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In today's Daily Pitch, you'll find: - Our latest Global Fund Performance Report uses data through Q4 2021 and preliminary 2022 figures to explore the returns of various fund strategies.
- We list the most active VC investors in European healthtech startups by deal count since 2018.
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| Global fund performance holds strong, but may soon return to modest levels | | Rolling one-year IRRs through Q4 2021 were robust, though lower than in immediately prior quarters due to macroeconomic headwinds that continued to plague markets into 2022.
One-year returns for PE funds leveled off at 46.6% in Q4 2021, illustrating the impact of global factors, including inflation and rising interest rates, on private equity. The effects of these influences will likely be seen in greater magnitude in Q1 2022, with preliminary quarterly returns data for each of the fund strategies at more moderate levels.
VC registered a 50.5% return in the year through Q4 2021 after a 65.1% return in the year through Q3—even "lagging" fund strategies posting returns well above normal levels.
Our latest Global Fund Performance Report provides data through Q4 2021 as well as some preliminary 2022 figures to provide a comprehensive look at the returns of various fund strategies, including real estate, real assets, private debt, funds of funds and secondaries. | | | | | | | | | Apollo takes advantage of market boom with $4B secondaries business | |  | | (MJgraphics/Shutterstock) | | | Seeking to take advantage of the flourishing market for secondary transactions, alternative asset management giant Apollo Global Management has formed a new platform to buy secondhand private fund stakes and provide other forms of fund financing.
The launch comes at a time when asset managers and investment banks are in an escalating race to build up their footprints in the fast-growing secondary market for private funds. Investors and sponsors are increasingly seeking liquidity amid a volatile global market. | | | | | | | | | The most active VC investors in European healthtech | |  | | (Dani Serrano/Getty Images) | | | Venture capital continues to pile into European healthtech, and the sector is well on its way to another record year for capital raised, with €3.6 billion secured so far this year.
We've compiled a list of the 10 most active VC investors in the space. | | | | | | | | | Are investors hungry for more alternative proteins? | | The alternative protein industry—referring to food, drinks or ingredients made with non-animal sources of protein—has experienced explosive growth over the past decade. However, the industry has struggled recently to maintain momentum and faces pressure in the current inflationary environment.
Alt-protein startups collected $883.8 million across 57 deals in Q1 2022. However, quarterly deal values are down 62.6% from the peak in Q3 2021.
Our recent Emerging Tech Research analyst note explores the rise of cultivated protein along with opportunities in sectors including alternative fat and seafood in the face of shifting market conditions. The report includes key VC deals and company spotlights on Meati Foods and BlueNalu. | | | | | | | | | | Possibly a "perfect meme stock," AMTD Digital lost $100 billion in value in one day after rising more than 125%. [Forbes]
Employers who have struggled with labor shortages may be more wary than usual of laying people off, even as economic demand slows. [Axios]
BlackRock has hopped on the bitcoin bandwagon with its new Coinbase tie-up. [TechCrunch] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 412 Deals | 1895 People | 452 Companies | 26 Funds | | | | | | |
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| 2011 Vintage Global PE Funds | | | | | | |
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| | | Afresh has raised a $115 million Series B led by Spark Capital. The company aims to cut down on food waste by providing grocers with an AI-driven platform for managing fresh food supply. | | | | | | | Talon Cyber Security snags $100M | | | | | | | | LatAm fintech startup Geopagos picks up $35M | | | Argentina-based Geopagos, which facilitates payments processing for companies in Latin America, has raised $35 million in a round led by Riverwood Capital. | | | | | | | | | Cyber-risk management specialist Axio has raised a $23 million Series B led by Istari, a cybersecurity-focused investor founded by Temasek in 2020. | | | | | | | Kurtosis snaps up $20M Series A | | | Coatue has led a $20 million Series A for Kurtosis, with additional investors including Coinbase Ventures and Mantis VC, TechCrunch reported. The startup offers a development platform for distributed systems. | | | | | | | Canaan invests $18M in Mosey | | | Mosey has raised an $18 million Series A led by Canaan Partners. Mosey helps companies meet payroll compliance requirements when hiring remote workers in any US state. | | | | | | | | | | | | |
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| Apollo-led group to acquire Atlas Air for $5.2B | | | A consortium led by Apollo Global Management has agreed to acquire airfreight company Atlas Air Worldwide for about $5.2 billion. Through the take-private, the investment group will pay $102.50 per share for Atlas Air, representing a 57% premium to the company's 30-day volume-weighted average trading price. | | | | | | | HC Private Investments, Isleworth Capital back Prince Industries | | | | | | | | Carlyle, GIC back green ammonia specialist | | | | | | |
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| Plastiq to go public via SPAC | | | | | | |
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| Bow River Capital closes third PE fund on $590M | | | Denver-based Bow River Capital has closed its third PE fund on $590 million. The fund will target on human capital-focused middle-market businesses throughout the United States in the industrial, healthcare and business services sectors. | | | | | |
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| Blue Owl sees rise in distributable earnings, AUM in Q2 financial report | | | Blue Owl Capital reported $180.4 million for Q2 in distributable earnings—the allocation of cash that can be returned to investors—compared to $155.7 million the quarter prior, according to its latest financial release. The firm reported its AUM has risen from $102 billion in Q1 to $119.1 billion. | | | | | | | Apollo posts $2B net loss in Q2, sees distributable earnings fall from Q1 | | | Apollo Global Management posted a net loss of $2.1 billion in the second quarter, compared to $1.5 billion in net income in the same period last year, according to its latest financial release. The firm reported its adjusted net income—which Apollo previously referred to as distributable earnings, the allocation of cash that can be returned to investors—was $566 million, up 13% from the same period in 2021, but down from $915 million in Q1. The firm's AUM climbed to $515 billion. | | | | | |
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"In recent years, late-stage maturation in Europe has been fueled by an influx of larger traditional VC funds, international investors, and nontraditional backers. Valuations and round sizes tied to late-stage companies have surged, particularly in the past two years, as growth rates for digital companies, and competition between investors to participate in sought-after rounds, has increased. Software-based solutions in subsectors including fintech, infosec, and healthtech have proven popular."
Source: PitchBook's Q2 2022 European Venture Report | | | | | |
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