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| 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. | | | | | | | | | 'Warning signs': PE could impact public pension plans' funding status this year | |  | | (RoseRodionova/Shutterstock) | | | Declining private equity asset values constitute a major threat to public pension plans this year. A reporting lag in private equity return data means that institutional portfolios with allocations to the asset class will reflect 2022's losses in their 2023 numbers.
While most investors believe the losses won't be as acute as those in public equities, pensions—and their beneficiaries—should be concerned about declining funded ratios. Negative PE returns could push the national average funded ratio to below 2007 and 2008 figures, making it impossible for pensions to compensate all of their retirees, according to an Equable Institute report. | | | | | | | | | Why is VC dry powder still piling up? | |  | | (maoyunping/Shutterstock) | | | VC firms continued to accumulate a growing pile of cash as of the end of Q3 last year, while the dry powder for other private asset markets—including private equity, private credit and secondaries—declined, according to PitchBook data.
The heavy presence of nontraditional investors in venture deals has contributed to the record stockpile of undeployed capital held by VC investors. At the same time, strong fundraising in the first half of 2022 also added to VC firms' war chests. | | | | | | | | | | In the battle for grid-scale battery dominance, who will emerge victorious? Lithium-ion has proven to be far from perfect, but the alternatives—such as redox flow to metal air—also have their lists of pros and cons with much to prove. With the first winter since Russia's invasion of Ukraine approaching and threatening Europe's energy security, the interest and investment in new energy technologies have never been higher.
In our recent analyst note, PitchBook analyst John MacDonagh dives into the figures, trends, and emerging technologies on the rise. He lays out these alternatives—and the big players that VCs are betting on. | | | | | | | | | | A new study shows Exxon's scientists were uncannily accurate in their global warming projections from the 1970s onward. [The Guardian]
Charting out what experts and decision-makers perceive as the greatest risks to humanity. [Visual Capitalist]
The number of UFO sightings reported to the Pentagon has risen sharply in the last year, according to an unclassified government report. [Axios] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 6 Deals | 69 People | 68 Companies | | | | | | |
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| 2019 Vintage Global VC Funds | | | | | | |
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| Welcome Homes collects $29M | | | Welcome Homes, which offers a platform for designing and building single-family homes, has raised a $29 million Series A led by Era Ventures. | | | | | | | Insurance specialist Joyn nabs $17.7M | | | OMERS Ventures has led a $17.7 million Series A for Joyn, which provides insurance to small and medium-sized businesses. | | | | | | | | | CyberX, a crypto market maker, has raised $15 million from Foresight Ventures, CoinDesk reported. Market makers act as trading firms and platforms for cryptocurrency tokens. | | | | | |
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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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| Sycamore in talks to buy Bed Bath & Beyond assets | | | Sycamore Partners is among the potential buyers interested in some of Bed Bath & Beyond's assets, particularly its Buy Buy Baby stores, The New York Times reported. In early January, the cash-poor retailer was reportedly considering filing for bankruptcy protection. | | | | | | | Malaysian pension fund to sell $115M in assets | | | Employees Provident Fund, the Malaysian pension fund, has decided to sell a set of assets valued at $115 million, Reuters reported. The assets are held by the firm's Alpha REIT, an education-focused fund, which owns several schools in Malaysia. | | | | | | | Alpine's ASG to acquire loss prevention specialist | | | Alpine Investors-backed Alpine Software Group has agreed to acquire Ontario-based ThinkLP, a SaaS company that serves retailers' loss prevention departments. The deal represents ASG's 50th acquisition since its origination in 2016. | | | | | |
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| Gemini Trust hit with SEC complaint | | | | | | | | Altum lends $4M to VC-backed Uk University | | | | | | | | | | Climate-tech startup Sealed has acquired InfiSense, a data company specializing in building performance, for an undisclosed sum. Sealed raised a $45.5 million Series B led by Fifth Wall last year. | | | | | |
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| New firm Theory Ventures targets $200M fund | | | California-based Theory Ventures has begun raising capital for its first fund and hopes to collect $200 million, The Wall Street Journal reported. The firm, founded by Tomasz Tunguz, will focus on making seed and Series A investments in enterprise software companies. | | | | | |
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