Global markets brave the storm

Newly public stocks slide into 2023; SpaceX eyes $137B valuation; VC predictions for Europe, Middle East, Africa; UC to invest $4B in Blackstone REIT

Read online | Don't want to receive these emails? Manage your subscription. Log in The Daily Pitch: VC, PE and M&A January 4, 2023 The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data In today's Daily Pitch, you'll find: Our latest Global Markets Snapshot breaks down one month of trends in the equity, debt and commodities markets. Venture investors in Europe, the Mideast and Africa share their predictions for the market in 2023. Chart of the day: PE middle-market buyout value as a share of all PE value, from our US PE Middle Market Report.   Today's Top Stories   A stormy December for global markets After two months on the up-and-up, US stock indexes ended December down. European markets didn't fare much better, but Hong Kong's Hang Seng index bucked the global trend and rose 5.9% to round out the year. Meanwhile, the commercial real estate market has taken a hit due to rising central bank rates and the threat of slowing business activity, and PitchBook analysts expect real estate fund returns to continue to correct into the new year as investors hunt for liquidity. Our latest Global Markets Snapshot breaks down one month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also explores private markets activity—including major deals, fundraising, IPO performance, lending volumes and unicorn creation. In this monthly digest, we provide the datasets that PitchBook's Institutional Research team is keeping an eye on as markets remain volatile. read it now   Share: Newly public stocks slide into the new year The end of the year brought little reprieve for newly public companies, which were among the hardest-hit stocks in 2022. PitchBook's indexes of companies that went public through an IPO or SPAC merger continued to decline in the final months of the year. The results offered little encouragement to companies eagerly awaiting more receptive public markets. The DeSPAC Index declined 68.9% in 2022. The VC-backed IPO Index ended the year down 61.3%. The PE-backed IPO Index fell 44.9%. explore the indexes   Share: SpaceX, a darling of the secondaries markets, to raise new funds at $137B A SpaceX Starlink internet terminal in Ukraine. (Nina Lyashonok/Getty Images) Investors continued to be bullish on Elon Musk's SpaceX, a rocket launch and satellite internet provider, amid an otherwise tumultuous 2022 for his other significant assets. SpaceX, which consistently traded a premium on the secondaries market even when all other companies traded down, is reportedly raising a new round led by Andreessen Horowitz at a $137 billion valuation. read more   Share: VC predictions: What's in store for Europe, the Mideast, Africa in 2023? (Anton Balazh/Shutterstock) Venture investors expect a challenging year ahead for the startup ecosystem in Europe, the Middle East and Northern Africa amid ongoing uncertainty and economic headwinds. We spoke to VCs active in the region to find out the challenges and opportunities they anticipate in 2023. read more   Share: Recommended Reads Christopher Phillips, head of Google's Geo group, on the future of immersive navigation, the team's hurdles and more. [The Wall Street Journal] A visual breakdown of the stock market's winners—and losers—of 2022. [Visual Capitalist] Many asset managers are preparing for a tough slog through 2023. [Financial Times]   Since yesterday, the PitchBook Platform added: 341 Deals 2402 People 501 Companies 12 Funds See what our data software can do   Quick Takes     The Daily Benchmark     2013 Vintage Global PE Funds     VC Deals     Money View rises to $900M valuation     Akulaku secures $200M     Apnimed extends Series C to $142M+     Liberation Labs pulls in $20M seed funding     Motion G nets $15M for engineering SaaS     PE Deals     OTPP backs National Auto Care acquisition     Sterling platform adds on Florida fencing supplier     Platform Partners invests in lab testing company     DW Healthcare stakes education company     Exits & IPOs     Blackstone to sell pipeline stake for $1B+     Investors     UC Investments commits $4B to Blackstone REIT     Fidelity slashes its Twitter valuation by 56%       The Daily Benchmark   2013 Vintage Global PE Funds Median IRR 15.40% Top Quartile IRR 22.36% 1.69x Median TVPI Select top performers Goode Partners Consumer Fund II Clarion Investors II Accel-KKR Capital Partners IV *IRR: net of fees 115 Funds in Benchmark » Check out the latest version of PitchBook Benchmarks   VC Deals   Money View rises to $900M valuation India-based fintech startup Money View has closed a $75 million Series E round, bringing its valuation to $900 million, according to reports. Apis Partners led the round. Money View was founded in 2014. View round   View 27 competitors »   Akulaku secures $200M Fintech company Akulaku has secured a $200 million investment from the Mitsubishi UFJ Financial Group. The startup is based in Jakarta and offers services like virtual credit cards and an investment platform. View round   View 34 competitors »   Apnimed extends Series C to $142M+ Specializing in treatments for sleep disorders, Apnimed has closed a $79.75 million Series C extension, bringing the round's total to $142.25 million. Alpha Wave Ventures led the extension round for the Massachusetts-based company. View round   View similar company »   Liberation Labs pulls in $20M seed funding Agtech startup Liberation Labs has closed a $20 million seed round led by Agronomics and Siddhi Capital. The New York-based company specializes in protein fermentation. View round   View similar company »   Motion G nets $15M for engineering SaaS Motion G, an engineering R&D software startup based in Singapore, has raised $15 million in seed funding led by New Wheel Capital. View round   View similar company »     PitchBook Webinar: 2023 Private Equity Outlook Join us in examining PitchBook's recent analyst note: 2023 Private Equity Outlook. The discussion will cover the new era of buyouts, along with fundraising trends that are helpful for navigating a challenging environment. Key topics include: PE dealmaking pace remains muted, but new opportunities arise during market volatility. Exploring developments in the stunted exit market. Fundraising trends: Who will be the winners in the increased competition for capital? Register to secure your spot. Share:   PE Deals   OTPP backs National Auto Care acquisition Lovell Minnick Partners has sold National Auto Care to APCO Holdings, which is owned by the Ontario Teachers' Pension Plan. NAC creates warranties and other financial products for dealerships, credit unions and other institutions to sell to customers. View deal   View 4 competitors »   Sterling platform adds on Florida fencing supplier The Sterling Group-backed Fencing Supply Group has acquired Florida-based Hartford Fence Supply, which provides fencing products in the Tampa area. View details   View similar company »   Platform Partners invests in lab testing company Platform Partners has invested in Texas-based Principle Health Systems, a laboratory services company that also operates pain management clinics. Principle's founder will continue to run the business and will retain his majority stake. View details   View similar company »   DW Healthcare stakes education company DW Healthcare Partners has closed on an investment in Med Learning Group, which was previously a division of Ultimate Medical Academy. Med Learning Group offers continuing medical education courses to pharmaceutical companies. View details   View similar company »     Exits & IPOs   Blackstone to sell pipeline stake for $1B+ Targa Resources has agreed to buy Blackstone Energy Partners' 25% stake in Targa's Grand Prix NGL Pipeline for $1.05 billion in cash. The deal would leave Targa holding 100% of the asset. Stonepeak Infrastructure Partners sold its 20% stake in Grand Prix back to Targa last year. View details   View similar company »     Investors   UC Investments commits $4B to Blackstone REIT The University of California has agreed to buy $4 billion in shares of the Blackstone Real Estate Income Trust, or BREIT. Meanwhile, Blackstone agreed to contribute $1 billion to ensure UC Investments receives a minimum 11.25% return for six years, the length of the lockup period. View details   View 5 investments »   Fidelity slashes its Twitter valuation by 56% Fidelity has valued its stake in Twitter at $8.63 million, down 56% since it invested in Elon Musk's $44 billion takeover of the social media company. The firm's Blue Chip Growth Fund previously valued the stake at $19.66 million. View details   View 316 investments »     Chart of the Day   "Since recently peaking at 68.6% in 2018, the middle market's share of total PE buyout value has drifted lower ... This erosion in share reflects the explosive growth in mega-funds, which have swelled from 31.3% of new funds raised to 53.1% during the same four-year span, all at the expense of middle-market funds and smaller funds." Source: PitchBook's Q3 2022 US PE Middle Market Report   Who's in the newsletter today? People Elon Musk Investors APCO Holdings Agronomics Alpha Wave Ventures Apis Partners Blackstone Energy Partners DW Healthcare Partners Fencing Supply Group Fidelity Lovell Minnick Partners Mitsubishi UFJ Financial Group New Wheel Capital Ontario Teachers' Pension Plan Platform Partners Siddhi Capital Stonepeak Infrastructure Partners Targa Resources The Sterling Group University of California Companies Akulaku Apnimed Blackstone Blackstone Real Estate Income Trust Grand Prix NGL Pipeline Liberation Labs Med Learning Group Money View Motion G National Auto Care Principle Health Systems Twitter Ultimate Medical Academy   About PitchBook | Terms of use | Advertise with us | Contact Follow us: This email was sent to edwardlorilla1986.paxforex@blogger.com via the PitchBook Platform. Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here. © 2023 PitchBook. Win what's next. All rights reserved.