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| In today's Daily Pitch, you'll find: | | | | | |
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| How VCs boost carbon capture startups | | The second quarter of 2022 saw the highest-ever VC investment in carbon capture startups, with $882.2 million invested across 11 deals.
Our latest Emerging Tech Research update on the topic examines the various technologies for carbon removal and drivers of interest in postcombustion carbon capture, including its varied approaches. The report also includes a closer look at VC-backed companies in the space, such as Climeworks, Mission Zero and Travertine. | | | | | | | | | Investors up allocation to secondaries as GPs seek alternate liquidity sources | |  | | (eamesBot/Shutterstock) | | | Investors have pumped more capital into secondary funds in H1 2022 than expected, according to a newly released survey from Eaton Partners.
With the slowdown in M&A activity and a freeze on the IPO pipeline, demand for alternative liquidity sources has increased. Investors have turned to the secondaries market, accelerating dealmaking for continuation funds, tender offers, and LP-led deals. | | | | | | | |
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| See the deal trends six to 12 months before the rest of the market | | Ansarada has launched its new Deal Indicators Report, which uses anonymized data from active and ongoing data rooms to uncover trends—spanning deal types and industries—up to a year before they occur. - New tech M&A deals increased by 35% quarter over quarter (QoQ), with digital infrastructure demand increasing globally.
- M&A remains stable in financial services, but insurance M&A deals specifically have increased by 24% QoQ.
- The consumer sector has been hit hard, with M&A down by 54% QoQ.
- Healthcare M&A deals overall decreased 16% QoQ, but pharmaceuticals, biotechnology, and life sciences deals increased by 44% QoQ.
Download the Deal Indicators Report to see what’s coming in your industry sector.
Download the FY23 Deal Indicators Report | | | | | | | |
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| Adobe to pay record $20B for Figma in boon for VC backers | |  | | (Darko 1981/Shutterstock) | | | Adobe has announced an agreement to buy Figma for $20 billion, which would represent the largest acquisition of a VC-backed company ever, according to PitchBook data.
The deal would also be a boon to several top venture firms, including Greylock Partners, Index Ventures, Kleiner Perkins and Sequoia.
The deal price is an outlier at a time when software startup valuations have cooled off. Adobe's large offer may reflect the tech giant's need to retain the market share it is rapidly losing to Figma. | | | | | | | | | Ranking Q2's most active lenders in PE | | Four different lenders issued at least 50 loans to US PE-backed companies last quarter, with the leading firm making well over 80. Lending activity stayed on pace with Q1, even as macroeconomic headwinds and uncertainty remained.
Our interactive Q2 2022 PE Lending League Tables, sponsored by Twin Brook Capital Partners, are now available. The data can be sorted by deal type, sector, geography and more for an in-depth look at the lending landscape in private equity last quarter. | | | | | | | | | Large cash salaries, shorter vesting times lure talent to $1B+ investment firms | |  | | (Drew Sanders/PitchBook News) | | | Investment firms with more than $1 billion in assets under management take an approach to compensation that is different from the rest of the market, according to the results from the Thelander-PitchBook Investment Firm Compensation Survey.
In order to attract talent, the largest firms by AUM pair higher cash salaries with shorter vesting times. The rationale? They have the money and they need the people. | | | | | | | | | | Investment software providers say the future of blockchain is now. GPs are still catching up. [Institutional Investor]
The biggest copper mine in the US, deep beneath the Sonoran Desert, is stalled in a dispute over its location on sacred ground. [Bloomberg]
The mystery of Saturn's rings might have been solved after four centuries of uncertainty. [The Wall Street Journal] | | | | | |
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| 2013 Vintage Global PE Funds | | | | | | |
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| Galvanize Therapeutics picks up $100M Series B | | | | | | | | Data security provider Fortanix raises $90M | | | Fortanix has raised a $90 million Series C led by Goldman Sachs Growth Equity. The Mountain View, Calif.-based company offers enterprise security software to manage data breaches and ransomware. | | | | | | | DCVC leads $33M round for ZwitterCo | | | ZwitterCo has raised $33 million in a round led by DCVC. Based in the Boston area, the company is a developer of rugged membrane technology for wastewater treatments. | | | | | | | Professional networking startup Polywork banks $28M | | | | | | | | | | Shyft has raised $16 in Series B funding from investors including Munich RE Ventures and OurCrowd. The company offers a marketplace that connects consumers with moving companies. | | | | | | | | | Codi, the provider of a flexible leasing platform for commercial real estate, has raised a $16 million Series A led by Andreessen Horowitz. | | | | | |
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| GIC, Oak Street to acquire Store Capital for $14B | | | Singapore's sovereign wealth fund GIC and Oak Street, a division of Blue Owl Capital, have agreed to acquire Store Capital, a net-lease real estate investment trust that invests in single-tenant operational real estate, for $14 billion. Under the take-private agreement, GIC and Oak Street will pay $32.25 per Store Capital share, which represents a premium of 20.4% to its closing stock price Sept. 14. | | | | | | | Goldman Sachs, Cleanhill Partners land EPC Power | | | | | | | | Shamrock Capital backs Highwire PR | | | | | | | | PE-backed TGI Sport scores ISG | | | | | | | | RedBird Capital sells OneTeam stake | | | RedBird Capital has sold its stake in OneTeam, an intellectual property licensing business that represents professional athletes, to HPS Investment Partners, Atlantic Park and Morgan Stanley Tactical Value, according to Sportico. The deal values OneTeam at $1.9 billion. | | | | | |
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| AIG raises $1.7B in IPO of Blackstone-backed Corebridge Financial | | | | | | |
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| Ares raises $3.7B sports, entertainment fund | | | Ares Management has closed its fund devoted to the sports, media and entertainment industries on $3.7 billion. The fund will invest in sports leagues, teams and related franchises, as well as media and entertainment companies. | | | | | | | HCAP Partners closes small-business fund on $353M | | | HCAP Partners has closed its latest small-business investment fund on $353 million. The vehicle will focus on the healthcare, software and services industries. | | | | | |
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"28.3% of exit volume came from the France & Benelux region in H1, the most of any European region, driven by sponsor-to-sponsor exits and the business products & services sector, most notably commercial products."
Source: PitchBook's Q2 2022 European PE Breakdown | | | | | |
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