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In today's Daily Pitch, you'll find: - The cross-border M&A market holds steady and, despite unique risks, keeps its eyes on the long game.
- From a tightening debt market to lengthening holding periods, here's what private equity investors expect to see in Europe's 2023.
- Chart of the day: Time to close real assets funds dispersion, from our Global Real Assets Report.
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| Cross-border activity by North American acquirers holds firm | | The market for cross-border M&A, in which GPs and corporations seek new markets via acquisitions in other countries, held steady in 2022. Cross-border activity by North American acquirers has fully recovered from 2020 lows and closed slightly higher in value despite a decline in the overall M&A market.
Buying overseas companies has always involved a higher degree of risk and return due to unexpected changes in currencies and foreign regulations as well as geopolitical tensions. North American companies that successfully navigate these risks have reaped large gains, and the stability in last year's activity suggests their appetite is still intact.
In our recent analyst note, PitchBook analyst Jinny Choi takes region-by-region snapshots of the market and explores where potential headwinds could lead. | | | | | | | | | Startup whiplash hits some sectors harder than others | |  | | (Yellow_man/Shutterstock) | | | There is no denying that 2022 was a challenging year for startups. But it wasn't equally difficult for every sector of the VC-backed ecosystem.
We use PitchBook data to examine how the deal value, deal count and valuations of 11 verticals fared in 2022. In a weird year, these were VC's most resilient and weakest tech sectors. | | | | | | | | | Round Hill Music's latest deal is a 'back door' to hitmaker royalties | |  | | CDs and artwork of rock band U2. (Kraft74/Shutterstock) | | | For private equity firms looking to tap into top artists' music royalties, the price tags can be daunting, with some catalogs fetching $500 million for a single artist.
Round Hill Music's acquisition of rock-and-roll producer Steve Lillywhite's royalty rights is giving the firm discounted access to artists like U2 and the Dave Matthews Band, the firm's chairman and CEO said. | | | | | | | | | Peering into tech's crystal ball | | Which tech verticals are poised for greater investment and which are headed toward rougher waters? Our 2023 Industry and Technology Outlook compiles predictions for the year ahead.
But what comes after 2023? Paul Condra, our head of Emerging Technology Research, has you covered with his recent analyst note on the post-digital era that envisions the next tech supercycle. | | | | | | | | | Private equity forecast: Europe's investors brace for 2023 | |  | | (eamesBot/Shutterstock) | | | The year ahead presents challenges for private equity, as many of the issues that impacted the market in 2022 are expected to persist.
We spoke to industry participants to get their perspectives on what to expect in Europe in the new year. | | | | | | | | | | The University of California's deal with Blackstone to invest in its BREIT fund signals both good and bad news to investors. [The Wall Street Journal]
Growth slows at companies once PE firms exit, but new research finds they are still better off than those never taken over by buyout firms. [Institutional Investor]
Why are energy prices so high? Some experts blame deregulation. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 502 Deals | 2349 People | 599 Companies | 27 Funds | | | | | | |
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| 2015 Vintage Global VC Funds | | | | | | |
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| Belharra emerges with $130M | | | Biotech startup Belharra Therapeutics has come out of stealth with $130 million. The funding comprises a $50 million Series A led by Versant Ventures and $80 million from pharmaceutical company Genentech for a multiyear collaboration. Belharra specializes in drug discovery. | | | | | | | SirionLabs extends Series D to $110M | | | | | | | | Saudi fintech company nabs $28M | | | Manafa has closed a $28 million Series A led by STV and oil giant Aramco's venture arm, Wa'ed Ventures, according to reports. The Saudi Arabia-based startup was founded in 2018 and offers crowdfunding as a way for enterprises to access capital. | | | | | | | Product Science takes home $18M | | | | | | |
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| PitchBook webinar: Emerging technology outlook | | Join us for a webinar examining what lies ahead for emerging tech in 2023. From the fall of FTX to the rise of climate-tech investments, our analysts will dive into the findings from our recent analyst note about the industry and technology outlook for 2023, including the current trends and events that will affect spaces like crypto, AI, healthcare, and climate tech. Key topics include: - What emergent properties are likely to develop from continued innovation in foundational generative AI models.
- How the Inflation Reduction Act may be fueling an increase in climate-tech investments.
- What 2023 holds for the private market healthcare ecosystem, including the wider adoption of telehealth and the implications of lowering genomic sequencing costs on precision medicine.
Register now to secure your spot. | | | | | | | |
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| Partners Group, Riverside swap SureWerx | | | | | | | | Kelso's Novvia Group picks up JF Shelton | | | Kelso-backed Novvia Group, a packaging distributor previously known as Inmark, has purchased Washington-based peer JF Shelton to bolster its West Coast footprint. Ravago Chemicals exited though the deal. | | | | | | | Transition backs Trinity Gas Storage | | | Transition Equity Partners has invested in Trinity Gas Storage to help the company finance the construction of a new natural gas storage facility in Texas. | | | | | |
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| Microsoft will work with OpenAI to challenge Google | | | Bing, Microsoft's search engine competitor to Google, could get a generative AI update, The Information reported. Microsoft is planning to team up with OpenAI, the creator of chatbot ChatGPT, to integrate the technology into its search engine. Microsoft previously invested $1 billion in OpenAI, according to the report. | | | | | | | Crypto company Wyre shutters | | | Despite its previous valuation of $1.5 billion, crypto payments specialist Wyre is shutting down, Axios reported. Wyre's former backers include Samsung's venture capital arm and Polaris Capital. Fintech startup Bolt was in talks to purchase Wyre, but the deal fell through in September. | | | | | |
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| Quantum nears $4.6B Rockcliff Energy sale | | | | | | | | True Green to hand off solar projects for $293M | | | True Green Capital Management has agreed to sell a 220-megawatt solar asset portfolio to renewable energy company Altus Power for $293 million. The portfolio is primarily located in California, New York, New Jersey and Massachusetts. | | | | | | | PE, VC-backed grocery startup Kurly halts IPO | | | Grocery delivery service Kurly is calling off its plan to offer an IPO, TechCrunch reported. The South Korean startup's valuation, initially set at $3.3 billion, has reportedly dropped to $669 million. Kurly previously received funding from Anchor Equity Partners, Sequoia China and other investors. | | | | | |
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| Hamilton Lane secures $2B+ | | | Hamilton Lane has closed its fifth co-investment vehicle, Hamilton Lane Equity Opportunities Fund V, on roughly $2.1 billion. | | | | | | | Nexus Ventures wants $700M fund for Indian, US startups | | | Nexus Venture Partners, an India-based firm, is seeking to raise $700 million for a fund targeting US and Indian tech startups, Reuters reported. | | | | | |
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