Global markets bounce back

SoftBank led LatAm's rise, and retreat; New Mountain inks $2.4B+ life science pact; Apollo nears deal for Atlas Air; Redpoint raises $650M fund
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The Daily Pitch: VC, PE and M&A
August 2, 2022
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In today's Daily Pitch, you'll find:
  • Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets.

  • SoftBank was involved in more than a third of VC investment in Latin America since 2019, but its caution in 2022 is part of an investor retreat.

  • A $2.45 billion purchase of PerkinElmer assets marks one of the largest PE deals within the life sciences sector in recent years.
 
Today's Top Stories  
Sweet relief: Global markets see bounceback in July
Central banks continue to fight stagflation fears, while the US has experienced a second consecutive quarterly decline in real GDP—but that didn't stop equity markets from rebounding in July. Negative headlines for housing, energy and labor markets will need to be monitored, though.

Our 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 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 markets remain volatile.
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SoftBank led LatAm's rise, and its retreat
São Paulo (Caio Pederneiras/Shutterstock)
Few investors have made their mark on a region like SoftBank has in Latin America. The Japanese firm was involved in more than a third of LatAm VC deals by value since 2019 and amassed a stable of unicorns along the way.

But in 2022, SoftBank has pulled back as part of a wave of retreating investors. That has contributed to a sharp correction in VC funding for LatAm startups—one that risks erasing the significant gains made in last year's boom times.
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A message from AIC  
Investing in a cleaner world
In 2022, sustainability is top-of-mind. From financing solar farms in Arizona to launching all-electric ridesharing programs in Manhattan, PE is playing a big role in boosting sustainability across the country. Willis Tower recently completed a $500 million renovation that will cut energy consumption by 20% and save over 100 million gallons of water over the next decade. AIC member Blackstone and portfolio company EQ Office were behind the effort.

In partnership with PitchBook, AIC has released Investing in a Cleaner World: Private equity and sustainability. Beyond the numbers, the report also highlights new initiatives, partnerships and sustainability funds that will ultimately pay dividends for the planet.

To download the report, click here.
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New Mountain grows life science influence with $2.45B PerkinElmer deal
(Singleline/Shutterstock)
New Mountain has agreed to take over PerkinElmer's analytical instrumentation, food safety and enterprise services businesses, which include a laboratory, field services and a portfolio of entities that serve those industries.

The deal is the largest within the diagnostic-equipment sector in recent years. We've collected a list of the top 10 PE deals in the space since 2020 and show how they measure up to top deals in the broader life sciences sector.
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Recommended Reads
As edtech companies stockpile sensitive information, one cyberattack illuminates the shaky state of student privacy. [The New York Times]

Indebted property developer Evergrande has been told to hand over $1.1 billion in yet another previously undisclosed financial obligation. [The Wall Street Journal]

How companies are trying to roll back hard-won gains made by gig workers. [Wired]
 
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Quick Takes  
  The Daily Benchmark  
  2012 Vintage Global Real Estate Funds  
  VC Deals  
  Centurium Capital leads $200M investment in NTX  
  OriCell secures $120M+  
  Egypt's Homzmart bags $23M  
  GluBio raises $22M  
  Aurora lands $10M for clean hydrogen production  
  Smarter Sorting scores $7M for brand sustainability  
  Differentiated Therapeutics picks up $5M  
  PE Deals  
  Silver Lake to invest $1.5B in Global Payments through convertible note  
  Apollo-led group nears deal for Atlas Air  
  Gryphon lands Rootstock Software  
  HIG acquires Barton & Associates  
  Fundraising  
  Bain seeks $5B for latest Asia-Pacific fund  
  Assured Healthcare Partners raises $750M fund  
  Redpoint closes Fund IX on $650M  
  Insignia Ventures wraps up $516M  
 
 
The Daily Benchmark  
2012 Vintage Global Real Estate Funds
Median IRR
11.40%
Top Quartile IRR
16.04%
1.45x
Median TVPI
Select top performers
ERS Texas Private Real Estate Emerging Manager Exeter
KTR Industrial Fund II
LEM Real Estate High Yield Debt Fund III
*IRR: net of fees
63 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Centurium Capital leads $200M investment in NTX
Centurium Capital has led a nearly $200 million investment in NTX, a global textile technology company. Existing shareholder NRL Capital made additional contributions.
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OriCell secures $120M+
OriCell Therapeutics has raised more than $120 million in a Series B led by Qiming Venture Partners and Quan Capital. Based in Shanghai, the company is developing drugs for tumor immunotherapy.
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Egypt's Homzmart bags $23M
Homzmart, the provider of an ecommerce platform for home goods, has raised $23 million from investors including Impact46, Outliers Ventures and Rise Capital, Reuters reported. The round brings the Cairo-based company's total funding to $40 million.
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View 3 competitors »
 
GluBio raises $22M
Qiming Venture Partners has led a $22 million financing round for GluBio Therapeutics. Based in San Diego and Shanghai, GluBio develops targeted protein degradation drugs.
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Aurora lands $10M for clean hydrogen production
Aurora Hydrogen has raised a $10 million Series A led by Energy Innovation Capital. The Canadian company is developing scalable, emission-free hydrogen production technology.
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Smarter Sorting scores $7M for brand sustainability
Smarter Sorting, which helps brands increase sustainability by analyzing the chemicals and ingredients in consumer products, has raised $7 million from Regeneration.VC. The funding adds to the company's $25 million round led by G2 Venture Partners in March.
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Differentiated Therapeutics picks up $5M
Differentiated Therapeutics has raised $5 million in seed funding from Curie.Bio. The company uses molecular simulation to develop disease-modifying therapies.
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In this webinar, our analysts will explore some of the new technologies expected to address major industry pain points and how this may impact future VC activity. Key topics include:
  • The trajectory of supply chain developments.
  • Past and present VC deal activity.
  • Emerging tech opportunities that could help global supply chain industries.
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PE Deals  
Silver Lake to invest $1.5B in Global Payments through convertible note
Silver Lake will make a $1.5 billion investment in Global Payments in the form of a convertible note as part of the company's agreement to acquire Evo Payments, an Atlanta-based provider of payments technology.
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Apollo-led group nears deal for Atlas Air
A consortium led by Apollo Global Management is nearing a deal to acquire Atlas Air Worldwide Holdings, The Wall Street Journal reported. The airfreight company, which serves freight, commercial, charter and military customers, currently holds a market value of around $2 billion.
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View 20 competitors »
 
Gryphon lands Rootstock Software
Gryphon Investors has acquired Rootstock Software, a provider of cloud-based enterprise resource planning software to manufacturing, distribution and supply chain organizations.
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View 54 competitors »
 
HIG acquires Barton & Associates
HIG Capital has acquired Barton & Associates, a Massachusetts-based healthcare staffing company.
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View 10 competitors »
 
 
Fundraising  
Bain seeks $5B for latest Asia-Pacific fund
Bain Capital has kicked off fundraising for its latest Asia-Pacific fund with a $5 billion target, Bloomberg reported. The fund's predecessor closed on $4.65 billion in 2018.
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View 1,009 investments »
 
Assured Healthcare Partners raises $750M fund
Assured Healthcare Partners has closed its second namesake vehicle on $750 million. The fund will invest in North American healthcare service companies.
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View 10 investments »
 
Redpoint closes Fund IX on $650M
Redpoint Ventures has closed its ninth early-stage vehicle on $650 million, TechCrunch reported. The fund will invest between $2 million and $15 million in seed through Series B rounds.
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View 402 investments »
 
Insignia Ventures wraps up $516M
Insignia Ventures Partners has raised $516 million, including $388 million for its third flagship fund. The firm, which targets early-stage tech investments in Southeast Asia, closed its IVPF Fund II on $200 million in 2019.
View details
 
View 6 investments »
 
 
Chart of the Day  
Source: PitchBook's Q2 2022 Global M&A Report
 
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