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| In today's Daily Pitch, you'll find: | | | | | |
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| A tale of two markets: UK & Ireland sees strong VC activity as PE falters in H1 | | Venture capital activity in the UK and Ireland defied expectations in H1 2022 despite the economic downturn, while private equity dealmaking flattened.
In our 2022 UK & Ireland Private Capital Breakdown, we delve into the numbers behind the region's PE and VC markets, providing insight into dealmaking, exits and fundraising. Key takeaways include: - VC deal activity in 2022 is on track to match last year's record numbers, with £15.4 billion invested across 1,879 deals in H1.
- PE deal count and value failed to reach 2021's halfway mark in the first six months of the year, registering 762 deals worth £75.6 billion.
- Exit volume for PE-backed companies is pacing higher than last year as the VC exit market returns to pre-2021 levels.
- Fundraising activity in both private markets fell slightly as conditions become more challenging.
| | | | | | | | | VCs have reasons to be optimistic amid valuation declines, demand for capital | |  | | (Malte Mueller/Getty Images) | | | Dealmaking has swung in favor of venture investors in the second and third quarters of 2022, according to PitchBook's latest Quantitative Perspectives report.
The price-to-sales multiples for many recent public listings of software companies have declined significantly since late 2021. Because these multiples are a reference mark for VC-backed software deals, this is good news for GPs deploying capital into new portfolio companies in the sector. | | | | | | | |
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| A message from Corbin Capital Partners | | |
| Hedge funds: An often overlooked opportunity for sustainable investing | | With an array of active management tools at their disposal, hedge funds can be an effective instrument for generating alpha alongside positive social and environmental impact. Historically, however, hedge funds have received less attention than their VC and PE counterparts. That's changing.
For capital seeking strong sustainable investment strategies, an increasing number of hedge fund solutions are available and ready to serve. Download the guide to explore how and why. | | | | | | | |
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| Asia's other giant: India lights up region's PE dealmaking | |  | | (Rakchai Duangdee/Shutterstock) | | | Last year was a record year for PE dealmaking in India, as the Asian giant increased its share of investment activity in the region.
While 2022's totals may not top those of last year, the country's economic growth has bucked the global trend as the country remains an attractive destination for alternative sources of capital. | | | | | | | | | | The SEC's probes into crypto trading mean a mounting headache for venture firms that have backed crypto startups. [The Information]
One writer's thoughts on how digital therapeutics startups have a lot to learn from the mental health care industry they are looking to disrupt. [Fortune]
India's high-stakes bid to join the global semiconductor race. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 470 Deals | 1761 People | 558 Companies | 25 Funds | | | | | | |
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| 2014 Vintage European Debt Funds | | | | | | |
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| A message from PitchBook Media | | |
| PitchBook's 2023 Media Kit released | | Year to date, PitchBook's newsletters have over 115 million impressions and tens of millions of report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.
The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
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| Solar electric car maker Lightyear lands €81M | | | Netherlands-based Lightyear has raised €81 million from investors including Invest-NL, SHV and Dela. The startup is developing a long-range solar-powered electric car. | | | | | | | Docquity raises $44M Series C | | | | | | | | Virtual fertility clinic Apricity pockets €17M Series B | | | London-based Apricity has raised €17 million in a round led by MTIP. The startup offers personalized fertility services using AI to help improve women's chances of conceiving. | | | | | | | Japanese ERP startup Tailor raises $4.3M | | | Japan-based enterprise resource planning start-up Tailor has raised $4.3 million in seed funding from Y Combinator and Global Brain. The company is planning to launch in the US next year. | | | | | |
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| AnaCap's MRH Trowe invests in broker Afm | | | AnaCap-backed German insurance broker MRH Trowe has bought a stake in Hamburg-based broker Afm. Afm has 70,000 clients and is said to be one of the top 25 brokerage houses in Germany. | | | | | | | Cinven to buy insurance broker Säkra | | | Cinven is to acquire Swedish insurance broker Säkra. The company is said to be one of Sweden’s largest insurance intermediaries, providing both life and non-life products as well as pension and wealth management services. | | | | | | | PE-backed Re.green secures $78M to restore rainforests | | | | | | |
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| Trump media network's SPAC partner fails to get shareholder backing | | | | | | | | Welkin China Private Equity plans $300M London IPO | | | China-focused private equity fund Welkin is looking to raise $300 million via an initial public offering in London. The fund, which will be the first China fund to float in the UK, is seeking to list on the premium part of the exchange and is expected to release a prospective soon. | | | | | |
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| Baring Private Equity Asia raises around $11B for largest fund yet | | | Baring Private Equity Asia has secured around $11 billion in commitments for its largest vehicle yet, Bloomberg reported. The Hong Kong-based firm is understood to have raised around 70% more than it did for the fund's $6.5 billion predecessor. The fund, which is already 15% deployed, is expected to reach a final close this month. | | | | | |
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| CVS inks $8B deal for Signify Health | | | CVS Health has agreed to buy home healthcare services company Signify Health for around $8 billion. CVS will pay $30.50 per share in cash and expects the deal to close in the first half of 2023. | | | | | | | Vistry to buy housebuilder Countryside in £1.25B deal. | | | Vistry Group has agreed to buy UK homebuilder Countryside in a deal that values the company at around £1.25 billion. The deal has been recommended to shareholders by the boards of both companies | | | | | |
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"In Q2 2022, 28 early-stage mega-rounds were completed, exhibiting a 35% decrease from the prior quarter. Despite this, the early-stage mega-round activity is on par with 2019 and 2020, encouraging our confidence in the continued deployment of capital at this stage."
Source: Q2 2022 PitchBook-NVCA Venture Monitor | | | | | |
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