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In today's Daily Pitch, you'll find: - Public pensions plans weigh their allocations to private equity for 2023.
- UK-listed companies were still the biggest draw for private capital in Europe in 2022, despite PE-backed take-privates slowing.
- Chart of the day: Median PE capital raised by type, from our European PE Breakdown.
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| Will public pensions stick to their PE targets in 2023? | |  | | (Madison Thompson/PitchBook News) | | | As limited partners consider their target allocations to private equity in 2023, public pension plans are taking varying approaches. Calpers and the Iowa Public Employees' Retirement System, for example, are expanding the asset class's position in their portfolios, while the Alaska Permanent Fund Corporation's CIO is more bearish on the value of the space.
Despite the different approaches, a core—and consequential—chunk of institutional portfolios remains dedicated to private equity. | | | | | | | | | L.B.OMG: The deals that tested the buyout market in 2022 | |  | | (Justin Sullivan/Getty Images) | | | Investors inked a flurry of big-ticket leveraged buyouts this year, no mean feat in a dealmaking environment that tested big banks and private lenders alike.
Facing heightened uncertainty brought on by political risks and Fed's hawkish rate hikes, Wall Street banks encountered twists and turns on their path to syndicate some of their debt commitments.
At the same time, direct lenders encroached on the leveraged loan market and took on some of the risky—but also lucrative—pieces in the debt deal. We take a look at four high-profile buyouts that captured the drama in LBO-land this year. | | | | | | | |
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| A Message from DealCloud, by Intapp | | |
| Five questions to ask your deal conflicts software provider | | To prosper in an increasingly competitive environment, capital markets firms and investment banks must adhere to evolving regulatory rules, compliance requirements, and professional standards. To meet this challenge, teams need integrated, purpose-built conflicts management technology.
In this piece, we review five questions to ask your deal conflicts software provider that should help you increase your firm's efficiency and profitability, and ensure you're making a wise, long-term investment in your future growth.
Download the guide | | | | | | | |
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| Europe take-privates slow down, but UK still attracts PE buyers | |  | | (Sven Hansche/Shutterstock) | | | UK-listed companies continue to be the biggest draw for private capital in Europe, with eight of the top 10 take-private deals involving UK firms.
The largest of these deals was Permira's €5.5 billion ($5.8 billion) acquisition of UK email security firm Mimecast, which was completed in May. | | | | | | | | | Sizing up Europe's strategy to drop Russian gas | |  | | (Wojciech Wrzesien/Shutterstock) | | | Europe has an ambitious plan to eliminate dependence on Russian natural gas by 2027, but investors are skeptical. Can it really be done?
Morningstar analysts agree that the plan will likely fall short of its goals—due in part to a shortfall in renewables, hydrogen and other new energy sources. But the bulk of the plan is reasonable and likely to succeed by 2030. Here's a look at the companies institutional investors should be considering in this highly volatile energy market. | | | | | | | | | | With deals scarce, PE firms are holding on to some of their most promising portfolio companies longer, rolling them into new funds. But most asset owners are passing on these so-called continuation funds. [Institutional Investor]
From Charles Ponzi to Bernie Madoff, here's a brief history of financial skullduggery. [The Washington Post]
US nuclear scientists have achieved the long-sought goal of a fusion ignition—but don't expect this clean technology to power the grid yet. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 460 Deals | 2266 People | 614 Companies | 25 Funds | | | | | | |
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| 2019 Vintage North American Real Assets 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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| | | | | | | | HistoSonics raises $100M round | | | | | | | | | | | | | | | Ngrok closes $50M Series A | | | Network management and application delivery startup Ngrok has closed a $50 million Series A led by Lightspeed. This is the company's first venture-backed financing round since its founding in 2013. | | | | | | | Tellus Therapeutics nabs $35M | | | | | | | | Post News targets $250M valuation | | | Twitter rival Post News is seeking a $50 million round that would peg the startup at a $250 million valuation, Axios reported. Noam Bardin, the former CEO of Waze, leads the company. | | | | | |
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| Elliott supports its Nielsen take-private by buying debt | | | Elliott Management has purchased a portion of the debt supporting the buyout of Nielsen, a deal it co-led with Brookfield Asset Management to take the television ratings provider private, the Financial Times reported. The firm joined other investors to acquire the debt at a discount from Wall Street banks that committed to the buyout earlier this year. | | | | | | | Vector Capital stakes Malwarebytes with $100M | | | Vector Capital has closed a $100 million minority investment in cybersecurity company Malwarebytes and placed two of its managing directors on the company's board. | | | | | | | Veritas Capital, Carlyle swap Sequa | | | | | | | | Gemspring Capital acquires Amplix | | | Gemspring Capital Management is merging three companies and bringing them under one banner called Amplix. The new company will provide IT services across several industries. | | | | | | | Comvest Partners takes on Duke's Root Control | | | | | | | | Danilee Capital backs Addmore Group | | | Middle-market PE firm Danilee Capital has invested in recruiting firm Addmore Group, making it the second acquisition for Danilee's inaugural buyout fund launched in early 2022. | | | | | | | Pfingsten Partners scoops up Tempest | | | Pfingsten Partners has acquired Tempest, a network solutions provider. The company says the acquisition will provide access to new markets. | | | | | |
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| Fifth Wall raises $866M fund for real estate tech | | | Venture capital firm Fifth Wall has closed a $866 million vehicle for investments into real estate technology startups, both in early and later stages. | | | | | | | American Pacific Group closes $700M fund | | | American Pacific Group, which targets lower-middle-market companies, has closed its second namesake fund at its $700 million hard cap. | | | | | |
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"PE growth/expansion funds have been very popular in 2022, representing 29% of capital raised in European PE funds. This fund strategy is at the cross-section between PE and VC as it targets growth companies that are well-established but still young, fast-growing, and seeking minority stakes. These tend to have higher returns than more mature PE targets, and are less risky than the less-established companies targeted by VCs."
Source: PitchBook's Q3 2022 European PE Breakdown | | | | | |
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