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In today's Daily Pitch, you'll find: - Briarcliffe Credit Partners' founder and chief executive shares his perspective on the fundraising market in the private credit space.
- PE deals in the software sector have mostly weathered global market turbulence.
- VC fund returns turned negative in Q1, according to preliminary data in the latest edition of PitchBook's Benchmarks.
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| Fundraising adviser explores private debt capital-raising trends in 2022 | |  | | (bagira22/Getty Images) | | | The fundraising pace for private debt strategies is showing signs of slowing, according to PitchBook data, a reversion from last year's fast clip. Just $28.9 billion was raised for private credit funds in the first quarter of 2022, a sharp decline compared with the record $72.8 billion raised in Q4 2021.
A string of macro headwinds are weighing on managers' fundraising efforts. However, certain strategies—which could maintain resilient performance in volatile markets and rising rate environments—will remain popular among allocators who are hunting for opportunities to earn higher returns in a time of uncertainty.
We spoke with Jess Larsen of Briarcliffe Credit Partners, a placement agent dedicated to private credit managers, to take the pulse of the current fundraising market in the space. | | | | | | | | | PitchBook Benchmarks for PE, VC and more | | The global private markets' decade-long expansion was most recently defined by record-breaking activity in fundraising, fund performance and dealmaking. The current volatility has yet to be fully captured in fund returns, yet there are hints of what's to come, as preliminary data from Q1 shows that VC returns have turned negative.
Our quarterly PitchBook Benchmarks provide a detailed snapshot of data, tracking aggregate closed-end fund returns across multiple strategies and vintage years. The latest edition is now available, including data through Q4 2021 and preliminary data from Q1 2022, and providing downloadable XLS tables, data visualizations and PDFs that break down the figures by fund type and geography. | | | | | | | |
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| A message from Apex Group | | |
| Fund managers benefit from $3.8m savings with Apex Group | | Forrester Consulting has recently released its independent study, having interviewed key decision-makers across a number of large Apex Group clients, and the findings in its Total Economic Impact™ study of Apex Group are compelling: - Around $5.4m in cost benefits
- $2.75m Net Present Value over three years
- 105% return on investment ROI
To find out more about the benefits and savings that Apex Group's single-source solution can provide, download Forrester's Total Economic Impact™ report on Apex Group here.
Apex Group's transformation over the past few years has been driven by the Group's founding vision—to deliver service in a better way, in a way that no one else can. | | | | | | | |
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| Software industry withstands market turbulence, remains hot for PE firms | |  | | (Oselote/Getty Images) | | | Through Q2 of this year, PE firms have completed 378 deals within the software sector, totaling $74.4 billion in deal value.
Deals within the software industry have remained mostly unfazed by global market turbulence, and sub-sectors within the space have also performed strongly. | | | | | | | | | Vår Energi IPO stands out from slow start to 2022 PE exits in Europe | |  | | (Christian Guiton/Getty Images) | | | Norwegian oil and gas producer Vår Energi's roughly $7 billion IPO represents the biggest PE-backed exit in the first half of this year as overall activity has slowed down.
The deal is an outlier in an exit landscape currently dominated by strategic buyers and secondary deals amid public market volatility. See the top 10 PE exits in the region ranked by deal size. | | | | | | | | | | With college diplomas in hand, Generation Z is entering the workforce. What they want from employers is not quite the same as in generations past. [The Economist]
Carbon-capture innovators claim they can spare us a global climate catastrophe—and make billions in the process. [Texas Monthly]
The startup working to bring the Metaverse to kids in a way teachers and parents can trust. [Forbes] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 399 Deals | 1599 People | 431 Companies | 29 Funds | | | | | | |
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| 2008 Vintage Global Real Estate Funds | | | | | | |
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| | | Whatnot has raised $260 million at a $3.7 billion valuation in a Series D co-led by DST Global and CapitalG. The Los Angeles-based company offers a live shopping platform for collectors and enthusiasts. | | | | | | | Meati Foods lands $150M for fungi-based protein | | | Meati Foods has raised a $150 million Series C led by Revolution Growth. Based in Colorado, the company offers meat alternatives made from mushroom root. | | | | | | | 15Five brings in $52M Series C | | | 15Five, the developer of a performance management platform for small and medium-sized businesses, has raised $52 million in a round led by Quad Partners. The company was valued at more than $140 million in 2019, according to PitchBook data. | | | | | | | Zededa raises $26M Series B | | | Zededa has raised $26 million from investors including Lux Capital and Energize Ventures. The San Jose-based company's edge computing platform is designed to help enterprise customers manage and orchestrate distributed edge infrastructure and applications. | | | | | | | | | | | | | | | | Anvilogic has raised a $25 million Series B led by Outpost Ventures, a Neuberger Berman fund. Based in Palo Alto, the company offers a cybersecurity platform that automates threat detection and incident response. | | | | | | | Digital coaching platform TaskHuman raises $20M | | | TaskHuman has raised a $20 million Series B led by Madrona. The company is the developer of a digital coaching platform for employees in areas including career and leadership, physical fitness and mental well-being. | | | | | |
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| Sixth Street leads $600M investment in Contentsquare | | | Sixth Street has led a $600 million investment in Contentsquare, a digital experience analytics company. The deal brings Contentsquare's valuation to $5.6 billion. | | | | | | | HarbourView lands music catalog of Hollywood Undead | | | | | | | | HIG buys Family Entertainment Group | | | HIG Capital has acquired Family Entertainment Group, an Illinois-based designer, developer and operator of amusement facilities. Family Entertainment Group also runs nearly 60 arcade locations throughout the US. | | | | | | | Bain, ADIA to acquire Merchants Fleet | | | | | | |
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| Fifth Wall debuts $500M climate fund | | | Fifth Wall has closed its inaugural climate fund on $500 million. The vehicle will target companies developing software, hardware, renewable energy, energy storage, smart buildings and carbon sequestration technologies aimed at decarbonizing the real estate industry. | | | | | |
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| Blackstone posts net loss; distributable earnings nearly double in Q2 | | | Blackstone posted a net loss of $29.4 million in its latest earnings release, reporting that its corporate private equity portfolio declined 6.7% in the second quarter, but rose 10.1% over the last 12 months. The firm reported its distributable earnings—the allocation of cash that can be returned to investors—hit $2 billion in Q2, up 86% from the same period last year, and that its AUM rose to nearly $941 billion. | | | | | |
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