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In today's Daily Pitch, you'll find: - Learn about the opportunities and limitations associated with carbon offset trading platforms in our latest Emerging Space Brief.
- We spoke with a former LP executive about the impact investing strategy at his recently launched firm, The Copia Group.
- Chart of the day: Share of M&A deal value by payment type, from our Global M&A Report.
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| Building a grand bazaar for carbon offsets | | As corporations pursue net-zero commitments, many find that they cannot directly avoid their own emissions. Enter carbon offsets, which allow organizations to buy and sell credits that avoid, reduce or remove carbon emissions.
This market corollary to government mandates is generating an opportunity for carbon offset trading platforms. Our latest Emerging Space Brief lays out the landscape for these marketplaces with an eye toward the technology opportunities, limitations and outlook for the segment. | | | | | | | | | Q&A: Ex-Northern Trust leader talks impact investing at new firm | |  | | Thomas | | We caught up with Shundrawn Thomas, founder and managing partner at The Copia Group and former president of Northern Trust Asset Management, to talk about his firm, which he launched in September alongside partner Anthony Hoye.
The firm uses "nondilutive" strategies—typically in the form of credit solutions—to take a minority stake in portfolio companies and grow their value. For Thomas, Copia's investment thesis is equally strategic and philosophical: "We want to be able to partner with businesses that are truly scalable but also are mission-oriented," he said. | | | | | | | | | Quiz: Did you follow private markets in 2022? | |  | | (Jenna O'Malley/PitchBook News) | | | 2022 brought drama galore to the private investment landscape.
The fallout from the war in Ukraine seemed to touch everything—even a Premier League buyout and a European startup competition. Disgraced founders were by turns arrested, sentenced and redeemed. Private equity expanded into blockchain funds and startup loans.
Our quiz has the highlights, the lowlights and everything in between. | | | | | | | | | Bigger isn't always better when it comes to private equity funds | | PE giants' mega-buyouts dominated the market over the past few years, pushing middle-market funds into the backseat. But this dynamic could shift in the future as take-privates take aim at smaller companies.
In our Q3 2022 US PE Middle Market Report, sponsored by Antares Capital and LBMC, we show how dealmaking could shift to the middle markets as mega-buyouts of over $1 billion become increasingly difficult to finance. The report also explores opportunities and risks in this market segment. | | | | | | | | | | How the world's increasing dependence on a small handful of crops leaves us vulnerable to war, extreme weather and market turbulence. [Bloomberg]
Charting the world's top 10 most innovative countries over the last 12 years. [Visual Capitalist]
Have electric vehicles finally outgrown Tesla? Here are some important milestones the industry hit in 2022. [Vox] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 462 Deals | 1766 People | 573 Companies | 21 Funds | | | | | | |
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| 2016 Vintage Global Secondaries Funds | | | | | | |
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| Guggenheim Partners CIO Scott Minerd dies | | | Scott Minerd, the global CIO and a managing partner at Guggenheim Partners, has passed away suddenly at 63 after a heart attack, the firm said. Over his three-decade career in finance, Minerd was an early leader in fixed income, particularly bonds, and helped to grow Guggenheim as an early joiner at the firm. | | | | | |
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| Aspen Neuroscience gets $40M in debt | | | Biotech startup Aspen Neuroscience has received a $40 million loan from Silicon Valley Bank. The San Diego-based company closed a $147.5 million Series B earlier this year. Aspen creates cell therapies to treat neurological diseases like Parkinson's disease. | | | | | | | Gynger raises $21.7M in debt and equity | | | Software financing startup Gynger has launched from stealth, raising $11.7 million in seed funding and $10 million in debt financing. Upper90 and Switzerland's Vine Ventures led the seed round with Gradient Ventures, Alphabet's AI-focused venture firm, also participating. Upper90 is providing the debt financing. | | | | | | | Nectar Life Sciences secures $16.5M for allergy care | | | | | | | | Automotus nabs $9M in seed funding | | | | | | | | | | | | | |
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| Justin Bieber close to $200M deal with Blackstone's Hipgnosis | | | Justin Bieber has been in negotiations to sell the rights to his music to Blackstone-backed Hipgnosis Songs Capital for about $200 million, The Wall Street Journal reported. Among Hipgnosis' catalog of music rights is Mariah Carey's perennial chart-topper "All I Want for Christmas Is You." | | | | | | | EQT to buy energy generation specialist | | | EQT has agreed to acquire US-based Madison Energy Investments, which develops, owns and operates distributed solar and energy storage projects, from Stonepeak Partners. The deal will mark EQT's first investment from EQT Infrastructure VI, for which the firm plans to raise roughly $21 billion. | | | | | | | Apollo-backed auto-parts maker to buy WMG Technologies for $165M | | | | | | | | OTPP to sell Illinois lottery operator | | | | | | |
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| KKR to expand stake in SK energy unit | | | KKR has agreed to expand its stake in SK E&S, an energy-focused subsidiary of SK Group. The firm will purchase 735 billion South Korean won (about $576 million) in new redeemable convertible preferred shares, Reuters reported. The agreement follows KKR's roughly $2 billion investment in the South Korean unit in 2021. | | | | | |
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| Stifel to acquire M&A advisory firm Torreya | | | Stifel Financial has agreed to acquire Torreya Partners, an M&A and private capital advisory firm that specializes in life sciences like biotechnology and pharmaceuticals. Acquirer Stifel's healthcare investment banking team has advised on roughly 700 M&A and fundraising deals since 2010. | | | | | |
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