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| In today's Daily Pitch, you'll find: | | | | | |
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| US venture market pushes back against economic headwinds | | The outsized deals that became a theme of 2021 are not being completed as investors take a more cautious approach to the largest deals in the market. Q2 became the first quarter since Q4 2020 to post less than $77 billion in completed deal value, with just over $62 billion closed. Fundraising topped $120 billion for the second consecutive year, with a strong showing from established fund managers in the first half of the year.
On the exit front, the second quarter was much like the first in terms of exit activity, with the biggest change from the last two years being the complete lack of traditional IPOs, according to a first look at the data from our upcoming PitchBook-NVCA Venture Monitor.
The full report, sponsored by Insperity and JP Morgan, will be released next week. | | | | | | | | | 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. | | | | | | | |
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| Here's how leading private equity firms spent their time in Q2 | | BluWave is trusted by more than 500 leading PE firms on thousands of critical projects, giving them a unique perspective into key trends in private equity. In Q2, BluWave supported leading PE firms as they began mobilizing for a likely recession, embracing risk as opportunity.
Top trends from Q2 include: - 68% of PE activity was value creation
- Human capital remains a primary PE focus area
- Sales, marketing, and pricing initiatives were up 25% YoY in response to inflationary pressures
- Commercial due diligence usage continues to grow as markets become more fluid
Gain deeper insights into Q2 private equity activity by requesting your copy of the Q2 Insights Report today.
Get your copy. | | | | | | | |
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| Have investors preferred to back SaaS over ecommerce as downturn deepens? | |  | | (miakievy/Getty Images) | | | Many investors believe that enterprise SaaS is a more recession-proof sector than ecommerce. That's because enterprises purchase software on a subscription basis, yet consumers can ditch their online shopping habits at any time.
With a recession looming, are venture capitalists becoming wary of backing ecommerce over B2B SaaS startups? See what our data shows. | | | | | | | | | Headline, formerly E.ventures, hauls in $950M across three funds | |  | | (Grafissimo/Getty Images) | | | Despite the market downturn, 23-year-old Headline just raised the largest pool of capital in the firm's history.
The early-stage firm, formerly known as E.ventures, has collected nearly $1 billion across three regional funds—US, Latin America and Europe. | | | | | | | | | | As colleges seek more revenue, online education companies are designing programs and aggressively recruiting students—leaving some confused. [The Wall Street Journal]
While the public markets may be grim, one writer argues that VCs still have plenty of money to invest. [The Information]
Why pension funds can't put a number on private equity fees, despite a push for more transparency. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 543 Deals | 2211 People | 635 Companies | 19 Funds | | | | | | |
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| 2012 Vintage Global Debt Funds | | | | | | |
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| ClinChoice picks up $150M Series E | | | ClinChoice has raised $150 million in a round led by Legend Capital. The company is a provider of contract research and healthcare product development services. | | | | | | | | | Swimlane has raised $70 million in a round led by Activate Capital. The company is the developer of a low-code security automation platform. | | | | | | | EVCS raises $68.8M to expand EV charging network | | | | | | | | Mexico-based UnDosTres lands $30M | | | | | | |
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| BlackRock backs $119M Flexe round | | | Seattle-based Flexe has raised a $119 million Series D from BlackRock, Activate Capital, Madrona Ventures and others, valuing it at more than $1 billion. Founded in 2013, the company provides logistics tech for ecommerce fulfillment, retail distribution and network capacity programs. | | | | | | | Zeem Solutions raises $50M from ArcLight | | | Zeem Solutions has collected a $50 million capital commitment from ArcLight Capital. The company builds and operates zero-emission fleet depots, with amenities including vehicle leasing, charging and maintenance. Zeem has also announced a strategic partnership with LAZ Parking Realty Investors. | | | | | | | Providence, Apollo to back media mogul's studio | | | | | | | | PE-backed Mercer purchases Starks | | | | | | | | Genstar scoops up Abracon | | | Texas-based Abracon, a provider of passive components, has been acquired by Genstar Capital. Founded in 1992, the company is a global distributor of antennas, inductor and connectivity solutions, timing devices and more | | | | | |
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| Apollo, Blackstone eye Ridgeback exit | | | | | | |
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| Partners Capital closes first environmental impact fund with $143M | | | Partners Capital has wrapped up its inaugural private equity environmental impact fund with $143 million in commitments. The vehicle will focus on the transition to net-zero carbon emissions, targeting sectors such as renewable energy generation and storage, transportation and mobility, and industrial processes and management. | | | | | |
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| Amazon inks deal for a portion of Grubhub | | | Amazon has secured the option to acquire a 2% stake in food delivery service Grubhub, with the potential to increase its holding to 15%, according to a report from Bloomberg. The partnership will include offering Amazon Prime users a one-year membership to Grubhub, which is owned by Just Eat Takeaway. | | | | | |
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