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| In today's Daily Pitch, you'll find: | | | | | |
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| European private equity surprises in a difficult 2022 | | European private equity dealmaking defied economic headwinds in 2022, with both estimated deal count and deal value increasing.
Our 2022 Annual European PE Breakdown shows how the industry reacted to an increasingly hostile macroeconomic environment, with interest rate hikes being used to combat rising inflation. Key takeaways include: - 2022 was a record year for add-on acquisitions as a percentage of total buyouts.
- Take-privates tallied their second-best year, with €37.3 billion in value across 31 deals.
- Exit value fell to its lowest level in nine years.
| | | | | | | | | The future of infrastructure investing is sustainable and digital | | The prospects of inflation, recession and market turmoil have often sent investors running for the stability of infrastructure funds. But as society evolves, so do the types of infrastructure we must rely on. Private fund investment in sustainable and digital infrastructure has grown rapidly over the last 15 years, and PitchBook analyst Anikka Villegas expects LPs will seek to gain more exposure to these burgeoning areas going forward.
As climate change and energy security challenges loom and the economy camps out in the cloud, our latest analyst note breaks down what you need to know about the forces shaping sustainable and digital infrastructure investing. | | | | | | | |
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| A message from J.P. Morgan | | |
| What lies ahead for venture | | With expectations for a deteriorating macro environment, venture players will have to balance near-term challenges with longer-term opportunities. While private capital markets have served as a critical source of funding for later-stage private companies given the pause in IPO markets this year, founders should be prepared for a turn in the exit environment. In preparation for a pick-up in exit environment activity, whether it is months or quarters away, there are best practices for private companies to consider.
Drawing on PitchBook data, Ginger Chambless, Head of Research, Commercial Banking, and experts from J.P. Morgan unpack the ways founders and investors can navigate this dynamic VC landscape.
Read now | | | | | | | |
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| US loan default rate ends 2022 at 0.72%; downgrades, distressed volume in focus | |  | | (ImageFlow/Shutterstock) | | | There were no defaults among companies in the Morningstar LSTA US Leveraged Loan Index in Q4 2022, and the default rate closed the year at 0.72%—well below the historical average. The default rate is a lagging indicator, though, and is expected to rise.
The volume of loans priced at distressed levels has increased, compounded by a flurry of late-year downgrades. A high percentage of loans needing to be repaid in the near term are from issuers rated B-minus or lower. LCD's quarterly Leveraged Finance Survey of market professionals revealed that the loan default rate is expected to end 2023 between 2% and 2.49%. | | | | | | | | | | A look at the results from Tulsa's big bet on remote workers. [Harvard Business Review]
After growth stocks' losses last year, investors are still hesitant to jump back in. [Institutional Investor]
How Activision-Blizzard's attempt to mimic a traditional sports league in the world of esports has stalled out. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 461 Deals | 1891 People | 559 Companies | 27 Funds | | | | | | |
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| 2018 Vintage Global PE Funds with less than $250M | | | | | | |
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| Wind turbine maintenance startup Aerones bags $30M | | | Latvia-based Aerones has raised $30 million in a round led by Lightrock and Haniel. The startup offers robot-enabled wind turbine maintenance and inspection services. | | | | | | | Logistics startup Locad collects $11M | | | ReefKnot Investments has led an $11 million Series A in Singapore-based Locad. The startup offers a cloud supply chain network for brands to store, pack, ship and track orders for ecommerce and omnichannel retail. | | | | | | | Fintech startup Kwara adds $3M to seed round | | | | | | |
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| PitchBook webinar: 2023 European Private Capital Outlook | | Join us for a webinar examining developments in the European private capital markets and the outlook for 2023. PitchBook analysts will discuss important deals, exit trends and fundraising activity, along with what could be on the horizon for the landscape in a time of global market uncertainty. Key takeaways include: - The European VC and PE dealmaking landscape in 2022 and beyond.
- An update on the exit environment and its impact on PE- and VC-backed companies.
- Challenges and opportunities within fundraising for GPs and LPs.
Register now to secure your spot. | | | | | | | |
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| EQT makes Va-Q-tec takeover bid | | | EQT Private Equity has offering to buy all of the shares of Germany-based Va-Q-tec, a company that specializes in thermal insulation solutions. Shareholders have until Feb.16 to accept the offer of €26 per share, a 98% premium on the three-month stock price average as of Dec.9. | | | | | | | Orchestra to acquire KFC South Korea | | | Orchestra PE is to acquire KFC South Korea in a deal said to be worth up to 60 billion Korean won (around $48.3 billion), The Korean Herald reported. The current owners, Seoul-based chemicals and steel company KG Group, put the company up for sale last year. | | | | | | | Apax frontrunner for Quest Global stake | | | Apax Partners is the frontrunner to acquire a stake in Singaporean engineering services provider Quest Global Services, Mint reported. TA and Carlyle were also thought to be on the shortlist to buy a 40% stake in the company. | | | | | |
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| Bain considers relisting Virgin Australia | | | Bain Capital is considering relisting airline Virgin Australia, Reuters reported. If the deal goes ahead it will be one of the largest IPOs of the year. Bain acquired the airline alongside QIC in 2020 through a $3.5 billion take-private. | | | | | |
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| Fractal Growth Partners seeks $250M for fund | | | Fractal Growth Partners is looking to raise as much as $250 million for its new fund, Bloomberg reported. The firm, founded by former KKR exec Ajay Candade, is targeting Indian startups in areas including SaaS and B2B. | | | | | | | BPC, Mubadala back SV Health fund | | | | | | | | Regulators to crackdown on fund securities | | | US regulators are planning to boost scrutiny of collateralized fund obligations used by private equity firms, the Financial Times reported. After a year-long investigation, the National Association of Insurance Commissioners is said to be moving to take over the assessment of the products as there are concerns that rating agencies are downplaying the risks of CFOs. | | | | | |
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"On the whole, multispecialty exit activity has been muted, with sponsors sitting on the sidelines amid an uncertain pricing environment. Optum's acquisition of TPG-backed Kelsey-Seybold Clinic, a Houston-based multispecialty group, for a reported $2 billion is a noteworthy exception."
Source: PitchBook's Q3 2022 Healthcare Services Report | | | | | |
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