VC firm Ansa Capital has held a first close of $100 million for its debut fund, with limited partners including Princeton University, Henry Kravis and George Roberts. The fund will target investments of $5 million to $15 million in emerging growth-stage companies that are pioneering new markets, reinventing distribution models and modernizing legacy systems. | | | | | | | | Harvard earmarks $100M to address slavery legacy | | | Harvard University has authorized a commitment of $100 million to support teaching, research and service intended to help redress the enduring effects of its legacy of slavery. A portion of the funds will be available for current use, with the remainder held in an endowment that will support the university's work over time. | | | | | |
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"A startling 78.3% of capital raised went to North American funds, though many of those funds may be investing globally and attracting capital from around the world. The previous high share for North American funds was 68.4% in 2015. Europe was a distant second in 2021, at 13.3%, and Asian funds attracted only 7.8%."
Source: PitchBook's H2 2021 Global Real Estate Report | | | | | |
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