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In today's Daily Pitch, you'll find: - PE dealmakers in Europe remained resilient in H1 2022, with total deal value growing 35% year-over-year, according to our latest European PE Breakdown.
- A deep dive into five of the key trends impacting US venture capital today.
- PE firms have slowed their shopping spree in the consumer staples sector amid macroeconomic headwinds and market volatility.
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| US venture capital trends in five charts | |  | | (Klaus Vedfelt/Getty Images) | | | In the second quarter of 2022, VC investors took a more cautious dealmaking approach while navigating the impact of the public market slowdown.
Here's a closer look at five key trends from our Q2 2022 PitchBook-NVCA Venture Monitor. | | | | | | | | | European PE dealmakers persevere in uncertain macro environment | | Dealmaking was a bright spot for European PE through the first half of 2022, with record dry powder and the rise of private credit funds keeping the deal environment moving despite a range of near-term risks.
The second half of the year may be a different story, however, due to slowing growth, rising interest rates and the possibility of a recession, according to our Q2 European PE Breakdown. Key takeaways from the report include: - Deal value totaled €463.5 billion through June 30, a year-over-year increase of nearly 35%, driven primarily by a spike in deal sizes.
- Take-private activity also increased over H1 2021, and with take-privates offering one of the best risk-reward plays for PE firms, they're expected to remain a major theme in 2022.
- Exit volume remained flat, but cumulative exit value fell by 25% YoY as valuations dropped.
- Fund count is pacing toward its lowest total ever, with just 40 vehicles closed in H1, as LPs struggle to keep up with GPs' demand for capital.
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| A message from DealCloud, by Intapp | | |
| Dealmakers remain optimistic despite heightened risk, valuation, and competition | | The Spring 2022 edition of the Dealmaker Pulse Survey Report is live! - Almost half (45%) foresee an impact due to rising geopolitical, economic, and inflationary risks.
- Many (66%) found increased pricing/valuations in their target sector to be the biggest challenge to closing deals in the previous six months.
- Almost all private equity firms (94%) have closed deals in the previous six months, up from 89% in autumn 2021.
- Most (80%) anticipate the same or higher volume of new deal closings during the coming six months.
Download a copy for more insights from private equity professionals on deal activity and fundraising, as well as data-driven analysis on the trends, factors, and challenges dealmakers may face in the months ahead.
Download the report. | | | | | | | |
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| PE investments in consumer staples cool down amid market volatility | |  | | (Bloomberg Creative/Getty Images) | | | Private equity investments in companies selling consumer staples enjoyed a busy year in 2021, but the sector is showing signs of cooling.
PE firms this year have slowed down their shopping spree in the space—which consists of companies selling and manufacturing food and other goods intended for immediate, everyday use—amid macroeconomic headwinds and volatility in the financial markets.
So far this year, PE firms have participated in 121 deals worth $14.2 billion in the sector, according to PitchBook data. That's down about 32% from the same period last year, which recorded the highest deal value since 2018. | | | | | | | | | European unicorn creation races ahead of global peers | |  | | (Getty Images) | | | In the first six months of 2022, Europe minted 30 new unicorns—despite the current market putting pressure on valuations.
The region is on track to reach last year's unicorn growth count, while larger venture ecosystems are trailing their record highs. | | | | | | | | | | One writer's thoughts on how the US Federal Reserve has sealed the fate of interest rates for the rest of the summer. [Bloomberg]
A scarcity of semiconductors and raw materials has held back the production of electric cars, but US buyers remain enthusiastic. [The New York Times]
Vladimir Putin has signed a law effectively banning the use of cryptocurrency or NFTs to pay for goods and services. [Protocol] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 9 Deals | 90 People | 51 Companies | | | | | | |
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| 2017 Vintage European Real Estate Funds | | | | | | |
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| Stori hits $1.2B valuation | | | Stori has raised $50 million from investors including BAI Capital, GIC and GGV Capital. The funding helps value the Mexico-based consumer fintech specialist at $1.2 billion. | | | | | | | | | Arch Systems has raised $15 million in a round led by Two Bear Capital. Based in Palo Alto, the company offers an analytics platform for electronics manufacturers. | | | | | | | Sift Healthcare secures $9M | | | | | | |
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| Tailwind Capital backs Onix Networking | | | | | | | | CK Group to sell 25% Northumbrian stake to KKR | | | KKR has agreed to purchase a 25% stake in British water and wastewater services company Northumbrian Water for about $1 billion, according to reports. The company is owned by Hong Kong businessman Li Ka-shing's CK Group. | | | | | | | Pelican Capital exits YourParkingSpace | | | | | | |
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| Insight Partners launches software advisory group | | | Insight Partners has announced the launch of its Enterprise Technology Exchange, a group of corporate IT executives that will advise the firm's portfolio of software startups. | | | | | |
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