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| In today's Daily Pitch, you'll find: | | | | | |
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| Information security startups adapt to dull VC market | | As companies tighten their belts, one category of enterprise software holds steady in their budgets: information security. The vertical is a priority for governments as well; the US passed an act in December requiring that federal agencies prepare for attacks from quantum computers.
Even with this support, growth for information security startups has been limited, and the number of VC deals stayed flat from Q3 to Q4 2022. For now, dealmaking emphasis is on debt financing or take-private deals for proven companies.
PitchBook analysts take a snapshot of Q4 VC activity in the sector in our latest Emerging Tech Research, with an eye ahead to emerging opportunities in AI and machine learning, outsourced threat monitoring services, and quantum computing. | | | | | | | | | After Microsoft's OpenAI play, a feast at the generative AI buffet | |  | | (Richard Baker/Getty Images) | | | Two generative AI startups—Character and Anthropic—are seeking hundreds of millions of dollars at unicorn valuations as investors scramble to secure stakes in the segment.
The funding frenzy comes as enterprise tech giants take their own bites at the generative AI apple, and encounter legal pitfalls along the way. | | | | | | | | | Spain breaks its record for PE deal count in 2022 | |  | | (Eszter Szadeczky-Kardoss/Shutterstock) | | | A record number of private equity deals were made in Spain last year, despite the country typically having a smaller share of European deals.
However, the overall amount of capital invested in the country dropped. With no mega-deals recorded in 2022, Spain's mid-market accounted for the lion's share of new deals. | | | | | | | | | PE emerging managers brace for headwinds in 2023 | |  | | (garcia fotografia/Shutterstock) | | | Emerging managers are in for a challenging year as LPs become more cautious about their allocations and favor deploying capital with proven GPs they already know and trust.
For managers who typically don't have track records of strong returns and pre-existing relationships with GPs, the market environment could produce fierce competition with mega-funds. However, it's unlikely that LPs will abandon smaller and newer managers altogether. | | | | | | | | | | PE investors are stuck in valuation limbo as the gap widens between the value of their assets on paper and what is really happening in their portfolios. [The Wall Street Journal]
When private equity came for the toddler gyms. [The New York Times]
Tension is growing between universities and spinout founders who believe their academic institutions are taking too much equity. [Financial Times] | | | | | |
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| 2020 Vintage Global VC Funds | | | | | | |
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| Don't miss our upcoming webinar | | Join PitchBook in examining the EU's new Sustainable Financial Disclosure Regulation, which will require private market investors to disclose ESG performance starting in June 2023. A panel of ESG experts will provide an overview of the requirements and how they will affect investors and portfolio companies. Key topics include: - What is SFDR (SDR-, UK- and their related disclosure requirements), and who will be most affected by its conditions?
- What are the differences between SFDR Articles 6, 8 and 9? What are the implications of nonadherence and avenues of collecting data to become compliant?
- What is the burden on portfolio companies? How long is the process of becoming compliant?
Register now to secure your spot. | | | | | | | |
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| Marqeta to buy Power Finance for $223M | | | Marqeta has agreed to acquire VC-backed Power Finance for $223 million in cash, TechCrunch reported. If an undisclosed milestone is met within the next year, Marqeta will pay an additional $52 million to the fintech infrastructure startup. | | | | | | | Fidelity cuts Twitter valuation—again | | | Fidelity marked down the carrying price of its Twitter stock by 9.58% between the end of November and the end of December, Axios reported. This means Fidelity has decreased the value of its Twitter shares by more than 60% since Elon Musk acquired the company in late October. | | | | | | | Grey Rock's Vault plans ethanol carbon capture project | | | | | | |
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| UK-listed SPAC eyes Istesso merger | | | Hambro Perks Acquisition, the first SPAC to list in London since the UK introduced new rules on blank-check companies, is in talks to merge with Istesso, a developer of drugs for treating chronic diseases, Sky News reported. Istesso is backed by VC firm IP Group. | | | | | |
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| Warburg Pincus inches closer to $16B fund target | | | Warburg Pincus has raised $15.36 billion for its new flagship fund, Global Growth 14, approaching the firm's target of $16 billion. The vehicle is the firm's largest to date, Reuters reported, surpassing Warburg Pincus Private Equity X, which closed in 2007 on $15.1 billion. | | | | | | | Gemspring raises $2.1B for buyout, growth funds | | | Middle market-focused Gemspring Capital Management has held the final close of Gemspring Capital Fund III, which targets buyout investments, on $1.7 billion. In 2022, the firm also raised $400 million for Gemspring Growth Solutions Fund I, its first non-control fund. | | | | | | | CPPIB commits $205M to IndoSpace fund | | | | | | | | Theta Capital launches third blockchain VC fund | | | Amsterdam-based Theta Capital Management has launched its third Theta Blockchain Ventures fund. The vehicle will target core blockchain infrastructure at the earliest stages. | | | | | |
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| Brookfield eyes Deutsche's PE secondaries arm | | | | | | |
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| Renault, Nissan announce changes to partnership | | | Renault has agreed to place a 28.4% stake in Nissan Motor, more than half of its overall holdings in the Japanese carmaker, into a French trust for potential sale. The divestment is just one part of an overhaul of the companies' long-standing partnership. | | | | | |
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