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| In today's Daily Pitch, you'll find: | | | | | |
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| Take-privates and tech remain bright spots in a rocky PE landscape | | US PE got off to a shaky start in the first quarter of 2022, but on the heels of a record-shattering year, investors remained cautiously optimistic. Three months on, the outlook is starkly different, and the future deeply uncertain.
Until the macroeconomic environment stabilizes, deal activity as a whole will likely remain weak, yet there are areas of opportunity for private equity investors, according to our Q2 2022 US PE Breakdown, sponsored by Stout, West Monroe, Twin Brook Capital Partners and Ontra. Highlights include: - Deal value in the first half of 2022 totaled $529 billion, a healthy figure by historical standards, but activity is expected to slow in the next six months.
- Take-private deals could be struck more easily, as PE firms look to deploy large amounts of dry powder and falling public market valuations make assets less expensive.
- PE appetite for technology investments remained strong, topping $24 billion in aggregate and accounting for more than 27% of deal activity in Q2.
- Strategic acquisitions dominated exit activity in Q2, as sponsor-to-sponsor exits slowed and IPOs all but vanished.
| | | | | | | | | European PE trends in six charts | |  | | (MirageC/Getty Images) | | | European PE firms kept up momentum for dealmaking in the first six months of 2022 despite macroeconomic headwinds.
Check out these charts from our Q2 2022 European PE Breakdown to see how the region performed in the first half of the year. | | | | | | | |
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| A message from Allvue Systems | | |
| Access a comprehensive list of ESG KPIs | | Institutional investors' embrace of ESG has taken hold in the private capital space, and fund managers are sure to feel the shift.
But ESG is a broad, evolving concept. To be able to meet the needs of their investors—especially when holding a diverse portfolio across various industries—managers need to be able to have a complete picture of the ESG landscape. And to do that, they first need an extensive understanding of ESG KPIs.
Allvue Systems' comprehensive ESG KPI list gives managers just that. Download the list now for a full picture of the ESG landscape, industry by industry. | | | | | | | |
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| Europe's most active PE tech investors | |  | | (Surasak Suwanmake/Getty Images) | | | UK-based firm Hg was the most prolific private equity investor in European technology in the first half of 2022, as PE continued to put its faith in the sector.
Deal flow has been driven by the ongoing digitalization of companies, which accelerated during the pandemic and continues to be a major theme for the space. | | | | | | | | | 2022 half-year update: Female founders remain resilient | |  | | (Ponomariova_Maria/Getty Images) | | | During the first half of 2022, US startups with one or more female founders raised $20.8 billion in venture funding, 93% of the deal value raised in the first half of 2021.
For more data, check out our half-year update on venture capital funding for female founders in the US. | | | | | | | | | Abrdn to shed its private equity business | |  | | (Luke Walker/Getty Images) | | | Asset manager Abrdn is said to be planning to sell its private equity funds division as CEO Stephen Bird looks to streamline the business.
However, a steady stream of outflows from the business' public market products creates an impetus to get the deal done quickly that could impact the price. | | | | | | | | | | Why young investors aren't ready to give up on risk. [Financial Times]
As many bus drivers seek to retire or find higher-paying jobs with less in-person contact, the US is facing a transit crisis. [Bloomberg]
Startups like Bolt offered employees loans against the value of their stock. But amid the downturn, the trend is reminding some of the dot-com era, when many tech workers were burned by loans related to their stock options. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 409 Deals | 1815 People | 547 Companies | 24 Funds | | | | | | |
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| 2020 Vintage Global Secondaries Funds | | | | | | |
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| Camp4 Therapeutics secures $100M | | | Camp4 Therapeutics has raised a $100 million Series B led by Enavate Sciences. Based in the Boston area, the company is using regulatory RNA and gene expression to develop therapeutics for a wide range of diseases. | | | | | | | BigHat Biosciences raises $75M for antibody therapies | | | BigHat Biosciences, a biotechnology company developing antibody therapies using machine learning and synthetic biology, has raised $75 million in a Series B led by Section 32. | | | | | | | ForSight Robotics nabs $55M | | | ForSight Robotics has raised a $55 million Series A led by The Adani Group. Based in Israel, the company is the developer of a robotic platform for ophthalmic surgery. | | | | | | | Crunchbase brings in $50M Series D | | | | | | | | Dot Compliance picks up $23M | | | Dot Compliance has raised $23 million in a Series B led by Israel Growth Partners. The company provides a quality and compliance platform for pharmaceutical and medical device companies. | | | | | |
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| OMERS Private Equity to pick up Bionic | | | OMERS Private Equity has agreed to acquire Bionic, a UK-based provider of essential energy, insurance, finance and connectivity services, from ECI Partners. Founded in 2007, Bionic currently serves 150,000 small-business owners. | | | | | | | BlackRock Real Assets acquires Vanguard Renewables | | | | | | | | TA Associates, WCAS to swap Green Street | | | | | | | | New Mountain Capital backs Radancy | | | | | | | | Red Arts, Prudential stake Sunset Pacific | | | | | | |
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| Blackstone finalizing $30B real estate fund, largest ever of its kind | | | Blackstone is finalizing its 10th real estate fund, which will total over $30 billion, making it the largest vehicle ever of its kind, The Wall Street Journal reported. The fund will be nearly 50% larger than its predecessor, which closed on $20.5 billion in 2019. | | | | | | | FirstMark collects $1B+ across two funds | | | FirstMark Capital has raised roughly $1.1 billion for its sixth flagship fund and fourth opportunity fund. Founded in 2008, the New York-based VC firm has invested in companies including Carta, Justworks and Pendo. | | | | | | | General Catalyst wraps up $670M fund | | | General Catalyst has closed its Health Assurance Fund II on $670 million. The vehicle's predecessor, which closed last year, raised $600 million. The strategy targets companies supporting the digital transformation of the healthcare industry. | | | | | | | Boeing, AE Industrial launch second VC fund | | | Boeing and AE Industrial Partners have launched their second venture fund through their joint partnership, AEI HorizonX. The vehicle has a target of $250 million, of which Boeing has already committed $50 million, and will be used to back aerospace and defense startups. | | | | | |
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| JP Morgan launches leveraged loan unit | | | JP Morgan's investment bank has launched a leveraged loan unit, the Financial Times reported. The bank has reportedly committed a significant amount of capital to the new division. | | | | | |
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