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| In today's Daily Pitch, you'll find: | | | | | |
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| What is the metaverse, exactly? | | From executive pronouncements to headlines and convention centers, talk of the metaverse is everywhere, but what exactly is it? Our latest Emerging Tech Research vertical snapshot aims to answer that question by outlining seven core principles of the metaverse that illustrate how both advocates and skeptics differ in their conceptions of a more immersive digital future.
The report analyzes metaverse opportunities and challenges across the pillars of access, infrastructure and experience—dimensions that capture the core areas of disruption entrepreneurs and executives will have to face as they ponder the future of the internet. The report also spotlights VC activity, key players and acquisitions in the vertical, as it unpacks how VCs can hope to capitalize on the metaverse. | | | | | | | | | Publicly traded PE firms could absorb rivals in a quest for growth | |  | | (archimede/Shutterstock) | | | Given the strong US dollar and slowing economy—and as pressure from investors continues to rise—public PE institutions are likely to see more opportunities to make domestic and international platform acquisitions in the months ahead, according to our latest analyst note on US public PE firms.
A number of factors could drive a GP to consider selling itself to another private investor, according to PitchBook analyst James Ulan. | | | | | | | |
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| How private equity fund managers are responding to dropping fund performance | | Inflationary pressures, supply chain constraints, rising discount rates and more are prompting the market to revise portfolio company growth rates. As a result, private equity fund performance is set to drop. Managers with funds approaching the end of their term and facing sales are looking either at delaying exits or giving back unrealized gains from the past couple of years.
Navigating the economic slowdown may be difficult. RSM's financial services analyst presents the data, challenges and options for fund managers, as well as top considerations to offset the slowdown's impact on private equity.
Read the article to learn more | | | | | | | |
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| Rising real assets, declining dry powder and other global fundraising trends | | Private fundraising totaled $639 billion in H1, roughly on pace to reach 2021's figure. LPs were largely undeterred from making commitments, as record distributions soothed fears about the private markets seizing up and the chance to capitalize on dipping valuations kept investors coming back to the table.
But what does the latter half of the year hold? Our Q2 2022 Global Private Markets Fundraising Report (formerly known as the Global Private Fund Strategies Report) follows the flow of capital, tracking the ups and downs of different strategies. The report, sponsored by Altvia, also includes a spotlight on the state of dry powder. Among the takeaways: - PE fundraising grew 46% in Q2 from Q1 to top $137 billion, but the slow exit environment is reducing capital flow back to LPs, potentially hindering future commitments.
- The uncertain exit landscape, coupled with portfolio markdowns, is also putting pressure on VC fund returns, which may slow new fundraising through the rest of the year.
- Real assets surpassed $44 billion in Q2, a slight dip from Q1, but 2022 remains on pace to overtake not only 2021's record, but potentially annual totals going back to 2008.
- Dry powder looks to be on the decline, falling 13% from 2020's high to a total of $3.2 trillion as of June 30, with the trend felt more sharply in private equity.
| | | | | | | | | SoftBank led LatAm's rise, and its retreat | |  | | São Paulo (Caio Pederneiras/Shutterstock) | | | Few investors have made their mark on a region like SoftBank has in Latin America. The Japanese firm was involved in more than a third of LatAm VC deals by value since 2019 and amassed a stable of unicorns along the way.
But in 2022, SoftBank has pulled back as part of a wave of retreating investors. That has contributed to a sharp correction in VC funding for LatAm startups—one that risks erasing the significant gains made in last year's boom times. | | | | | | | | | | Startups are hoping to create cleaner jet fuels out of carbon—now at a much cheaper cost because of tax credits for clean fuel production from the Inflation Reduction Act. [CNBC]
The IPO market is on pace for its worst year in decades, leaving fledgling companies with few options but to burn through cash while they wait for the stock market to calm. [The Wall Street Journal]
Ecommerce software startups are set up for an M&A spree as earlier-stage companies may soon become open to exits at lower valuations. [The Information] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 433 Deals | 1898 People | 565 Companies | 17 Funds | | | | | | |
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| 2017 Vintage Global PE Funds | | | | | | |
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| Fervo Energy raises $138M | | | Fervo Energy has raised $138 million in a round led by DCVC. The company uses technologies from the oil and gas sector such as horizontal drilling and distributed fiber optic sensing to generate carbon-free geothermal power. | | | | | | | | | Saudi Arabia-based Tamara has raised $100 million in a round led by Sanabil Investments, Arab News reported. Founded in 2020, the fintech company is a provider of a buy now, pay later platform. | | | | | | | Japanese healthtech startup Ubie lands $26M+ | | | | | | | | Highline banks $13M Series A | | | | | | | | | | Myplanet has raised $11 million in a round led by Tercera. The company develops an online consultancy platform for retailers. | | | | | | | Avelos Therapeutics wraps up $8M | | | | | | |
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| Centerbridge, Bridgeport ink $1.6B CSI deal | | | Centerbridge Partners and Bridgeport Partners have agreed to acquire CSI, a provider of end-to-end financial, security and compliance software, for $1.6 billion. Centerbridge and Bridgeport will pay $58 per share, representing a 53% premium to CSI's closing stock price Friday. | | | | | | | Thoma Bravo agrees to buy Nearmap for $729M | | | Thoma Bravo has agreed to acquire Nearmap, an Australian aerial imagery company, for A$1.06 billion (about $729 million). As part of the take-private deal, Thoma Bravo will pay A$2.10 per share, representing a 67% premium to Nearmap's six-month volume weighted average price. | | | | | | | Edmunds GovTech merges with Municipal Software | | | LLR Partners-backed integrated financial business software provider Edmunds GovTech has merged with Municipal Software, whose software facilitates tax collection, utility billing and fund accounting for the state of New Jersey, PE Hub reported. | | | | | | | PE-backed Prescott's lands Heartland Medical | | | | | | | | Tencarva Machinery acquires Fischer Process Industries | | | | | | | | Thrive picks up Freeze-Dry Foods | | | | | | | | Seawall buys Sports Endeavors | | | Seawall Capital has taken a majority stake in Sports Endeavors, the owner of sports apparel brands such as Soccer.com and 431 Sports, The Wall Street Journal reported. | | | | | |
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| Apex, Titanbay partner to provide ESG ratings to investors | | | Apex Group and Titanbay, a private markets investment platform, have announced a partnership in which Apex will provide an ESG rating for all new funds added to the Titanbay platform. An ESG report and other due diligence materials will also be made available to investors. Apex is majority-owned by Genstar Capital. | | | | | |
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| Pharos Capital offloads TechLab to SSI Diagnostica | | | | | | |
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