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| In today's Daily Pitch, you'll find: | | | | | |
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| Despite exit headwinds, VC looks ahead to brighter days | | The VC storyline this year has been a sea change from the record-shattering figures of 2021. Market volatility and falling valuations have altered the dealmaking and exit landscapes, and the future has, at times, seemed bleak.
Yet there are reasons for optimism, as public market performance has begun to stabilize and dealmaking carries on, according to our latest Quantitative Perspectives Report, which features more than 30 charts on VC deals, exits, valuations and more. Takeaways include: - Valuation multiples for recently public VC-backed companies have dropped sharply, as VC-backed listings had much further to fall than the broader market.
- Although rising interest rates and market declines tend to reduce activity, VC dealmaking has remained above long-term trends across all stages and sectors.
- Dealmaking has swung in favor of investors, and GPs are poised to capitalize on valuation declines amid a lively fundraising environment and a sharp increase in startups' demand for capital.
| | | | | | | | | Take-private dealmakers scoop up software targets at deep discounts | |  | | (STOP_WAR/Shutterstock) | | | Dealmakers are buying public companies at bargain prices following stock market declines earlier this year.
The turmoil has made deal targets for take-private transactions less expensive than a year ago, allowing PE firms and corporate acquirers to shop for attractive companies whose share prices are in the doldrums.
A flurry of recent deals have been in the technology sector, which has experienced significant valuation pressure in recent quarters. | | | | | | | | | Leveraged loan issuer earnings grow in Q2, buoy quality metrics | |  | | (Eightshot_Studio/Shutterstock) | | | Heading into Q2, fears of a recession were widespread amid market volatility, geopolitical headwinds and an uncertain macro environment.
But rumors of the demise of the earnings cycle were perhaps greatly exaggerated.
LCD's sample of leveraged loan issuers showed solid top- and bottom-line results, and the seventh consecutive quarter of positive EBITDA growth. | | | | | | | | | | The true value of the crypto market isn't the $3 trillion that its believers suggest, but it's nothing to sneer at, either. [Bloomberg]
To compete and help consumers become comfortable with ordering online, ecommerce retailers offered free returns, leaving themselves with what has become an expensive and tricky problem. [The Economist]
Will remote work make it easier to ship white-collar jobs overseas? [The Washington Post] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 32 Deals | 140 People | 73 Companies | | | | | | |
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| 2018 Vintage Global Real Assets Funds | | | | | | |
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| Seoul-based Tridge hits $2.7B valuation | | | Tridge has raised a $37 million Series D led by DS Asset Management. The funding values the company at $2.7 billion. Tridge's agtech platform connects farmers and buyers directly, eliminating the need for intermediaries. | | | | | | | Thoma Bravo leads $130M Series D for Alma | | | | | | | | | | FourKites has raised $30 million as part of an $80 million target raise, TechCrunch reported. Based in Chicago, the company offers a supply chain visibility platform used by brands including Coca-Cola, Walmart and Dow. | | | | | | | | | Pogo has raised $14.8 million, comprising a $2.5 million pre-seed round and a $12.3 million seed round led by Josh Buckley. The New York-based company's rewards app offers bank fee refunds, prescription savings, personalized shopping offers and more. | | | | | |
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| KKR-led group withdraws $14B all-cash Ramsay offer | | | A consortium led by KKR has withdrawn its nearly $14 billion all-cash takeover offer for Australia's Ramsay Health Care, according to reports. Ramsay rejected an alternative cash-and-stock bid proposed by the group Thursday that would have offered shareholders equity in Ramsay Santé, the hospital operator's European division, calling it "meaningfully inferior." | | | | | | | Quad Partners adds on The Compass School | | | Quad Partners-backed The Gardner School has acquired The Compass School, a Cincinnati-based childcare provider with seven locations across Illinois, Virginia and Ohio. | | | | | | | Thoma Bravo's ABC Fitness Solutions lands Glofox | | | ABC Fitness Solutions, a portfolio company of Thoma Bravo, has acquired Dublin-based Glofox, which offers software for managing fitness facilities. ABC is a provider of technology and related services for the fitness industry. | | | | | | | PE-backed Tech24 picks up AmeriCold, Arrowhead Commercial Equipment | | | | | | |
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| Blackstone plans $500M IPO of Indian mall portfolio | | | Blackstone is expected to file for an IPO of Nexus Malls, its Indian mall portfolio, which the firm plans to list in Mumbai as a real estate investment trust, Bloomberg reported. The debut could raise about $500 million and value the portfolio at around $2.5 billion, according to the report. | | | | | | | Ardian presses pause on Dedalus sale | | | Ardian is putting a halt to the sale of Italian healthcare software company Dedalus, Bloomberg reported. The Parisian firm is said to be pausing the sale due to concerns over valuations and financing. | | | | | |
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| Wednesday's newsletter misrepresented cybersecurity dealmaking in 2022. As of Aug. 18, the sector has seen $34.9 billion in activity, compared to $36.4 billion total in 2021. | | | | | |
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