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This is the last call for our 2022 Sustainable Investment Survey, which is focused on investors' views surrounding sustainable investing, as well as the subtopics of ESG risk factors and impact investing. You can take the survey here.
In case you missed them, we released our flagship US PE and VC reports last week: | | | | | |
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| How ESG frameworks and impact investing fit into real estate | | With more investors looking to real estate as a potential inflation hedge, and with private markets having developed a taste for sustainable investing, we bring you our latest analyst note: ESG and Impact Investing in Private Market Real Estate. This report is a guide for GPs, LPs, consultants and others on the ESG-related risks and sustainable investing opportunities that exist in the space across investment strategies and property sectors. It delves into the interplay between risk exposure and geography, tenant profile, and implementation of capital improvements, among other factors, answering the question of how to address ESG gaps and capitalize on opportunities. The strategies that involve the fewest meaningful changes to properties are those that typically experience the least risk and opportunity, while those that require the most substantive changes to meet return targets experience the greatest degree of both. For example, as core strategies employ a buy-and-hold approach with the highest-quality assets in the best locations, they frequently already benefit from built-in “healthy building” and energy- and water-conscious features. Similarly, as core funds acquire established buildings without the intent to reposition them, they aren’t as vulnerable as other strategies are to business ethics risks due to permitting-related government touchpoints. In contrast, an opportunistic strategy’s new development faces all the sustainable investing risks and potential that come with building from the ground up. Investors can reap the benefits of using responsibly sourced materials to create a climate-resilient property or bear the repercussions of negligently disrupting a delicate ecosystem. They can garner buy-in from the surrounding community by building rapport with local leaders or suffer reputational damages and construction delays due to onsite injuries. For more on how property subsectors such as multifamily residential, hospitality & recreation, manufacturing, and agricultural land fit into the equation, read the full note. | | | | | | | |
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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.
| | | | | | European venture funding is on pace to surpass €100 billion for the second consecutive year, but activity could slow as markets enter correction territory.
In our Q2 2022 European Venture Report, we explore the trends that shaped the continent's ecosystem in the first six months of the year. Highlights include: - European startups raised €54.4 billion in H1, but last quarter registered a decline of 10.6% in capital invested over Q1 2022.
- Late-stage deals took the largest share of capital, with more than 66% of the total value.
- Exits fell significantly from 2021's record, with 657 completed worth a combined €25.8 billion.
- Fund count could fall to its lowest level since 2013, but rising fund sizes are pushing up the total raised.
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Supply chain is arguably one of the most affected industries by the COVID-19 pandemic, with frequent and severe setbacks that the space could not have prepared for. Despite this, it continues to garner interest from VC investors that see potential in new businesses seeking to address these challenges. Join us for a webinar on August 4 where our speaker will discuss the evolution of supply chain over the last two years, the VC environment surrounding it and the technological developments expected to help combat current pain points.
Also, join us on August 18 for the Q2 2022 PitchBook-NVCA Venture Monitor Webinar, where we'll review US venture activity from last quarter.
We'll be joined by Insperity to discuss the value of human capital strategy and by J.P. Morgan to unpack developments in the venture ecosystem. | | | | | |
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Senior emerging tech research analyst Alex Frederick weighs in on Cruising Kitchens' late-stage VC round:
"Cruising Kitchens’ latest funding round will be used to launch a new business division called 'CK Ghost Kitchens' which will focus on partnering with athletes, celebrities and influencers to launch themed ghost kitchens and food trucks.
"Ghost kitchens have proven popular with larger quick service restaurant (QSR) chains looking to grow off-premise revenues and enter new markets.
"However, other virtual restaurant concepts without strong brand recognition have struggled to stand out on crowded third-party delivery platforms.
"Celebrity licensing agreements are one potential strategy to differentiate from the competition."
| | Alex Frederick
Senior Emerging Technology Analyst
Foodtech & Agtech | | | | | |
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Our insights and data featured in the press:
Fintech fundraising retreats as the venture boom fades. [TechCrunch+]
Investors are keeping an eye on public tech stocks and not closing on late-stage deals until more clarity is reached around valuations. [The Information]
In Q2, VCs funneled around $16 billion into US early-stage deals, down 22% YoY. [The Wall Street Journal]
"Once we get to the end of Q3, of Q4, all the [venture] funds will have been going through, or up against, this climate for at least three-quarters of a year. I doubt many funds are entering the market right now." [TechCrunch+]
If you're a journalist interested in interviewing our analysts or requesting data, contact our PR team. | | | | | |
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Highlights from our other recent research:
Market updates
Thematic research
Emerging Technology Research
Coming next week (subject to change) - Global M&A Report
- Alt-Protein Industry Advances Despite Costs and Red Tape (sneak peek)
- European Private Capital Outlook: H1 Follow-Up
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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. This fifth edition of the biannual survey showed record-breaking activity in the past six months not only in the number of deals, but also in competition, pricing for deals, and fundraising.
Download a copy for a range of 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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| | Since yesterday, the PitchBook Platform added: | | 469 Deals | 1771 People | 555 Companies | 25 Funds | | | | | | |
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