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In today's Daily Pitch, you'll find: - Our Emerging Tech Research team evaluates the state of the crypto market in a new report.
- Industry experts anticipate 2023 will be a record-breaking year for PE secondary transactions.
- Chart of the Day: Clinical staffing PE deal count by type, from our Healthcare Services Report.
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| A tale of two crypto markets in Q3 | | It's hard to find good news about crypto these days. The sudden collapse of FTX has seemingly triggered a tidal wave of negative sentiment across the whole vertical, causing the already skeptical public to shy away.
But is the news really all bad? It depends where you look, according to PitchBook senior analyst Robert Le. Our inaugural Crypto Report examines the state of the vertical and its various segments in Q3, charting deal activities and remaining opportunities. The long and short of it is crypto is far from done. Key takeaways include: - Deal values and count declined more than 33% from Q2's figures.
- Investors poured more money into Web3, marking a 44.5% increase in deal value over the previous quarter.
| | | | | | | | | PE secondaries market set to boom in 2023 | |  | | (Monster Ztudio/Shutterstock) | | | The private equity secondaries market is ripe for growth in 2023, according to consultants, advisers and managers who work in the space. The anticipated transaction volume is a result of investor demand for liquidity.
Facing the denominator effect and a nearly frozen IPO market, both LPs and GPs turned to the secondary market as an alternative liquidity option. And as the market continues to accept secondaries as a mainstream liquidity option, the secondary market is expected to experience tremendous long-term growth. | | | | | | | |
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| On-demand webinar: Expert insight into SEC's focus on private capital | | SEC Chair Gary Gensler has heavily focused on private capital in recent years. The new Marketing Rule went into effect Nov. 4, 2022, and advisers are waiting to see if and how other proposed amendments will move forward.
Ontra COO Ben Levi and Norm Champ, P.C., former deputy director of the SEC's Office of Compliance, talked through these developments. Their conversation touched on the Marketing Rule, the latest proposed outsourcing rule, upcoming enforcement efforts, and more.
"We have more rules coming out of the SEC in the investment management space than anyone ever thought possible," said Champ.
To hear his perspective on the SEC regulations, watch Ontra's on-demand webinar, "Former SEC director shares his thoughts on evolving private market regulations."
Watch now | | | | | | | |
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| DACH private capital activity falters in Q3 after a robust year | | DACH private capital dealmaking tailed off in Q3 after a resilient year for both VC and PE activity, as macroeconomic conditions seemed to finally catch up with the region.
Our DACH Private Capital Breakdown explores how VC and PE are coping with tighter monetary policy. Key takeaways include: - PE could still be on course for a record year, reaching €75.7 billion across 818 deals YTD.
- While VC fundraising has been strong, PE has raised just five funds so far this year, for a total of just €2 billion.
- VC and PE exit activity is down from last year, although VC exits could hit their lowest annual total since 2018.
| | | | | | | | | Picus defies cooling Web3, crypto markets with new investment unit | |  | | (Morocko/Shutterstock) | | | The Web3 and crypto industries have had a rocky year, but German venture firm Picus Capital is betting on their long-term future with its new dedicated investment arm.
VC appetite for these technologies has slowed as trading volatility and bankruptcies plague the sectors. | | | | | | | | | | Chamath Palihapitiya, once known as the "SPAC king," attributes Fed policies to ending the exit strategy's boom. [The New York Times]
Childcare, housekeeper and a personal assistant: Women are paying big bucks for support at home in order to reach the C-suite. [Fortune]
Investors see a shift in Europe's fortunes as concerns about energy prices, inflation and central bank rates ease. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 435 Deals | 2013 People | 518 Companies | 23 Funds | | | | | | |
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| 2017 Vintage Global Funds-of-Funds | | | | | | |
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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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| Crypto, AI partner Divya Gupta leaves Sequoia | | | Sequoia partner Divya Gupta, who focused on seed and early-stage investments in AI and crypto, is leaving the firm, The Information reported. Gupta's departure follows the firm's apology to LPs for its investment in the now defunct FTX. Sequoia confirmed that Gupta played no role in any FTX investments, according to the report. | | | | | |
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| | | Drata has raised a $200 million Series C co-led by Iconiq Growth and GGV Capital. Salesforce Ventures also joined the round, which valued Drata at $2 billion. The security and compliance automation startup reached unicorn status last year when it closed a $100 million Series B. | | | | | | | Sound Agriculture nets $75M from Chan Zuckerberg Initiative, others | | | | | | | | Restaurant data startup MarginEdge secures $45M | | | MarginEdge, which offers a bill payment and data platform for restaurants, has raised a $45 million Series C led by Ten Coves Capital. The startup has raised over $70 million since its founding in 2015. | | | | | | | Setpoint lands $43M led by a16z | | | | | | | | Hunt Club locks down $40M | | | | | | |
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| Don't miss our upcoming webinar | | The crypto market has lost some of its luster since its resurgence in 2021, with values dropping and companies and investors alike leaving the industry. But there is still ongoing VC interest, and we predict a significant amount of deployed capital in the next few years.
Join our webinar to get the perspectives of industry investors and PitchBook emerging tech senior analyst Robert Le on how this technology can move forward. Key topics include: - How this crypto bear market is different from past downturns.
- What investors are avoiding in this market and where they see opportunities.
- Viewpoints on risk management, security flaws, regulations and other crypto trends.
Register now to secure your spot. | | | | | | | |
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| Einride raises $500M in equity, debt | | | | | | | | Tiger Infrastructure buys trans-Atlantic aircraft painter | | | | | | | | Avant nabs $250M in equity, debt from Ares | | | Ares Management Alternative Credit has invested $250 million of corporate debt and redeemable preferred equity in Avant, a VC-backed fintech company that provides credit to US consumers who are considered non-prime. | | | | | | | Edison Partners leads $21M round for Lokavant | | | Edison Partners has led a $21 million round for Lokavant, which provides intelligence on clinical trials. Roivant Sciences, which incubated Lokavant, also participated in the growth equity round. | | | | | |
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| Thoma Bravo raises $32B+ across three funds | | | Thoma Bravo has closed three buyout funds that total roughly $32.4 billion in capital commitments. Thoma Bravo Fund XV, which targets large investments, raised $24.3 billion, while Thoma Bravo Discover Fund IV raised $6.2 billion for middle-market investments and Thoma Bravo Explore Fund II, focusing on the lower-middle-market, raised $1.8 billion. | | | | | | | Alpine Investors targets $3.8B | | | Alpine Investors has begun fundraising for its ninth namesake vehicle, targeting $3.8 billion in commitments, The Wall Street Journal reported. Alpine's predecessor fund closed on its hard cap of $2.3 billion in 2021. | | | | | |
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| Blackstone's private credit fund reaches withdrawal limit | | | The Blackstone Private Credit Fund has reportedly reached its quarterly limit for investor withdrawal requests. In September, the business development fund had more than $22 billion in net assets, Barron's reported. | | | | | |
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