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In today's Daily Pitch, you'll find: - We take a sneak peek at the upcoming PitchBook-NVCA Venture Monitor.
- Mubadala's new $2.5 billion joint venture is yet another step into private credit investing for the sovereign investor.
- Chart of the day: New and cumulative unicorn count and valuation, from our European VC Valuations Report.
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| Tale of diverging trends for VC in 2022 | | VC had quite a ride in 2022. In Q4, exit activity continued its steep decline—dipping below $10 billion in exit value generated on a quarterly basis for the first time since 2013. But fundraising reached a new annual high, topping $162.6 billion to mark the second consecutive year exceeding $150 billion.
The first look at our upcoming PitchBook-NVCA Venture Monitor has the data on deals, exits, and fundraising for the year. The full report, sponsored by Insperity, J.P. Morgan and Dentons, will be released Thursday. | | | | | | | | | Mubadala strengthens presence in private debt through $2.5B JV | |  | Mubadala CEO Khaldoon Khalifa Al Mubarak
(Matt McNulty/Getty Images) | | | Abu Dhabi's sovereign investor Mubadala is making another foray into private credit investing with a roughly $2.5 billion joint venture. The move is the latest in a series of partnerships by Mubadala to seize investment opportunities in the private credit market.
The new partnership comes as investors hunting for high-yielding assets are pouring billions of dollars into private credit, attracted by the asset class's ability to generate higher returns over public securities in a rising-rate environment. | | | | | | | | | Building a grand bazaar for carbon offsets | | As corporations pursue net-zero commitments, many find that they cannot directly avoid their own emissions. Enter carbon offsets, which allow organizations to buy and sell credits that avoid, reduce or remove carbon emissions.
This market corollary to government mandates is generating an opportunity for carbon offset trading platforms. Our recent Emerging Space Brief lays out the landscape for these marketplaces with an eye toward the technology opportunities, limitations and outlook for the segment. | | | | | | | | | Private credit outlook includes more market share, defaults | |  | | (sasirin pamai/shutterstock) | | | Amid broad market volatility, private credit has taken market share from other financing sources, and private credit providers expect the trend to continue this year.
However, private credit portfolio defaults are likely to creep up as borrowing costs rise, the economy slows and elevated input costs weigh on the margins of portfolio companies. Smaller companies are expected to bear most of the pain.
Add-on acquisitions could be an important source of private debt activity in 2023. Stressed syndicated loan issuers may also tap the private markets. | | | | | | | | | | Analysts try to answer the question that is on every investor's mind: What are private startups really worth? [Bloomberg]
Your company's data is for sale on the dark web. Should you buy it back? [Harvard Business Review]
Is Tesla really a tech company? The business's plummeting market cap suggests that investors are reevaluating the carmaker's towering status. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 377 Deals | 2438 People | 535 Companies | 14 Funds | | | | | | |
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| 2017 Vintage Global Secondaries Funds | | | | | | |
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| OpenAI eyes $30B valuation with share sale | | | ChatGPT creator OpenAI is in talks to sell existing shares in a tender offer that could value it at almost $30 billion, the Financial Times reported. Investors including Founders Fund and Thrive Capital are said to be interested in buying shares in the AI research company. | | | | | | | Opsys Tech drives off with $51.5M | | | Israeli startup Opsys Tech has raised a $51.5 million Series C with backing from investors including 83North, Translink Capital and Saban Ventures. The company, which was started in 2016, creates light detection and ranging sensors for self-driving cars. | | | | | | | | | Caban Systems lands $51M for renewable energy solutions | | | Energy storage startup Caban Systems has raised a $51 million Series B led by BCP Ventures. Founded in 2018, the startup helps companies decarbonize and reduce operational costs. | | | | | | | Perspectum secures $36M Series C | | | Perspectum, which offers AI medical imaging, has closed a $36 million Series C led by Oppenheimer Holdings. The British company has raised roughly $120 million total and announced a collaboration with Microsoft-backed Nuance in December. | | | | | | | Indian fintech startup SarvaGram grabs $35M | | | | | | | | KeyCare closes $27M Series A | | | | | | | | Citrine Informatics rakes in $16M | | | | | | |
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| Silicon Ranch rounds up $375M | | | | | | | | Arlington buys vaccine services carveout for $170M | | | | | | | | Align makes growth investment in Cleartelligence | | | Align Capital Partners has invested in data analytics and consulting firm Cleartelligence, which serves enterprise clients in industries such as life sciences, pharmaceuticals, healthcare and manufacturing. | | | | | | | Three firms acquire Nurse Assist | | | | | | |
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| Andros closes energy fund on $750M | | | Andros Capital Partners has closed its second fund on $750 million. The fund will target middle-market investments of $100 million to $500 million in private equity, credit and direct assets, along with considering public equities and debt securities. | | | | | | | Churchill raises $737M for debt fund | | | Churchill Asset Management has raised $737 million for Churchill Junior Capital Opportunities Fund II, exceeding the firm's target of $500 million. The fund will invest in junior debt issued to PE-backed middle-market companies. | | | | | | | Seaside Equity wraps up $325M | | | Seaside Equity Partners has held the final close of its second fund on $325 million. The vehicle targets investments in lower-middle-market companies based in the Western US that provide mission-critical services. | | | | | |
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"We are seeing certain unicorns cut back on hiring and focus on improving operational efficiencies rather than a growth-at-all-cost approach. For example, London-based unicorn Hopin has been on a hiring freeze, and in July, cut 29% of its workforce in its second round of layoffs in five months."
Source: PitchBook's Q3 2022 European VC Valuations Report | | | | | |
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