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| In today's Daily Pitch, you'll find: | | | | | |
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| Take-privates and tech remain bright spots in a rocky PE landscape | | US PE got off to a shaky start in the first quarter of 2022, but on the heels of a record-shattering year, investors remained cautiously optimistic. Three months on, the outlook is starkly different, and the future deeply uncertain.
Until the macroeconomic environment stabilizes, deal activity as a whole will likely remain weak, yet there are areas of opportunity for private equity investors, according to our Q2 2022 US PE Breakdown, sponsored by Stout, West Monroe, Twin Brook Capital Partners and Ontra. Highlights include: - Deal value in the first half of 2022 totaled $529 billion, a healthy figure by historical standards, but activity is expected to slow in the next six months.
- Take-private deals could be struck more easily, as PE firms look to deploy large amounts of dry powder and falling public market valuations make assets less expensive.
- PE appetite for technology investments remained strong, topping $24 billion in aggregate and accounting for more than 27% of deal activity in Q2.
- Strategic acquisitions dominated exit activity in Q2, as sponsor-to-sponsor exits slowed and IPOs all but vanished.
| | | | | | | | | Q&A: Former Renaissance quant David Magerman on how VC can use data | |  | | (Courtesy of Differential Ventures) | | | Five years after leaving his longtime post at quantitative hedge fund Renaissance Technologies, David Magerman now counts himself a member of the venture capital set.
As the head of Differential Ventures, Magerman has given some thought to whether the techniques of leading hedge funds can be used in venture capital. His take: There are a number of opportunities but even more pitfalls.
We recently caught up with Magerman to hear about how VCs can employ data—and when they shouldn't. | | | | | | | |
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| Cut your contract turnaround time by 50% with automation | | NDAs and other routine contracts bog down asset managers.
Neither in-house lawyers nor deal professionals have the bandwidth to handle every routine agreement. Yet, they end up spending their precious time and energy negotiating and executing these contracts.
The solution? A combination of artificial intelligence and human-in-the-loop (HITL) technology backed by experienced transactional lawyers. Contract automation reduces the manual work associated with routine agreements, speeds up turnaround times, and saves internal resources for higher-value work.
Ontra's guide discusses the future of legal process outsourcing for managers, the benefits of HITL automation, and how a New York-based private investment firm cut its NDA turnaround time in half.
Download the guide now. | | | | | | | |
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| 'Race to zero': Buy now, pay later suffers under widespread reset | |  | | (Courtesy of Klarna) | | | Buy now, pay later company Klarna has suffered a massive cut to its valuation as investor confidence in the sector wanes.
As margins tighten for buy now, pay later providers, will they survive the downturn? | | | | | | | | | Cinven closes first financial services fund amid PE sector consolidation | |  | | (SOPA Images/Getty Images) | | | Cinven has raised about $150 million for its first vehicle focused exclusively on financial services investments, targeting sectors such as insurance and wealth management.
The UK firm has made three acquisitions from the fund, exemplifying PE's recent focus on the financial services industry—particularly insurance—and its penchant for a buy-and-build approach. | | | | | | | | | | Leaked files show how Uber, under co-founder Travis Kalanick, tried to force itself into cities around the world, even if that meant breaching laws and taxi regulations. [The Guardian]
In a time of conflict, Ukrainian entrepreneurs are making war their business. [The New York Times]
GameStop has launched its NFT marketplace just as sales of such digital artworks are drying up amid the crypto industry crash. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 438 Deals | 1645 People | 576 Companies | 26 Funds | | | | | | |
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| 2016 Vintage European Real Assets Funds | | | | | | |
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| Blockchain startup Mysten Labs eyes $2B valuation | | | Mysten Labs is in talks to raise $200 million or more at a $2 billion valuation led by FTX Ventures, the VC arm of crypto trading platform FTX, The Information reported. Mysten is led by Evan Cheng, who worked on the defunct Libra project at Meta. The startup is developing a blockchain for decentralized applications. | | | | | | | | | | | | | | | | Inspirna has raised a $50 million Series D co-led by Sands Capital and Vivo Capital. The biopharmaceutical company is developing small-molecule therapeutics for cancer treatment. | | | | | | | Edge locks down $30M for playable game clips | | | Edge has raised a $30 million Series A led by Corner Ventures. The Tel Aviv-based company's platform allows users to record gameplay moments and share them as playable content. | | | | | | | Fintech startup Kadmos pockets $29.1M | | | Blossom Capital has led a €29 million (about $29.1 million) investment in Berlin-based Kadmos. The startup offers a payments platform for cross-border employees. | | | | | | | Asset Class rakes in $11M+ | | | Fintech specialist Asset Class has raised an $11.6 million Series A led by Canapi Ventures. The Dublin-based company offers investment management software. | | | | | | | |
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| Partners Group inks $500M+ Budderfly deal | | | Partners Group has acquired a majority stake in Budderfly, an energy-as-a-service provider, for over $500 million. Budderfly offers energy measurement, reduction and management solutions and serves more than 2,750 customer sites in the US. | | | | | | | InfraRed invests $150M in LiveOka Fiber | | | InfraRed Capital Partners has invested $150 million in LiveOak Fiber, a regional broadband service provider. With the investment, LiveOak Fiber plans to build fiber network systems in Georgia and Florida. | | | | | | | Clearhaven buys SundaySky for $100M+ | | | Clearhaven Partners has invested over $100 million for a majority stake in SundaySky. The company's platform allows businesses to create, personalize, manage and distribute videos for their customers. | | | | | | | Court Square Capital backs West Coast Dental | | | | | | | | MidOcean Partners lands Pragmatic Institute | | | MidOcean Partners has acquired Pragmatic Institute, a product management training company. Pragmatic offers a variety of courses focused on professional training and certification of product managers, marketers and designers. | | | | | | | Kinderhook-backed Vesta acquires Performance Modular | | | | | | |
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| Don't miss our upcoming webinar | | Join PitchBook for a webinar discussing the current state of fund performance, with a spotlight on real estate. Our analysts will dive into market dynamics across asset classes, highlighting trends present in the real estate ecosystem.
Key topics include: - An update on private market fund performance and fundraising.
- Where emerging managers have had success raising funds, where they have struggled, and why.
- How the real estate sector's strategies and property subsectors react to various economic drivers, and what this means for current and future performance.
Register to secure your spot | | | | | | | |
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| VC-backed GoHenry buys kids finance startup Pixpay | | | Children-focused fintech startup GoHenry has expanded with the acquisition of France-based peer Pixpay. The two companies will operate separately under their own brands. Pixpay, which offers online banking services to teenagers, has 200,000 members across France and Spain. Based in London, GoHenry is backed by investors including Edison Partners and Citi Ventures. | | | | | |
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| Qiming Venture Partners brings in $3.2B | | | Shanghai-based Qiming Venture Partners has raised $3.2 billion across two funds. The firm closed its US dollar-denominated Fund VIII on $2.5 billion; it brought in 4.7 billion yuan (about $700 million) for RMB-denominated Fund VII. Qiming typically focuses on companies in the tech and healthcare industries. | | | | | | | |
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