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In today's Daily Pitch, you'll find: - Private markets are worth more than typical metrics indicate—and they're growing more quickly than public markets.
- Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets.
- A look at diversity efforts in the alternative asset management industry.
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| Swings in foreign exchange markets round out a volatile Q3 | | Global markets continue to see headwinds, as inflation-fighting central banks deal with volatility and contradictory fiscal policy, leading to a bumpy ride for foreign exchange markets. Investors looking for stability are struggling to find havens. Global bond indexes sold off along with equities and commodities during September. Entering Q4, recession fears have tightened their grip on markets, placing central bank reactions to the current environment at top of mind.
Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also includes private markets activity, including major deals, fundraising, IPO performance, lending volumes and unicorn creation. In this monthly digest, we provide the datasets that PitchBook's Institutional Research team is keeping an eye on as markets remain volatile. | | | | | | | | | Private markets are bigger than you think—and gaining ground on public equities | |  | | (Thampapon/Shutterstock) | | | It's no secret that private markets are growing. But just how big are they?
PitchBook analysts have estimated the total market capitalization of companies backed by private equity and venture capital, allowing for an apples-to-apples comparison to public companies. The findings show that private markets are larger than typical metrics indicate, which has implications for how they will be scrutinized and regulated. | | | | | | | |
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| A message from KEY Investment Partners | | |
| Cannabis 2.0: Investing opportunities in today's regulated industry | | Today, over half the U.S. population lives in states where cannabis is legal and a 2021 Pew Research poll reported that 91 percent of Americans support cannabis legalization for either medical or recreational consumption. Increasingly, support for legalization crosses political lines and multiple bills are being promoted in both the House of Representatives and the U.S. Senate. There is no doubt the stigma once surrounding the regulated industry is rapidly dissipating, and opportunities for private investors are as strong, if not stronger than ever in the industry's history.
KEY Investment Partners provides an overview of current conditions in the industry as well as insight on investment opportunities in the white paper, Cannabis 2.0: Investing in Today's Regulated Industry.
Click to download today | | | | | | | |
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| Automation Anywhere raises $200M in venture debt for software robotics | |  | | (Alexander Supertramp/Shutterstock) | | | Automation Anywhere turned to venture debt instead of equity, amid the stock market slump. The robotics process automation provider raised $200 million in debt financing from SVB Capital and Hercules Capital.
Since the company's latest round does not have an equity component, Automation Anywhere was able to avoid setting a new valuation at a time when stock prices are sharply lower among publicly traded comparable companies like UiPath. | | | | | | | | | Gender diversity efforts building in alternative asset management | |  | | (melitas/Shutterstock) | | | A survey released last month by global executive search firm Jensen Partners showed that private credit firms are making "material improvement" when it comes to hiring women, a shift in the industry's long track record of failing to promote gender diversity.
The number of women hired and promoted in the industry rose by five percentage points in the past year, the survey showed. That increase is just one sign that the industry may finally be taking the issue of diversity as seriously as the investors it serves. | | | | | | | | | | Byju's rode a wave of investor enthusiasm to a $22 billion valuation. But unclear accounting practices and ballooning losses are clouding the company's future. [Financial Times]
Kim Kardashian is the latest celebrity to face punishment from the SEC for flouting investor-protection laws. [The Wall Street Journal]
An inside look at Melinda French Gates' plan to invest $1 billion into women in the US. [Fortune] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 386 Deals | 1396 People | 346 Companies | 21 Funds | | | | | | |
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| 2015 Vintage Global Funds-of-Funds | | | | | | |
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| SingleStore brings in $146M | | | SingleStore has raised $146 million in a Series F2 led by Goldman Sachs. The company offers a could-based database designed to help businesses unify and manage transactions and workload analytics. | | | | | | | Tally banks $80M Series D | | | | | | | | Liquid Death gobbles up $70M | | | Liquid Death, a producer of canned mountain water, has raised $70 million at a $700 million valuation in a round led by startup studio Science Ventures, Bloomberg reported. | | | | | | | EV charging company Loop Global raises $60M | | | | | | | | | | Golden has raised a $40 million Series B led by Andreessen Horowitz. The company is a developer of a crypto platform designed to build a decentralized protocol with Web3 tools. | | | | | | | | | | | | | | Exponential nabs $14M seed round | | | Exponential has raised $14 million in a round led by Paradigm. The company's blockchain-based platform is designed to help users invest in DeFi products. | | | | | |
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| Don't miss our upcoming webinar | | With US midterm elections and potential policy shakeups on the horizon, investors must prepare for possible regulatory changes and their impact on industries such as fintech.
Join Washington, DC, policy analysts John Sonsalla and Ryan Schoen as they share their expected policy outcomes for 2022 and how these may affect credit, partnerships between banks and fintech, crypto and more in the years to come. This discussion will also explore how the Consumer Financial Protection Bureau and the 2024 presidential race may shape the fintech regulatory environment moving forward.
Register now to secure your spot. | | | | | | | |
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| Peak Rock picks up Spatial Business Systems | | | Peak Rock Capital has acquired Spatial Business Systems, a provider of intelligent design software and spatial data integration solutions. The company serves customers in North America, Europe and Australia. | | | | | | | Francisco Partners to acquire Bswift from CVS Health | | | Francisco Partners has agreed to acquire Bswift, a provider of benefits technology and services, from CVS Health. Founded in 1996, Bswift offers a cloud-based technology platform and software and services for benefits and human resources administration services. | | | | | | | HCI's Tech24 lands 1st Source Restaurant Services | | | | | | |
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| BV Investment Partners sells RafterOne | | | | | | |
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