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In today's Daily Pitch, you'll find: - Middle-market dealmaking stayed steady in H1, but fundraising was another story, according to our new US PE Middle Market Report.
- Pet ownership in the US has grown dramatically in recent years, and so has PE's footprint in the veterinary industry.
- How PE and VC could benefit from Walmart, Amazon and CVS disrupting healthcare services.
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| Dealmaking holds steady, fundraising slows in US PE middle market | | PE deal activity in the US middle market totaled $228.2 billion in H1—a sharp drop from 2021's record but on pace for a healthy year nonetheless. Firms have abundant dry powder, and large GPs averse to making massive bets in the current environment have eagerly turned their eyes to smaller investment opportunities.
Yet the middle market's size advantage in the dealmaking space proves a hindrance when it comes to fundraising, according to our Q2 2022 US PE Middle Market Report, sponsored by Antares Capital and Baker Tilly. Among the takeaways: - The crowded fundraising landscape is expected to have its biggest negative effect on the middle market, as LPs pushed near their allocation limits prioritize relationships with larger, more-established fund managers.
- Add-on activity accounted for 73% and 62.5% of deal count and value, respectively—both all-time highs.
- Deal sizes have trended downward, with middle-market deals over $500 million making up their lowest share of count and value in at least a decade.
- Exit activity in Q2 fell for the second consecutive quarter, with the cumulative value of $35.6 billion falling below the average quarterly value for the five years pre-pandemic.
| | | | | | | | | Walmart, Amazon, CVS want to disrupt healthcare services. Here's how PE, VC could benefit | |  | | (Courtesy of Walmart) | | | Walmart has a 10-year partnership with UnitedHealth. Amazon plans to acquire One Medical. CVS has a deal to buy Signify Health.
What does the retail wave mean for healthcare? Senior healthcare analyst Rebecca Springer unpacks these outsiders' strategies and what it all means for incumbent PE- and VC-backed companies. | | | | | | | |
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| A message from the U.S. National Science Foundation | | |
| | With phone scams and phishing texts on the rise, Forward Edge-AI is developing artificial intelligence for public safety and national security using machine learning and blockchain technologies.
Forward Edge-AI (NSF-2028451) is one of hundreds of deep tech startups funded annually by the National Science Foundation (NSF), a government agency that plays a central role in accelerating discoveries into the marketplace.
Each startup can receive up to $2 million to support translational research & development. By investing roughly $200 million in startups annually, NSF helps teams navigate the earliest stages of technology translation. In the past five years, these companies have gone on to raise billions in follow-on capital, and the portfolio has had 200+ exits.
Learn more about NSF funding at seedfund.nsf.gov. | | | | | | | |
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| Got a pet? There's a good chance that private equity backs your vet | |  | | (Bachkova Natalia/Shutterstock) | | | More than 90 million households in the US have at least one pet, nearly all of which will require a trip to the vet at some point. As pet ownership has surged in recent years, so too has the veterinary sector—and private equity's interest in it.
PE deals in the vet industry have totaled over $45 billion since the start of 2017. We spoke to investors about the sector's appeal, as well as its challenges. | | | | | | | | | VCs put the brakes on insurtech | | In an industry that is slow to embrace new tech, insurtech startups are finding success developing fresh approaches to established practices like underwriting and claims management and penetrating new markets such as cyberrisk.
However, the outlook for insurtech companies is still challenged, and PitchBook analysts expect venture investment in the sector will slow for the foreseeable future. In Q2, global VC funding fell 42.1% year-over-year to $2.6 billion, as insurtech startups selling risk faced scrutiny and those debuting on the public markets watched their stock prices plummet.
Our recent Emerging Tech Research report on insurtech unpacks the sector's VC trends and spotlights emerging opportunities in climate change insurance and no-code insurance platforms. It also includes company highlights on Noyo, Nuon AI and Herald. | | | | | | | | | | The world's biggest automakers are betting on a startup taking advantage of the Inflation Reduction Act to recycle old batteries as material for building electric cars. [The Wall Street Journal]
Rather than selling Patagonia or taking it public, the founder has transferred ownership to a specially designed trust and a nonprofit organization. [The New York Times]
The airlines are wondering why passengers aren't stowing their carry-on bags like tacos. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 395 Deals | 1996 People | 557 Companies | 25 Funds | | | | | | |
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| 2016 Vintage Global Debt Funds | | | | | | |
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| Acelyrin banks $300M Series C | | | Acelyrin has raised $300 million in a round led by Access Biotechnology. Based in Los Angeles, the company is a developer of drug candidates for inflammatory diseases like psoriatic arthritis and axial spondyloarthritis. | | | | | | | Nile emerges from stealth with $125M | | | Nile has raised $125 million from investors including March Capital, 8VC, JC2 Ventures and Iconiq Capital. The Santa Clara-based company offers enterprise networking tools for continuous monitoring and analytics. | | | | | | | Redesign Health brings in $65M | | | | | | | | Podcasting platform Podimo picks up $58M+ | | | | | | | | | | Cyrebro has closed a $40 million Series C led by Koch Disruptive Technologies. The Israeli startup is the developer of a platform for security operations center infrastructure. | | | | | | | Construction tech startup Kojo raises $39M | | | Kojo has raised $39 million in Series C funding led by Battery Ventures. Based in the Bay Area, the company is the developer of a materials management platform designed to connect workers, accounting teams, vendors and contractors for construction projects. | | | | | | | Morpheus Space collects $28M | | | | | | | | Nyshex nabs $25M Series B | | | Collate Capital has led a $25 million Series B in Nyshex, which provides a digital contracting platform for ocean freight shipping. | | | | | |
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| New Heritage Capital's FMS Solutions acquires tax specialist | | | | | | | | PE-backed Crete Mechanical Group recaps AC Corporation | | | | | | | | Atlas Merchant Capital backs Cascadia Capital | | | Atlas Merchant Capital has invested in Cascadia Capital, an independent middle-market investment bank and private equity firm. Cascadia Capital has backed businesses in a number of industries, including business services, consumer and retail, and energy transition and climate tech. | | | | | |
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| Kinderhook sells National Truck Protection | | | | | | |
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| Prime Movers Lab raises $500M | | | Prime Movers Lab has raised $500 million for its debut early growth fund. The firm targets startups developing potential breakthrough technologies in sectors such as energy, transportation and biotech. | | | | | | | Two Sigma Ventures brings in $400M | | | Two Sigma Ventures has raised a combined $400 million across two vehicles. Its fourth flagship fund will focus on early-stage startups, and its second opportunity fund will back growth-stage companies. | | | | | |
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