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| In today's Daily Pitch, you'll find: | | | | | |
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| VC fundraising is set to surpass 2021 record | |  | | (Nuthawut Somsuk/Getty Images) | | | Despite the market correction, venture capital is on track to register its largest fundraising year on record.
Although limited partners have said they are overwhelmed by an unprecedented number of VC firms returning to market, the fundraising environment is proving stronger than some market participants initially feared. | | | | | | | | | European PE dealmakers persevere in uncertain macro environment | | Dealmaking was a bright spot for European PE through the first half of 2022, with record dry powder and the rise of private credit funds keeping the deal environment moving despite a range of near-term risks.
The second half of the year may be a different story, however, due to slowing growth, rising interest rates and the possibility of a recession, according to our Q2 European PE Breakdown. Key takeaways from the report include: - Deal value totaled €463.5 billion through June 30, a year-over-year increase of nearly 35%, driven primarily by a spike in deal sizes.
- Take-private activity also increased over H1 2021, and with take-privates offering one of the best risk-reward plays for PE firms, they're expected to remain a major theme in 2022.
- Exit volume remained flat, but cumulative exit value fell by 25% YoY as valuations dropped.
- Fund count is pacing toward its lowest total ever, with just 40 vehicles closed in H1, as LPs struggle to keep up with GPs' demand for capital.
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| After a record-breaking year, liquidity prospects get complex | | The past few years saw unprecedented liquidity for expansion-stage companies, with billions of dollars in exit value notched across public listings and sales. However, geopolitical and market volatility has rendered exit prospects much more complex now. The latest edition of Road to Next delves into these rapidly complexifying exit trends, analyzing how expansion-stage companies can best prepare given broader market circumstances. Highlights include: - A spotlight on SPACs and their potential for cryptocurrency enterprises
- Data on exits including median valuations and sizes
- Insights on how liquidity trends have varied across regions
Read it now | | | | | | | |
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| Who are the most active VC investors in femtech? | |  | | (Jenna O'Malley/PitchBook News) | | | Healthcare offerings for women have become a growing priority for venture investors since entrepreneur Ida Tin first coined the term "femtech" in 2016.
The once-underinvested sector now includes a cohort of startups looking to address the most pressing pain points for women's health, including those creating smart sanitary pads, cordless breast pumps and access to emergency contraception.
Here are the most active VC investors globally in femtech deals since 2017. | | | | | | | | | Wealth managers want to pass the baton. PE firms are ready | |  | | (Drew Sanders/PitchBook News) | | | A wave of consolidation is sweeping the wealth management industry, fueled by PE interest, generational turnover and acquisitions.
Founders and other senior executives are eyeing retirement at the same time that private equity firms have been drawn to wealth managers' recurring asset-based fee revenue, low churn and the potential to hasten growth. | | | | | | | | | | The precarious state of the world's food supply, highlighted by sizzling heatwaves, has found an unlikely crusader in Singapore, a small island with hardly any agriculture at all. [Bloomberg]
One writer's thoughts on how to stay cool when you're put on the spot at work. [Harvard Business Review]
How cloud providers like AWS are helping customers manage their energy consumption and carbon emissions. [Protocol] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 509 Deals | 1734 People | 561 Companies | 30 Funds | | | | | | |
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| 2012 Vintage Global PE Funds with more than $1B | | | | | | |
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| | | Cleerly has raised a $192 million Series C led by T. Rowe Price and Fidelity. Based in New York, the company's technology helps physicians identify patients with early signs of heart disease. | | | | | | | | | | | | | | | | | | | | | Crop analytics startup Arable lands $40M | | | Arable has raised a $40 million Series C led by Galvanize Climate Solutions. Based in San Francisco, Arable offers tools that help farmers collect and analyze data on weather, soil, plant health and more. | | | | | |
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| GEM to invest $450M in lithium battery specialist | | | | | | | | HarbourView lands $25M Brad Paisley music catalog | | | HarbourView Equity Partners has purchased country musician Brad Paisley's song catalog, Bloomberg reported. The deal values the collection at up to $25 million, according to the report. | | | | | | | PE-backed Tech24 picks up Temco | | | HCI Equity Partners-backed HVAC repair company Tech24 has acquired Temco, a provider of commercial kitchen and HVAC equipment repair and maintenance services. | | | | | | | Heartland Veterinary Partners scores Family Vet Group | | | | | | | | Apax inks deal for Australian auto marketplace Pickles | | | Apax Partners has agreed to buy a majority stake in Pickles Auctions, an Australian marketplace for vehicles and industrial assets. The deal, which is expected to close by year-end, will see the Pickles family retain a minority interest. | | | | | | | | | PSG has invested in Rodeo, a Dutch cloud-native project management software provider. Founded in 2016, Rodeo targets creative services companies. | | | | | | | Cuadrilla Capital acquires Chartbeat | | | | | | |
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| Leeds Equity Partners offloads Amplifire | | | Leeds Equity Partners has sold Amplifire, a SaaS provider of cognitive science-based assessment, training and data analytics, to Polaris Partners. Founded in 2000, Amplifire has facilitated more than 3 billion learner interactions. | | | | | |
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| BAI wraps up Fund I with $700M | | | China-based venture capital firm BAI Capital has closed its Fund I with $700 million in commitments, exceeding its target size. BAI was established in 2008 as Bertelsmann Asia Investments. | | | | | | | Argosy Private Equity closes sixth fund at $422M | | | Argosy Private Equity has closed its sixth namesake fund at $422 million. The fund will make control investments in niche manufacturing and B2B service companies. | | | | | |
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