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In today's Daily Pitch, you'll find: - Our latest analyst note looks back to the global financial crisis to explore how first-time managers fare in an uncertain market.
- A list of the most active global PE investors in healthcare.
- Test your private markets knowledge with this week's PitchBook News Quiz.
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| How emerging managers fared during the global financial crisis | | First-time managers have been riding the venture capital boom with more than 200 new managers closing venture funds each year since 2017. But now, as the market faces a downturn, investors are hiking up the premium on experience in the fundraising market. While established managers are still flush with capital, Q1 data shows that emerging managers are already struggling to close their funds.
Our latest analyst note looks back to the global financial crisis to explore how first-time managers fare in an uncertain market. While the most difficult years are likely yet to come, the data is promising for managers that raise their first funds in the years leading up to a crisis. | | | | | | | | | Who are the most active PE investors in healthcare? | |  | | (Andriy Onufriyenko/Getty Images) | | | Healthcare dealmaking remained steady entering this year, with the first quarter headlined by mammoth buyouts targeting sizable companies such as Australian private-hospital operator Ramsay Health Care and cloud-based health IT vendor Athenahealth.
Even amid a series of macro headwinds, private equity firms poured billions of dollars into healthcare assets during that period, extending a string of mega-deals and a surge in exits that started last year. And more capital is expected to be allocated to healthcare assets—a defensive sector—amid macro headwinds and market volatility, PitchBook analysts say.
We put together a list of global PE investors that have been the most active in healthcare buyouts since 2017. | | | | | | | |
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| The 10 side letter terms shaping your relationships with investors | | Some are surprising.
Asset managers are handling more side letters than ever, and these agreements are becoming increasingly complex. While firms strive to keep up with investors' expectations and prepare for evolving compliance issues, many are struggling.
Side letter terms often vary subtly, whether with regard to fees, disclosures, restrictions, or ESG standards. And these variations can have a significant impact on firms' compliance efforts and relationships with investors.
Ontra's guide details the top 10 evolving side letter provisions. Actively and efficiently managing these terms and other investor obligations can make or break a firm's reputation.
Download the guide now. | | | | | | | |
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| PitchBook News Quiz: June 3, 2022 | |  | | (Chloe Ladwig/PitchBook News) | | | Did you follow the private markets news this week? Take the PitchBook News Quiz to see how you stack up.
This week: Tiger Global losses, crypto layoffs and affordable genome sequencing. | | | | | | | | | SaaS valuations slide for late-stage deals | |  | | (Nuthawut Somsuk/Getty Images) | | | Shares of fast-growing SaaS companies have tumbled about 60% off their recent 12-month highs, and startup valuations are expected to follow suit.
But so far this year, the valuation descent has only been seen in late-stage deals, while median seed and early-stage software deal prices have reached record levels. Only time will tell if VC-backed SaaS startups' ultimate tumble is as pronounced as their publicly traded counterparts. However, analysts expect the valuation slump for private companies to be less severe. | | | | | | | | | Golden State Warriors or the Celtics? Either way, a PE firm wins | |  | | (Gearstd/Getty Images) | | | The Golden State Warriors and the Boston Celtics are vying for the NBA's most coveted honor, and so are PE firms. Regardless of who wins, a private investment firm will have a hand in raising the Larry O'Brien Trophy.
Both teams have significant ties to private equity, with the Warriors being principally owned by Joe Lacob, a partner at Kleiner Perkins; Artcos Sports Partners owns a 13% stake in the franchise. The Boston Celtics' managing partner is Stephen Pagliuca, co-chairman of Bain Capital. | | | | | | | | | | Why private equity may not be the defensive play some claim it is. [The Wall Street Journal]
Wall Street assumed that one investor's prowess in the markets would translate into leading a multibillion-dollar money manager, a bet that has culminated in billions in losses and the shuttering of Melvin Capital Management. [Bloomberg]
After raising record funds last year, most Indian startups are now struggling to survive. [Al Jazeera] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 495 Deals | 1848 People | 567 Companies | 23 Funds | | | | | | |
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| 2016 Vintage Global Funds-of-Funds | | | | | | |
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| UP.Partners promotes Ally Warson to partner | | | | | | |
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| Guild hits $4.4B valuation | | | Guild has raised a $175 million Series F at a $4.4 billion valuation in a round led by Wellington Management. The Denver-based company is the developer of a workforce education and upskilling platform. | | | | | | | Upstream Bio launches with $200M | | | Upstream Bio has raised a $200 million Series A led by OrbiMed and Maruho. The biotech company develops therapeutics for inflammatory and allergic diseases. | | | | | | | Constrafor locks down $100M+ in debt and equity | | | Constrafor has raised more than $100 million in seed funding, comprising an equity round led by Fintech Collective and a credit facility from CoVenture. The company offers a SaaS construction procurement platform. | | | | | | | | | JupiterOne has raised a $70 million Series C led by Tribe Capital. The funding values the company at more than $1 billion. Based in North Carolina, JupiterOne offers a cyber asset security platform. | | | | | | | | | Yummy has raised $47 million in a round led by Anthos Capital. Founded in 2020, the company operates an on-demand delivery and transportation platform across Venezuela and Bolivia. | | | | | |
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| EQT nears $3B deal for Envirotainer | | | EQT is nearing a $3 billion deal to buy Envirotainer, a medical-freight provider, from Cinven, The Wall Street Journal reported. Envirotainer runs a fleet of over 6,000 temperature-controlled air freight containers used by pharmaceutical and biotech companies. | | | | | | | Apax offers to buy EcoOnline for $400M | | | Apax Partners has offered to buy EcoOnline, a publicly traded Norwegian provider of environmental, health and safety software, for around $400 million. EcoOnline serves customers across Europe and the US. | | | | | | | Ridgemont Equity backs Crete Mechanical Group | | | Ridgemont Equity Partners has invested in Crete Mechanical Group, a provider of HVAC, electrical, plumbing and building automation services to commercial, industrial, multifamily, government, healthcare, education and other end markets. | | | | | | | GTCR-backed Dreamscape stakes Standard Media Index | | | GTCR portfolio company Dreamscape has invested in Standard Media Index, an advertising intelligence company. It handles various media types including television, streaming television, digital, signage, print and radio. | | | | | | | Peak Rock lands imaging specialist | | | Peak Rock Capital has acquired 626 Holdings Equity, a Florida-based provider of imaging equipment maintenance services. 626 serves outpatient imaging centers, hospitals and other independent service organizations. | | | | | |
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| Don't miss our upcoming webinar | | The investing environment has fundamentally shifted in the past several months, with inflation at a 40-year high, the Fed tightening monetary policy and growing fears of an economic recession.
In this webinar, our analysts will discuss the broader macroeconomic backdrop, how it has influenced the recent volatility and sell-off in public equity markets, and what it means for private markets now and going forward. The webinar will be held June 7 at 8 a.m. PT/11 a.m. ET.
Register now | | | | | | | |
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| BV Investment offloads GlideFast | | | | | | | | Francisco Partners sells Trellis Rx to CPS Solutions | | | | | | |
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| Bregal Sagemount reaches $2B fund target | | | Bregal Sagemount has reached a $2 billion target for its fourth namesake fund, The Wall Street Journal reported. The private equity firm expects to close the fund in July. Its third fund closed on $1.5 billion in 2020. | | | | | | | Ten Eleven Ventures collects $600M for third fund | | | Ten Eleven Ventures has raised $600 million for its third generation fund. The firm plans to deploy the new capital into security companies across seed to growth stages. | | | | | |
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