Global Markets Snapshot: Most equities bounce back

Q&A: ADDX looks to PE's future with blockchain tech; UK university spinouts weigh their incentives; Traub corrals horse show producer
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The Daily Pitch: VC, PE and M&A
April 4, 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:
  • Our Global Markets Snapshot breaks down a month of private markets activity and trends in equity, debt and commodities.

  • ADDX CEO Oi-Yee Choo discusses why funds are turning to distributed ledger technology and what it could mean for the private markets.

  • Investors say that spinout founders need to own more equity in order to reach unicorn success.
Today's Top Stories
Global Markets Snapshot: Most equities rebound despite rising rates, inflation
The public markets' wild ride in 2022 has continued, with most equities rebounding from near-term troughs in March. That comes despite increased central bank hawkishness, persistent inflation, rising interest rates, war in Eastern Europe and supply chain disruptions.

PitchBook's Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also includes private markets activity, including major deals, IPO performance and unicorn creation by region.

In this monthly digest, we provide the datasets that PitchBook's research team is keeping an eye on as financial markets continue to seesaw. Originally an internal report, we have made the Snapshot available to all our readers to provide more insight into how our team analyzes private markets with the macro environment in mind.
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Q&A: ADDX looks to PE's future with blockchain tech
(tampatra/Getty Images)
Could blockchain be the technology that eventually opens up the private markets to the masses?

Singapore-based private market exchange ADDX has set about working with managers to tokenize funds as a means of attracting accredited investors to alternative assets—the platform is still in its early days but has the potential to disrupt the asset class.

PitchBook interviewed ADDX's recently appointed CEO, Oi-Yee Choo, a former head of investment banking for UBS in Singapore, to understand why funds are turning to distributed ledger technology and what it could mean for the PE industry as a whole.
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A message from Citizens
Is your payments technology keeping pace with your peers?
New technologies such as real-time payments and social tokens are transforming the treasury landscape for middle-market companies. Such rapid evolution can make it difficult to know which solutions represent real opportunities to improve the bottom line and manage cash more efficiently, and which bring challenges that outweigh the benefits.

The Citizens Payments Pulse Survey of 200 treasury executives provides actionable takeaways and enables you to understand:
  • Where you stand compared to your peers.
  • How payment tool adoption and satisfaction trends vary across industries.
  • Why you should complement traditional methods with innovative alternatives.
Understand the changing landscape
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From uni to unicorn: UK university spinouts need bigger incentives to grow
(Rattanakun Thongbun/Getty Images)
Venture capital investors are betting on the next big innovations being born in labs and classrooms, but legacy policies at some UK universities are holding back growth.

As academics and students shift toward a more entrepreneurial mindset, some are recommending changes to spinout programs in order to drive innovation.
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Agtech books strongest year yet for VC funding and exit value
Agtech startups are capitalizing on innovative technologies that promise financial, social and environmental returns to an increasingly diverse set of backers including tech, impact and nontraditional investors. VCs invested $10.5 billion across 751 deals for agtech startups in 2021, a deal value increase of more than 58% year-over-year.

Ag biotech companies are expected to continue drawing substantial investment amid demand for environmentally friendly agricultural practices and an increasing awareness of climate change and food security issues.

Our 2021 Annual Agtech Report dives deep into the sector's investment activity, comprehensively assessing emerging opportunities across market segments like indoor farming, ag biotech and agricultural finance.
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Recommended Reads
Amid supply chain disruptions, Mexican factories are gaining ground over historic manufacturing giants like China. [The Wall Street Journal]

Can Norway's $1.3 trillion oil fund actually give up oil? [Institutional Investor]

A look at how Andy Jassy has reshaped Amazon's power structure in the nine months since he became president and CEO. [The Information]
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Quick Takes
  The Daily Benchmark  
  2017 Vintage Global Funds-of-Funds  
  VC Deals  
  Fractal raises $35M  
  Fintech startup Leal secures $10M  
  Tru.ID brings in $9M  
  PE Deals  
  Traub buys horse show producer HITS  
  EQT, KKR consider bids for Stratec stake  
  Fundraising  
  One Equity set to close buyout fund at $2.75B  
  Bond Capital raises $2.5B fund  
 
 
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The Daily Benchmark
2017 Vintage Global Funds-of-Funds
Median IRR
25.94%
Top Quartile IRR
35.68%
1.67x
Median TVPI
Select top performers
Top Tier Venture Capital VIII
Raspberry Street Fund II
Hamilton Lane Venture Capital Fund (Series 2017)
*IRR: net of fees
33 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
Fractal raises $35M
Fractal has raised $35 million in seed financing co-led by Paradigm and Multicoin Capital. The company offers an online marketplace for gaming NFTs.
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Fintech startup Leal secures $10M
Leal has raised a $10 million Series A co-led by Rakuten Capital and IDC Ventures. Based in Bogota, Colombia, Leal is a provider of cash-back and rewards products to help merchants engage with customers.
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Tru.ID brings in $9M
Tru.ID has raised $9 million in seed financing co-led by Sorenson Ventures, Episode 1 Ventures, MMC Ventures and NHN Ventures. The company offers a passwordless authentication platform to combat cybercrime.
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PE Deals
Traub buys horse show producer HITS
Traub Capital Partners has made a majority investment in HITS Shows, a New York-based producer of hunter and jumper horse shows in the US. HITS operates venues in Florida, Virginia, Illinois, Vermont and New York and expects 65,000 horses to compete in 2022.
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EQT, KKR consider bids for Stratec stake
EQT and KKR are considering bids for a stake in German healthcare tech provider Stratec, Bloomberg reported. CVC Capital Partners and Permira are also said to be weighing bids. Startec currently holds a market value of about $1.6 billion.
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Fundraising
One Equity set to close buyout fund at $2.75B
One Equity Partners is expected to close its eighth buyout fund on $2.75 billion, The Wall Street Journal reported. The firm closed its seventh buyout fund on $1.75 billion in 2019.
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View 336 investments »
 
Bond Capital raises $2.5B fund
San Francisco-based Bond Capital has raised $2.5 billion for its third flagship fund, Axios reported. The growth equity firm was co-founded by Mary Meeker in 2018.
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View 52 investments »
 
Chart of the Day
Source: PitchBook's 2022 Nordic Private Capital Breakdown
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