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| In today's Daily Pitch, you'll find: | | | | | |
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| Ranking the busiest investors of 2022 | | Stiff macro headwinds left a mark on dealmaking in 2022, but private market investors found a path through the storm. The world's most active PE firm closed 213 deals last year, and the busiest VC firm notched 344.
Who else made the leaderboard? Our interactive Global League Tables for 2022 are now available, spanning the full spectrum of private market activity. We rank everything from the most active law firms in the venture universe to the busiest PE investors by region. | | | | | | | | | Capital remains concentrated in the Bay Area and New York | | At the start of the pandemic, many expected capital to move out of the major startup hubs of New York City and the San Francisco Bay Area. Three years later, our latest analyst note suggests that not much has changed—and there are disadvantages for companies in smaller markets.
Capital has become increasingly concentrated within the New York City and Bay Area markets, where VCs have raised $330.8 billion in commitments since the beginning of 2019 while other funds couldn't secure even half that amount. The median distance between lead investor and target company has increased for nearly all stages due to the pandemic and remote work, but these effects could fade, causing distances to shrink and bringing back barriers for smaller markets and companies to succeed. | | | | | | | |
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| A message from Morgan Stanley At Work | | |
| Why private companies are embracing shareholder liquidity | | As companies stay private longer, shareholders also are waiting for their vested equity rewards. Given this, along with current market conditions, companies are conducting private tender offers to provide liquidity to shareholders. Whether granting partial or full liquidity to shareholders, these programs can help companies satisfy liquidity pressure and help attract and retain talent.
Download this guide to learn how today's private companies are facilitating shareholder liquidity through private company tender offers. You'll learn how a liquidity program works, who needs to be involved in the process, and considerations for organizing it efficiently. | | | | | | | |
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| Q&A: SVB Private CIO evaluates opportunities in valuation markdowns | |  | | Saccocia | | Shannon Saccocia, CIO at SVB Private, Silicon Valley Bank's wealth management arm, says valuation markdowns will prompt investors to move deeper into the private markets. We spoke with Saccocia about her expectations for allocation trends, her outlook on private asset valuations and the "disillusioned" state of investors in the current market environment. | | | | | | | | | 2022 M&A trends told in 3 charts | |  | | (Nomad_Soul/Shutterstock) | | | Global M&A activity had its second-best year, even amid adverse market conditions including slowing global growth, skittish capital markets, difficulties in secure financing and heightened regulatory scrutiny over large deals.
Companies worldwide last year struck 44,377 merger deals totaling $4.7 trillion. While the total deal value was 13.7% lower than the record set in the prior year, it topped historic levels.
Corporations and buyout firms took advantage of the declining valuations to snatch up attractive assets. The strong dollar also gave US strategic buyers and PE funds more purchasing power to hunt overseas deal targets. | | | | | | | | | | History proves that disruptive companies emerge from crises, and the perfect storm could be brewing right now. [Forbes]
High net worth investors are fleeing private real estate funds, yet continue to put their faith in PE vehicles. [The Wall Street Journal]
One writer comes to the defense of the PE industry's "volatility laundering" of private asset valuations. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 424 Deals | 2323 People | 660 Companies | 21 Funds | | | | | | |
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| 2017 Vintage Global VC Funds with less than $250M | | | | | | |
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R-Zero, an air disinfection startup, has raised $105 million Series C from investors including BMO, Qualcomm Ventures, Upfront Ventures and John Doerr.
Avilar Therapeutics has secured a $75 million from Sanofi Ventures, RA Capital Management and Medical Excellence Capital, among others.
Paris-based Brigad, which connects freelancers and businesses for short-term projects, has raised €33 million. Investors included Balderton Capital, Wendel, Serena and Square Capital.
ChargerHelp, which repairs and maintains electric vehicle charging stations, has raised a $17.5 million Series A led by Blue Bear Capital.
China's Pudu Robotics has raised more than $15 million in a Series C3 from Puhua Capital.
Intel Capital has led a $14 million investment for Unisers, Reuters reported. The startup's tools detect defects in semiconductor manufacturing.
Netherlands-based NextKidney, which offers a portable hemodialysis machine, has secured an €11.9 million Series B.
Alongside, which operates a crypto index, has raised an $11 million round led by Andreessen Horowitz.
Wave Equity Partners has invested $10 million in UK-based QiO Technologies. The startup's technology helps energy-intensive businesses reduce greenhouse gas emissions and energy costs.
Israel-based fintech Ledge has raised a $9 million seed round co-led by NEA and Vertex Ventures.
Sikoia, a provider of customer onboarding and risk assessment data for financial institutions, has raised $6 million in a round led by MassMutual Ventures.
Goose Insurance Services has secured a $4 million Series A led by Axis Insurance Managers. Goose's app allows users to find and buy insurance. | | | | | |
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Stone Point Capital has agreed to purchase a 20% stake in Truist Insurance for $1.95 billion alongside a group of co-investors that includes Mubadala.
Public Investment Fund, the Saudi Arabia sovereign wealth fund, has invested $265 million in Chinese esports organization VSPO, which also has backing from Tencent.
Foresight has invested £3.8 million into Scotland's Electric Heating Company.
I Squared Capital has acquired a controlling stake in the Whistler Pipeline, through which natural gas flows from Texas' Permian Basin to the Gulf Coast. Sellers include Ridgemont Equity Partners, Stonepeak Infrastructure Partners and West Texas Gas.
BlackRock has acquired a majority stake in Canada's Environmental 360 Solutions, a waste management company, from Almada, OPSEU Pension Trust and Oaktree Capital Management.
HIG Capital has acquired beauty products company Pinalli. The Pinalli family and current management will reinvest in the Italian business alongside HIG.
Eureka Equity Partners has invested in Advertiser Perceptions, a provider of market intelligence to the media, advertising and tech industries.
Investcorp has agreed to acquire a majority stake in software engineering company NetRom Software.
Avedon Capital Partners has agreed to acquire Dutch IT services providers Detron and Zetacom. | | | | | |
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| Rainier Partners raises $300M for first fund | | | | | | | | PeerCapital targets $108M+ | | | PeerCapital, a Bengaluru-based VC firm investing in early-stage technology startups, is targeting 9 billion Indian rupees (about $108.8 million) for its first fund, Mint reported. | | | | | | | Camber Creek amasses $100M+ for proptech startups | | | Camber Creek, a VC firm focused on real estate technology, has closed its inaugural Opportunity Fund at more than $100 million. | | | | | |
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| Tikehau secures $428M from InBev founders | | | France's Tikehau Capital has secured €400 million (about $428 million) in backing from two of the founding families of beer group Anheuser-Busch InBev. The Van Damme and Van der Straten Ponthoz families are acquiring a 9.3% stake through SFI, a subsidiary of the families' investment company Patrinvest. | | | | | |
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| LG Chem acquires $75M stake in Piedmont Lithium | | | LG Chem has agreed to purchase a 5.7% stake in Piedmont Lithium for $75 million. The parties also struck up a purchase agreement in which a Piedmont joint venture with Sayona Mining will sell lithium ore to LG Chem for cathode materials production. | | | | | |
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