| |
In today's Daily Pitch, you'll find: - Our latest analyst note sizes up the mixed financial performance of public PE firms in Q3.
- VC activity in carbon and emissions tech is on pace to match 2021's figures, according to our update on the space.
| | | | | |
| |
| |
| US PE firms see bright spots in mixed bag of earnings | | As the fundraising environment got tough for other private equity firms, publicly traded investment managers attracted strong inflows in Q3 2022—adding to already high levels of dry powder.
The breadth and depth of portfolios at those mammoth firms somewhat insulated them from headwinds like elevated interest rates and slumping valuations that strained other PE firms. But it was a mixed bag: KKR's PE portfolio was marked down 4%, while Ares Management's rose 2.7%. There were also bright spots, like credit arms that benefited from higher interest rates on floating-rate loans.
Our latest analyst note offers a by-the-numbers look at the financial performance of firms including Blackstone, Apollo Global Management, KKR, Ares and The Carlyle Group. | | | | | | | | | Exclusive: Grant Avenue Capital launches Helios Clinical Research | |  | | (Sai Thaw Kyar/Shutterstock) | | | Grant Avenue Capital has announced its launch of Helios Clinical Research, a new platform resulting from the roll-up of 20 clinical research sites, a popular strategy for healthcare-focused PE players.
Roll-ups are the bread and butter of the healthcare investing space, according to Rebecca Springer, senior healthcare analyst at PitchBook. These transactions are particularly important in the clinical trial space, which is notoriously bogged down with inefficiencies. | | | | | | | |
| |
| A message from DealCloud, by Intapp | | |
| Better manage material non-public information and conflicts | | Manual checks and balances no longer provide a sense of security for clients with mission-critical private data. If capital market firms want to retain these clients, they’ll need software that can keep up with the ongoing increase of regulatory scrutiny and deal flow.
With DealCloud Conflicts, firms can seamlessly integrate front office deal management platforms with deal and pipeline management solutions to gain real-time information on transactions and unlock new analytics in a fully automated, auditable solution.
Learn more | | | | | | | |
| |
| Carbon and emissions tech investing could match 2021 peak | | Carbon and emissions tech experienced a strong Q3 2022—its third-strongest on record—raising a total of $4.8 billion. Deal value has increased each quarter over the past 12 months, and VC activity is on pace to match 2021 figures.
Our Q3 2022 Carbon & Emissions Tech Report highlights the vertical's most active players, the technologies they're most interested in and how startups have boosted efforts to develop more advanced and energy-efficient approaches to carbon removal. Key takeaways include: - The US Inflation Reduction Act—which committed $370 billion in grants, tax cuts and loans to tackle climate change—hasn't yet made its expected impact on VC investing.
- Median pre-money valuations of early-stage VC companies in the vertical jumped from $9.9 million in 2017 to $35 million in 2022, an increase of 254%.
- In carbon tech specifically, Q3 recorded the third-highest deal value in the past 24 months.
| | | | | | | | | Decline in US VC exit activity hits Q3 valuation trends | | The near halt in public listings and recent retreat of nontraditional investors in the venture industry are a few of the many reasons why both median and average late-stage VC valuations have taken a significant hit in 2022.
The venture market still looks stronger than before 2021. However, the longer economic woes last, the greater the chance that the slowdown in the VC market will increase the pressures on investments and valuations. Our Q3 2022 US VC Valuations Report, sponsored by Silicon Valley Bank, explores valuations across stages and sectors. Key takeaways include: - Late-stage VC has seen the impact of volatility more than any other area of the market so far. The median late-stage valuation in Q3 fell to $71 million, marking a 29% drop from Q1.
- Seed and early-stage valuations have remained at the elevated levels achieved in 2021.
- While exit valuation step-ups have remained relatively strong, a lack of generated exit value resulted in a decline in the median valuation to just over $317 million—the lowest figure in three years.
| | | | | | | | | First-time European VC funds face uphill struggle | |  | | (MJgraphics/Shutterstock) | | | The taste for first-time European funds has deceased as market conditions push LPs toward more-established firms.
If the pace set in the first nine months of the year continues, the number of first-time funds closed so far could be at its lowest in close to a decade. | | | | | | | | | | Many family offices are planning to up their PE allocations next year after scoring double-digit returns in 2021. [Bloomberg]
Twitter's SMS two-factor authentication is melting down. [Wired]
Even before news of FTX's impending collapse went public, Sam Bankman-Fried was on the phone with the likes of Sequoia and Apollo Global Management trying to secure $7 billion in emergency funds. [Reuters] | | | | | |
| |
| |
| | Since yesterday, the PitchBook Platform added: | | 400 Deals | 2072 People | 585 Companies | 21 Funds | | | | | | |
| |
| |
| |
| |
| |
| |
| 2014 Vintage Global Real Estate Funds | | | | | | |
| |
| |
| A message from PitchBook Media | | |
| PitchBook's 2023 Media Kit released | | Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.
The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
| |
| |
| DispatchHealth grabs $330M in equity and debt | | | | | | | | Matter Labs takes home $200M | | | | | | | | CG Oncology picks up $120M | | | | | | | | Parallel Domain scoops $30M | | | | | | | | Baraka bags $20M for Middle Eastern investment app | | | Dubai-based Baraka has raised a $20 million Series A led by Valar Ventures. The company offers a subscription-based investment platform for users in the Middle East. | | | | | | | | | | | | | | Freshpaint secures $14.5M | | | Customer data platform Freshpaint has raised $9.5 million in a Series A round led by Intel Capital. It also secured $5 million in debt. | | | | | | | Greenscreens.ai raises $5M from Tiger Global | | | Freight pricing platform Greenscreens.ai has raised a $5 million Series A from existing investor Tiger Global. The investment comes 10 months after the startup's seed round, which helped it increase annual recurring revenue by more than 500%. | | | | | | | London's SigmaOS lands $4M | | | | | | |
| |
| |
| PitchBook webinar: Insights into investment firms' compensation | | Join us to discuss Q2 and Q3 findings from the 2022 Thelander-PitchBook Investment Firm Compensation Survey results. Topics include data on salary increases, carried interest and more for every role, from entry-level analysts to managing general partners.
Register now to secure your spot. | | | | | | | |
| |
| |
| Alpha Dhabi buys 25% stake in Gordon Technologies | | | | | | | | Caltius Equity stakes commercial landscaper Aphix | | | Caltius Equity Partners has invested in Aphix, a founder-owned commercial landscaper that operates in Kentucky and Tennessee. Caltius plans to grow Aphix through Southeast-based add-on acquisitions. | | | | | | | San Francisco Equity invests in DGS Retail | | | San Francisco Equity Partners has acquired a majority stake in DGS Retail, which makes displays and signs for retailers. SFEP focuses investments on lower-middle-market companies that serve consumer markets. | | | | | | | CVC Capital, Group Black circle Vox Media | | | CVC Capital Partners and Group Black are working on a bid for Vox Media, which is valued at around $1 billion, Axios reported. The VC-backed media company is not looking to sell, but the firms have sent Vox a term sheet, according to the report. | | | | | | | Investors lining up $800M Forbes Media bid | | | Forbes Media has begun talks to sell itself to investors including India's SUN Group and GSV Ventures in a deal that could be worth about $800 million, Axios reported. In May, Forbes gave up on plans to go public via a SPAC transaction. | | | | | |
| |
| |
| Fiat Ventures raises $25M first fund | | | San Francisco-based early-stage VC firm Fiat Ventures has closed its first fund with $25 million to invest in fintech startups. | | | | | | | GLP Capital closes self-storage fund on $1.5B | | | GLP Capital Partners has held the final close of its latest fund on $1.5 billion in commitments. The fund is the largest ever to solely target investments in self-storage assets, GLP said. | | | | | |
| |
| |
| MassPRIM sees Q3 markdown of 5.7% for PE portfolio | | | | | | |
| |
| |
| Estée Lauder inks $2.8B Tom Ford deal | | | | | | |
| |
| |
| |
| |
No comments:
Post a Comment