| |
| In today's Daily Pitch, you'll find: | | | | | |
| |
| |
| This earnings season, big PE firms searched for solutions | | Four of the six big, publicly traded US private equity firms raised more in 2022 than the prior year, bucking the overall trend in dollars raised for PE investing strategies. Altogether, the GPs amassed $87 billion for PE funds in 2022.
That's despite their efforts to diversify away from PE as falling asset values depressed capital deployment and exit activity for multiple quarters in a row. Amid those challenges to closing buyouts and other typical PE deals, many firms staked expansions into more profitable strategies—think secondaries, private credit, real assets, real estate and insurance.
Suffice it to say, the just-wrapped earnings season painted a complex picture. Our Q4 2022 US Public PE Roundup names the key growth drivers for these firms—and implications for other GPs—using financial data and executives' comments. | | | | | | | | | Tallying up the top 10 busiest PE software investors | |  | | (Simon Bratt/Shutterstock) | | | Software companies have recently been the darlings of the otherwise-dormant take-private market, as tech-focused firms look for value deals in the stock exchanges. Such billion-dollar deals include Thoma Bravo's purchase of SailPoint Technologies and agreements with Coupa Software and Magnet Forensics and Vista Equity Partners' acquisition of KnowBe4.
But beyond those billion-dollar deals, which firms are closing the most transactions in the PE software space? | | | | | | | | | Wiz hits $10B valuation to top cybersecurity charts | |  | | (senticus/Shutterstock) | | | Cybersecurity startup Wiz has raised $300 million at a $10 billion valuation, making it the most valuable VC-backed cybersecurity company.
The financing showed that leading companies can attract high revenue multiples even as valuations compress. Launched in 2021, Wiz has quickly become a contender in a field of cloud security companies led by Palo Alto Networks. | | | | | | | | | Sullivan Street: Why a micro-focus pays in a downturn | |  | | (tomertu/Shutterstock) | | | As companies face tough economic headwinds, investors are focusing on ways to create value by driving operational improvement.
Zeina Bain, a managing partner at Sullivan Street Partners, a London-based firm focused on buyouts in the European middle market, talks about the value of a specialist focus in a difficult market. | | | | | | | | | Investcorp opens Tokyo office to tap opportunities in Japan | |  | | (f11photo/Shutterstock) | | | Bahrain-based Investcorp has opened an office in Tokyo to direct private equity and real estate opportunities in Japan.
It's a sign that Japan remains a strong draw for private equity investors—both foreign and domestic—looking for succession opportunities. | | | | | | | | | | A short seller was up 70% last year after calling the tech crash—and he's got his eye on private equity. [Institutional Investor]
How the titans of tech investing are staying warm over the VC winter. [The Economist]
Rural hospitals are shuttering their labor and delivery wards, expanding so-called maternity care deserts. [The New York Times] | | | | | |
| |
| |
| | Since yesterday, the PitchBook Platform added: | | 417 Deals | 2810 People | 704 Companies | 23 Funds | | | | | | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Skydio, a drone manufacturer, has raised a $230 million Series E led by Linse Capital. Andreessen Horowitz and Nvidia also joined, among others.
Astroscale, a satellite servicing startup, has secured more than $76 million in a Series G, with participation from Mitsubishi Electric, Yusaku Maezawa and others.
Generative AI specialist Typeface has raised a $65 million round with backing from Lightspeed, GV, Microsoft VC arm M12, and Menlo Ventures.
Flock, a London-based insurtech company that uses real-time data to incentivize safer driving, has raised a $38 million Series B led by Octopus Ventures.
Payment intelligence startup Pagos has secured a $34 million Series A led by Arbor Ventures.
Robin AI, which automates contract review and negotiation, has raised $10.5 million in a Series A led by Plural. | | | | | |
| |
| |
EQT has completed its $2.3 billion acquisition of South Korean security business SK Shieldus. The majority stake was sold by SK Square and a consortium led by Macquarie Infrastructure Asset Management.
Clayton, Dubilier & Rice has agreed to acquire Focus Financial Partners in an all-cash deal that values the wealth management partnership at more than $7 billion.
EQT is in talks to acquire Nasdaq-listed Radius Global Infrastructure, a telecommunications company, Bloomberg reported.
IK Partners has agreed to back Sweden's Responda Group, a business process outsourcing firm.
Clinical trial-focused healthcare company Syneos Health, listed on the Nasdaq, has hired investment banks in its search for a buyer, which could be another corporation or a PE firm, Reuters reported.
Seidler Equity Partners has purchased Unleashed Brands from MPK Equity Partners. Unleashed owns trampoline park Urban Air, which grew through backing from MPK, AHR Growth Partners and Mantucket Capital.
Turnspire Capital Partners has acquired USG Water Solutions, which provides services for small to medium-sized public water utilities. | | | | | |
| |
| |
| Altria in talks to buy vaping company Njoy for $2.75B | | | Njoy, an electric cigarette maker that has FDA approval, is in talks to be acquired by tobacco magnate Altria for $2.75 billion, The Wall Street Journal reported. Altria also reportedly plans to divest itself from Juul, a former e-cigarette market leader that was the subject of controversy and FDA banning. | | | | | | | Ares sells Paradigm Midstream to Harvest Midstream | | | | | | |
| |
| |
| Stafford Capital holds $242M first close in carbon offset fund | | | Stafford Capital Partners has held an initial close on its carbon offset fund of $242 million. The fund, which is targeting $1 billion, secured commitments from the UK local government pension schemes of Essex, Leicestershire and the City and County of Swansea. | | | | | | | Spex Capital launches €100M healthtech fund | | | Spex Capital, a London-based firm focused on early-stage digital health startups, is launching a €100 million global healthtech fund. The fund will target seed to Series A deals with investments of up to €5 million. | | | | | | | New Markets Venture Partners launches $160M fund | | | New Markets Venture Partners has raised $160 million for its fifth fund, which will invest in early-stage education and workforce technology companies. | | | | | |
| |
| |
| Pfizer eyes drugmaker Seagen | | | Pfizer is in the early stages of talks to acquire Seagen, a publicly listed biotech company that specializes in cancer treatments, The Wall Street Journal reported. Seagen currently has a market capitalization of over $30 billion. | | | | | |
| |
| |
| |
| |
No comments:
Post a Comment