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| In today's Daily Pitch, you'll find: | | | | | |
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| Europe warms on ESG, leaving its oil leaders out in the cold | |  | | (Lukasz Z/Shutterstock) | | | In a year when an energy crisis in Europe has sent the stock prices of US oil companies soaring, their European counterparts haven't felt the same bump. ESG may be to blame—at least in part.
European sustainable funds have attracted large number of assets, reducing the amount of capital flowing into oil companies, according to a recent Morningstar report. Oil investors have likewise cooled on European oil majors, which are investing more aggressively in the energy transition than their global peers. | | | | | | | | | European Q3 venture valuation trends in five charts | |  | | (Martin Diebel/Getty Images) | | | European VC valuations have maintained their upwards trajectory despite more challenging market conditions.
Here we share five charts showing how valuations fared in Q3, offering a window into the health of the European startup ecosystem. | | | | | | | | | More cuts in late-stage valuations loom, as startups miss revenue targets | |  | | (kan_chana/Shutterstock) | | | Many late-stage and pre-IPO companies are failing to hit their revenue projections. That's according to Kroll, a business valuations consultancy that advises companies on their internal valuations, known as 409A valuations.
If Kroll's sample is any guide, it would indicate that startups are in much worse shape than was believed until recently. The appraiser has advised nearly 50% of the late-stage companies it analyzed over the last few months to lower their 409A valuations. | | | | | | | | | Why some investors may have rose-tinted glasses | |  | | (Chloe Ladwig/PitchBook News) | | | Private equity has a reputation for surviving, and even thriving, in most economic crises, thanks in part to its illiquid nature and focus on long-term horizons. However, while this quality can insulate investors from economic volatility, at times it can also insulate them from reality.
It has been a bad year for public markets, but it is harder to say how PE has fared. Fundraising and dealmaking have cooled off, but in both cases, this still only really reflects a return to activity pre-2021.
Even so, the fear rippling through the public markets has not carried over to PE investors. Instead, the industry is cautiously optimistic—even confident—about its ability to ride out the economic and financial storm, with investors' portfolios sufficiently diversified to absorb any unfolding economic shock.
A part of this optimism could be chalked up to genuine resilience, but there is also something to be said about the way fund managers report their portfolio performance and how this could contribute to a relatively rose-tinted view. | | | | | | | | | | What fleeing Twitter users will—and won't—find on Mastodon. [The New Yorker]
The Labor Department is reversing regulations that made it harder for retirement savers to invest based on ESG principles. [The Wall Street Journal]
A look at The White House's plans to colonize the moon. [Vox] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 330 Deals | 1547 People | 497 Companies | 18 Funds | | | | | | |
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| 2017 Vintage Global PE Funds with more than $1B | | | | | | |
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| Calpers appoints new PE team lead | | | Calpers has appointed Anton Orlich as leader of its restructured private market investment program, a consolidation of the system's private equity and growth-and-innovation programs. The team is tasked with growing the pension fund's PE assets from 8% to 13% of the total portfolio. | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | Legal-tech company Harvey, which uses natural language processing to automate legal work, has secured $5 million led by the OpenAI Startup Fund, TechCrunch reported. | | | | | | | | | | | | |
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| H&F, Permira seal $10B Zendesk deal | | | Hellman & Friedman and Permira, among other investors, have closed on their $10.2 billion acquisition of Zendesk. The firms paid $77.50 in cash per share to take the customer service software specialist private. | | | | | | | First Reserve's IOG Resources II buys gas assets | | | | | | | | Vista Equity eyes Coupa Software take-private | | | Vista Equity Partners has been in talks with Coupa Software as the firm considers making a bid for the company, Bloomberg reported. The business expense management SaaS company went public on the Nasdaq in 2016. | | | | | |
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| NewSpring exits Avantus through $590M QinetiQ deal | | | NewSpring Capital has closed on the sale of Avantus Federal to QinetiQ Group's US division, a deal that values Avantus at $590 million. QinetiQ US engineers digital products for the Defense Department and intelligence agencies. NewSpring acquired Avantus through a leveraged buyout in 2018. | | | | | |
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| Apollo closes Accord+ Fund on $2B+ | | | Apollo Global Management has closed its latest special situations fund, Apollo Accord+ Fund, on $2.4 billion. The closed-end fund seeks to invest in multi-asset credit opportunities. | | | | | | | Raven raises $834M for credit fund | | | Raven Capital Management has raised $834 million for Raven Asset-Based Credit Fund II, and launched another fund, Raven Evergreen Credit Fund II. The firm plans to lend senior secured loans in North America with an asset-based focus. | | | | | |
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| Adani seeks $5B in equity financing | | | | | | |
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"One noteworthy platform creation in the ambulatory surgical space was TPG's investment in Blue Cloud Pediatric Surgery Centers via The Rise Fund, the firm's impact investment arm. Blue Cloud seeks to address significant unmet demand for Medicaid-eligible pediatric and IDD oral surgery—a niche that is also being addressed by VC-backed OFFOR Health."
Source: PitchBook's Q3 2022 Healthcare Services Report | | | | | |
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