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| In today's Daily Pitch, you'll find: | | | | | |
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| Climate tech gears up to tackle global energy emergencies | | VC investment in climate tech was strong in Q1, but could fall in Q2 due to volatility and lower market valuations. However, in the long term, the attack on Ukraine and resulting calls for energy independence in Europe are likely to accelerate climate tech investment—namely in hydrogen, solar, batteries, nuclear and wind.
In a shift from the ill-fated cleantech investment craze of 2006 to 2011, climate tech startups are now targeting a broad range of industries as they seek to decarbonize the economy, including the energy sector, transportation, building, food systems and industrial processes.
Our Q1 Emerging Tech Research update on climate tech dives deep into the vertical's investment activity and trends, including a look at the global lithium market and emerging technologies that seek to reduce the carbon footprint of lithium mining. Key takeaways include: - Global climate tech companies raised more than $9 billion across 273 deals in Q1, less investment than the average quarterly total in 2021.
- PitchBook analysts anticipate greater interest in hydrogen as Germany searches for alternatives to Russian gas.
| | | | | | | | | Who are the most active PE investors in infrastructure? | |  | | (Drazen_/Getty Images) | | | Private equity investors have been pouring more money into infrastructure funds in recent years, drawn by the steady cash flows and lower risk profile such assets offer.
Using PitchBook data, we've compiled a list of the 10 most active PE investors in infrastructure by deal count since the start of 2017. | | | | | | | |
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| How to compete for M&A deals in a dynamic market | | The surge of M&A activity in 2021 will likely continue through the end of this year, fueled by greater sell-side efficiency and nearly $1 trillion in U.S. private equity dry powder. Citizens Bank's latest insights provide strategies to help you move fast and with conviction to win M&A deals.
Find your competitive edge | | | | | | | |
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| Assessing the climate for VC valuations and liquidity | | Between 2017 and 2021, annual capital investment in VC swelled from $88.4 billion to $342.2 billion. The wave of investor demand, coupled with a relatively steady supply of companies seeking funding, spurred consistent growth in VC valuations.
Now, the shift away from a low-inflation, low-rate environment could cool demand for VC assets and pare valuations. Our recent analyst note explores the climate for valuations and liquidity in the face of shifting market conditions, along with what may lie ahead—particularly for the potential bellwether of late-stage VC. | | | | | | | | | How far will high-flying tech investors fall? | |  | | (Drew Sanders/PitchBook News) | | | Free money is gone. Yesterday's valuations are a fiction. Markets have sold the companies of the future.
That's the assessment many tech investors have made in an uncoordinated information campaign comprising decks, video calls and blog posts aimed at portfolio companies. What has gotten less play is the sober outlook for their own bottom lines.
In recent years, venture capital funds have enjoyed a phenomenal run. The asset class recorded an IRR of 30.5% over the past three years, according to the latest figures. But many of those gains were on paper only. | | | | | | | | | | How NASA engineers are trying to keep the Mars helicopter running through the Martian winter. [Wired]
Some financial firms are turning to algorithms inspired by quantum computing for risk analysis and portfolio optimization. [The Wall Street Journal]
One crypto gaming startup that promised a "pay-to-earn" gaming model is quietly changing its story as the crypto market tumbles. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 15 Deals | 177 People | 101 Companies | | | | | | |
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| 2020 Vintage Global VC Funds | | | | | | |
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| | | Indian fintech company CRED has raised a $140 million Series F led by GIC, according to reports. The funding values the company at $6.4 billion. CRED's credit card payment app offers rewards to users who pay bills on time. | | | | | | | | | HYCU has raised a $53 million Series B led by Acrew Capital. Based in Boston, the company offers multicloud backup and recovery solutions. | | | | | | | Shanghai's PPIO secures $37M | | | | | | | | Boulder Care picks up $36M | | | | | | |
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| Apollo among potential bidders for Grubhub | | | Apollo Global Management is among potential bidders for Just Eat Takeaway.com's US unit, Grubhub, Bloomberg reported. Amsterdam-based Just Eat paid $7.3 billion to acquire Grubhub last year; however some suitors are now reportedly considering offers closer to $1 billion for the company. | | | | | | | Splash Car Wash lands Wash Boss | | | | | | | | TSCP's Made4net acquires Zethcon | | | | | | |
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| Brookfield to offload road projects for $1.2B | | | Brookfield Asset Management has agreed to sell five operational road projects to India's IndInfravit Trust. The deal, which values the portfolio at roughly $1.2 billion, will expand IndInfravit's presence into three additional Indian states and add approximately 2,400 kilometers of roadway to the firm's portfolio. | | | | | |
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| MiddleGround preps inaugural ESG fund | | | MiddleGround Capital is preparing its first ESG-focused fund, The Wall Street Journal reported. The vehicle is expected to launch between the fourth quarter of this year and the first quarter of 2023. A capital target for the fund has not yet been released. | | | | | |
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"FoF have been on a declining path since the middle of 2020, both in terms of assets committed and number of funds closed. We are aware of over 300 FoF in the market open to new commitments, representing many geographies, specialties, and sizes, so there is certainly potential for a turnaround."
Source: PitchBook's Q1 2022 Global Private Fund Strategies Report | | | | | |
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