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| Reopened economies cause European PE activity to roar back | |  | | Across Dublin and other European markets, PE activity is ramping back up. (© Marco Bottigelli/Getty Images) | | | In Europe, private equity dealmakers closed on 972 transactions during the third quarter of the year, a leap of nearly 33% from the quarter prior. As economies across the region began to reopen from mass lockdowns caused by the coronavirus crisis, investors were eager to get back to work.
But despite last quarter's activity, the European market should still expect an uneven and uncertain recovery from the worst ravages of the pandemic, according to PitchBook's Q3 2020 European PE Breakdown. The report takes a data-driven look at the bounce-back in deal activity and several other key trends, including: - The tech sector proved to be one of the biggest drivers of Q3's dealmaking push
- Annual PE exit count in Europe is on pace for a 10-year low, a sign of continued caution from sponsors
- On the other hand, PE fundraising figures in Europe are on track to reach their second-highest annual total this decade
| | | | | | | | | | Robert Smith settles DOJ probe for $140M | | Robert Smith, the founder of Vista Equity Partners, has reached a $140 million settlement agreement with the Justice Department related to a probe into the billionaire's taxes, The Wall Street Journal reported.
- The settlement reportedly includes a penalty of $85 million, with Smith also set to pay $30 million in back taxes and roughly $25 million in interest.
- The four-year probe centered on whether Smith failed to pay taxes on $200 million in assets connected to businessman Robert Brockman, the sole investor in Vista's inaugural fund.
- Under the settlement, Smith will admit liability for taxes owed but he won't face prosecution, the WSJ reported.
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| The adaptation of due diligence in the PE dealmaking landscape | | In the COVID-19 era, nearly everything seems to have changed. Private equity's methods of due diligence are no exception. According to a recent Datasite survey of 500+ global PE professionals, dealmakers are leveraging new and emerging technologies to adapt and expedite classic approaches to due diligence in order to better navigate the highly competitive PE dealmaking environment.
In a full-length market review, Datasite utilizes PitchBook data and those survey results to analyze the current dealmaking landscape in depth, identifying the key trends defining the market and PE fund managers' priorities.
Read the report | | | | | | | |
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| Driven by pandemic demand, mental health startups surpass 2019 funding | |  | | (katleho Seisa/Getty Images) | | | As Americans struggle with mental health conditions exacerbated by COVID-19, VC investment in virtual care services has taken off—increasing more than fourfold since 2015.
Mental health startups logged a series of mega-rounds in the first three quarters of this year alone. And with meditation app maker Calm reportedly eyeing a $150 million round at a $2.2 billion valuation, the sector's funding haul is set to keep growing: | | | | | | | | | | In the isolation of the pandemic, teenagers are searching for new ways to connect, aiding an ongoing explosion in popularity for a game called "Among Us." [The New York Times]
An answer to a question you may have never thought to ask: What would happen if a cult started an edtech platform? [OneZero]
Airbnb rentals are replacing nightclubs as the place where revelers unconcerned with social distancing go to mingle. For experts in the home rental marketplace, it's "something we've never seen before." [Bloomberg] | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 424 Deals | 1485 People | 404 Companies | 8 Funds | | | | | | |
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| 2017 Vintage Global PE Funds with $250M-$500M | | | | | | |
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| Bain Capital Ventures adds talent partner | | | | | | |
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| Getaround speeds off with $140M Series E | | | Car-sharing startup Getaround has raised $140 million in a round led by PeopleFund, with participation from investors including Reinvent Capital, SoftBank and Pennant Investors. Founded in 2009, the San Francisco-based company is the provider of a platform that allows users in more than 300 cities to rent cars by the hour or day. Getaround was valued at $1.7 billion in August 2019, according to PitchBook data. | | | | | | | | SoftBank leads $140M Series D for farming startup Plenty | | | Plenty, an operator of indoor vertical farms, has raised a $140 million round led by SoftBank, with participation from fresh berry company Driscoll's. The funding will be used in part to execute a collaboration in which Plenty will grow Driscoll's strawberries in its indoor farms. San Francisco-based Plenty has raised over $500 million in total funding. Its renewable energy-powered farms can grow the equivalent of 1,500 acres worth of food in a building the size of a large grocery store. | | | | | | | | Wealthsimple collects $87M in latest round | | | Canadian fintech startup Wealthsimple has raised C$114 million (around $87 million) in a round led by TCV. Greylock Partners, Meritech, Two Sigma Ventures and existing investor Allianz X also participated in the funding, which values the Toronto-based company at C$1.4 billion. Wealthsimple provides automated investing, commission-free stock and crypto trading, tax filing software and other financial products to more than 1.5 million Canadians. The startup raised C$100 million in May 2019. | | | | | | | | Mexico-based rental startup banks $48M | | | | | | |
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| Cinven backs life sciences add-on | | | | | | | | | Actis set for $139M fiber deal | | | Emerging markets investor Actis has agreed to purchase a majority stake in South African fiber operator Octotel for 2.3 billion rand (about $139 million). The company's network currently provides high-speed access to more than 175,000 homes and businesses. In a separate deal, Actis has agreed to acquire a minority stake in South African internet service provider RSAWEB. | | | | | | | | Clearlake's Dude Solutions to take over Confirm | | | Dude Solutions, a provider of operations management software, has agreed to acquire Confirm, which offers asset management software, from data management software provider Precisely. Clearlake Capital Group has owned Dude Solutions since June 2019. | | | | | | | | BlackRock devotes $118M to electric vehicle company | | | BlackRock has invested $118 million in Arrival, a London-based company that specializes in manufacturing and designing electric busses and vans. The round values the business at roughly €3 billion (about $3.5 billion), according to The Wall Street Journal, the same valuation it reportedly had after Hyundai and Kia invested €100 million in January. | | | | | |
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| Datto's valuation could top $4B after IPO | | | Vista Equity Partners portfolio company Datto has revealed plans to offer 22 million shares for between $24 and $27 apiece in its upcoming IPO on the NYSE. A midpoint pricing would raise $561 million and result in an initial market cap north of $4 billion, according to the shares outstanding indicated in a regulatory filing. Datto is a Connecticut-based company that creates cloud-based software for small and medium-sized businesses. | | | | | | | | Oaktree's Array upsizes IPO | | | Array Technologies, a manufacturer of ground-mounting systems for solar energy projects, has increased the size of its upcoming IPO on the Nasdaq from about 33.8 million shares to 45 million shares. Based in Albuquerque, Array still plans to offer shares for between $19 and $21 apiece, meaning a midpoint pricing would now raise $900 million. Oaktree Capital Management has backed Array since 2016 and is set to retain a controlling stake upon the IPO's completion. | | | | | | | | E2open inks nearly $2.6B SPAC pact | | | E2open, a creator of cloud-based software for managing supply chains, has agreed to go public by merging with a special-purpose acquisition company called CC Neuberger Principal Holdings I, giving the Austin-based business an enterprise value of $2.57 billion. E2open was previously publicly traded from 2012 to 2015, at which point it was taken private by Insight Partners and Elliott Management in a $273 million deal. | | | | | | | | DoubleVerify eyes $5B valuation for 2021 IPO | | | DoubleVerify is aiming to raise at least $500 million in an IPO that would value it at about $5 billion, according to Bloomberg. The New York-based business, a developer of software that helps companies track digital media engagement, has reportedly chosen banks for an offering that may occur in the first half of next year. Providence Equity Partners bought a majority stake in the company in 2017. | | | | | |
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| Lead Edge Capital refuels with $950M | | | Lead Edge Capital has closed its latest vehicle on a hard cap of $950 million, the growth-stage firm's fifth and largest flagship fund to date. New York-based Lead Edge, led by Mitchell Green, raised $520 million for its previous namesake fund in 2018. The firm's portfolio companies include project-management specialist Asana, which went public in September, and China-based financial powerhouse Ant Group, which is expected to have its own IPO in the coming months. | | | | | |
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| Conoco talks mega-deal with Concho | | | ConocoPhillips is negotiating a deal to acquire Concho Resources, an oil exploration and production company based in Texas, according to Bloomberg. Concho has a major presence in the Permian Basin and owns other assets in the Delaware Basin and Midland Basin. The company's stock closed Wednesday up more than 10%, giving Concho a market cap of some $9.6 billion. | | | | | | | | Huawei weighs partial divestiture | | | Chinese telecom giant Huawei is considering a sale of part of its Honor smartphone business that could return as much as 25 billion yuan (about $3.7 billion), according to Reuters. Digital China Group is said to be one of the possible suitors. Huawei is reportedly considering a pivot away from Honor's more budget-focused phones to concentrate on its own higher-end offerings. | | | | | | | | Morning Brew mulls $75M sale | | | The parent company of Business Insider is in the late stages of talks to acquire newsletter startup Morning Brew at a valuation of more than $75 million, according to The Wall Street Journal. Founded in 2015 and based in New York, Morning Brew reportedly has almost 3 million subscribers to its newsletters covering business, finance and tech. | | | | | |
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"During H1 2020, the median and average VC fund size has been pacing slightly higher than in 2019, further underlining resolute fundraising conditions amid travel restrictions and lockdowns across Europe. Israel-based S Capital VC closed its S Capital Fund II at €110.0 million, one of the six €100+ million funds to close in Q2."
Source: PitchBook's Q2 2020 European Venture Report | | | | | |
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