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In today's Daily Pitch, you'll find: - Our top 13 highlights from the J.P. Morgan Healthcare Conference.
- Five VCs talk about the European fintech startups they're keeping an eye on this year.
- Our latest PitchBook Benchmarks, updated through Q2 2022, provide data for closed-end fund returns across strategies and vintage years.
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| Deals, trends and predictions from the J.P. Morgan Healthcare Conference | | J.P. Morgan's annual healthcare conference returned to San Francisco after a two-year virtual hiatus. PitchBook analysts Rebecca Springer and Aaron DeGagne recapped the event, which featured more than 550 presentations from a mix of established public companies and emerging startups.
In our conference recap note, Springer and DeGagne highlight key deals and announcements and provide analysis on several big themes for healthcare investors to watch such as behavioral health, care navigation, genomics and the ongoing primary care chess game.
The note also includes PitchBook's analyst predictions for 2023: behavioral health consolidation will likely heat up as point solutions fall out of favor; an acceleration of partnerships could occur between value-based care enablers and health systems; and the employer self-insured market will increasingly participate in the shift to value-based care. | | | | | | | | | Startup radar: Europe's fintech startups to watch | |  | | (Alones/Shutterstock) | | | While the VC investment landscape for fintech companies in Europe is expected to remain challenging in the year ahead, there are still promising startups in the sector.
With plenty of capital waiting to be put to work, we asked five VCs which fintech startups they're keeping an eye on this year. | | | | | | | |
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| A message from DealCloud, by Intapp | | |
| How corporate development leaders digitize the internal approval process | | It's not enough for corporate development teams to have a full pipeline—they also need a strong internal approval process to move deals through the pipeline quickly and smoothly. DealCloud's research shows that the most fruitful and strategic corporate development teams are ones that combine good sourcing with deal velocity.
Learn more | | | | | | | |
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| PitchBook Benchmarks for PE, VC and more | | As capital flowed into alternative assets over the last decade, the global private markets surged and fund strategies expanded in kind. But the last 12 months have been a difficult time for markets, and the opaque nature of private capital presents many questions on how funds are performing. Now more than ever, allocators need transparent benchmarks they can trust.
That's where PitchBook Benchmarks come in—providing a detailed snapshot on the latest data for closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q2 2022 with preliminary data for Q3. It features downloadable XLS tables, data visualizations and PDFs that break down the numbers by strategy and geography. | | | | | | | | | Tumbling valuations give US equities room to run | |  | | (Spencer Platt/Getty Images) | | | Tightening monetary policy, a weak economy, high inflation and rising interest rates have taken a toll on public company valuations. Analysts say the greatest number of undervalued stocks are in the communications sector, closely followed by real estate and consumer cyclical.
Morningstar's outlook for equity markets details the risks and potential rewards for investors in the year ahead. | | | | | | | | | | Barry Silbert, a finance veteran who built a crypto conglomerate, is now fighting to keep his brokerage firm out of bankruptcy. [The Wall Street Journal]
This startup seeks to solve the problem of how to keep vaccines cold enough to travel long distances without spoiling. [Sifted]
How a group of message-board misfits changed baseball. [The Athletic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 477 Deals | 1995 People | 677 Companies | 16 Funds | | | | | | |
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| 2014 Vintage North American Real Assets Funds | | | | | | |
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| Bain co-chair announces retirement | | | | | | |
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| | | | | | | | Sublime Systems secures $40M | | | | | | | | Gaming publisher Carry1st nabs $27M | | | Carry1st, a startup that publishes mobile games across African markets, has raised a $27 million pre-Series B led by Bitkraft Ventures, according to reports. Andreessen Horowitz also participated. The startup has previously received backing from gaming giant Riot Games and partnered with mega-franchise "Call of Duty" to roll out a mobile installment in South Africa. | | | | | | | | | Authenticx has raised a $20 million Series B led by Blue Heron Capital. The company offers a platform for analyzing customer interactions in the healthcare industry. | | | | | | | | | Fintech startup Splitero has raised a $11.7 million Series A led by Fiat Ventures. The company helps homeowners access their equity by offering cash in exchange for a share of their home. | | | | | |
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| Don't miss our upcoming webinar | | Join LCD for a webinar exploring the trends that defined the private credit and leveraged loan landscapes in 2022, along with what lies ahead for these spaces. LCD analysts will discuss the growth in the private credit market and the increase in distressed debt last year, along what investor demand for collateralized loan obligations looks like in 2023. Key topics include: - US leveraged loan market trends and analysis, including a look at volume, proceeds, leverage, returns, credit risk and supply vs. demand.
- The growth in private credit and direct lending in 2022, compared to the broadly syndicated market along with where opportunities in private credit might lie in 2023.
- How distressed debt hit its highest level since the pandemic onset toward the end of 2022, even as leveraged loan defaults remained scarce.
Register now to secure your spot. | | | | | | | |
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| KKR to buy S&P Global unit for $975M | | | KKR has agreed to purchase S&P Global's Engineering Solutions business for $975 million in cash drawn from its North America Fund XIII. S&P Global had acquired the data and technology unit, which serves professional engineers, through its 2022 merger with IHS Markit. | | | | | | | Goldman backs LePure Biotech in Series C | | | | | | | | BlackRock backs HR company Human Interest | | | BlackRock has led Human Interest's latest financing round with a minority investment in the fintech company, which specializes in retirement plans. The startup's most recent funding was roughly $126 million in debt financing from June 2022. | | | | | | | PE-backed Marquee Brands invests in maternity label Hatch | | | | | | |
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| Brookfield weighs $1B Everise sale | | | | | | |
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| WestView closes fifth fund on $1B | | | WestView Capital Partners has closed its latest fund on its hard cap and target of $1 billion. The vehicle, WestView Capital Partners V, makes growth equity investments for majority and minority stakes in primarily founder-owned businesses. | | | | | | | Greybull raises $140M for small-business deals | | | Greybull Stewardship, which invests in small businesses in the US, has raised $140 million across two funds. The firm secured $40 million for its evergreen fund and $100 million for a new closed-end vehicle. | | | | | |
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| Emerson makes hostile $7.6B bid for National Instruments | | | Emerson Electric has proposed to take National Instruments private for $53 per share, or $7.6 billion, in cash in a hostile takeover. Emerson went public with its monthslong ambition after NI said Friday it would explore a potential sale of the company. | | | | | |
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