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In today's Daily Pitch, you'll find: - New firm Lex Ferenda has entered the litigation-finance market with a first close on a fund targeting $100 million.
- Real assets funds are getting bigger—and better—according to our latest Global Real Assets Report.
- Chart of the day: Business products and services M&A activity, from our Global M&A Report.
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| Real assets funds get bigger, give better returns | | Fundraising for private real assets investing slowed in Q3, but the vehicles collecting LP commitments are ballooning in size. Meanwhile, returns are sitting at 15-year highs, the most recent data shows.
Infrastructure funds' rolling one-year IRR reached a post-global financial crisis peak of 16.7% through Q1. That's good news for the overall strategy, as infrastructure investments have made up the vast majority of real assets in 2022.
As the often long-term, low-risk strategy attracts more attention for its recent achievements, our Q3 2022 Global Real Assets Report breaks down who is investing in what, and why. - Increasingly large infrastructure funds are likely to continue the big take-private dealmaking of 2021 and 2022.
- LPs' commitments to riskier types of infrastructure funds are far higher than five- and 10-year averages.
- Oil and gas fundraising has dwindled through Q3 as more investors embrace energy infrastructure with lower emissions.
| | | | | | | | | Lex Ferenda dives into litigation funding with $100M vehicle | |  | | (Brian A Jackson/Shutterstock) | | | A new player has entered the litigation-finance market, raising a debut fund targeting $100 million.
The investment firm, Lex Ferenda Litigation Funding, recently held a first close for the fund, which is focused on commercial litigation and domestic arbitration in the US. It has raised more than half of its target from onshore and offshore investors including pension funds, hedge funds and a multifamily office.
Attracted by lucrative returns promised by GPs, even pension funds and endowments—generally considered to be more conservative—are increasingly considering litigation funding as they pursue returns untethered to volatility in the public markets. | | | | | | | |
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| What's in store for M&A in 2023? Twelve experts give their verdicts | | Ansarada's new report, 2023 M&A Outlook: Q&A with the Top Global Dealmakers, turns to the experts for their global dealmaking predictions for the year ahead.
2022 was a challenging year for dealmakers, with global M&A figures falling far short of the heights achieved in 2021.
Persistent inflation, slowing growth, and rising geopolitical tension were already front of mind this time last year. Russia's invasion of Ukraine, the subsequent dislocation of energy prices, and the continuation of strict COVID-19 measures in China have continued to exert macroeconomic challenges.
Despite all this, dealmakers are far from pessimistic.
Read the expert dealmaker viewpoints on 2023 and the tremendous opportunities to explore in the current climate, including further forays into digitalization and ESG.
Download the report here | | | | | | | |
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| Startup whiplash hits some sectors harder than others | |  | | (Yellow_man/Shutterstock) | | | There is no denying that 2022 has been a challenging year for startups. But it has not been equally difficult for every sector of the VC-backed ecosystem.
We use PitchBook data to examine how the deal value, deal count and valuations of 11 verticals have fared in 2022. In a weird year, these were VC's most resilient and weakest tech sectors. | | | | | | | | | Foreign VCs keep coming back to Europe | | Non-European investors have recorded their highest annual level of participation in the continent's venture deals to date in 2022.
Foreign VCs have been steadily increasing their exposure to European venture capital over the last few years as they seek to diversify their portfolios. | | | | | | | | | | How Laurel Bowden became one of Europe's top investors by skipping the hype. [Forbes]
Survival lessons from past tech downturns. [The Wall Street Journal]
Visualizing (and understanding) an inverted yield curve. [Visual Capitalist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 484 Deals | 1961 People | 532 Companies | 23 Funds | | | | | | |
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| 2016 Vintage European PE 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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| | | | | | | | MessageGears secures $62M | | | | | | | | | | Car part ecommerce platform Partly has closed a $21 million Series A led by Octopus Ventures and Shasta Ventures. Angel investor and Square co-founder Randy Redigg also joined in the round. | | | | | | | Nillion raises $20M, nets key hires | | | Web3 infrastructure startup Nillion has raised over $20 million in a round led by Distributed Global. The company also announced that it has filled several key leadership roles. Conrad Whelan, Uber's founding engineer, has joined as CTO, while former Hedera SPV general partner Alex Page is serving as CEO. | | | | | | | Kiyatec brings in $18M for cancer research | | | | | | | | Heatlhcare SaaS startup SaVia Health nabs $8.5M | | | | | | |
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| Don't miss our upcoming webinar | | The crypto market has lost some of its luster since its resurgence in 2021, with values dropping and companies and investors alike leaving the industry. But there is still ongoing VC interest, and we predict a significant amount of deployed capital in the next few years.
Join our webinar to get the perspectives of industry investors and PitchBook emerging tech senior analyst Robert Le on how this technology can move forward. Key topics include: - How this crypto bear market is different from past downturns.
- What investors are avoiding in this market and where they see opportunities.
- Viewpoints on risk management, security flaws, regulations and other crypto trends.
Register now to secure your spot. | | | | | | | |
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| BDT inks $3.7B Weber take-private | | | BDT Capital Partners, a major shareholder in Weber, has agreed to acquire the grill maker for $8.05 per share, a deal that would value Weber at $3.7 billion. BDT first acquired the company in 2011, and Weber went public on the NYSE in 2021. | | | | | | | Thoma Bravo to scoop up Coupa Software for $8B | | | | | | | | Stonepeak to pick up pipeline stake for $662.5M | | | | | | |
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| Hestia Capital seeks further control over Pitney Bowes | | | Pitney Bowes has received a letter from minority shareholder Hestia Capital Management outlining plans to overhaul the mailing company's board and top leadership, Reuters reported. Hestia, which owns 6.9% of Pitney Bowes, plans to nominate five new candidates to the board. | | | | | |
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| Microsoft to buy London Stock Exchange Group stake for $2B | | | | | | |
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"What attracts corporate and PE buyers alike is [business products and services'] high proportion of boot-strapped and founder-owned businesses. There have been 7,641 acquisitions of private boot-strapped business products and services companies so far this year, twice as many as any other sector."
Source: PitchBook's Q3 2022 Global M&A Report | | | | | |
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