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| The past and future of PE: How COVID-19 accelerated trends and fueled dealmaking | | Last spring, PitchBook's quantitative analysts provided a playbook for what private equity might face in the then-nascent COVID-19 crisis. A year on, the newest edition of our Quantitative Perspectives report revisits those predictions and considers the impact of a recession unlike any in history.
What felt like a free fall was followed by a recovery lasting just months, rather than the typical yearslong struggle to return to normal. 2020's wild ride is setting up private equity for a fascinating future. Highlights from the report include: - The unprecedented amount of monetary and fiscal stimulus that fueled the speedy recovery will have lasting impacts on financial markets.
- Far from completely disrupting PE, the pandemic accelerated long-term trends and raised resilience by driving dealmaking in tech and healthcare.
- The record amount of liquidity available to buy private companies—over $2.3 trillion—should provide a tailwind for PE-backed exits in 2021.
| | | | | | | | | | Amazon-backed Deliveroo targets $12.2B IPO valuation | |  | | (Courtesy of Deliveroo) | | | Food delivery unicorn Deliveroo is seeking a valuation of up to £8.8 billion (about $12.2 billion) in its upcoming IPO. - The London-based company has set the price range for its listing at between £3.90 and £4.60 per share. It is planning to sell around 384.6 million shares, which would raise some £1.8 billion at the top of that range. Deliveroo has received prior backing from investors such as Amazon, T. Rowe Price and Greenoaks.
- The listing will mostly consist of new shares, with £1 billion earmarked for the company's growth. Sky News reported that founder Will Shu is likely to sell a portion of his 6.2% stake, which could be worth some £550 million after the debut.
- Deliveroo's IPO is reportedly on course to be the largest London has seen in the last 10 years. The UK is currently looking to relax listing rules to attract more companies to its stock exchange.
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| A message from Bridge Bank | | |
| NY sees second-highest annual exit value at nearly $37 billion | | Despite a significant drop in volume, 2020 still saw the second-highest aggregate annual exit value for New York on record, thanks to a slew of multibillion-dollar sales and debuts.
In the inaugural installment of Bridge Bank's Private Markets to Watch series, the key top-level trends that defined PE dealmaking in New York last year—as well as the past decade—are examined in depth, including that massive exit tally. Additionally, the report contains analysis of the NY PE fundraising boom of the 2010s as the industry grew even further.
Read the report | | | | | | | |
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| End of an era for private equity as Leon Black hastens exit from Apollo | |  | | Apollo co-founder Leon Black (left) has been with the firm for more than three decades. (Dia Dipasupil/Getty Images) | | | Apollo Global Management's Leon Black announced earlier this year he would step down as the firm's CEO this summer. Black's plan was to stay on as chairman, but Apollo announced Monday that Black will step down from that role and relinquish his CEO duties immediately. - Apollo co-founder Marc Rowan has become CEO, while Jay Clayton has assumed a role as non-executive chairman of the board.
- In stepping down, Black, who will continue to be Apollo's largest shareholder, cited his own unspecified health concerns and the health of his wife, Debra Black, who has for years battled an aggressive form of melanoma.
- Black's departure was originally announced in January following an independent probe that uncovered the extent of his financial ties to Jeffrey Epstein.
| | | | | | | | | | How Italy's ancient winemaking industry is adapting to keep up with booming online wine sales and other pandemic-related changes. [Fortune]
An interview with world-renowned primatologist and humanitarian Jane Goodall on her new podcast, carbon footprints, and why she's hopeful in 2021. [BBC]
Spain is the first country in the world to pilot a four-day workweek. Will the idea go mainstream? [Time] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 539 Deals | 1888 People | 549 Companies | 35 Funds | | | | | | |
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| 2010 Vintage Global Real Estate Funds | | | | | | |
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| Where is your organization in its diversity journey? | | As part of its commitment to increasing diversity on leadership teams, top-20 retained executive search firm ON Partners engaged its community of executive influencers in a survey to define and understand what key diversity, equity and inclusion initiatives are taking place in their organizations.
Some executives have launched DEI councils, others have created training and executive mentoring programs, and still many others have yet to take real action or feel their barriers lie in the "frozen middle."
ON wants to know about your diversity journey. See initial survey results and add your organization's DEI actions and insights here. | | | | | | | |
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| PitchBook Webinar: The importance of US and European VC valuations in 2021 | | Given the uncertainty surrounding the pandemic, investors face a uniquely opaque future in the private markets. Join us on March 24 for an overview of the valuations environment, where our analysts will give expert insight into topics including: - VC valuation growth across financing stages and geographies continued impressively as the strategy flourished despite COVID-19.
- Swelling capital availability from both VC funds and nontraditional investors has contributed heavily to robust valuation growth.
- The aggregate value and quantity of companies crossing a €1 billion valuation has increased in the last decade and growth did not slow in 2020.
- In line with higher valuations tied to funding rounds, companies are exiting the VC ecosystem at loftier valuations.
Register here to secure your spot | | | | | | | |
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| Epic Games could fetch $28B valuation with new funds | | | Epic Games, the creator of "Fortnite" and "Houseparty," has been finalizing a $1 billion round that would value it at $28 billion, Sky News reported. Last year, the company raised $1.78 billion at a $17.3 billion valuation. Epic Games is backed by investors such as BlackRock, KKR and Kleiner Perkins. | | | | | | | | Health research startup scoops up $153M | | | Evidation Health, the creator of an analytics platform that allows users to share their health data and participate in research and health programs, has raised a $153 million Series E co-led by OMERS Growth Equity and Kaiser Permanente Group Trust. The San Mateo, Calif.-based startup brought in $45 million at a $315 million valuation in July, according to PitchBook data. Teresa Lee, managing director at OMERS Growth Equity, has joined the company's board. | | | | | | | | Cloud security startup Wiz triples value with new capital | | | | | | | | | ID.me brings in $100M at unicorn valuation | | | ID.me has raised $100 million at a $1.5 billion valuation in a round led by Viking Global Investors. Counterpoint Global, CapitalG and others also participated in the financing. The Virginia-based company is the developer of a security platform that provides identity proofing, authentication and group affiliation verification. ID.me, which currently has more than 39 million users on its platform, was valued at $483.3 million in June, according to PitchBook data. | | | | | | | | Automation software developer collects new funding | | | Camunda, a developer of open-source process automation software, has secured €82 million (around $98 million) in a round led by Insight Partners, with participation from existing investor Highland Europe. The Berlin-based startup raised €25 million in 2018. | | | | | | | | Aura Biosciences picks up $80M | | | Aura Biosciences has raised $80 million in a round co-led by Matrix Capital Management and Surveyor Capital. The Boston-area company is developing ocular cancer treatments and plans to use the funding in part to accelerate clinical development of its lead drug candidate in Phase III trials. Aura was valued at $150 million in July, according to PitchBook data. | | | | | | | | Flex Logix snags $55M Series D | | | Flex Logix has raised $55 million in a round led by Mithril Capital Management. The Mountain View, Calif.-based company is a developer of embedded chips and software designed to adapt to changing algorithms, protocols, standards and customer requirements. Flex Logix was valued at $68 million in 2019, according to PitchBook data. | | | | | | | | Spark Capital leads $50M round for Axis Security | | | | | | |
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| Blackstone makes $6.2B bid for Crown Resorts | | | Blackstone has offered to acquire Crown Resorts in a deal that values the Australian casino operator at roughly A$8 billion (about $6.2 billion). Blackstone, which purchased a 10% ownership stake in Crown last April, bid A$11.85 per share for the business, marking a nearly 20% premium to Crown's volume-weighted average share price since it reported its H1 FY21 financials. | | | | | | | | Bain Capital devotes $200M to Newlink | | | Bain Capital has led a $200 million investment in Newlink, a Chinese provider of tech platforms and services for gas stations, EV charging stations and others in the energy industry. Joy Capital also supported the funding. The news comes after CMB International reportedly led a $100 million round for Newlink in January, with Nio Capital, Hongtai Capital and others also participating. | | | | | | | | Thoma Bravo inks deal for Calypso takeover | | | Thoma Bravo has agreed to buy Calypso Technology, a provider of trading and risk management software for financial institutions, from Bridgepoint and Summit Partners. Terms of the deal were not disclosed, but it is said to value Calypso at as much as $3.7 billion. Bridgepoint and Summit bought the San Francisco-based company in 2016 for a reported $800 million. | | | | | |
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| Design Therapeutics plans to raise up to $240M in IPO | | | Biotech company Design Therapeutics has set terms to raise as much as $240 million in its IPO. The company plans to sell 12 million shares for between $18 and $20 each in the offering. Design's top shareholders include SR One (10% post-IPO stake), Quan Funds (8.8%) and Cormorant (8.1%). | | | | | | | | ACV Auctions ups price range for IPO | | | SoftBank-backed ACV Auctions, a used-car marketplace for dealerships, has raised its IPO price range from $18 to $20 per share to $20 to $22 apiece. The company said it is looking to raise as much as $364 million in an IPO at a valuation of up to $3.4 billion. ACV Auctions has raised $350 million in private funding, according to PitchBook data. | | | | | |
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| Canadian Pacific to buy Kansas City Southern in $29B deal | | | Canadian Pacific Railway has agreed to acquire Kansas City Southern in a deal valued at $29 billion. The transaction includes about $3.8 billion of Kansas City Southern's debt and values the railroad company at $275 per share, a 23% premium to its closing price on March 19. If approved, the deal would create the first rail network to connect the US, Canada and Mexico. | | | | | |
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