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| In today's Daily Pitch, you'll find: | | | | | |
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| Global M&A keeps calm and carries on | | After a tremendous 2021, M&A appeared poised to keep up its frenzied pace—but while another record-breaking year wasn't in the cards, M&A activity held strong even as global markets ran off the rails. Mountains of dry powder, shifting strategies and well-capitalized strategic investors propelled deal value above pre-pandemic levels.
Our 2022 Annual Global M&A Report, sponsored by Liberty GTS, breaks down last year's trends by region and sector and explores the forces likely to shape the market in the months to come. Takeaways include: - Buyers took advantage of cheaper prices, with median deal multiples declining to 8.8x from a 14-year high of 11.1x.
- Platform companies made good use of their sponsors' cash, rocketing add-ons to more than 70% of all buyout deals.
- Cross-border investors flipped the script, with North American acquirers accounting for 21% of all European M&A value.
| | | | | | | | | Global Ventures VC: Don't impose 'copycat' ideas on Mideast, Africa | |  | | (Richard Drury/Getty Images) | | | The Middle East and Africa have been relatively underserved by the venture capital industry despite the region boasting a flourishing startup ecosystem.
We spoke to Noor Sweid, managing partner at Dubai-based Global Ventures, a growth-stage investor, about the challenges and advantages for investors looking to target some of the biggest emerging market opportunities. | | | | | | | |
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| A message from McDermott Will & Emery | | |
| Join healthcare and PE industry leaders for the most anticipated event in Miami | | HPE Miami: March 8-9 at the Ritz Carlton, Miami Beach
McDermott Will & Emery is thrilled to announce HPE Miami 2023 is back on the beach with new programming and enhanced deal-making opportunities. Don't miss the chance to connect with healthcare executives and interested independent healthcare companies over two days of dynamic programming at the Ritz-Carlton, Miami Beach.
New this year for investors: Join us on March 8 for an "Investor Masterclass," an advanced deep-dive focused on important issues impacting investment strategies in the current environment. On March 9, we'll convene for conversations during plenary panels and breakout discussions covering the hottest subsector and industry trends.
Register today for this conference and the chance to elevate your portfolio.
Use promo code HPEPITCHBOOK for $200 off registration. | | | | | | | |
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| How bad was 2022 for VCs? It depends where you look | |  | | (Drew Sanders/PitchBook News) | | | Inflation. Crypto's implosion. Layoffs. 2022 was a challenging year for everyone, especially VC-backed tech startups, but how bad was it really?
According to PitchBook's data, it all depends on where you look. Here's the state of VC in six charts that lay out the complex picture and road ahead. | | | | | | | | | What a placement agent can do for GPs | | Facing a harsher fundraising environment, some general partners might benefit from working with a placement agent, who can help them find the right institutional investors, prepare marketing and due diligence documents, and more.
Our recent analyst note explains the role that placement agents play in the fundraising process and how they can help level the playing field between established managers and firms raising first-time funds. Key takeaways include: - Experienced managers made up nearly 85% of the capital raised through Q3 2022.
- About 12.5% of the 2,760 funds closed through Q4 2022 involved a placement agent.
- Since the pandemic, funds that retained agents took more time to close than those that didn't. In 2021, funds working with placement agents spent more than 18 months in the market, while others spent over 16 months.
| | | | | | | | | | ESG issues are increasingly impacting exit opportunities for PE firms. [Institutional Investor]
How OpenAI founder Sam Altman built ChatGPT with billions from Microsoft. [Fortune]
As customers rely more on sites like Yelp and Tripadvisor, the need to update technology that separates authentic ratings from false ones is only growing. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 211 Deals | 891 People | 269 Companies | 21 Funds | | | | | | |
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| 2017 Vintage Global Funds-of-Funds | | | | | | |
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| | | | | | | | Atomic AI launches with $35M | | | Biotech startup Atomic AI, which uses AI for RNA drug discovery, has raised a $35 million Series A led by Playground Global. Previous backer 8VC also participated. | | | | | | | | | Insight Partners has led a $25 million Series A for AtomicJar. The company offers testing tools for developers and is also launching a cloud-based version of its platform, Testcontainers. The startup's tool has been used by DoorDash, Uber and Spotify. | | | | | | | Emperia scores $10M for VR retail | | | | | | |
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| Firms eye multibillion-dollar takeover of Millicom International | | | | | | | | LLCP's Capsa Healthcare picks up Tryten | | | | | | | | Wynnchurch acquires FloWorks | | | | | | |
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| | | Ecommerce startup Bolt has cut its staff for the third time since May, The Information reported. More than half of the startup's employees have now been laid off. | | | | | |
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| PE firms to sell Storage Solutions to strategic buyer for $375M | | | | | | |
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| Sky Leasing brings in $770M for aviation fund | | | Aviation-focused alternative asset manager Sky Leasing has held the final close of Sky Fund V on $770 million. Sky Leasing targets sale-leaseback investments of new aircraft. More than half of the fund's capital has been spent on a fleet of 48 planes. | | | | | | | Dimension launches with $350M fund | | | A new VC firm focusing on biotechnology and medicine, Dimension, is launching a $350 million fund. The firm was started by three former general partners at Lux Capital and Obvious Ventures. | | | | | | | Sapphire Sport announces $181M fund | | | | | | | | Injective raises $150M for blockchain investments | | | | | | |
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| Musk considers selling up to $3B in Twitter shares | | | Representatives of Elon Musk have held talks with potential investors as Twitter's owner and CEO considers selling up to $3 billion in new shares, The Wall Street Journal reported. Musk could use the funds to pay off the part of the company's $13 billion debt load that bears the highest interest rate. | | | | | | | UC Investments commits $500M more to BREIT | | | | | | | | MiddleGround opens European office | | | Kentucky-based MiddleGround Capital has opened an office in Amsterdam. MiddleGround focuses on middle-market buyouts in the B2B space. | | | | | |
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