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| In today's Daily Pitch, you'll find: | | | | | |
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| European PE dealmaking remains robust in difficult environment | | European private equity dealmaking defied myriad economic headwinds in Q3, with deal count up 16.9% compared with the same period a year ago, while aggregate deal value remained flat.
Our Q3 2022 European PE Breakdown explores how the industry is dealing with the new normal of higher interest rates and inflation. Key takeaways include: - Take-privates and carveouts continue to be a major theme for the year due to currency devaluations and lower public market valuations.
- Average PE deal sizes have trended upward, reaching €289.1 million in Q3.
- Exit activity is expected to fall short of last year's highs.
- European fundraising is on pace for its lowest total in a decade.
| | | | | | | | | Space tech aims for the stars with VC's continued funding | |  | | (Toria/Shutterstock) | | | Space tech is on track for another record year of venture investments as a ballooning number of startups—with offerings such as commercial space launch services, geospatial intelligence and satellite communications—drive commercial opportunities across the space industry.
So far in 2022, VC funding for global space-tech companies has reached $6.2 billion across 112 deals, roughly on par with the record capital raised in 2021. | | | | | | | |
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| A message from RBC Capital Markets | | |
| Will volatility in equity markets drive M&A? | | 2022 M&A activity has dropped below the highs of 2021, but remains strong compared to pre-pandemic levels. Slower economic growth, geopolitics and company actions to diversify supply chains are key factors feeding a trend toward more domestic M&A activity.
Which sectors are best positioned to capitalize on M&A growth? How is the current financing environment impacting dealmaking? Get the latest insights from RBC's expert bankers on M&A Inflection Points, a limited series podcast. | | | | | | | |
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| Nordic Capital closes Europe's largest PE fund this year | |  | | (f11photo/Shutterstock) | | | Nordic Capital has closed the largest European fund so far this year, despite a challenging fundraising environment in the region.
While 92% of PE funds closed this year have reached their target, according to PitchBook data, Nordic's latest vehicle is one of only two European mega-funds to reach a final close in 2022. | | | | | | | | | What's next for PE in China? | |  | | (Jenna O'Malley/PitchBook News) | | | With the end of China's 20th Communist Party Congress in Beijing, there are signs that a more insular country is emerging—it's a worrying development for private equity, an asset class that thrives on international cooperation.
Chinese leader Xi Jinping used the event to confirm his unprecedented third term. He has used his power to expand state control of the economy and crack down heavily on parts of the country's giant tech sector. He has also, it appears, begun to turn his country inward, emphasizing economic self-reliance and asserting China's national interests on the global stage.
At the same time, the influence and power of China's private sector has declined. According to reports, significantly fewer executives from private groups were invited to this month's congress compared with previous years.
During this turbulent time, there are signs that PE's love affair with China may be waning. Both deals and fundraising activity have fallen from recent peaks—the country that is the jewel in Asia's PE crown has lost some of its sparkle. | | | | | | | | Why Chinese President Xi Jinping's economic goals and picks for his new Politburo are worrying foreign investors. [The Economist]
Under SEC rules, SPACs are required to disclose any discussions they had with potential merger partners prior to going public. But what really qualifies as a "substantive" discussion? [The New York Times]
How one startup is using satellites to help farmers sell carbon credits. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 524 Deals | 1705 People | 547 Companies | 35 Funds | | | | | | |
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| 2016 Vintage Global Real Estate Funds | | | | | | |
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| | | ConnexPay has raised $110 million in a round led by FTV Capital. The company's technology enables businesses to both accept and issue payments on the same platform. | | | | | | | Vesttoo reaches unicorn status with $80M round | | | | | | | | | | RapidSOS has raised $75 million in a round led by NightDragon. The company is the developer of an emergency response data platform designed to connect citizens with first responders in real time. | | | | | | | Normunity collects $65M Series A | | | Normunity has raised $65 million in a round led by Canaan Ventures. The biotechnology company develops immune normalizers for use in cancer treatment. | | | | | | | | | Left Lane Capital has led a $27 million Series B for WeTravel. The company's platform helps multiday travel companies manage bookings and accept payments. | | | | | | | AgroSpheres raises $22M Series B | | | | | | | | Resonai picks up $20M Series A | | | Resonai has raised $20 million from investors including Meitav-Dash and Blue Square Israel. Based in Tel Aviv, the company's operating system lets building owners access a wide range of applications. | | | | | |
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| PitchBook webinar: The state of sustainable investing | | Join PitchBook to discuss the findings from our 2022 Sustainable Investment Survey. Analysts Hilary Wiek and Annika Villegas will touch on report insights, including the politicization of ESG, the increasing popularity of impact investing and challenges in the sustainable investing ecosystem. Key topics include: - The politicization surrounding ESG in 2021 and 2022 has had far-reaching impacts on investors and service providers with US-based investments, clients and stakeholders.
- Investors and advisers seeking to incorporate ESG into their portfolios have varying goals and philosophies, leading to the proliferation of greenwashing allegations.
- How the lack of clarity around defining and measuring impact outcomes and difficulty benchmarking nonfinancial goals were both frequently cited among the top challenges of sustainable investing.
Register now to secure your spot. | | | | | | | |
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| Energy Spectrum to back Nightpeak with $200M | | | Energy Spectrum Capital has agreed to invest up to $200 million in newly formed company Nightpeak Energy, which plans to develop, own and operate utility-scale batteries and other flexible power sources in Texas and the western US. The capital will come from the firm's Energy Spectrum Partners Fund VIII. | | | | | | | EIP invests $110M+ in RS Technologies | | | | | | | | Growth Catalyst's Journey acquires metaverse designer | | | | | | |
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| Granite Ridge goes public via Paul Ryan-led SPAC | | | | | | |
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| TPG closes $6.8B real estate fund | | | TPG has closed its latest fund on $6.8 billion. The oversubscribed fund, TPG Real Estate Partners IV, will invest in property-rich platforms and make strategic portfolio aggregations in the US and Europe. | | | | | | | BlackRock infrastructure fund raises $4.5B | | | BlackRock has held a first close on $4.5 billion for its Global Infrastructure Fund IV. The firm aims to raise $7.5 billion in total and invest in sectors including energy, environmental, low-carbon power, regulated utilities, transportation and logistics, and digital infrastructure. | | | | | | | Bain to use $2B tech fund for Europe expansion | | | Bain Capital has raised $2 billion for a technology fund and plans to use a portion to expand its activity in Europe, Bloomberg reported. The fund, which is said to be closing soon, exceeded its $1.5 billion target. | | | | | |
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