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In today's Daily Pitch, you'll find: - We've launched our 2022 Sustainable Investing Survey to measure how private market participants are incorporating impact strategies and/or ESG risk factors. Take the survey here.
- VC investment in US-based pharma and biotech companies has slowed in Q2, leaving room for a possible uptick in cheaper M&A deals.
- Plural, an early-stage investment platform, has launched to draw more European founders into the region's VC ecosystem.
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| Surveying sustainable investing practices | | PitchBook is taking the pulse of investors and other private market participants on their incorporation of impact strategies and/or ESG risk factors. Please share your firm's approach to sustainable investing and what drives it. The survey will take about 10 minutes.
All who complete the survey will have the opportunity to enter a prize drawing, and for each completed response, PitchBook will make a donation to World Central Kitchen. | | | | | | | | | Biotech VC funding softens amid macroeconomic headwinds | |  | | (fotograzia/Getty Images) | | | While US-based pharma and biotech companies kept pace with pandemic-era venture funding at the start of this year, deal activity has slowed in Q2, and VCs predict investment in the sector will be even less robust in the second half of 2022.
However, declining valuations may be good news for large pharmaceutical companies hoping to acquire or enter into partnerships with biotech startups. | | | | | | | |
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| As the tide turns, what's next? H2 2022 market outlook | | Pent-up PE activity in the wake of COVID-19 led to a record-breaking 2021. Not only were more deals done than ever last year, deals were also done in a faster amount of time. Overall, dealmaking was up 66% while the time between a deal announcement and completion fell by 12%.
Drawing on PitchBook data, Datasite has released As the tide turns, what's next? The report, which unearths trends in dealmaking, holding periods and more, looks ahead to what's next in the private equity landscape. Especially in an uncertain market, dealmakers need the tools and relationships to manage their pipelines in the months and years ahead.
To download the report, click here. | | | | | | | |
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| Plural taps seasoned founders to find early-stage opportunities | |  | Plural's founders, clockwise from top left, include Ian Hogarth, Khaled Helioui, Taavet Hinrikus and Sten Tamkivi.
(Courtesy of Plural) | | | Although Europe's VC ecosystem is rich in founder experience, relatively few of those founders go on to become investors, compared to their US counterparts.
To help support early-stage startups, a group of seasoned entrepreneurs has teamed up to launch Plural, an investment platform that aims to leverage their skills to boost the next generation. | | | | | | | | | US PE middle market faces global challenges in 2022 | | US middle-market PE firms got off to a moderate start in 2022 following last year's historic dealmaking run. The middle market was met with a number of challenges, including a turbulent global macroeconomic backdrop marked by raging inflation, the threat of higher interest rates, broken supply chains and Russia's invasion of Ukraine.
In our latest report on the US PE middle market, PitchBook analysts break down Q1 data related to inflation, add-ons and carveouts as well as the IT, energy and ESG verticals. The report also explores deals by size and sector, exits and fundraising performance. Takeaways include: - Many buyers hit the pause button on processes as uncertainty loomed, but markets appear to be moving forward as investors adjust and look for opportunities in a volatile environment.
- US middle-market exit activity faced headwinds driven by market volatility and falling prices. However, middle-market exits may be less affected than the broader PE market because they are less reliant on public listings.
- Fundraising activity remained healthy in Q1 but is showing signs of slowing for middle-market sponsors, who face a challenging fundraising environment as they compete against large GPs for LP capital.
| | | | | | | | | | More public pension plans than ever are investing borrowed money in an effort to earn higher returns and close big funding gaps. [The Wall Street Journal]
Gadget manufacturers are looking to get into the car-making business. [Wired]
Global revenue from bikesharing and car-sharing may rise 40% by 2030 as growing use of mobility services in Asia, Europe and the US promises to transform cities. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 424 Deals | 1724 People | 476 Companies | 22 Funds | | | | | | |
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| 2010 Vintage Global PE Funds | | | | | | |
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| Nomad Health secures $105M | | | Nomad Health has raised $105 million in a round co-led by Adams Street Partners and Icon Ventures. Based in New York, the company operates a recruitment platform designed to connect clinicians and hospitals with temporary healthcare staff. | | | | | | | PicnicHealth picks up $60M Series C | | | | | | | | | | Solv has raised $40 million in a round led by SBI Holdings, according to reports. The Bengaluru-based company offers a B2B ecommerce marketplace. | | | | | | | Centerline Biomedical brings in $33M | | | | | | |
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| Ardian inks deal for SERMA Group stake | | | Ardian has agreed to acquire a stake in SERMA Group, a French provider of consulting and services specializing in electronic technologies, embedded systems and information systems. | | | | | | | BSN Sports to acquire Eastbay Team Sales assets | | | Bain Capital-backed BSN Sports, a direct marketer and distributor of sporting goods, has agreed to acquire the assets of the Eastbay Team Sales business from Foot Locker Retail, a subsidiary of Foot Locker. Eastbay Team Sales is a supplier of athletic footwear, apparel and sports equipment to high school and college athletes. | | | | | | | Balmoral Funds buys Trecora Resources | | | Balmoral Funds has completed its acquisition of Trecora Resources, which operates a specialty wax facility and a petrochemicals facility for hydrocarbons and other petrochemical manufacturing. | | | | | |
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| KKR sells $725M in student housing to Harrison Street | | | | | | | | CPPIB offloads stake in Arqiva Group | | | | | | | | Clearlake to exit Brightly Software | | | Clearlake Capital Group has agreed to sell Brightly Software to Siemens for roughly $1.6 billion, as well as $300 million in cash earn-out payments. Brightly provides a cloud-based enterprise asset management platform. Clearlake originally acquired the North Carolina-based company in 2019. | | | | | | | Grand jury issues subpoenas to Trump-affiliated SPAC | | | A federal grand jury in New York has issued subpoenas to each member of Digital World Acquisition Corp.'s board of directors. The blank-check company, which has agreed to take former President Donald Trump's social media startup Truth Social public, said in an SEC filing that the subpoenas and related investigation could possibly delay, impede or even prevent the merger. | | | | | |
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| Twin Bridge raises $880M+ fund | | | Chicago-based Twin Bridge Capital Partners has closed its fifth flagship fund on more than $880 million. The firm focuses on investments in the North American small and lower middle market. | | | | | | | MaC wraps up $203M Fund II | | | MaC Venture Capital has closed its second fund on $203 million. The seed-stage firm raised $110 million for its first vehicle in March 2021. | | | | | | | True Wealth Ventures collects $35M for sophomore fund | | | True Wealth Ventures has raised $35 million for its second flagship fund, TechCrunch reported. The Austin-based VC firm invests exclusively in seed-stage startups led by women. | | | | | |
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| Tailwater Capital launches ESG unit | | | Tailwater Capital has launched Tailwater Innovation Partners, an ESG solutions provider that will support the private equity firm's portfolio companies. Tailwater Innovation Partners will focus on providing strategic guidance in ESG, energy innovation and operational improvement. | | | | | |
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