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In today's Daily Pitch, you'll find: - After rewriting the record books in 2021, the US PE industry is adapting to a changing world.
- As the NBA playoffs kick off, we take a closer look at the teams' ties to private equity, as well as their primary owners and valuations.
- Epic Games has raised $2 billion from Sony and Lego as the trio eyes opportunities to lay groundwork for the metaverse.
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| After a volatile Q1, US PE investors anticipate a steadier future | | After rewriting the record books last year, US PE activity got off to a tepid start in 2022. Already under pressure from the threat of rising interest rates, dealmakers hit pause for weeks after Russia's invasion of Ukraine, and market volatility and valuation adjustments combined to stymie the exit landscape.
Yet markets appear to be moving forward, with signs that investors may be expecting calmer waters and a more normalized dealmaking environment ahead, according to our Q1 2022 US PE Breakdown, sponsored by Stout. Among the takeaways: - PE investors closed 2,166 deals worth a combined $331 billion, as the war in Ukraine wreaked havoc in lending markets and banks held on to billions of dollars in syndicated loans for LBOs.
- Despite an ongoing focus on ESG, turbulence in the energy sector is likely to create opportunities for investors in traditional oil and gas assets.
- Exit value totaled just $90 billion last quarter, as exits to other sponsors held steady but public listings all but disappeared.
- The overall fundraising environment remains positive, yet the fight for commitments is fierce, as GPs return to the fundraising trail quickly and seek more capital than LPs can provide.
| | | | | | | | | | Mapping private equity's ties to NBA playoff teams | |  | | (Sandro Di Carlo Darsa/Getty Images) | | | Private equity is growing its influence in the National Basketball Association.
To prepare for the kickoff of the NBA playoffs, we've gathered data to showcase each playoff team's ties to private equity, if applicable, as well as primary owners and valuations. | | | | | | | |
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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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| Sony, Lego invest $2B in 'Fortnite' maker Epic Games | |  | | (Chesnot/Getty Images) | | | Epic Games has raised $2 billion from Sony and Lego parent Kirkbi as the entertainment powerhouses seek to capitalize on the metaverse.
The "Fortnite" creator was valued at $31.5 billion in the deal, demonstrating a slower pace of valuation growth than it has seen in prior years. | | | | | | | | | | 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. | | | | | | | | | | A central Florida lake that could be harmed by development poses a question: Should nature have legal rights? [The New Yorker]
Recent market data indicates that plant-based meat may be running out of steam, but one writer argues that it could still be a part of our future. [Fortune]
With spent fuel stored across 35 states and no long-term plans for its disposal, the US is grappling with how to manage its nuclear waste. [The Washington Post] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 533 Deals | 1734 People | 518 Companies | 45 Funds | | | | | | |
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| 2018 Vintage European Venture Funds | | | | | | |
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| A message from Nasdaq Private Market | | |
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| Ansa Biotechnologies nabs $68M | | | | | | | | | Supply chain startup Tive boxes up $54M | | | Tive has raised a $54 million Series B led by AXA Venture Partners. Based in the Boston area, the company offers supply chain insights designed to help logistics teams manage shipments in real time. Tive was valued at $122.4 million in June, according to PitchBook data. | | | | | | | | Vytalize Health picks up $53M | | | | | | | | | Cocos raises $50M Series B | | | Cocos has raised $50 million from investors including CCB Trust, GGV Capital and Agora. Based in China, the company is the developer of an open-source game development engine. | | | | | | | | Diligent Robotics secures $30M | | | Diligent Robotics has raised a $30 million Series B led by Tiger Global. The Austin-based company develops robotic automation technology designed to perform delivery tasks for healthcare teams. | | | | | | | | PhableCare grabs $25M in Series B funding | | | PhableCare has raised 1.87 billion rupees (about $25 million) in a round led by Kalaari Capital. Based in Bengaluru, the company offers a chronic disease management app that provides remote consultations, data insights and more. | | | | | | | | | Insight Partners and AirTree Ventures have co-led a NZ$19.5 million (about $13.3 million) Series A extension for LawVu, the creator of a connected software platform for in-house legal teams. LawVu raised NZ$17 million in Series A funding last year. | | | | | | | | WeeCare brings in $12M for childcare network | | | WeeCare has raised a $12 million Series A led by M13. Based in the Los Angeles area and founded in 2017, the company offers a network that connects employers and families with childcare providers. | | | | | |
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| Thoma Bravo to purchase SailPoint in $6.9B take-private deal | | | Thoma Bravo has agreed to acquire SailPoint Technologies, a provider of automated identity security for enterprises, in an all-cash transaction that values the company at about $6.9 billion. The firm will pay $65.25 per share for SailPoint, a premium of 48% to the company's 90-day volume-weighted average price. | | | | | | | | Centerbridge backs Stenn at $900M valuation | | | Stenn has raised $50 million from Centerbridge Partners, bringing the fintech specialist's valuation to $900 million, TechCrunch reported. The London-based company offers a financing platform for small and medium-sized businesses involved in global trade. | | | | | | | | KKR to take stake in Shriram General Insurance | | | KKR has agreed to acquire a nearly 10% stake in Shriram General Insurance, a provider of motor, travel, home, fire and other types of insurance products. Founded in 2008, SGI is a joint venture between Shriram Capital, the holding company for the financial services business of Shriram Group, and Sanlam, a Pan-African financial services group based in South Africa. | | | | | | | | Carlyle to acquire UK life sciences investor Abingworth | | | The Carlyle Group has agreed to acquire London-based life sciences investment firm Abingworth. The firm, which has over $2 billion in assets under management, also has a presence in Boston and the Bay Area. Abingworth has so far invested $3 billion across 179 life sciences companies through 14 life sciences funds. | | | | | | | | Thoma Bravo provides additional funding to Imprivata | | | Thoma Bravo has made an additional strategic investment in Imprivata, a digital identity company it has backed since 2016. The financing will be used to support Imprivata's acquisition of SecureLink, a provider of critical access management solutions for healthcare, government and other industries. Existing SecureLink backer Cove Hill Partners will retain a minority stake in the combined company. | | | | | | | | PE-backed Perforce to pick up Puppet | | | | | | |
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| Portfolio Advisors targets $750M for latest vehicle | | | Portfolio Advisors is seeking to raise $750 million for its PA GP Solutions Fund LP, The Wall Street Journal reported. The fund will focus exclusively on GP-led secondary transactions. | | | | | | | | Black Bay wraps up $210M Fund II | | | Black Bay Energy Capital has closed its second fund on $210 million, exceeding a $200 million target, The Wall Street Journal reported. The PE firm, which invests in the North American oilfield service sector, raised $224 million for its inaugural vehicle in 2018. | | | | | |
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