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In today's Daily Pitch, you'll find: - A consortium including Clearlake Capital is nearing the goal line to buy Chelsea FC after emerging as the preferred bidder for what may be the most expensive acquisition of a sports franchise on record.
- Peter Barrett of Playground Global discusses future technology, why a vast amount of late-stage capital will continue to exist for deep tech and which technologies he thinks are a waste for investors.
- Our blockchain market map lays out the NFT landscape, its primary segments and most-well-funded companies.
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| Boehly, Clearlake consortium enters exclusive talks for Chelsea FC | |  | | (Shannon Fagan/Getty Images) | | | A consortium led by Todd Boehly and Clearlake Capital has emerged as the preferred bidder for the Premier League's Chelsea Football Club. However, UK billionaire Jim Ratcliffe has made a last-ditch effort to land the team, potentially complicating the sale process.
Clearlake and Boehly have beat out rival bids from Bain Capital's Stephen Pagliuca and a consortium including Apollo Global Management co-founder Josh Harris and Blackstone's David Blitzer, according to reports. | | | | | | | | | | Market Map: VCs rush to collect NFT startups | |  | | (hapabapa/Getty Images) | | | First it was crypto trading, then decentralized finance, and now NFTs—venture capitalists can't seem to get enough of the next hot thing on the blockchain.
This market map lays out the NFT landscape, its primary segments and most-well-funded companies. | | | | | | | |
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| A message from RBC Capital Markets | | |
| How is the balance of power evolving between corporates and PE in M&A dealmaking? | | As the US regulatory landscape evolves, it has become clear that the current administration will challenge many corporate transactions. "One of the consequences is that private equity sponsors, who generally have lower market share than corporate competitors when trying to affect a given acquisition, will gain a competitive advantage over corporates in some deals. This new-found edge is enhanced by sponsors' added capacity to consider deals of significant scale," according to RBC Capital Markets' Deputy Chairman, Larry Grafstein.
What's next for PE mega funds? Where will they deploy capital to unlock value?
See what's ahead for PE in the M&A market with insights from RBC Capital Markets' experts. | | | | | | | |
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| Playground Global bets on risky tech so late-stage investors can back the future | |  | | (Coneyl Jay/Getty Images) | | | Peter Barrett, a general partner with Playground Global, is one of few investors betting on startups focused on the transformative technologies that usually take years and a lot of capital to develop.
We discuss with Barrett what revolutionary technologies we will have a decade from now, why a vast amount of late-stage capital will continue to exist for deep tech and which cutting-edge technologies he thinks investors are wasting money on now. | | | | | | | | | | Even businesses that merged with "SPAC King" Chamath Palihapitiya's blank-check companies are feeling the effects of the latest SPAC market plunge, following a short-lived rebound. [Bloomberg]
Can institutional investors push companies to consider the long term? [Institutional Investor]
After decades of dispatching robots with cameras to show us what Mars looks like, scientists are turning to audio to help us learn about the red planet's surface. [The Atlantic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 3 Deals | 73 People | 7 Companies | | | | | | |
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| 2010 Vintage Global Real Assets Funds | | | | | | |
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| Adona Medical brings in $37.5M Series B | | | | | | | | | | | | | | | | Ictero Medical picks up $6M | | | Ictero Medical has raised a $6 million Series A from investors including MedTex Ventures and S3 Ventures. Based in Houston, the company is a developer of minimally invasive devices designed to treat gallstone disease. | | | | | |
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| Olympus lands Planet Fitness franchisee | | | | | | | | | PE-backed Xpress Wellness acquires Integrity Urgent Care | | | | | | | | | Couche-Tard, EG Group weigh merger | | | | | | |
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| PitchBook Webinar: Q1 2022 Venture Monitor | | Join PitchBook and industry experts from JP Morgan, Insperity and NVCA on May 5 for a webinar covering our Q1 2022 Venture Monitor Report. This webinar will discuss upcoming market changes brought about by factors such as interest rates and public market volatility.
Topics will include: - Stagnancy in deal activity and the stress it places on certain areas of the market.
- The Q1 downturn in public listings, resulting in only 28 IPOs or deSPAC transactions, and how it affects high-value late-stage companies.
- Back-to-back record quarters for dry powder as fundraising hit a new commitment record of $73 billion in Q1, following one of the best markets in 2021.
Register now to secure your spot | | | | | | | |
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| Actis to exit renewables platform Sprng Energy to Shell | | | UK investor Actis has agreed to sell Indian renewable energy business Solenergi Power, the flagship company for its Sprng Energy platforms, to Shell Overseas Investments for $1.55 billion. Established by Actis in 2017, Sprng Energy supplies solar and wind power to electricity distribution companies in India. | | | | | |
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| OrbiMed seeks $4.75B for trio of funds | | | OrbiMed Advisors is targeting $4.75 billion in commitments across three new funds, The Wall Street Journal reported. The private equity firm is seeking $1.9 billion for its ninth flagship fund, $1.1 billion for its fifth fund to finance healthcare deals in Asia and $1.75 billion for its fourth Royalty & Credit Opportunities fund. | | | | | |
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"Despite the slow start to the year for take-privates, many sponsors are likely circling opportunities for several reasons. First, sponsors, flush with cash, are looking to deploy large sums; take-privates offer great opportunities. Second, pricing is favorable. The 8.7% drop in the Euro STOXX 50 in Q1 is providing compelling valuations for some public companies to be taken private."
Source: PitchBook's Q1 2022 European PE Breakdown | | | | | |
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