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In today's Daily Pitch, you'll find: - Our latest Global Markets Snapshot breaks down one month of trends in the equity, debt and commodities markets.
- Adams Street Partners' newly appointed head of fund investments discusses PE and VC outlooks through shifting markets.
- Walgreens' Summit Health deal could establish it as a peer, rather than a pursuer, of CVS' healthcare services bid.
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| Global markets pull off favorable start to Q4 | | Global markets found their second wind this month, with almost every major global index ending firmly in the green despite continued volatility in asset prices and foreign exchange markets. Chinese indexes broke this trend and sold off sharply under the influence of market pressure from the newly signed CHIPS and Science Act abroad and consolidation of political power by the Xi administration at home.
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 features private markets activity, including major deals, fundraising, IPO performance, lending volumes, and unicorn creation. This monthly digest provides the datasets that PitchBook's Institutional Research team is keeping an eye on as markets remain volatile. | | | | | | | | | Q&A: Adams Street on investing in PE, VC through market cycles | |  | | Jeevarathnam | | Adams Street Partners, a 50-year-old investor that backs buyout and venture capital firms including TA Associates, Berkshire, Benchmark, Accel and Andreesen Horowitz, has its finger on the pulse of many current trends in private markets.
The firm, which has $50 billion in AUM, has recently promoted Brijesh Jeevarathnam to lead its investment efforts for VC and buyouts funds.
We spoke with Jeevarathnam about how returns for buyouts compare to venture, whether the fundraising market for 2023 will be similar to 2022 and the areas of the PE and VC markets in which he is seeing the most significant weaknesses. | | | | | | | |
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| A message from the American Investment Council | | |
| | Private equity's calling card is improving businesses, but investors have quietly created hundreds of them through carveouts. After buying "noncore assets"—which is a polite way of saying unloved or under-resourced business units of much bigger corporations—PE firms give them the attention and resources they need to become independent companies, often with new names, logos, and management teams. More than 4,000 such companies have been created over the past decade.
In conjunction with PitchBook, the American Investment Council has released Diamonds in the rough: How PE breathes new life into unloved businesses. With long-term visions, PE investors can take those businesses off the backburner and give them the chance they need to become successful, standalone companies.
To download the report and learn more, click here | | | | | | | |
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| Secure browsers brighten outlook for information security startups | | VC activity in information security slowed in Q3, with a 58.8% decline in deal value across North America and Europe. The quarterly total includes early-stage secure browser companies Talon and Island raising two of the three mega-deals.
PitchBook analysts say that companies are beginning to pursue debt rounds instead of raising funding at low valuations. Exit activity continued its downturn, with only 16 exits in Q3.
Our latest Emerging Tech Research tracks emerging opportunities in the information security space, such as browser security, compliance automation and exposure management. The report also includes spotlights on private companies in the sector, including Exabeam, Lacework and Snyk. | | | | | | | | | Analyst Briefing: Summit Health deal could supercharge Walgreens in retail healthcare race | |  | | (Courtesy of Walgreens) | | | Walgreens-owned VillageMD is reportedly in talks to merge with Summit Health, the Warburg Pincus-backed network of medical practices that owns CityMD. The deal could value the combined company at more than $5 billion—it would also bolster Walgreens' push into value-based care.
In our latest analyst briefing, senior healthcare analyst Rebecca Springer outlines how acquiring Summit Health's 340 practice locations and multispecialty care coordination capabilities would establish Walgreens as a peer, rather than a pursuer, of CVS' healthcare services bid. | | | | | | | | | Air taxi maker Volocopter lands another $182M for Series E | |  | | (Courtesy of Volocopter) | | | Flying taxi maker Volocopter has secured an additional $182 million for its Series E, just a few months after an initial $170 million investment.
While VC funding in the air taxi sector has slowed this year, the industry is still in its early stages, and opportunities for growth provide reason for optimism. | | | | | | | | | | Some startups are allowing workers to trade in unused PTO for cash, a perk that can benefit employers, and may worsen US workers' vacation deficit. [Wired]
One writer muses on how the recently ended era of low interest rates will be remembered. [Financial Times]
A survey shows that workers at pension plans, endowments and family offices are still challenged by the lack of technology infrastructure. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 378 Deals | 1895 People | 618 Companies | 16 Funds | | | | | | |
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| 2019 Vintage North American Secondaries Funds | | | | | | |
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| A message from RBC Capital Markets | | |
| How will increasing antitrust scrutiny impact M&A? | | Increasing antitrust scrutiny is extending M&A deal timelines and heightening the need to focus on certainty of closure.
How is Big Tech responding to evolving antitrust regulations? What is the impact for Private Equity? Get the latest insights from RBC's expert bankers on M&A Inflection Points, a limited series podcast. | | | | | | | |
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| Human Immunology Biosciences lands $120M | | | | | | | | | | ColdQuanta, which makes quantum technology products including atomic clocks and sensors, has raised a $110 million Series B led by LCP Quantum. | | | | | | | Qwick raises $40M Series B | | | Qwick has raised $40 million in a round led by Tritium Partners. The company's on-demand staffing platform serves hospitality businesses. | | | | | | | Fringe nabs $17M for employee-benefits program | | | Fringe has raised $17 million in a round led by Origin Ventures and Felton Group. The company operates an HR tech platform that facilitates personalized benefits and perks for employees. | | | | | | | Roots Automation brings in $10M | | | Roots Automation has raised a $10 million Series A led by MissionOG. The New York-based company uses AI and machine learning to manage insurance operations. | | | | | | | TouchBistro secures new funding | | | Restaurant tech startup TouchBistro has raised C$150 million from Francisco Partners. Based in Toronto, the company helps restaurants manage reservations, online ordering, payment processing and more. | | | | | |
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| Don't miss our upcoming webinar | | With the end of 2022 approaching, the differences in the VC market from this year to last continue to come into focus.
In this webinar, our speakers will explore the lost momentum of 2022, as well as the inverse dynamic between deal sizes and deal count. They will analyze the factors that contributed to this decline and whether current market conditions will continue or revert.
Register now to secure your spot. | | | | | | | |
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| HIG closes on $950M Avient carveout | | | HIG Capital has acquired Avient's distribution segment for $950 million in cash. The business, which will be operated independently, was renamed Formerra and will continue to distribute highly engineered plastics and specialty polymers with end-market uses in the healthcare, consumer, industrial and mobility sectors. | | | | | | | Balance Point invests growth equity in CraneTech | | | Balance Point Capital has invested in CraneTech, a permanent holding company of Steel River. Steel River acquired CraneTech in 2021 and has since added on six companies to the platform. | | | | | | | Susquehanna-backed Stronger Youth acquires Little Kickers | | | | | | | | KKR buys Philly, NYC property | | | KKR Real Estate Select Trust has purchased multifamily residential properties in two separate transactions. In one deal, KKR acquired a Brooklyn residential building with 365 units. In Philadelphia, KKR bought a five-building, 1,015-unit complex alongside Mack Real Estate Group, which will be responsible for the property's operations. | | | | | |
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| Warburg Pincus loops in Citigroup for possible Wencor sale | | | PE firm Warburg Pincus has given Citigroup a mandate to auction its portfolio company Wencor Group, news website The Deal reported. The aircraft parts manufacturer was acquired by Warburg for $900 million in 2014. Any upcoming sale would value Wencor at close to $1.5 billion, Bloomberg reported in September. | | | | | |
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| JP Morgan launches healthcare fund | | | JP Morgan has launched a healthcare-focused VC fund to invest in early- and growth-stage companies developing treatments for rare diseases, autoimmune diseases and other conditions, The Wall Street Journal reported. | | | | | |
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| Johnson & Johnson inks deal for Abiomed | | | Medtech specialist Abiomed has agreed to be acquired by Johnson & Johnson in a deal that would give the target company an enterprise value of around $16.6 billion. Abiomed makes medical devices for patients with heart and lung conditions. | | | | | | | EBay seals TCGplayer acquisition | | | | | | |
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