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In today's Daily Pitch, you'll find: - Our latest analyst note breaks down the trends behind the host of mega-deals and mega-exits in 2021.
- The UK government has rejected Russian demands that it sell its stake in SoftBank-backed satellite operator OneWeb.
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| US PE mega-deals and exits rapidly gain steam | |  | | (-ALINA-/Getty Images) | | | In 2021, PE firms pursued massive deals fortified by low interest rates, an excess of dry powder and a growing crowd of mega-funds. Larger deals were pervasive, as mega-deals—transactions sized $1 billion or more—accounted for 32% of all US PE deal activity.
Simultaneously, PE firms exited portfolio companies at impressive values, thanks to elevated transaction multiples across sectors and cash-rich buyers.
Our latest analyst note breaks down the data behind PE mega-deals. Takeaways include: - Public listings dominated mega-exits, compared with exits to corporates and other sponsors, with 75 PE-backed companies listed at valuations above $1 billion. This makes for a record far beyond previous annual numbers.
- Macroeconomic factors such as expected interest rate hikes and increased government scrutiny for large M&A deals could impede mega-deal and mega-exit activity in the near future, but many investors maintain their positive growth outlook.
| | | | | | | | | | UK rebuffs Russian call to sell OneWeb stake | |  | | (Michael Dunning/Getty Images) | | | The future of SoftBank-backed satellite operator OneWeb was cast into doubt after the UK government rejected demands from Russia—which hosts the firm's satellite launches—that it sell its stake.
OneWeb has been exclusively using Russia's Soyuz rocket for launches, and the suspension of operations in the country threatens its plans to roll out a global service by the end of the year. | | | | | | | |
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| With more than $30 billion invested in VC in 2021, what's next for climatetech? | | From 2020 to 2021, venture capital invested in climatetech increased by more than 100%, while the volume of financings jumped by nearly 18%. Across government legislation, giant asset manager ESG mandates, corporate emissions-trimming goals and more, sustainability initiatives are drawing more interest and investment than ever before.
In Pillsbury's inaugural edition of a three-part research series on climatetech, the drivers of this immense surge in investment are analyzed in depth, drawing on PitchBook datasets to uncover financing trends in tandem. Key findings include: - How and why policy support at governmental levels intensified suddenly in the past few years.
- The effect of relevant regulatory and legislative initiatives.
- What a sudden spate in exits could imply for investors and founders.
Read it now | | | | | | | |
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| Charting US female founders' standout year for VC exits | |  | | (lerbank/Getty Images) | | | Female founders in the US tallied a record number of public listings and acquisitions in 2021, when exits were a huge part of the venture story.
The number of public listings with a female founder or co-founder more than doubled year-over-year to 48 in 2021, generating nearly $57 billion in exit value, according to PitchBook data. Acquisitions continued to be the most common exit type, realizing more than $9 billion for female founders.
Here's a look at exit activity involving female founders in 2021 and how the numbers line up against the overall exit boom in the venture ecosystem. | | | | | | | | | | Insurtech startups could face challenges despite record VC funding in 2021 | | The prevalence of data accessibility and use of emerging technologies such as cloud, predictive analytics and telematics have enabled insurtech startups to proliferate and thrive. However, PitchBook analysts say that such companies are viewed as overpriced in the private markets, and venture funding in the sector might slow down this year.
Our 2021 Annual Insurtech Report dives deep into the industry's investment activity and trends, comprehensively assessing emerging opportunities across market segments like personal property and liability insurance, commercial insurance, underwriting and claims management.
Key takeaways include: - Global insurtech companies raised more than $14 billion across 633 deals, representing a 105% year-over-year increase in terms of deal value.
- Insurtech startups generated $33.6 billion in exit value, eclipsing the combined exit value of $21.2 billion amassed during the previous 10 years.
| | | | | | | | | | The institutional investors whose capital fuels private markets are growing more sophisticated. But picking winners gets no easier. [The Economist]
How tech giants and startups alike are turning to holographic communication. [Bloomberg]
Do chatbots have the potential to become more intelligent, more conversational, more humanlike and—most importantly—more helpful? [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 531 Deals | 1869 People | 588 Companies | 36 Funds | | | | | | |
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| 2017 Vintage Global Secondaries Funds | | | | | | |
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| ThatGameCompany scores $160M | | | | | | | | | | Apollo.io has raised a $110 million Series C led by Sequoia. Based in San Francisco, the company is the developer of a B2B sales intelligence and engagement platform. | | | | | | | | Luminous picks up $105M Series A | | | Luminous Computing has raised a $105 million Series A from investors including 8090 Partners, Gigafund and Neo. The California-based company is a developer of photonic chips designed for use in AI supercomputers. | | | | | | | | Construction tech startup OpenSpace lands $902M valuation | | | OpenSpace has raised a $102 million Series D at a $902 million valuation in a round led by PSP Growth. Based in the Bay Area, the company is a developer of AI-based construction tech that helps users track projects via computer vision and data analytics. OpenSpace was valued at $455 million in April 2021, according to PitchBook data. | | | | | | | | Lido raises $70M from a16z | | | Andreessen Horowitz has invested $70 million in Lido. The company is the developer of a liquid staking platform for ethereum and other proof-of-stake assets. | | | | | |
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| MSD Partners buys $50M in Peloton shares | | | MSD Partners—Michael Dell's family office—has purchased $50 million in Peloton stock, Bloomberg reported. The deal involves 1.92 million shares. | | | | | | | | Capital Constellation lands stake in Post Road Group | | | Capital Constellation has acquired a minority stake in alternative investment firm Post Road Group. Based in Stamford, Conn., Post Road Group has completed approximately $1.5 billion of investments since its founding in 2015. | | | | | | | | One Rock Capital acquires Therm-O-Disc | | | One Rock Capital has agreed to acquire Therm-O-Disc, a provider of sensors and protection technologies for clients in the HVAC, appliance, industrial, automotive, aerospace and defense markets. One Rock will acquire the company from Emerson. | | | | | | | | KKR, Macquarie-led group eyes UK Power Networks | | | A consortium led by KKR and Macquarie Group is nearing a deal to acquire electricity business UK Power Networks, according to reports. The takeover could value the company at as much as $20 billion. | | | | | |
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| Don't miss our Insurtech Update and Outlook webinar | | Join PitchBook for a webinar on March 9 covering our recent 2021 Annual Insurtech Report. PitchBook senior analyst Robert Le will discuss the report's findings, notable market activity and insurtech industry outlooks, including: - The current backdrop of struggling public insurtech companies and possible impacts on the private markets.
- Insurtech companies gaining the most traction and emergent areas of interest to investors.
- Current industry trends and market outlook.
Register now to secure your spot | | | | | | | |
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| TSCP offloads Alpaca Audiology | | | | | | |
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| Harvest Partners targets $5.3B fund | | | Harvest Partners is seeking $5.3 billion for its ninth buyout fund, The Wall Street Journal reported. The private equity firm closed its eighth buyout fund at $4.03 billion in 2019. | | | | | | | | HarbourVest closes ninth Europe, Asia fund | | | HarbourVest Partners has closed its ninth fund focused on investments in Europe and Asia-Pacific on $1.6 billion. HIPEP IX will make primary investments in private equity funds in the regions in addition to secondary and direct co-investments. | | | | | | | | M13 raises $400M for Fund III | | | M13 has raised $400 million for its third flagship fund. Founded in 2016 and based in the Los Angeles area, the VC firm focuses on early-stage consumer technology startups. | | | | | |
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