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| In today's Daily Pitch, you'll find: | | | | | |
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| How the macro environment is a double-edged sword for private debt | | Private debt fundraising has slowed in 2022. While the year ended June 30 is still in line with 2021's record-setting activity, H1's total of $82 billion in commitments accounts for less than 40% of that trailing 12-month figure.
The current macro landscape is a double-edged sword for private debt funds, according to our H1 2022 Global Private Debt Report, as floating-rate loans become more lucrative and fixed-rate loans more attractive. Highlights from the report include: - Direct lending remains the standout strategy, garnering more than a third of the private debt capital allocated in H1.
- The private equity market's growth is expected to spur private debt fundraising, as increasingly large PE deal sizes and purchase price multiples provide opportunities for direct lenders.
- North America has accounted for more than 88% of the capital raised this year, reclaiming ground from Europe-headquartered funds, which held a 31% share in 2021.
- The leveraged loan and high-yield bond markets have struggled in 2022, according to LCD, with direct lenders stepping up in both the US and Europe to provide liquidity.
| | | | | | | | | Cathie Wood's Ark courts retail investors with new VC fund | |  | | Cathie Wood (Marco Bello/Getty Images) | | | Cathie Wood is hoping to use her fame from hotshot tech-stock bets to help individuals invest in venture capital.
The star investor has launched Ark Venture Fund, which will invest in public tech stock, early- and late-stage startups and select venture funds.
Wood is the most high-profile investor to try to democratize venture capital, an asset class normally restricted to institutional investors and wealthy individuals. The minimum initial investment in the new fund is just $500. | | | | | | | |
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| A message from Pillsbury Winthrop Shaw Pittman | | |
| How are climatetech VCs and startups faring in 2022? | | Despite a variety of macroeconomic challenges, worldwide investment in climatetech continues to outpace the broader market. Pillsbury Winthrop Shaw Pittman's Climatetech: Venture Dealmaking & Cross-Border Investment Trends examines this and other venture capital trends in the sector, including a closer look at cross-border activity. A Q&A with experts reviews other notable developments, including new legislation and emerging climatetech innovations.
Key findings include: - Deal value closed YTD reached $14.3 billion, lagging a blockbuster 2021 but nearly exceeding the 2020 full-year total already.
- Pre-money valuations for climatetech companies have risen YTD despite widespread challenges and valuation cuts in other sectors.
- While North America continues to drive the largest share of climatetech investment, Europe is poised to surpass Asia for the number two spot.
Read the report | | | | | | | |
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| Energy Capital bags Biffa amid UK valuations decline | |  | | (Travers Lewis/Shutterstock) | | | Biffa, a UK-listed waste management company, has accepted a discounted buyout offer of £1.3 billion (about $1.4 billion) from US-based Energy Capital Partners. The deal comes as Britain endures a series of economic shocks, with the pound experiencing record lows against the dollar.
There have been 10 PE-backed take-private deals involving UK-listed companies so far this year, worth a total €14.59 billion. While this year's total may lag the €27.13 billion deployed across 14 deals in 2021, the pipeline for such transactions is expected to remain strong amid a renewed downgrading of public market valuations. | | | | | | | | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 480 Deals | 1971 People | 553 Companies | 21 Funds | | | | | | |
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| 2010 Vintage Global Real Assets Funds | | | | | | |
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| A message from CohnReznick | | |
| Embracing changes in consumer behavior | | The consumer sector is facing an inflection point. The past two years ushered in new challenges to maintaining margins and customer loyalty, and consumer brands need to offer quality products and services to counteract inflationary pressures and consumer uncertainty. Private equity firms are paying close attention to the brands that can succeed in this market. Investors are focusing on detailed consumer data that sheds light on these shifting consumption patterns.
In conjunction with PitchBook, CohnReznick has released Consumer Sector Investment Report: Capital Flows to Those Who Expand Margins and Embrace Changes in Consumer Behavior.
To download the report and learn more, click here. | | | | | | | |
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| Bending Spoons locks down $340M | | | Bending Spoons has raised $340 million from investors including Maximum Effort and Creator Partners. The Italian company develops mobile apps for content creators. | | | | | | | Wasabi bags $250M in equity and debt | | | | | | | | | | | | | | | Avidbots nabs $70M for cleaning robots | | | Avidbots has raised a $70 million Series C led by Jeneration Capital. The Canadian company is the developer of Neo, an autonomous floor-scrubbing robot for commercial spaces. | | | | | | | Third Point leads $50M round for Unravel Data | | | | | | | | | | Tiger Global has led a $50 million Series B for Flatfile. The Denver-based company's platform enables data exchange between companies. | | | | | | | Arthur raises $42M to fight AI bias | | | | | | | | Tray.io extends Series C with $40M | | | | | | | | De-extinction company Colossal launches Form Bio | | | Form Bio has raised a $30 million Series A led by JAZZ Venture Partners. The new company was spun out of Colossal Biosciences, a genetics company working to restore extinct species such as the woolly mammoth. Form Bio offers a research and discovery platform for the life sciences sector. | | | | | | | | | GlossGenius has raised a $25 million round led by Imaginary Ventures and Bessemer Venture Partners, TechCrunch reported. GlossGenius' platform helps beauty and wellness professionals manage all aspects of their businesses, including booking, payments processing and inventory management. The funding is said to have tripled the startup's valuation. | | | | | | | Sinai Technologies picks up $22M | | | | | | | | Microsoft's M12 backs Space and Time | | | Decentralized data analytics company Space and Time has raised $20 million in a round led by Microsoft's VC fund M12, TechCrunch reported. | | | | | |
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| Quantum Energy Partners invests $400M in Trace Midstream | | | Quantum Energy Partners has invested $400 million in Trace Midstream to form Trace Midstream Partners II. Based in Texas, the new entity will develop carbon capture and sequestration assets and support midstream infrastructure across North America. | | | | | | | Monolith Brands picks up $230M | | | | | | | | Tech24 takes over Allied Service Group | | | | | | | | Quad-C acquires Sverica's Synoptek | | | | | | | | One Equity lands Prime Time Healthcare | | | One Equity Partners has acquired healthcare staffing company Prime Time Healthcare, which provides placement services for travel nurses and other practitioners in around 8,500 healthcare facilities across the US. | | | | | | | | | PSG has invested in Searchspring, a provider of search, merchandising and personalization software for the ecommerce industry. | | | | | | | Berkshire Partners to acquire Ahead | | | | | | |
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| FTX US to take Voyager Digital private for $1.4B+ | | | | | | | | VC-backed Calendly acquires Prelude | | | Cloud-based meeting scheduler Calendly has acquired Prelude, which offers a platform for scheduling panel interviews as part of the employee recruitment process. Calendly is backed by Accel and Iconiq Capital. | | | | | |
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| Goldman Sachs wraps up $9.7B | | | Goldman Sachs Asset Management has closed its West Street Capital Partners VIII vehicle on $9.7 billion, marking the investor's largest buyout fund since 2007, Reuters reported. The fund will focus on controlling stakes in companies with an enterprise value of up to $2 billion. | | | | | | | GoldenTree brings in $3B for latest distressed debt vehicle | | | GoldenTree Asset Management has closed its Distressed Fund IV on a hard cap of $3 billion. The vehicle targets stressed, distressed and special situations assets. | | | | | | | Theta Capital raises $500M to invest in crypto-native VC funds | | | Amsterdam-based Theta Capital has raised $500 million to invest in crypto-native venture capital funds. The investment is structured as a fund-of-funds and will seek exposure to the Web3 projects around the world. | | | | | |
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