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In today's Daily Pitch, you'll find: - Our newest Quantitative Perspectives report analyzes key trends in macroeconomics and financial markets.
- Sovereign wealth fund Mubadala has flexed its muscles in recent years to transform itself into a significant GP.
- The founder of the UK's Cibus Fund discusses agtech investing and some of the challenges the sector faces.
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| Inflation, falling stocks and recession fears: How macro trends are shaping private markets | | When we published our inaugural US Market Insights report one year ago, the stock market was strong and the potential for investor returns seemingly endless. A year on, the downturn has shaped a starkly different landscape and dealmaking has pulled back—but opportunities remain.
Our latest Quantitative Perspectives report examines key trends in macroeconomics and financial markets, providing commentary on how our analysts see the world today. The report, which also includes a spotlight on allocator momentum, features nearly 70 pages of data and more than 80 charts exploring the most interesting aspects of the current economy. Highlights include: - At $91 billion, VC funds had the highest amount of new capital allocations in 2021, though this momentum has slowed in 2022. Relative to asset class size, real estate and infrastructure debt saw the largest increase, with 21.5% growth.
- Aggregate unicorn valuations now surpass $2.3 trillion, yet the pace of unicorn creation has slowed significantly in 2022, as market headwinds limit VC investment in large startups.
- Our estimate for the total value of venture-backed companies in the US has reached $3.3 trillion, trailing the total PE-backed market cap by only 3%.
| | | | | | | | | Mubadala's direct investment capabilities reach maturity | |  | | (Wirestock Creators/Shutterstock) | | | Mubadala, an anchor investor in SoftBank's debut Vision Fund, has flexed its muscles in recent years to transition into a significant GP.
The Abu Dhabi sovereign wealth fund participated in 157 direct investments in 2021—up from just 45 the year prior—across deals including buyouts, growth-equity investments and seed investments, as well as early-stage and late-stage VC, according to PitchBook data.
This year, even as uncertainty roils the markets, Mubadala isn't letting up. The firm has participated in 151 deals buying direct stakes in businesses so far this year, including tech startups and infrastructure companies. | | | | | | | |
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| A message from Moss Adams | | |
| What's holding your portfolio company back from peak performance? | | Companies that operate with clarity and focus consistently outperform their peers across many metrics, such as gross margins and working capital. For some executives, however, understanding what gets their company to that point of clarity can be difficult.
Explore tips and key focus areas to help move your company from stagnant to high-performing—including understanding customer value, aligning process and capability, empowering employees, and more. | | | | | | | |
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| Q&A: UK's Cibus Fund targets tech solutions for food security | |  | | (kung_tom/Shutterstock) | | | Climate change and recent economic and geopolitical shocks have heightened awareness among private market investors about methods to improve agriculture.
We spoke with Rob Appleby, founder of Cibus Fund, about how his firm is targeting companies that offer high-tech solutions to global food security. | | | | | | | | | | AI-generated art tools such as DALL-E have become a prime feeding ground for VC investors. Now, the challenge is finding the business case for the product. [Protocol]
An LA women's soccer team backed by VC and adored by fans is blowing past its financial goals. [The Wall Street Journal]
US manufacturing is experiencing a rebound, with companies adding workers amid higher consumer demand for products. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 482 Deals | 1892 People | 613 Companies | 20 Funds | | | | | | |
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| 2011 Vintage Global Real Estate Funds | | | | | | |
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| Not So Dark lands $80M Series B | | | Paris-based Not So Dark has raised $80 million in a round led by Kharis Capital and Verlinvest. The startup creates virtual food delivery brands for brick-and-mortar restaurants. | | | | | | | Temasek leads $40M round for Well-Link | | | | | | | | Cannabis startup Sanity Group collects $37M+ | | | Sanity Group, a Berlin-based provider of cannabinoid-based pharmaceuticals and well-being products, has raised $37.6 million. BAT Group led the round, with support from investors including Redalpine and Casa Verde. | | | | | | | Vendease secures $30M for food procurement in Nigeria, Ghana | | | Vendease has raised a $20 million Series A led by TLcom Capital and Partech, as well as $10 million in debt. The company's platform allows restaurants in Nigeria and Ghana to buy food supplies, access financial services and manage business operations. | | | | | | | | | Urban tech-focused VC 2150 has led a $16 million investment in London-based Disperse, TechCrunch reported. The startup's platform is designed to help construction project managers collect data and track work from building sites. | | | | | | | | | KODE Labs has raised an $8 million Series A led by I Squared Capital. The company's platform helps real estate owners optimize building operations such as energy usage and equipment runtime. | | | | | |
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| One Equity to acquire Muehlhan assets | | | One Equity Partners has agreed to acquire the core operating assets of Muehlhan, a German provider of surface protection solutions serving the marine, infrastructure and offshore wind energy industries. | | | | | | | Trilantic's Quickparts picks up Xcentric Mold & Engineering | | | | | | | | TSCP, Endicott back MediaRadar | | | | | | | | TGI Sport lands Sportseen | | | | | | |
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| Argosy sells Component Sourcing International | | | | | | |
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| Vertex Ventures wraps up $200M | | | Vertex Ventures US has raised $200 million for its third fund, which will target seed and Series A investments in SaaS and infrastructure software startups. | | | | | | | Abu Dhabi sets up $200M tech fund | | | Abu Dhabi sovereign wealth fund ADQ is the anchor investor for a new $200 million fund, Further Ventures, Bloomberg reported. The vehicle will target early-stage investments in digital assets, fintech and supply chain startups, according to the report. | | | | | | | Horizon Capital raises $125M for Ukraine-focused vehicle | | | Horizon Capital has secured $125 million in the first close of its latest vehicle, Horizon Capital Growth Fund IV. The fund, which has a target of $250 million, will back tech and export-oriented companies in Ukraine and Moldova. | | | | | |
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