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In today's Daily Pitch, you'll find: - Our debut Clean Energy Report explores a powerful space for startups.
- Net energy gain is a pivotal milestone for nuclear fusion, but solar and wind are still critical to advancing sustainable energy.
- Chart of the day: Energy M&A activity, from our Global M&A Report.
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| Clean energy VC investment shines in a storm | | The energy crisis that followed Russia's invasion of Ukraine has accelerated demand for alternative energy sources, especially low-carbon ones that can be produced domestically at lower cost than imported fuels.
Meanwhile, growing investment in clean energy supply chains and hefty government spending measures provide a foundation for future growth.
It all adds up to a fertile environment for startups in the space, as PitchBook senior analyst John MacDonagh lays out in our newly launched Emerging Tech Research coverage of clean energy. - VC activity has been remarkably resilient, with $11 billion raised across 401 deals in the segment. That's on pace to match the record set in 2021.
- Intermittent renewable energy, especially solar, has outperformed relative to last year. So have clean fuels, led by low-carbon hydrogen.
- The Inflation Reduction Act, signed into law by President Biden in August, gives significant support to clean energy production. Its effects are already being felt.
| | | | | | | | | Flurry of down rounds hints at valuation resets ahead | |  | | Valuations have reset as the tech-heavy Nasdaq has tumbled. (valerii eidlin/Shutterstock) | | | | There have only been a few significant down rounds in 2022, but their pace has been picking up lately, a sign of more discounts to come.
Over the last week, a flurry of late-stage companies raised new equity at sharply reduced valuations. Down rounds as a percentage of total rounds raised are still low by historical standards, but investors don’t expect it to stay that way for long. | | | | | | | |
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| How ESG incorporates into rapid growth plays at the expansion stage | | 2022 has seen robust tallies of investment in ESG at the expansion stage, totaling $15.7 billion across a few hundred completed deals. Yet, balancing ESG priorities with rapid growth can prove challenging. The latest edition of Deloitte's Road to Next series explores key metrics emerging from dealmaking data while discussing insights on key priorities and how ESG implementation can aid growth, with highlights including: - How factoring in risks stemming from governance ripple effects future-proofs businesses
- The resilience in capital availability for ESG-related enterprises and what that portends
- A spotlight on under-discussed segments of cleantech
Read it now | | | | | | | |
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| Improving visibility into impact investing | | Impact funds are closing in on a record year for fundraising, and our improved tagging and tracking of those funds has opened up insights into investor preferences. Real assets, particularly infrastructure, stands out in drawing a larger share of impact capital when compared to funds in the market overall. Different priorities in different geographies also come to light. For example, North America-based funds are the largest backers of efforts focused on air and pollution.
In our latest analyst note, PitchBook lead analyst Hilary Wiek unpacks the impact market, exploring the progression of impact fundraising trends going back to 2007. With tags based on the GIIN's IRIS+ framework, PitchBook clients can also dive deeper into the impact market, helping GPs and LPs to align their social and environmental goals. | | | | | | | | | Fusion 'breakthrough' won't overshadow renewable energy sources | |  | | (Courtesy of Lawrence Livermore National Laboratory) | | | Net energy gain is a critical milestone for nuclear fusion, providing validation both for the technology and the growing cohort of fusion startups that have raised significant capital in recent years.
But shovel-ready technologies like solar and wind will be more important to advancing the world's sustainable energy needs, writes PitchBook senior analyst John MacDonagh. | | | | | | | | | Ranking Q3's most active lenders in PE | | Nine lenders issued at least 30 loans apiece to US PE-backed companies in the third quarter, with the four most active notching at least 40 each. Lending activity stayed on pace with Q2, even as macro headwinds lingered.
Who's on the leaderboard? Our interactive Q3 2022 PE Lending League Tables, sponsored by Twin Brook Capital Partners, are now available. Explore the data by deal type, sector, geography and more to size up the lending landscape in private equity. | | | | | | | | | | Everyone wants to know what private assets are really worth. The truth is complicated. [Institutional Investor]
A sick-leave showdown at Warren Buffett's BNSF highlights how the profits that finance billionaire philanthropy can come at a cost. [Fortune]
While companies are awash with data about their employees, the ability to translate that into trustworthy evaluations of performance is a work in progress. [Harvard Business Review] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 428 Deals | 2111 People | 597 Companies | 28 Funds | | | | | | |
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| 2017 Vintage Global VC Fund with less than $250M | | | | | | |
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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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| OTPP appoints equities exec | | | The Ontario Teachers' Pension Plan has promoted Romeo Leemrijse to executive managing director of equities, a role that oversees the board's investments in public and private companies. Leemrijse, who starts the new role Jan. 1, is currently responsible for OTPP's direct investments in North America. | | | | | |
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| MasterControl valued at $1.3B | | | | | | | | Group14 completes $614M round | | | | | | | | | | Carbon capture technology startup Svante has raised a $318 million Series E led by Chevron. The venture capital arms of United Airlines, Samsung and 3M also invested in the Canadian company. | | | | | | | | | | | | | | | | | | | | | Sun King nets $70M in extension round | | | | | | | | Gilgamesh Pharmaceuticals bags $39M | | | | | | | | | | | | | |
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| Insights on over 100K clinical trials now available in PitchBook | | In response to market volatility and slowing innovation in the computer hardware and software space, investors are turning to healthcare—specifically, non-cyclical industries like biotech and pharma—as the next wave of high-impact, high-return opportunities. However, biotech and pharma investing contain a different set of risk profiles compared to tech startups. Progress through clinical trial stages is the best indication of the ultimate commercial viability of a new drug or medical device—and therefore, the likelihood of achieving a solid investment return.
To help investors isolate biotech and pharma companies with the highest chance of success, we've launched a new clinical trial integration, providing insights on over 100,000 clinical trials alongside our industry-leading funding data. With this new tool, investors can reduce time spent on opportunity discovery and due diligence by viewing a company's funding status alongside its drug development pipeline.
Explore our new clinical trial integration. | | | | | | | |
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| Goldman's PE arm picks up Norgine | | | Goldman Sachs Asset Management's PE division has completed its acquisition of specialty pharmaceutical company Norgine, which was previously owned by the Stein family for over 110 years. | | | | | | | Centerbridge, Gallatin Point line up $800M Phoenix sale | | | | | | | | LongRange Capital to acquire casket maker carveout for $762M | | | | | | | | Platinum Equity to buy refractory company HWI | | | Platinum Equity has agreed to acquire HarbisonWalker International, which supplies heat-resistant refractory materials to multiple industrial sectors. HWI is a reorganized business that emerged from the bankruptcy of NARCO after the company faced asbestos lawsuits. | | | | | | | Correction: Milestone acquired by Halifax | | The Halifax Group has purchased a majority stake in IT provider Milestone Technologies. Two Sigma Impact has also made a minority investment in the California-based company. The financial terms of the deal were not disclosed.
A previous version of this news brief incorrectly stated that The Halifax Group has been acquired. (Dec. 15, 2022) | | | | | |
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| DailyPay turned down $2B Chime buyout offer | | | Chime tried to buy fellow fintech startup DailyPay twice in 2022, but both deals fell through, The Information reported. | | | | | | | PE-backed Foodtastic secures $175M debt facility | | | | | | |
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| Ventures Platform closes $46M Pan-African fund | | | | | | |
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| Ardian commits $2B+ to Mubadala | | | Ardian has agreed to invest $2.1 billion in the asset management arm of Mubadala, the United Arab Emirates sovereign wealth fund. The investments are divided between a portfolio of six Mubadala-owned assets, as well as capital commitments to Mubadala PE funds. | | | | | |
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"M&A activity in Europe is expected to continue as many companies look to take advantage of the search for energy alternatives and try to lower reliance on Russian supplies. Still, oil & gas remains at the center of M&A activity in the energy sector as prices remain elevated and deals get larger."
Source: PitchBook's Q3 2022 Global M&A Report | | | | | |
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