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| In today's Daily Pitch, you'll find: | | | | | |
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| Market turmoil catches up with European VC in Q3 | | European venture dealmaking dipped in Q3 as market conditions become increasingly challenging. Deal value fell more than 36% quarter-over-quarter to €18.4 billion, the lowest figure since Q4 2020, although annual totals are still on pace with 2021.
Our Q3 2022 European Venture Report showcases the key trends that have shaped the continent's VC ecosystem: - Nontraditional investors remain active in Europe's startup scene.
- Exit count shows resilience but value falls sharply compared to last year.
- European VC fundraising activity remains healthy, with 145 closes worth €19.4 billion.
| | | | | | | | | Four takeaways from the 2022 PitchBook university rankings | |  | | Stanford University (jejim/Shutterstock) | | | The PitchBook university rankings are out, providing a unique look into which colleges produce the most VC-backed entrepreneurs.
While the usual suspects like Stanford University, UC Berkeley and Harvard are among the top schools, the data also offers a chance to examine how school characteristics—such as size, location and public or private funding status—correspond to the number of alumni who become founders. | | | | | | | |
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| Setting the course for maximum value creation | | The first 100 days following an acquisition constitute the most critical period. As the focus shifts from business purchase to setting up the acquisition for long-term value creation, no time, money or resources can be wasted.
To improve the chances of meeting or exceeding expected value, collective experience has proven that the most successful value creation plan implementations focus on four key practices.
RSM's newly released guide explores: - The importance of prioritizing people
- The value of a transformation team
- Why leveling up communications is critical
- Tips on monitoring and measuring
Read it now | | | | | | | |
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| On the podcast: A new life for downside protection | | Venture capital firm G Squared was founded with one idea in mind: Venture-backed companies are staying private longer. And with the IPO market now frozen over, that thesis is proving true.
In the latest episode of "In Visible Capital," G Squared founder and managing partner Larry Aschebrook checks back in with PitchBook senior editor James Thorne to discuss why his firm is pressing pause on the secondary market as primary investors load up deals with downside protection, and what those protections look like in an uncertain market.
Aschebrook also touches on the consolidation of capital with consistent GPs, the uncertain future of the SPAC market, and how founders are coming to terms with the current fundraising environment.
Plus, PitchBook lead analyst Nalin Patel chats with host Alexander Davis about insights from the Q3 2022 European Venture Report and the 2022 UK & Ireland Private Capital Breakdown. | | | | | | | | | KKR poised for a 'great private credit backdrop,' Evercore says | |  | | (SFIO CRACHO/Shutterstock) | | | The private debt market is on the mend—at least for nontraditional private debt lenders, according to KKR co-CEO Joe Bae.
Investment bank Evercore's research arm noted in a report summary that the current economic environment is a "great private credit backdrop" for KKR, driven largely by the fact that banks have become more risk-averse and have pulled back in lending. For KKR and other private credit lenders, this moment marks an opportunity to push debt at competitive rates. | | | | | | | | | Post-peak: DACH's biggest PE deals of 2022 | |  | | (Noppasin Wongchum/Shutterstock) | | | The DACH region, like the rest of Europe, has seen a slowdown in PE dealmaking this year as the post-pandemic rally fades and hard economic realities begin to bite.
So far, the bloc has seen three €1 billion-plus deals completed, led by The Carlyle Group's acquisition of Swiss engineering software specialist AutoForm for €1.66 billion. | | | | | | | | | | Tighter belts and a focus on revenue may not seem like the best ingredients for cooking up technological innovation, but are they? [The Wall Street Journal]
How spores are helping biologists understand life, death and everything in between. [Wired]
Mark Zuckerberg has used his majority control to ramp up efforts to build the metaverse, despite Wall Street's skepticism. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 349 Deals | 1943 People | 667 Companies | 33 Funds | | | | | | |
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| 2017 Vintage European Debt Funds | | | | | | |
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| Solugen valued at over $2B | | | Solugen has raised $200 million at more than $2 billion valuation, Bloomberg reported. Based in Houston, the specialty chemicals company uses bio-based resources, like sugar, to make chemicals. | | | | | | | Bright Machines brings in $132M in equity and debt | | | | | | | | Valera Health picks up $45M | | | | | | | | Car subscription provider Invygo raises $10M | | | Invygo has raised $10 million from investors including Al Rajhi Partners, Arab Bank and Amana Capital, TechCrunch reported. The company is a developer of a subscription-based, short-term car rental platform across UAE and Saudi Arabia. | | | | | |
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| Blackstone to stake Emerson's $14B HVAC business | | | Blackstone has agreed to acquire a 55% stake in Emerson's climate control and HVAC business, known as Climate Technologies. Emerson will collect roughly $9.5 billion in cash as well as a $2.25 billion note when the deal closes. Blackstone will pay the cash portion with $5.5 billion in fully committed debt and $4.4 billion in equity. Additional investors include the Abu Dhabi Investment Authority and GIC. | | | | | | | Veritas inks $3B+ Wood Mackenzie deal | | | Veritas Capital has agreed to purchase Wood Mackenzie, the energy- and natural resources-focused subsidiary of data analytics provider Verisk, for $3.1 billion in cash and up to an additional $200 million down the line. Verisk acquired the Scottish company from Hellman & Friedman for about $2.8 billion in 2015. | | | | | | | Gaw nears $540M Tokyo real estate deal | | | Hong Kong-based real estate PE firm Gaw Capital Partners is in advanced talks to acquire seven Tokyo-area warehouses from Blackstone for about $540 million, Bloomberg reported. Gaw typically invests in the US, Europe, China and Hong Kong but has said it will invest up to $4 billion in Japan through mid-2024, according to the report. | | | | | | | Littlejohn acquires Lipari Foods | | | Littlejohn & Co. has acquired a majority stake in Lipari Foods, which distributes food to more than 7,500 specialty grocery stores. Previous majority owner HIG Capital has retained a minority stake in the company. | | | | | | | Trivest's Unosquare adds on Catalyst UX | | | Trivest Partners-backed SaaS company Unosquare has acquired Silicon Valley-based Catalyst UX, which designs software for companies in the fintech, medical and life sciences verticals. | | | | | |
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| Runway, Avenue fund $145M credit for Kin | | | | | | |
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| Align closes third fund on $620M | | | Align Capital Partners has closed its third fund with $620 million in capital commitments, passing its $550 million target. Align invests in lower-middle-market companies in the business services, tech, specialty manufacturing and distribution sectors. | | | | | |
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"Exit value has steadily declined QoQ as we have progressed through 2022, with €48.0 billion logged in Q3. The decline in exit activity has coincided with worsening wider financial market sentiment, as fears of market-correcting recessions have surfaced. Despite the looming economic downturn, exit activity has been in line with pre-2021 figures."
Source: PitchBook's Q3 2022 European PE Breakdown | | | | | |
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