Another rout for global markets

Carbon tech's moment in the sun; PE rides on Europe's transport recovery; Kushner's Affinity to back Mosaic; Soba snags $13.6M
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The Daily Pitch: VC, PE and M&A
July 5, 2022
The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data
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In today's Daily Pitch, you'll find:
  • Our 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.

  • Our new market map lays out the landscape for carbon tech companies that are helping industries monitor and capture emissions.
 
Today's Top Stories  
US markets on pace for worst start to year in decades
Public equities fell again in June, this time coinciding with a fall in many commodities. Central banks continue to fight inflation, causing investor hesitation in public and private markets as recession odds rise.

Meanwhile, corporate bond spreads inch toward stress territory, and US markets are on pace for their worst start to a year in decades. Unicorn creation also declined again, with fewer than 30 being minted in June. However, returns in China and Latin America held silver linings.

PitchBook's latest 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 PE and VC 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 remain volatile.
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Market Map: Carbon tech's moment in the sun
(LuckyBusiness/Getty Images)
Climate tech startups focused on tracking, eliminating and reversing greenhouse gas emissions have received renewed attention amid an energy crisis and forthcoming regulations for global corporations.

Our latest market map lays out the landscape for carbon tech companies that are helping industries decarbonize with tools to monitor and capture emissions.
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PE investment rides on Europe's transport recovery
(Tim E White/Getty Images)
PE investors have been eyeing opportunities in Europe's commercial transport industry, with deal value hitting a new peak in 2021.

Even the UK's rail sector—currently impacted by industrial action from rail unions—has become a target, as PE investors are drawn to inflation-linked revenue secured by government contracts.
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Recommended Reads
How one lottery lawyer built a practice giving legal and financial advice to jackpot winners, then lost their millions. [Bloomberg]

DeFi is being threatened by an existential problem that runs much deeper than liquidity crises: It only lends money to itself. [The Wall Street Journal]

As Chinese automakers gear up for a big push into the West, anxiety is mounting as to what—and how much—data is being recorded by vehicles. [Wired]
 
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Quick Takes  
  The Daily Benchmark  
  2012 Vintage Global Secondaries Funds  
  VC Deals  
  Soba raises $13.6M  
  Promoted secures $6M  
  PE Deals  
  Kushner's Affinity to co-lead $200M+ round for Mosaic at $1B+ valuation  
  PE-backed NielsenIQ and GfK agree to merger  
  Highlander offloads QTI to NEP  
  Fundraising  
  Telegraph Hill collects $525M for fifth fund  
 
 
The Daily Benchmark  
2012 Vintage Global Secondaries Funds
Median IRR
12.20%
Top Quartile IRR
16.10%
1.38x
Median TVPI
Select top performers
Dover Street VIII
Pomona Capital VIII
Keyhaven Secondaries Fund I
*IRR: net of fees
13 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Soba raises $13.6M
Soba has raised $13.6 million in seed financing led by Lightspeed, with participation from FTX Ventures. Based in Berlin, the company offers no-code tools for game building through its open-world gaming platform.
Promoted secures $6M
Promoted has raised $6 million in seed financing led by Y Combinator. Based in the Bay Area, the company analyzes user metrics to help online marketplaces and ecommerce businesses sort search results to increase revenue.
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PE Deals  
Kushner's Affinity to co-lead $200M+ round for Mosaic at $1B+ valuation
Jared Kushner's Affinity Partners and Swiss bank J. Safra Sarasin have agreed to lead a $200 million-plus round for Mosaic, a provider of financing for solar energy projects and other sustainable home improvements, Axios reported. The Series D would reportedly value the Oakland, Calif.-based company at over $1 billion.
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PE-backed NielsenIQ and GfK agree to merger
Advent International-backed global information services company NielsenIQ and KKR-backed German provider of market research and consumer information GfK have agreed to merge. Advent will be the majority shareholder in the combined company, while KKR and Nuremberg Institute for Market Decisions, which has a stake in GfK, will remain investors.
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Highlander offloads QTI to NEP
Highlander Partners has sold QTI Fibers, a designer and manufacturer of specialty fabrics and coated materials for use in a range of industries, to Norwest Equity Partners. QTI operates manufacturing facilities in Alabama and North Carolina.
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View 2 competitors »
 
 
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Fundraising  
Telegraph Hill collects $525M for fifth fund
Telegraph Hill Partners has raised $525 million for its fifth flagship fund. Based in San Francisco, the venture capital and growth equity firm invests in life sciences and healthcare technology companies.
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View 47 investments »
 
 
Chart of the Day  
Source: PitchBook's Q1 2022 Global M&A Report
 
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