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In today's Daily Pitch, you'll find: - Our Q3 2022 Global League Tables rank the top investors, advisers and more across PE and VC.
- The yearslong era of venture capital outperforming other private market asset classes is likely coming to an end.
- Funds invested in real assets like infrastructure and oil and gas showed record performance through Q1 2022.
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| Ranking the most active investors of Q3 | | The private equity and venture capital ecosystems have been buffeted but unbowed by a turbulent year. Amid macro headwinds that have left a mark on dealmaking, investors are still uncovering areas of opportunity.
Who led the way last quarter? The latest edition of our Global League Tables is now available for Q3 2022, covering the full range of private market activity. The interactive tables break down the most active investors by region, industry, deal type and more, along with ranking advisers, acquirers and law firms. | | | | | | | | | VC funds bid era of double-digit returns goodbye | |  | | (patpitchaya/Shutterstock) | | | For years, venture has outperformed every other private market asset class. But its supremacy may be waning.
In Q2, venture fund returns turned negative for the first time since 2016, PitchBook data shows.
And that's only the beginning of the descent. Venture returns will end the year down by about 20%, said Sean Engel, a managing director with Top Tier Capital Partners, a VC-focused funds-of-funds manager. | | | | | | | |
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| A Message from SS&C Intralinks | | |
| What does 2022's slowed private capital fundraising mean for investors? | | Private market fundraising is reflecting the negative shift in public market performance in 2022. However, not all funds are created equal. Debt and real asset funds, for example, have seen material growth in median fund sizes this year. Managers are contending with changes in investor behavior and new investment opportunities. SS&C Intralinks' Global Private Capital Fundraising Report offers a deep dive into these private capital fundraising trends as the market adjusts to its new normal.
Read the report here | | | | | | | |
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| Real assets fund returns reach decade-plus high | |  | | (Kaddo/Shutterstock) | | | Investing in real assets—infrastructure, oil and gas, and other natural resource extraction—paid off better in early 2022 than it has in over a decade.
By the end of Q1, rolling one-year IRR for real assets funds reached its highest point since the global financial crisis. | | | | | | | | | Leveraged loan investors, sponsors eye recoveries-after-default | |  | | (Funtap/Shutterstock) | | | As debt servicing costs rise and fears about inflation spark worry at portfolio companies sporting high leverage and/or near-term maturities, institutional investors once again are weighing what their investments might recover in cases of default. Clearly, not all industries are created equal here. Issuers in the telecom and retail sectors, for instance, demonstrate some of the lowest recoveries, while utilities and leasing companies have fared best.
In its latest LossStats analysis, LCD spans 34 years of history across multiple economic and industry cycles and $1.2 trillion of debt defaults to see how recoveries compare, across popular industry segments. Key takeaways: - Seniority is especially key regarding recoveries in asset-rich sectors.
- Weighed by the 2001 crash, telecom recoveries were among the lowest.
- Utilities historically see the highest recovery rates.
- A high concentration of riskier loans (those rated B-minus or lower) puts software in focus.
| | | | | | | | | | Naver, a South Korean internet company, has been experimenting with integrating robots into office life. [The New York Times]
FTX's new CEO, who has helped oversee some of the biggest bankruptcies ever, has called the case an "unprecedented" mess. [The Wall Street Journal]
Which populations feel their country is on the wrong track? [Visual Capitalist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 430 Deals | 2263 People | 609 Companies | 24 Funds | | | | | | |
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| 2016 Vintage Global Real Assets Funds | | | | | | |
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| 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. | | | | | | | |
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| Rezo Therapeutics snags $78M | | | | | | | | Syzygy Plasmonics grabs $76M | | | | | | | | The Applied AI Company raises $42M from UAE investors | | | | | | | | | | | | | | | BetterVet takes in $40M for mobile services | | | Mobile vet specialist BetterVet has raised a $40 million Series A co-led by Alta Partners and BetterVet's CEO and co-founder, Bruce Herzfelder. The funds will be used in part to expand services beyond its current market of 25 US cities. | | | | | | | | | OpenAI Startup Fund has led a $27 million Series B for Speak. The company's application helps English language learners practice conversational speaking. | | | | | | | Gravitics picks up $20M to build space station modules | | | Gravitics has raised $20 million in seed funding led by Type One Ventures. Based in Seattle, the company is developing a space station module with up to 400 cubic meters of habitable space. | | | | | | | Service 1st gets $20M in equity and debt | | | Service 1st Financial, a platform for financing energy efficiency upgrades in homes, has raised $20 million in equity and debt. S2G Ventures led the debt financing and co-led the equity portion. | | | | | | | Upstart Power secures $17M | | | Energy storage startup Upstart Power has secured a $17 million Series C led by Itochu Corporation. Upstart's power generators make electricity using solid oxide fuel cells. | | | | | |
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| Carlyle to acquire London's Incubeta | | | The Carlyle Group has agreed to acquire a majority holding in digital marketer Incubeta. The company employs 800 people across 22 locations around the world and is a globally certified Google Marketing Platform partner. Incubeta will be supported by Carlyle's Europe Technology Partners platform. | | | | | | | Mubadala backs AirCarbon Exchange | | | | | | | | CPPIB to boost stake in airports operator | | | The Canada Pension Plan Investment Board has agreed to increase its stake in Groupe ADP, formerly known as Aéroports de Paris, to just over 5.5%. The stock purchase agreement values CPPIB's post-settlement holdings in the Paris-area airport operator at €791 million (about $820 million). | | | | | | | Dominus sells L2 Brands to Sentinel | | | | | | |
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| Silver Lake to sell ServiceMax for $1.4B+ | | | Silver Lake has agreed to sell ServiceMax, which provides software for field service teams, to PTC for $1.46 billion in cash. PTC and ServiceMax have partnered on a joint venture since 2015. | | | | | | | Palo Alto Networks to buy Cider Security for $195M | | | | | | |
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| Vista Equity collects $11B | | | Vista Equity Partners has raised $11 billion for its latest flagship fund, Vista Equity Partners VIII, Private Equity International reported. The fund is targeting $20 billion in commitments. Its predecessor, Vista Equity Partners VII, closed on $16 billion in 2019. | | | | | | | IGlobe targets $200M for deep-tech fund | | | Singapore-based iGlobe Partners is planning its fifth fund, a $200 million venture vehicle for investing in innovative science companies, Bloomberg reported. | | | | | |
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| Temasek to write down $275M FTX investment | | | Singapore's Temasek plans to write down its $275 million investment into beleaguered crypto exchange FTX. In a statement, the state-backed fund said that there are "misperceptions" that its investment in FTX was an investment in cryptocurrencies, adding that it has no direct exposure to digital currencies. | | | | | |
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