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In today's Daily Pitch, you'll find: - Investments in healthcare IT and value-based care drove strong deal and exit value for PE healthcare deals in Q1 2022.
- Our recent analyst note examines current SPAC market activity and introduces an index to track the public performance of deSPAC combinations.
- SoftBank's best-performing investment division, the Latin America fund, is being folded into the Vision Fund following the departures of the division's three key investors.
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| SoftBank shakeup puts Vision Fund in charge of Latin America team | |  | SoftBank's Vision Fund CEO Rajeev Misra
(Michael Kovac/Getty Images) | | | SoftBank's best-performing investment division, the Latin America fund, is being folded into the Vision Fund following the departures of the division's three key investors.
Marcelo Claure, the strategy's architect, left in January. And now, the Latin America fund managing directors Shu Nyatta and Paulo Passoni have decided to leave SoftBank to start their own Latin America-focused late-stage investment firm. | | | | | | | | | | Tracking deSPAC performance through a tumultuous market | |  | | (whyframestudio/Getty Images) | | | SPAC activity in Q1 reached the lowest point since early 2020, with only 78 listings and the median deal size cut in half compared to last year. Meanwhile, aftermarket performance is suffering among SPAC combinations initiated amid the elevated valuation climate of the past two years, as high-growth sectors are revalued in the public markets.
The macroeconomic headwinds for the once-manic SPAC market look to be substantial, and the outlook is uncertain for both new listings and mergers. Our Q1 SPAC Update and Performance analyst note tracks current SPAC market activity and introduces an index to track public performance of deSPAC combinations after the mergers have been completed. | | | | | | | |
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| A look at SEC's proposed rules on adviser-led secondary transactions | | On February 9, 2022, the United States Securities and Exchange Commission (SEC) proposed new rules under the Investment Advisers Act of 1940. The SEC did so with the goal of providing greater transparency to investors regarding private funds, the cost of investing said funds, and their performance. Two topics of special interest to the valuation community emerged: - 1) A proposed requirement for the investment adviser to obtain a fairness opinion in connection with certain adviser-led secondary transactions.
- 2) An alternative requirement for advisers to obtain a third-party valuation in connection with adviser-led secondary transactions, instead of a fairness opinion.
Read the full article | | | | | | | |
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| PE investors home in on value-based healthcare deals in Q1 | |  | | (erdikocak/Getty Images) | | | Despite the common belief that the healthcare industry lags a decade or more behind other sectors in terms of financial services and digital capabilities, the landscape for many healthcare IT products remains extremely competitive.
PE healthcare deals hit the ground running in Q1 2022, headlined by the $17 billion buyout of Athenahealth and Clearlake's rollover of Symplr. | | | | | | | | | | NBA playoff brackets showcase private equity's ownership stakes | |  | | (Sandro Di Carlo Darsa/Getty Images) | | | After years of being shut out of ownership stakes, private equity is growing its influence in the National Basketball Association.
With the NBA playoffs underway, we've gathered data to showcase teams' ties to private equity, if applicable, as well as their primary owners and valuations. | | | | | | | | | | Investors are increasingly pushing founders to conserve cash. Will more tech startup layoffs follow? [The Information]
Baseball legend Jackie Robinson may be best known for breaking barriers on the field, but his legacy of Black entrepreneurship also helped surpass hurdles in the business world. [Forbes]
The story of the world's most notorious commercial spyware and the big tech companies waging war against it. [The New Yorker] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 539 Deals | 1567 People | 386 Companies | 52 Funds | | | | | | |
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| 2011 Vintage Global Secondaries Funds | | | | | | |
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| Getting the band together: Club deals & co-investment fundraising are on the rise | | As the PE dealmaking environment heated up in the past decade, limited partners (LPs) have sought to gain even more exposure to the asset class. Simultaneously, general partners (GPs) at PE firms have begun to band together more than ever. Drawing on PitchBook datasets, Troutman Pepper explores these trends in depth in its latest report, reviewing the implications of these developments, and how they intertwine.
Key findings include: - The impact of record co-investment fundraising in the past few years, with 2021 seeing over $20 billion in capital raised alone.
- LPs are increasingly looking to join in PE deals, participating in a record high of 245 last year.
- Analysis of the future of LP-GP relationships as market volatility rises and dry powder remains high.
Read it now | | | | | | | |
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| Clipboard Health picks up $80M | | | Clipboard Health has raised $30 million at a $1.3 billion valuation in a round led by Sequoia. The company also announced that it raised a $50 million Series B led by IVP last year. Based in the Bay Area, Clipboard offers an online marketplace designed to connect healthcare professionals with open shifts at healthcare facilities. | | | | | | | | | Cal.com, the provider of an open-source scheduling platform, has raised $25 million in a round led by Seven Seven Six. | | | | | | | | Indian restaurant-tech company gobbles up $24M | | | UrbanPiper has raised $24 million in Series B funding led by existing backers Sequoia India and Tiger Global. The Bengaluru-based startup offers a point-of-sale system that helps restaurants manage their food delivery operations. Food delivery specialists Swiggy and Zomato also participated in the round. | | | | | | | | Tiger Global leads $12M round for Union54 | | | Union54 has raised $12 million in a seed extension round led by Tiger Global, TechCrunch reported. Based in Zambia, Union54's technology enables companies to issue debit cards to customers without needing a bank or third-party processor. | | | | | | | | Mytaverse scores $7.6M in seed funding | | | Mytaverse has collected a $7.6 million seed round led by Blumberg Capital. Founded in 2020 and based in the Miami area, the startup offers cloud-based immersive 3D settings and hybrid workspaces for businesses, nonprofits and academic and government institutions. | | | | | |
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| EQT, KKR among bidders for UK's Motor Fuel Group | | | | | | | | | THL to merge MHS, Fortna at $4B valuation | | | Thomas H. Lee Partners has opted to combine portfolio companies MHS Global and Fortna, with The Wall Street Journal valuing the merger at around $4 billion. THL will remain the majority owner of the combined business, while a subsidiary of the Abu Dhabi Investment Authority will acquire a minority stake. MHS provides material handling automation tech and systems integration solutions, while Fortna offers warehouse and distribution software. | | | | | | | | ArchiMed to take Natus Medical private for $1.2B | | | French healthcare investor ArchiMed has agreed to acquire Natus Medical, a provider of medical devices and tech that diagnose and treat disorders affecting the brain, neural pathways and sensory nervous systems, for around $1.2 billion. ArchiMed will pay $33.50 per share in cash for Natus, representing a 29% premium to the closing price of the company's stock April 14. | | | | | | | | PE-backed Versapay purchases DadeSystems | | | | | | | | | CVC Capital to back Neolith Group | | | CVC Capital Partners has agreed to acquire the Neolith Group, a provider of sintered stone surfaces. Neolith's products are used in kitchens, bathrooms, building facades and other applications, with the company handling business in over 100 countries. | | | | | | | | Apollo could be open to financing Twitter takeover | | | Apollo Global Management may be willing to finance a potential Twitter takeover but has no interest in being part of a PE consortium that would purchase the company, CNBC reported. The news comes amid reports that Thoma Bravo and other firms are considering bids for Twitter after Elon Musk offered to take the company private last week for $54.20 per share, or $43 billion. | | | | | | | | PE-backed Alpine Air Express lands Suburban Air Freight | | | | | | |
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| Coatue collects $6.5B+ for growth fund | | | Coatue has raised at least $6.58 billion for its latest growth fund, The Wall Street Journal reported. The asset manager may have also brought in additional capital for the vehicle using a feeder fund, the report said. | | | | | |
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| Formation Group winds down following bankruptcy filings | | | Formation Group has closed operations after filing for bankruptcy protection for its fund last week, Axios reported. Founded in 2015, the VC firm had previously backed audio startup Eva Automation and HonestBee, an online delivery company. | | | | | |
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