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| Vaccine hunt drives ongoing VC demand for life sciences and commercial lab space | |  | | (MirageC/Getty Images) | | | As companies such as Moderna and Novavax search for a COVID-19 vaccine, VC interest in the life sciences space has never been higher: Venture capitalists invested more than $15 billion in the sector during the first half of 2020, on pace for the highest annual total on record.
But the intrigue was building long before the onset of a pandemic—and the growth of many well-funded companies in the industry over the past several years has generated skyrocketing demand for lab space. Our latest analyst note investigates these twin trends, offering a look at how increasing investment in biotech and pharmaceuticals is shaking up the world of commercial real estate: | | | | | | | | | | Blackstone, Churchill Capital line up PE's latest SPAC mergers | |  | | (PhotoAlto/Frederic Cirou/Getty Images) | | | The SPAC craze continued Tuesday with a pair of deals demonstrating the many ways private equity firms are helping drive one of the year's biggest financial booms.
Blackstone portfolio company Finance of America has agreed to merge with a special-purpose acquisition company called Replay Acquisition Corp. in a deal that will give the consumer lending specialist an equity valuation of $1.9 billion. The deal will include a $250 million PIPE investment in Finance of America from other institutional investors, and Blackstone will retain a 70% stake in a company it has backed since 2013.
In addition to lining up SPAC mergers for their portfolio companies, private equity firms also continue to back SPACs of their own. A blank-check company backed by Churchill Capital has agreed to merge with Skillsoft, valuing the provider of digital learning and staffing software at roughly $1.3 billion. Upon the deal's completion, the combined company will acquire Global Knowledge Training from Rhône Capital for some $233 million.
Skillsoft was itself backed by private equity for six years before filing for Chapter 11 bankruptcy protection this June. Charterhouse Capital Partners acquired the Dublin-based company from Advent International, Berkshire Partners and Bain Capital in a 2014 deal worth more than $2.3 billion. In August, a judge confirmed an agreement with lenders to reduce Skillsoft's debt by some $1.5 billion.
Related read: Private equity plays a starring role in 2020's SPAC boom | | | | | | | |
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| A message from Florida Venture Forum | | |
| The Florida venture ecosystem remains resilient | | After a record 2019, the Florida venture ecosystem has stayed resilient even in the onslaught of the COVID-19 pandemic, registering $1.4 billion invested across 200+ transactions. Florida Venture Forum has drawn on PitchBook's datasets in order to produce a review of how venture investing trends have fared thus far across the state, pulling in activity across company lifecycles as well as the impact of corporate players. In addition, the Bridge Bank-sponsored report breaks down key metrics into a full-length infographic, summarizing exits and the role of outside investors.
Read the full review | | | | | | | |
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| | In the early days of the pandemic, it looked like Airbnb could be in trouble. Here's how Brian Chesky & Co. managed to bounce back. [The Wall Street Journal]
A deep dive into how KKR is expanding its ambitions in Asia, with a focus on growing companies with the potential to dominate their local markets. [Nikkei Asia]
The short-selling firm that made headlines for a recent bet against Nikola now has another target in its sights. [Institutional Investor] | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 358 Deals | 1517 People | 413 Companies | 19 Funds | | | | | | |
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| 2009 Vintage Global Funds-of-Funds | | | | | | |
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| PitchBook Webinar: Sustainable investing in the context of COVID-19 | | As private market investors continue to commit more dollars and create additional products around sustainable investing, the field has continued to evolve. From considering investments in the framework of ESG risk factors to newer developments in impact investing today, a lot has changed.
Join us for a webinar on Oct. 21 at 10 a.m. PT that discusses how LPs, GPs and their advisers are thinking about sustainable investing in the context of COVID-19. Takeaways will include: - Highlights from our 2020 sustainable impact survey, which includes responses from LPs, GPs and service providers
- How investors are considering sustainable investing in light of the COVID-19 pandemic
- How PitchBook is working to serve the needs of investors interested in sustainable investing
Register today | | | | | | | |
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| Former CEOs join Periscope Equity | | | | | | | | | Behrman Capital brings on operating partner | | | Lyndon Faulkner has joined Behrman Capital, a private equity firm jointly based in San Francisco and New York, as an operating partner. Faulkner will also remain in his role as executive chairman of Pelican Products, a maker of portable lighting systems and protective cases that Behrman has owned since 2014. | | | | | |
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| VC-backed COVID-19 test provider lands $481M in US funding | | | | | | | | | Alkira raises $54M Series B | | | Cloud networking startup Alkira has picked up $54 million in a Series B led by Koch Disruptive Technologies. Sequoia, Kleiner Perkins, GV and others also participated in the round. Founded in 2018, the San Jose-based startup helps enterprises build and deploy global hybrid or multi-cloud networks. Alkira has added KDT managing director Jason Illian to its board of directors. | | | | | | | | | Astroscale, which is developing solutions to remove space debris, has scooped up a $51 million Series E led by aStart. Other investors in the round include Hulic, I-Net, Shimizu and Sparx Space Frontier Fund. The Tokyo-based company has raised $191 million in funding since it was founded in 2013. | | | | | | | | Armory nabs $40M for cloud SaaS platform | | | Software company Armory has secured $40 million in a Series C led by B Capital. Marc Benioff and Lead Edge Capital also joined the round, along with existing investors. Armory has commercialized Spinnaker, an open source multi-cloud continuous delivery platform developed by Netflix and Google. The San Mateo, Calif.-based startup has raised $82 million to date. | | | | | | | | Apiiro emerges from stealth with $35M | | | Apiiro, a provider of software that scans code for security issues, has come out of stealth with a $35 million round led by Greylock Partners and Kleiner Perkins. The Israeli company's clients include two large banks in the US and companies in the gaming, healthcare, and software development sectors. Co-founders Idan Plotnik and Yonatan Eldar were previously executives at cloud security startup Aorato, which Microsoft bought for $200 million in 2014. | | | | | |
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| Ardian strikes pact for chemical company | | | | | | | | | Gallatin Point takes over First Investors | | | | | | | | | CVC Capital, Advent inch closer to deal with Serie A | | | | | | | | | LGP takes minority stake in Eyemart Express | | | Leonard Green & Partners has made a strategic investment in Eyemart Express, a Texas-based optical retailer offering eye exams and prescription eyewear at more than 220 locations in the US. FFL Partners, which has backed Eyemart Express since 2014, will retain a majority stake alongside the company's founding family. | | | | | |
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| Ant's IPO delayed by regulatory probe | | | Chinese regulators are probing Ant Group's upcoming IPO over a possible conflict of interest, according to Reuters. The inquiry holds up approval for the Chinese fintech company's hotly anticipated offering, which could raise $35 billion. The probe reportedly centers on Ant-owned payment platform Alipay, which retail investors must use in order to invest in five mutual funds participating in the IPO. | | | | | | | | McAfee readies $750M+ IPO | | | Cybersecurity pioneer McAfee has revealed plans to offer 37 million shares for between $19 and $22 apiece in its upcoming public offering on the Nasdaq. A mid-point pricing would raise $758.5 million and result in a market capitalization of $8.8 billion, according to the number of shares outstanding indicated in a securities filing. TPG Capital bought a 51% stake in McAfee from Intel in 2016, valuing the company at $4.2 billion. Intel retains a minority interest, and Thoma Bravo also owns a stake in the San Jose-based company. | | | | | | | | Oaktree, Americold ink $1.7B+ deal for Agro | | | Oaktree Capital Management has agreed to sell Agro Merchants Group, an owner of cold storage facilities around the world, to Americold Realty Trust for $1.74 billion in cash and stock. Backed by Oaktree since 2014, Agro has used a series of acquisitions to build a portfolio of 46 facilities totaling 236 million refrigerated cubic feet. Americold is a publicly traded trust that owns over 1 billion refrigerated cubic feet of cold storage assets. | | | | | | | | Advent Technologies to merge with SPAC | | | Advent Technologies has agreed to combine with AMCI Acquisition, a special-purpose acquisition company. Advent shareholders plan to roll all of their equity into the combined company. The deal values the Cambridge, Mass.-based fuel cell-maker at $358 million and is expected to close in Q4 or early 2021. | | | | | |
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| Insight eyes $875M for preferred equity strategy | | | Insight Partners is seeking to raise $875 million for a debut opportunities fund targeting convertible preferred equity deals, a bid to capitalize on market disruption caused by the pandemic, according to The Wall Street Journal. The New York-based firm closed its latest flagship fund on $9.5 billion in April. | | | | | | | | Canaan secures $800M for 12th fund | | | Canaan Partners has raised $800 million for its 12th early-stage venture fund, which will target healthcare and tech companies. The San Francisco-based firm was an early backer of companies including Instacart and The RealReal and has recently expanded into frontier, consumer and security investments. The venture firm also raised $800 million for its previous fund in 2017. | | | | | | | | Levine Leichtman grows ambitions in Europe | | | Levine Leichtman Capital Partners has closed its second Europe fund with €463 million (about $543 million) in commitments. The vehicle marks a major increase in size from its predecessor, a €100 million Europe fund that closed in 2015. Based in the Los Angeles area, Levine Leichtman closed its latest flagship fund last year on $2.5 billion. | | | | | | | | | Long Ridge Equity Partners has closed its third flagship private equity fund on $445 million, including a $45 million contribution from the firm and its advisers. Founded in 2007 and based in New York, Long Ridge pursues both buyout and growth investments in the financial and business technology sectors, targeting equity investments of up to $75 million. | | | | | |
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| BLCK VC helps launch education initiative for Black entrepreneurs | | | | | | |
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| Saudi Aramco talks $10B+ pipeline deal | | | Saudi Aramco is in negotiations to sell a stake in its pipeline business worth more than $10 billion to a group of investors that could include BlackRock and Brookfield Asset Management, according to Reuters. Earlier this year, Brookfield was part of an investor group that paid $10.1 billion for a 49% stake in some of the Abu Dhabi National Oil Company's pipeline assets. | | | | | |
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