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| In today's Daily Pitch, you'll find: | | | | | |
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| The 2022 PitchBook university rankings are here | |  | | (Joey Schaffer/PitchBook News) | | | Our annual list of universities that have produced the most VC-backed founders has arrived, with a number of improvements for 2022. We've added more schools, expanded our graduate school rankings to include all degrees, and enabled filters for university criteria.
The rankings are powered by PitchBook's data on VC-backed companies and the founders who start them. Our proprietary methodology takes into account educational data on more than 144,000 founders. | | | | | | | | | VCs go outside their comfort zone with bets on defense tech | |  | | (Frame Stock Footage/Shutterstock) | | | After years of shunning investments in military and security-related technology startups, VCs are flocking to companies whose satellite, robotics and software tools have dual military and commercial use.
VC interest in defense tech has gained momentum in recent years amid an escalating technological arms race with China, and the war in Ukraine put an additional spotlight on the sector. But it is defense tech's recession-proof properties that have piqued VCs and LPs' interest as the economy inches toward a potential slump. | | | | | | | |
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| A message from SS&C Intralinks | | |
| Real estate fundraising slows in 2022, but opportunities remain | | Inflation and stock market volatility are impacting returns on equity investments, while real estate, considered a more stable asset class, faces its own challenges. SS&C Intralinks' The Global Real Estate Environment explores how real estate funds are being affected. Key findings include: - Real estate fundraising slowed in 2022, with total capital raised through August representing just over one-third of the total raised in 2021.
- Opportunistic real estate funds hold the largest share of capital raised year to date as investors take on risk with higher-leveraged projects despite the rising cost of debt.
- Dry powder has declined slightly because of slower fundraising year to date but remains above $1.0 trillion, which was exceeded for the first time in 2021.
Read the report | | | | | | | |
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| Musk's Twitter acquisition is largest take-private since 2016 | |  | | Elon Musk (Dimitrios Kambouris/Getty Images) | | | Elon Musk closed his $44 billion purchase of Twitter on Thursday, some six months after he first announced his intention to buy the social media platform.
The acquisition is the largest take-private deal since the 2016 purchase of data storage company EMC by Dell for $67 billion, according to PitchBook Data. | | | | | | | | | Ratio of VC deals to exits reaches 'unsustainable' levels | |  | | (Catherine McQueen/Getty Images) | | | The US VC industry secured around 15 funding deals for every exit as of Q3 2022, according to the latest edition of the PitchBook-NVCA Venture Monitor.
The lack of liquidity via public markets is likely to add pressure on late-stage startups to return to equity markets for additional financings at lower valuations compared with previous rounds. | | | | | | | | | Sustainable startups take on plastic packaging | | Millions of tons of new plastic packaging are generated each year in the US alone, much of it ending up in landfills or waterways. So, is there a better way?
Sustainable packaging startups say yes. From bioplastics and seaweed to mycelium and fibers, novel materials and circular economy models are emerging to offer sustainable alternatives to harmful single-use packaging. Meanwhile, VC investment in sustainable packaging providers has grown steadily over the past decade, peaking at $834 million across 87 deals in 2021.
Our recent analyst note unwraps the future of sustainable packaging, delving into VC activity in the sector and exploring why further regulatory action will likely be needed to reduce plastic consumption. | | | | | | | | | | The markets usually rise after the midterms. One writer explores how this time may be different. [The New York Times]
The NBA is looking to actively gain equity stakes in more startups globally as the league formalizes its investment arm and looks to grow its portfolio. [Bloomberg]
A Softbank-backed pharmacy startup is working to tackle a $300 billion-a-year prescription drug crisis. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 12 Deals | 115 People | 73 Companies | | | | | | |
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| 2018 Vintage Global Funds-of-Funds | | | | | | |
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| | | Cruz Foam has raised an $18 million Series A led by Helena. The company is a developer of foam-based protective packaging products designed to pack consumer goods, electronics and more. | | | | | | | LatticeFlow raises $12M Series A | | | LatticeFlow has raised $12 million in a round led by Atlantic Bridge and OpenOcean. Based in Zurich, the company is the developer of an AI platform intended to fix AI data and model errors. | | | | | | | Notebook Labs closes seed round | | | Bain Capital Crypto has led a $3.3 million round for Notebook Labs, a developer of zero-knowledge identity infrastructure that enables Web3 protocols to offer anonymity and privacy. | | | | | |
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| Don't miss our upcoming webinar | | With the end of 2022 approaching, the differences in the VC market from this year to last continue to come into focus.
In this webinar, our speakers will explore the lost momentum of 2022, as well as the inverse dynamic between deal sizes and deal count. They will analyze the factors that contributed to this decline and whether current market conditions will continue or revert.
Register now to secure your spot. | | | | | | | |
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| Stonepeak ramps up investment in American Tower unit to $3B+ | | | Investment firm Stonepeak has boosted its minority stake in IT solutions provider CoreSite to 36% with a fresh $570 million investment, building on an August commitment of $2.5 billion. CoreSite is a subsidiary of publicly traded American Tower. | | | | | |
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| Energy Power Partners to sell natural gas assets for $1B+ | | | Private equity firm Energy Power Partners has agreed to sell facilities that convert landfill natural gas to electricity for $1.1 billion, plus debt, to NextEra Energy Resources. The firm acquired much of the portfolio from Aria Energy in 2021. The deal with NextEra is expected to close in early 2023. | | | | | | | Insignia to sell WillowTree for $1B+ | | | Insignia Capital has agreed to sell its majority stake in digital consultancy WillowTree for just over $1 billion. The buyer is Canada-based Telus International, which offers a customer experience platform for companies. Telus International's acquisition is expected to close in January 2023. | | | | | | | KKR seals Minnesota Rubber exit | | | | | | |
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| Apollo, other investors to buy Credit Suisse's securitized products group | | | | | | |
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"As long as the current gap between public and private equities persists in a down market, fundraising from traditional LPs will be hampered. This will cause GPs to intensify their search for alternative sources for fundraising, such as retail, sovereign wealth funds, and international investors."
Source: PitchBook's Q3 2022 US PE Breakdown | | | | | |
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