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In today's Daily Pitch, you'll find: - Analysts introduce PitchBook's growing patent data collection, explaining how patents can signal a company's success.
- A State Street survey shows that institutional investors are still bullish on the private markets—and in particular, private equity.
- Investors were hoping that startups could grow into their sky-high valuations, but even those with lots of runway may struggle to catch up.
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| When scrying a startup's future, try looking at patents | | To measure a fledgling company's success, investors and other observers look at revenue and growth, but clever ideas—the startup's intellectual property—and the ways they're protected can also be a key predictor of what comes next.
Startups with patents and patent applications in progress raise larger VC rounds on average. They also raise capital at much higher valuations than startups without such protection on their ideas, especially when it comes to angel investors, and achieve higher exit values down the line.
That's according to PitchBook's latest analyst note, which introduces our growing patent data collection and takes a quantitative approach in detailing how patents impact startups. | | | | | | | | | Private market investor sentiment holds strong, LP survey shows | |  | | (oatawa/Shutterstock) | | | Inflation anxieties, rising interest rates and underperforming assets dragging on portfolios may be putting pressure on investors, but that doesn't mean they're giving up on the private markets.
If history tells us anything, some of the strongest funds arise from periods of recession, and a recent State Street survey shows that institutional investors are putting this to the test as they continue to allocate to private market asset classes—and in particular, private equity. | | | | | | | |
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| A message from DealCloud, by Intapp | | |
| Understanding and preparing for each stage of a CRE transaction | | The most fruitful corporate real estate transactions are always a mix of science and art, hard calculations, and human creativity—which can, at times, make them unpredictable and difficult to prepare for. When a CRE team better understands each unique stage of a transaction and equips itself with the most advanced technology to support its pipeline, firms can work smarter and faster to close successful deals.
Download the guide | | | | | | | |
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| Carlyle refreshes succession plan with Schwartz appointment | |  | | (Jenna O'Malley/PitchBook News) | | | The Carlyle Group's CEO appointment marks a new phase in its sometimes bumpy succession planning. On Monday, the private equity giant named former Goldman Sachs banker Harvey Schwartz as its new CEO, replacing interim CEO and co-founder Bill Conway.
Schwartz's appointment comes in the wake of friction at the C-suite level, which ended with former CEO Kewsong Lee's swift departure from the firm in August. | | | | | | | | | Even startups with runway probably can't grow into sky-high valuations | |  | | (heychli/Shutterstock) | | | Valuation multiples may have fallen too far from their 2021 peaks for many late-stage companies to catch up to their last price as quickly as investors initially hoped, according to Pitchbook calculations using data from VC firm IVP.
The median valuation for late-stage SaaS deals has expanded more than seven times between 2017 and 2021, IVP data shows. But in recent months, that multiple seems to be reverting back to 2017 levels.
Our analysis finds that even startups that are growing healthily and have a couple of years of runway left are likely on course for a down round. | | | | | | | | | Consumer discretionary investors find opportunities despite inflation | |  | | (Yuriy Golub/Shutterstock) | | | Inflation, reduced discretionary income and less available capital led to tough times for consumer discretionary companies in Europe last year. But lucrative entry points remain.
In a recent report, Morningstar analysts encourage long-term investors to consider competitive companies in industries such as online clothing, luxury items and food delivery—and offer their top picks in these segments. | | | | | | | | | | VC firms have slowed dealmaking, which poses a dilemma for investors looking to make a name for themselves. [The Wall Street Journal]
One stock, Alpha Dhabi parent International Holding Company, has driven the meteoric rise of Abu Dhabi's stock market. [Financial Times]
The climate crisis is threatening Spain's saffron crop. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 391 Deals | 1717 People | 427 Companies | 31 Funds | | | | | | |
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| 2015 Vintage Global Secondaries Funds | | | | | | |
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| Eurazeo CEO departs after reshuffle | | | | | | |
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| PitchBook webinar: Fueling success in the Medicare Advantage market | | Private equity firms have become leading consolidators of primary care practices focused on Medicare Advantage. However, the market is extremely competitive, so firms must enable providers to improve patient outcomes and lower costs while also partnering effectively with payers.
In our upcoming webinar, PitchBook's lead healthcare analyst, Rebecca Springer, and senior Optum strategists will explore how PE firms can evaluate opportunities, navigate risk and win in the Medicare Advantage market. Key topics include: - How payer competition and macro trends are shaping unique geographic markets.
- An actuary's perspective on financial risks and opportunities.
- A model for provider success in progressively more sophisticated value-based contracts within a typical PE investment cycle.
Register now to secure your spot. | | | | | | | |
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| TPG-backed pet specialist files for bankruptcy protection | | | | | | |
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| Greenbriar raises $3.4B+ fund | | | Greenbriar Equity Group has closed its Greenbriar Equity Fund VI on $3.475 billion, marking the firm's largest vehicle to date. The fund targets investments in the supply chain, business services and advanced manufacturing sectors. | | | | | | | Ovni holds first close on $54M vehicle | | | French VC Ovni Capital has held a first close for its €50 million (around $54 million) fund, TechCrunch reported. The vehicle will be used to back early-stage European startups in areas including fintech, climate tech, foodtech and cybersecurity. | | | | | | | Nex Cubed launches $40M HBCU founders fund | | | Nex Cubed has launched a $40 million fund to support founders from historically black colleges and universities, known as HBCUs, TechCrunch reported. | | | | | |
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| Seraphim Space accelerator kicks off with $150M | | | British VC firm Seraphim Space has launched a $150 million accelerator program, Reuters reported. The firm will target 12 US-based early-stage startups in sectors including climate and defense. | | | | | | | Waud Capital commits $100M to healthcare services | | | | | | | | Rothschild family aims to take control of investment bank | | | The Rothschild family's holding company Concordia has announced it intends to take control of the Paris-listed investment bank Rothschild & Co. Concordia holds a 38.9% share in Rothschild & Co. | | | | | |
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| Public Storage bids $11B for competitor | | | Public Storage has bid $129 per share, unsolicited, for competitor Life Storage, The Wall Street Journal reported. The bid marks Public Storage's third attempt to buy the company in recent months. | | | | | |
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"Large amounts of committed capital among fewer funds mean large fund sizes. After a pandemic-induced dip, step-ups were higher than ever, at 66.7% for funds that closed in 2021."
Source: PitchBook's Q3 2022 Global Real Assets Report | | | | | |
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