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| In today's Daily Pitch, you'll find: | | | | | |
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| Assessing our 2022 US PE predictions | | At the start of 2022, PitchBook PE analysts made their predictions amid several tailwinds.
Now, midway through the year, inflation is raging as supply chains adjust to pandemic-related shocks, while Russia's invasion of Ukraine has escalated supply chain disruptions and further lifted inflationary pressures. This significant market volatility has dampened PE's previously fervent pace.
A few of the predictions we revisit in our latest analyst note: - Mega-funds will raise $250 billion in 2022, including the three largest-ever buyout funds.
- The big five US public alternatives managers' AUMs will eclipse $3 trillion in 2022.
- At least 30 GP stakes deals will close, thereby setting a record.
- PE firms will close at least 400 middle-market software deals.
| | | | | | | | | SoftBank CEO laments losses, warns of Vision Fund cuts | |  | | SoftBank CEO Masayoshi Son (Tomohiro Ohsumi/Getty Images) | | | As the Vision Fund group turns into a money loser for SoftBank, CEO Masayoshi Son is preparing for widespread cuts to headcount and other operating costs.
SoftBank reported a loss of 2.93 trillion yen (about $21.7 billion) in Q2, following a similarly large loss in the prior quarter. Some of the companies that appeared to be its biggest winners more than a year ago—such as Coupang and Doordash—have seen their share prices plunge.
Our SoftBank's Vision Fund Dashboard breaks down the latest trends. | | | | | | | |
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| A message from Twin Brook Capital Partners | | |
| The state of the mid-market with Twin Brook's Chris Martin | | Chris Martin, Partner at Twin Brook Capital Partners, recently joined Middle Market Growth's Conversations podcast to discuss the state of the mid-market and working with PE sponsors and borrowers as they navigate the evolving macroeconomic environment.
Listen here | | | | | | | |
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| US private equity earnings dashboard | | Publicly traded US private equity firms reported mixed financial results for the second quarter of this year after continuing to navigate a volatile market—hit by rising interest rates, inflation and geopolitical turbulence.
Our US private equity earnings dashboard, updated quarterly, breaks down trends in key performance metrics for Blackstone, Apollo Global Management, KKR, The Carlyle Group, TPG and Blue Owl from company filings and PitchBook data. | | | | | | | | | Macquarie adds Suez unit to growing European infrastructure portfolio | |  | | (DedMityay/Shutterstock) | | | Macquarie has reportedly agreed to buy Suez's UK waste activities unit for more than $2.4 billion, as the Australian asset manager adds to its infrastructure portfolio in Europe.
Amid high inflation, infrastructure remains a hedge for investors, and Macquarie is among many firms making deals across the sector. | | | | | | | | | | Investors are selling stakes in private equity and venture capital funds at the fastest pace on record as the downturn in equities spreads to the private markets. [Financial Times]
Apple, which used to acquire a company every three or four weeks, has dramatically slowed its dealmaking in the past two years. [Bloomberg]
Crypto and the US government are headed for a decisive showdown to settle the question of whether most digital assets are illegal securities offerings. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 437 Deals | 1797 People | 573 Companies | 23 Funds | | | | | | |
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| 2015 Vintage Global Real Assets Funds | | | | | | |
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| Sports-betting specialist Betr rakes in $50M | | | Betr, a sports-betting and media company, has raised a $20 million Series A1 co-led by Aliya Capital Partners and Fuel Venture Capital, in addition to $30 million secured in a Series A led by Florida Funders earlier this year. Betr focuses primarily on micro-betting, which allows users to bet on specific moments in a sporting event in real time. | | | | | | | InBrace lines up $45M in debt | | | | | | | | Black Buffalo picks up $30M | | | | | | | | Project Solar secures $23M | | | | | | | | | | Forage has raised a $22 million Series A led by Nyca Partners. The payment processing specialist helps grocers accept SNAP EBT payments online. | | | | | | | Epigenic Therapeutics gathers $20M | | | | | | | | BCV, Tiger Global lead $7M round for Mexico's Miferia | | | Miferia, based in Mexico City, has raised $7 million in seed funding co-led by Bain Capital Ventures and Tiger Global. The company offers a B2B marketplace that connects independent Mexican retailers with domestic brands. | | | | | |
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| Vista Equity to acquire Avalara for $8.4B | | | Vista Equity Partners has agreed to acquire Avalara, a provider of tax compliance automation, for $8.4 billion. Under the public-to-private deal, Vista will pay $93.50 per share, representing a 27% premium to Avalara's July 9 closing price, the trading day prior to the first media reports of a potential deal. | | | | | | | Clearlake-backed FloWorks International acquires Flotech | | | | | | |
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| One Equity to offload Brush Group power generation business | | | | | | |
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| EnCap Flatrock seeks $3B for latest oil and gas fund | | | EnCap Flatrock Midstream is targeting $3 billion for its latest fund dedicated to backing developers of oil and gas infrastructure, The Wall Street Journal reported. | | | | | | | StepStone Group raises over $2.3B for co-investment fund | | | StepStone Group has raised $2.36 billion for its fifth co-investment fund, which will invest in buyout, growth equity and recapitalization transactions. | | | | | | | Sinovation Ventures reaches $200M first close of Fund V | | | Sinovation Ventures has completed a first close of its fifth namesake fund on $200 million, The Wall Street Journal reported. The firm, which is targeting $500 million for the fund, invests in sectors such as AI, robotics and automation, semiconductors, and healthcare technology. The vehicle's predecessor closed on $500 million in 2018. | | | | | |
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| Cox Enterprises to buy Axios Media for $525M | | | Cox Enterprises has agreed to acquire Axios Media, an Arlington, Va.-based digital media and news company. The deal is said to value the company at $525 million. Axios Media, formed in 2017, operates a number of newsletters and offers a variety of digital media content. | | | | | |
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