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| In today's Daily Pitch, you'll find: | | | | | |
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| Introducing healthcare services PE industry research | | Healthcare services is a major investment area for private equity firms, accounting for roughly 10% of PE buyout and growth deals overall in the US in 2022. The investment strategies of these firms have implications for market players and other stakeholders like patients and regulators.
Our Q3 2022 Healthcare Services Report, sponsored by UnitedHealthcare, is the first of our new Industry Research series. The report maps out the PE ecosystem, deal activity, critical regulatory developments and other highlights, including: - US PE deal activity in healthcare services has remained resilient so far in 2022. Estimated deal count through Q3 2022 already exceeds 2020's full-year figure.
- PE strategies are increasingly concentrating on providing high-quality care in the lowest cost setting as well as preventive care to improve outcomes for the sickest individuals.
- Headwinds for the healthcare services industry include endemic staffing shortages and reimbursement pressures that are hitting providers hard, especially in skilled care and behavioral health.
| | | | | | | | | PE fund returns soften after last year's peaks | |  | | (hachiware/Shutterstock) | | | Global PE funds recorded a rolling one-year IRR of 29.9% through Q1 2022. And while that bests most private market strategies—except for secondaries and funds-of-funds—it represents a cool-off from last year's strong momentum.
Meanwhile, preliminary data indicates PE funds delivered a -3.2% return in Q2 2022, trailing all other private fund strategies.
PitchBook analysts expect global PE fund returns to remain negative or flat for another quarter or two before climbing back to positive ground, should the volatility in financial markets persist. | | | | | | | |
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| A Message from Twin Brook Capital Partners | | |
| Twin Brook on the evolution of ESG and its impact on private debt | | Drew Guyette, Chief Credit Officer & Senior Partner at Twin Brook, and Allison Binns, Head of ESG & Sustainable Investing Strategy at Angelo Gordon, recently sat down to discuss the evolution of ESG and what increased focus on the topic has meant for those in the private debt space.
Watch the video | | | | | | | |
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| Valuations of most-valuable VC-backed companies fall by half | |  | | (Alberto Andrei Rosu/Shutterstock) | | | Valuations of late-stage companies fell in Q3, and the decline was especially severe for the most valuable among them.
After fetching valuations of $1 billion or more for six consecutive quarters, the top decile of late-stage startups by valuation have seen their prices plummet to $680 million in Q3 2022.
The decline can in part be attributed to the near-departure of crossover investors from late-stage VC, and it signals that existing unicorns will have difficulties holding on to their unicorn status. | | | | | | | | | On the podcast: The venture debt playbook | | As the markets have turned south, venture debt seems to have become all the rage. But how many startups are actually raising it?
This week, Armentum managing partner John Markell joins the podcast to unpack the world of venture debt. Markell shares his thoughts on how venture lenders go about underwriting young companies, why investors are souring on the consumer market, how venture debt differs from structured equity, and which types of startups should—or really shouldn't—raise debt. | | | | | | | | | Unicorn Maven raises $90M as focus on women's healthcare sharpens | |  | | (sianstock/Shutterstock) | | | Maternity and women's healthcare company Maven has raised $90 million Series E at a $1.35 billion valuation. Despite the unfavorable funding environment, the New York-based company scored a meaningful valuation increase from its previous round when it was valued at $1 billion.
While VC interest in women's health has grown over the last few years, the US Supreme Court's decision to overturn Roe v. Wade has shined an even brighter spotlight on the need for technologies that serve the female population. | | | | | | | | | | A hacker stole $400 million from FTX this weekend. Here's what reporters know so far. [Fortune]
The $6 billion shot at making new antibiotics—before the old ones fail. [Wired]
Who will win the race to generate electricity from ocean tides? [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 433 Deals | 1980 People | 560 Companies | 11 Funds | | | | | | |
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| 2010 Vintage Global VC Funds | | | | | | |
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| A Message from RBC Capital Markets | | |
| Activism is increasingly embedded into M&A strategy | | Shareholder activism has returned after a pandemic lull. How will the rise of activist investors and universal proxies affect deal flow? How are corporate boards responding?
Get in-depth insights from RBC's expert bankers as they discuss topics and trends affecting the global M&A market on M&A Inflection Points, a limited podcast series. | | | | | | | |
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| MBX Biociences closes $115M Series B | | | | | | | | Cultured meat startup Vow lands $49M+ | | | Vow has raised a $49.2 million Series A led by led by Blackbird and Prosperity7 Ventures. The Australian company grows meat from real animal cells. | | | | | | | Owl Labs secures $25M Series C | | | Owl Labs has raised $25 million in a round led by HP Tech Ventures, the venture arm of HP. The Boston-based company offers video conferencing technology. | | | | | | | | | | | | | | Impact collects $15M Series B | | | Impact, which operates a professional network for the film and television industry, has raised a $15 million round led by Shasta Ventures. | | | | | | | | | | | | | | | | | | | | | FTX Ventures co-leads $5M round for Joepegs | | | NFT marketplace Joepegs has raised a $5 million seed round co-led by the Avalanche Foundation and FTX Ventures. The funding was completed before FTX filed for Chapter 11 bankruptcy protection, TechCrunch reported. | | | | | |
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| Partners Group has $1.2B plan for data center specialist | | | | | | | | Achieve Partners backs test-preparation specialist MasteryPrep | | | Achieve Partners has acquired MasteryPrep, whose programs help students prepare for college entrance exams and end-of-year exams in more than 500 school districts. The company has received earlier funding from VCs and angel investors. | | | | | | | AE Industrial acquires York Space Systems | | | AE Industrial has acquired a majority stake in Denver-based York Space Systems, which designs and manufactures satellites for low-Earth orbit. When the deal was announced in October, BlackRock agreed to invest in York alongside AE Industrial. | | | | | |
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| Yorkville to extend $350M credit line to Faraday Future | | | Yorkville Advisors Global has agreed to extend a standby equity line of credit to Faraday Future, a startup working to release its first electric vehicle. Yorkville has made an initial commitment of $200 million, which can be increased to up to $350 million. | | | | | |
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| Saudi PIF considers taking ADES public again | | | Saudi Arabia's sovereign Public Investment Fund is considering another IPO for oil and gas company ADES International Holding, Bloomberg reported. The fund took ADES private in 2021; it had traded on the London Stock Exchange for four years, after its 2017 IPO. | | | | | |
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| Mubadala joins Capital Constellation as 10th partner | | | Mubadala Capital, a subsidiary of the United Arab Emirates wealth fund, has become the 10th partner of Capital Constellation, a joint venture of 10 institutional investors, advised by Wafra, that acquires minority stakes in growing PE firms and other alternative asset managers. | | | | | |
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