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| In today's Daily Pitch, you'll find: | | | | | |
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| Biotech, AI & ML lead the emerging tech pack | | Tech moves at the speed of light, and PitchBook's Q4 2022 Emerging Tech Indicator is here to help you make sense of it all. Tracking the key deals, figures and trends, our indicator gives a full overview of what the world's most successful VC investors are betting will be the next big thing. Key takeaways include: - Our indicator tracked 130 deals worth $3.5 billion in Q4, a 26% decrease from the previous quarter's $4.8 billion and a 69.5% fall from Q1 2022's record $11.6 billion.
- Biotech and AI and machine learning led the pack in terms of deal value, raising a combined $857.6 million.
- Despite a crypto "winter," Web3 and DeFi startups continued to attract investor interest, with token exchange platform Uniswap's $165 million Series B standing out.
- Nine deals of $100 million or more were tracked in Q4, a decline from the highs of the previous quarters, but still beating the historical average of five.
| | | | | | | | | In February, the world took two steps back in fight against inflation | | As inflation in the Euro Area and the UK appeared to top out in February, the Consumer Price Index and Personal Consumption Expenditures reports showed even hotter inflation in the US.
These indications suggest the Federal Reserve will need to be even more aggressive to slow growth and tame services inflation. Economists are looking to a reopening Chinese economy—and its cash-rich consumers—to support global growth and counterbalance a lagging US economy.
Our Global Markets Snapshot breaks down one month of trends in the equity, debt, and commodities markets, tracking returns across a range of indexes and sectors. In this monthly digest, we provide the datasets that PitchBook's Institutional Research team is keeping an eye on as markets remain volatile. | | | | | | | | | How startup revenue growth is slowing across 4 sectors | |  | | (Zuzha/Shutterstock) | | | After years of favorable investments and a macroeconomic environment that led to increasingly higher valuations and faster revenue expansion, VC-backed companies now have to reckon with a double whammy of drastically falling prices and decreasing growth rates.
Data from Kruze Consulting, an accounting firm that advises startups, shows that revenue growth declined substantially in 2022 compared to 2021.
See the average revenue decrease for the fintech, ecommerce, software and healthcare sectors. | | | | | | | | | Dealmaking jumps as PE drives wealth-management consolidation | |  | | (Andrii Yalanskyi/Shutterstock) | | | As the wealth management industry faces market headwinds and rising operating costs, the sector is seeing a record number of acquisitions as firms seek to consolidate and broaden their services.
Private equity is playing a significant role, as fund managers—which account for the lion's share of these transactions—look to roll up a fragmented market. | | | | | | | | | Revolut reveals first annual profit in long-delayed report | |  | | (Courtesy Revolut) | | | In a long-delayed financial report for 2021, challenger bank Revolut announced its first-ever annual net profit.
Increases in users and paid subscriptions as well as the crypto trading rush helped the London-based company's revenues to grow. | | | | | | | | | The IPO drought could end soon—if these factors converge | |  | | (Jenna O'Malley/PitchBook News) | | | The IPO market remains dry, and a comeback to its pre-2022 glory will rely on a confluence of factors. Among them: a stabilized macroeconomic environment, more clarity on the direction of interest rates, greater alignment on pricing between buyers and sellers, and a company that leads the pack back onto the public exchanges.
When these factors converge, the return to public listings will likely be swift and explosive—when that may happen depends on who you ask. | | | | | | | | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 489 Deals | 1855 People | 628 Companies | 11 Funds | | | | | | |
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| 2017 Vintage North American Secondaries Funds | | | | | | |
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| Venus Williams joins Topspin Consumer Partners | | | Tennis champion Venus Williams will be starting a new role as operating partner at Topspin Consumer Partners, a consumer-focused middle-market buyout firm. Williams will focus on bringing Topspin deals in the health, wellness, beauty and personal care industries. | | | | | |
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| | | SoftBank-backed chipmaker ARM is opting to not go public on the London Stock Exchange, Bloomberg reported. Instead, the company is looking to list on the New York Stock Exchange. | | | | | |
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| BlackRock, Carlyle among lenders selling SMCP stake | | | BlackRock and The Carlyle Group are among a group of former bondholders launching a process to sell a 37% stake in French fashion house SMCP, paving the way for a full takeover. Glas, the lender representing the bondholders, acquired a 29% stake after the group's former Chinese owners defaulted on their debt. | | | | | | | Sun looks to exit Scotch & Soda | | | | | | | | PSG and Verdane to exit Nomentia | | | PSG and Verdane have agreed to exit their stake in Finnish cash management software provider Nomentia to Inflexion. Inflexion is acquiring the majority stake via Inflexion Buyout Fund VI. | | | | | |
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| | | Nexus Venture Partners has closed its seventh flagship fund on $700 million to invest in SaaS, AI, fintech and commerce companies in the US and India. | | | | | | | Northleaf locks down $675M | | | Northleaf Capital Partners has closed its latest PE fund, Northleaf Private Equity Investors VIII, on $675 million. The firm's eighth fund targets middle-market companies, including direct investments and secondary deals. | | | | | | | High-Tech Gründerfonds scores $527M | | | German VC firm High-Tech Gründerfonds has closed its fourth fund on €494 million (around $527 million). The vehicle will be used to target seed investments in areas including digital tech, industrial tech and life sciences. | | | | | | | B Capital closes debut healthcare vehicle | | | B Capital has closed its inaugural healthcare fund on $500 million to invest in biotech, digital health and healthcare startups. | | | | | | | Venture Guides wraps up $215M | | | VC firm Venture Guides, led by former co-managing partner at Bain Capital Ventures Ben Nye, has closed a $215 million fund, TechCrunch reported. The vehicle will target seed and Series A infrastructure software startups. | | | | | |
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| Lazard grows family office business with Truvvo deal | | | Lazard Asset Management has acquired family office investment manager Truvvo Partners, a firm with $3.8 billion in assets under management. Following the deal, Lazard combined its private client business with Truvvo, with the new entity christened Lazard Family Office Partners. | | | | | |
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"Given the downturn in markets, investors are chasing growth in what is becoming a no-growth horizon given the macroeconomic picture. PE growth/expansion funds offer this higher-risk, higher-growth, higher-reward opportunity to LPs."
Source: 2022 Annual European PE Breakdown | | | | | |
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