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In today's Daily Pitch, you'll find: - Using PitchBook's new portfolio forecasting tool, our Allocator Solutions report explores how LPs can optimize the pace of their commitments.
- For companies that end up selling to another startup, those exits may feel especially disappointing for shareholders.
- Our latest university rankings provide a unique look into which colleges have produced the most VC-backed founders.
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| The denominator effect enters the simulation | | Picture this: You're a public pension plan with a target private equity portfolio allocation of 20%. Amid market turmoil and public equity downturns, your PE allocation overshoots your target range. Your portfolio is imbalanced—what do you do?
Using PitchBook's new portfolio forecasting tool, our latest Allocator Solutions report explores how LPs can optimize the pace of their commitments. In three simulated case studies, we model how allocators can navigate the denominator effect and the challenging market environment. Key takeaways include: - Simulated PE portfolios confirm that many allocators are feeling the denominator effect.
- Aggressive near-term changes to the commitment schedule in response to the denominator effect can cause large fluctuations in the allocation.
- Straightforward forecasting is a useful tool for mature portfolios navigating the current market environment.
| | | | | | | | | Slump puts more startups on path to acquisition by other startups | |  | | (Rei Imagine/Shutterstock) | | | Startups at risk of running out of capital may soon have no choice but to sell to larger VC-backed companies.
These exits may feel especially disappointing for shareholders. That's because VC-backed businesses seldom pay with cash and instead offer a stock swap as currency.
For now, most startup-to-startup M&A conversations are between profitable or cash-rich companies and much smaller startups. But investors expect consolidation between moderately strong private businesses to pick up as the downturn continues. | | | | | | | |
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| A message from BMO Harris Bank | | |
| Interest rate & inflation impacts on middle market M&A activity | | In the current issue of Transaction Trends, BMO Sponsor Finance provides insights into the impact of rising interest rates on coverage ratios and how sponsors are responding. BMO also examines wage inflation's impact on healthcare, as well as the industry dynamics at play in the technology services sector.
To learn more, download the full issue of Transaction Trends. You can also contact Stephen R. Isaacs, Managing Director and Head of BMO Sponsor Finance, at stephen.isaacs@bmo.com. | | | | | | | |
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| The 2022 PitchBook university rankings | |  | | (Joey Schaffer/PitchBook News) | | | Our annual list of universities that have produced the most VC-backed founders offers a number of improvements for 2022. We've added more schools, expanded our graduate school rankings to include all degrees, and enabled filters for university criteria.
The rankings are powered by PitchBook's data on VC-backed companies and the founders who start them. Our proprietary methodology takes into account educational data on more than 144,000 founders. | | | | | | | | | | The secret to private rocket companies' success? They treat rocket systems as platforms rather than as bespoke, one-off projects. [Harvard Business Review]
Dimming the sun to cool the planet is a desperate idea, yet we're inching toward it. [The New Yorker]
One writer's thoughts on why startups should embrace radical transparency. [Harvard Business Review] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 19 Deals | 163 People | 65 Companies | | | | | | |
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| A message from PitchBook Media | | |
| PitchBook's 2023 Media Kit released | | Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 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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| Healthtech startup HealthKart raises $65M | | | Indian supplement maker HealthKart has raised around $65 million from Temasek and A91 Partners. Temasek—via its V-Science Investment unit—invested nearly $47 million, while Mumbai-based A91 Partners invested $18 million. | | | | | | | Lidar startup Scantinel Photonics lands €10M | | | | | | | | Proptech startup Searchland pockets $2.8M | | | Fuel Ventures has led a £2.3 million (around $2.8 million) investment in London-based Searchland. The startup's platform is designed to automate the process of sourcing off-market property development opportunities. | | | | | |
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| PitchBook webinar: Insights into investment firms' compensation | | Join us to discuss Q2 and Q3 findings from the 2022 Thelander-PitchBook Investment Firm Compensation Survey results. Topics include data on salary increases, carried interest and more for every role, from entry-level analysts to managing general partners.
Register now to secure your spot. | | | | | | | |
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| OTPP inks $1.8B deal for SSE transmission unit stake | | | | | | | | Astorg, Epiris complete Euromoney deal | | | Astorg and Epiris have completed their £1.6 billion (around $1.9 billion) take-private of Euromoney. The B2B information services company will be delisted from the London Stock Exchange on Nov. 25. | | | | | | | PE-backed All4Labels to buy Romprix Exim | | | | | | |
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| Brookfield buys label maker Trimco | | | | | | | | Adelis exits modular building company Mobilhouse | | | Adelis Equity Partners has sold its majority stake in Mobilhouse, a Danish provider of temporary modular buildings for offices and schools, to an investor group led by Kirk Kapital. Adelis bought Mobilhouse in 2019 via Fund II. | | | | | |
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| India's Kae Capital closes Fund III on $94M | | | Mumbai-based VC Kae Capital has closed its third fund on 7.67 billion Indian rupees (around $94 million). The sector-agnostic, early-stage fund will look to invest in around 25 companies. | | | | | |
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