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| In today's Daily Pitch, you'll find: | | | | | |
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| Q&A: Jefferies veteran dealmaker examines PE secondary market trends | |  | | (DNY59/Getty Images) | | | Falling valuations in public and private markets have put added pressure on the pace of private equity exits, which slowed in Q2 2022 for the second consecutive quarter. PE firms chose to hold on to portfolio companies longer, instead of selling investments at unattractive prices.
Yet the drop in exits, if followed by a decline in distributions, could lead to a flourishing secondaries market. On one side, many PE firms will pursue GP-led secondary deals to extend their ownership of valuable assets; on the other side, LPs may also resort to the secondary market to unload older assets and free up capital for new commitments.
We recently spoke to Andy Nick, a managing director at Jefferies' private capital advisory arm, about the private equity secondary market—including how it has fared amid sustained public market volatility and what to expect for secondary deal flow and pricing in the coming year. | | | | | | | | | A guide to ESG and impact investing in real estate | | Real estate touches every aspect of our lives—from our homes and offices to the land our food is grown on—yet many investors still have questions about how ESG and impact investing fit into this complex asset class.
Our recent analyst note aims to demystify the sustainable investing landscape by exploring ESG-related risks and sustainable investing opportunities presented in private market real estate investments, across strategies and property sectors. Our analyst breaks down the sector's opaque terminology and provides concrete examples of risk and opportunity areas, including climate change adaptation, supply chain management and green buildings. | | | | | | | |
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| Deal advisors need more protection in an uncertain market | | The current macro environment has advisors and their clients worried. The tremendous growth period in 2021 has shifted to a climate of cautiousness and apprehension.
Inflationary pressures, rising interest rates, geopolitical unrest, stock market dives, and fears of an impending recession are all bringing uncertainty and added risk to M&A and other transactions.
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Get a quote and a free data room | | | | | | | |
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| First-time fundraising slows for European VCs | |  | | (twomeows/Getty Images) | | | VC fundraising as a whole has been resilient in 2022, but such success isn't universal for fund managers. The number of first-time venture funds in Europe is dropping, as market conditions create an increasingly challenging fundraising environment.
A total of 26 debut vehicles closed in the first six months of the year, putting 2022 on track to register the lowest fund count in nearly a decade. | | | | | | | | | | Daniil and David Liberman think that "venture capital for people" could reduce inequality. They're testing the theory by selling shares in themselves. [The New Yorker]
Shopify CEO Tobi Lütke admits his big bet on ecommerce hasn't paid off as planned, and now his employees are paying the price. [Fortune]
As psychedelic therapies for mental health go mainstream, companies are recruiting chemists to create patentable versions of hallucinogens. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 398 Deals | 1866 People | 601 Companies | 22 Funds | | | | | | |
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| 2019 Vintage Global Funds-of-Funds | | | | | | |
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| Thoma Bravo hires Donna Riley Bebb as head of ESG | | | Thoma Bravo has hired Donna Riley Bebb as head of ESG, where she will be responsible for leading Thoma Bravo's enterprise-wide ESG strategy. Bebb formally served as the head of global credit and ESG at Google. | | | | | |
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| FlexGen snags $100M Series C | | | FlexGen Power Systems has raised $100 million from investors including Vitol and Altira Group. The company is a developer of energy storage services and software for commercial developers, government agencies and others. | | | | | | | Elation Health secures $50M Series D | | | Elation Health has raised $50 million in a round led by Generation Investment Management. Based in the Bay Area, the company offers a healthtech platform that allows primary care providers to access and manage patient data in real time. | | | | | | | | | Cordial has raised a $50 million Series C led by NewSpring. Based in San Diego, the company provides a cross-channel marketing and data management platform for brands such as Eddie Bauer and Boot Barn. | | | | | | | | | Allbound has raised $43 million in a round led by Invictus Growth Partners. The company is the developer of a partner relationship management platform for sales and marketing teams. | | | | | | | BMF raises $43M for 3D printing tech | | | | | | | | Sovrn secures $36M Series C | | | | | | | | Underdog grabs $35M Series B, hits $485M valuation | | | Investors including BlackRock and Acies Investment have participated in a $35 million Series B round for Underdog, a paid fantasy sports company, valuing it at $485 million. | | | | | | | GGV leads $30M round for Neon | | | Neon, the developer of an open-source serverless database service for developers, has raised $30 million in a Series A1 round led by GGV Capital. | | | | | |
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| One Equity Partners to land Clayens | | | One Equity Partners has agreed to acquire Clayens NP from a group of investors led by French private equity firm Siparex Group. The French company is a value-added contract manufacturer of high-performance polymers, composites and precision metals. | | | | | | | Entrepreneurial Equity Partners acquires Roskam Baking Company | | | | | | |
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"The proportion of exits to strategic buyers in Q2 was one of the highest figures seen in the post-GFC era, as sponsor-to-sponsor exits declined and public listings all but disappeared. High levels of balance sheet cash remain a key force for corporate acquisitions, although turbulent markets and concern for an oncoming recession make companies more cautious about transactions."
Source: PitchBook's Q2 2022 US PE Breakdown | | | | | |
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