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In today's Daily Pitch, you'll find: - Our half-year update on venture capital funding for female founders in the US.
- PE investment in Europe's renewable energy sector is on the rise as GPs tap into growing demand for energy alternatives in the region.
- 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.
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| 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. | | | | | | | | | PE powers into Europe's renewable energy sector | |  | | (zhihao/Getty Images) | | | PE has been growing its exposure to the renewable energy sector over recent years in search of better returns as demand rises for sustainable power.
Appetite for such investments is also increasing among those investors conscious of the growing ESG risk attached to fossil fuels. | | | | | | | |
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| Confidence through uncertainty | | From geopolitical issues to continued supply-chain struggles, the uncertainty of today's market has left investors challenged to find a relatively safe haven with attractive real risk-adjusted returns. Yet private debt's resilience may once again offer shelter from the storm.
As Timothy Lyne, CEO of Antares, shares with PitchBook, there are reasons for optimism despite inflation and rising interest rates, including ripe conditions for increased M&A activity.
His thoughts and the full Q&A can be read in the Q1 2022 US PE Middle Market Report.
Read it now | | | | | | | |
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| 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. | | | | | | | | | Elon Musk terminates deal to buy Twitter | |  | | (Alexi Rosenfeld/Getty Images) | | | Elon Musk says he is spiking his $44 billion offer to buy Twitter on the grounds that the company failed to hand over sufficient information about fake or spam accounts on the platform, according to a regulatory filing.
Twitter and Musk are now bound for a legal fight: The company plans to enforce the merger agreement in a Delaware court. Twitter's stock dropped more than 6% to below $34 per share in after-hours trading following the announcement on Friday. The deal had priced the company at $54.20 per share.
Twitter has delivered some, though not all, of the information Musk requested. Based on that data, Musk's team claims that the share of active users that are fake or spam accounts is "wildly higher" than the 5% figure that Twitter had cited.
Musk's lawyers said the information was needed, among other reasons, "to facilitate Mr. Musk's financing and financial planning for the transaction." Musk planned to pay for the deal with a bevy of outside investors that included Larry Ellison, Sequoia, Binance and Saudi Prince Alwaleed Bin Talal.
If successful, Musk's Twitter takeover would have been the largest take-private deal since Dell bought EMC for $67 billion in 2016, according to PitchBook data. | | | | | | | | | | Why the US industrial complex is starting to buckle under high power costs. [Bloomberg]
Offices don't increase efficiency or save time, so why is it so hard for employers to give them up? [The Atlantic]
Investors are betting that the euro's slide toward parity with the US dollar won't mark the end of the currency's woes. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 22 Deals | 123 People | 47 Companies | | | | | | |
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| 2019 Vintage Global PE Funds | | | | | | |
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| Coalition wraps up $250M for cyber insurance | | | Coalition has raised a $250 million Series F at a $5 billion valuation from investors including Allianz X, Valor Equity Partners and Kinetic Partners. Based in San Francisco, Coalition provides both insurance and proactive cybersecurity tools to help companies manage cyber risk. | | | | | | | Zhiyi Biotech secures $45M | | | | | | | | | | Deuna has raised a $30 million Series A led by Activant Capital, according to reports. The Palo Alto-based company offers ecommerce payments infrastructure for Latin American businesses. | | | | | | | Hummingbird leads $25M round for Kernal | | | | | | | | | | Traba has raised a $20 million Series A led by Khosla Ventures, TechCrunch reported. Based in Miami, the company offers a marketplace that connects industrial workers with open shifts at warehouses, distribution centers and event venues. | | | | | |
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| Elliott builds stake to oppose Swedish Match takeover | | | Activist investor Elliott Investment Management is building a stake in Swedish Match with plans to oppose the smoke-free tobacco and nicotine company's takeover by Philip Morris, Bloomberg reported. Stockholm-based Swedish Match agreed in May to be acquired by the cigarette manufacturer in a $16 billion deal. | | | | | | | One Equity to buy Fortaco Group | | | | | | | | GS Foods Group lands food service specialist | | | | | | | | Mammoth soaks up car wash locations | | | | | | | | Tiger Infrastructure's 11:11 nets Static1 | | | | | | | | Antin picks up EV charging specialist Raw | | | | | | |
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| Insight Partners lines up another $20B fund | | | Insight Partners is in talks to raise $20 billion for its 13th flagship fund, Bloomberg reported. The tech-focused investor closed the vehicle's predecessor on more than $20 billion in February. | | | | | |
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| Calpers sells $6B in PE stakes | | | | | | | | | | PE's Michael B. Kim eyes Washington Nationals | | | Michael B. Kim, co-founder of South Korean PE firm MBK Partners and former executive at The Carlyle Group, is among those interested in purchasing the Washington Nationals, The Washington Post reported. Kim is said to have met with officials from the MLB team, which is reportedly valued at about $2 billion. | | | | | |
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