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| In today's Daily Pitch, you'll find: | | | | | |
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| Public real estate's woes start to hit private investors | | Private real estate investors have a lot less capital to work with today. Real estate funds raised just over $128 billion in 2022, the lowest figure since 2013, and did so through the fewest vehicles since 2009. Dry powder is down, too, having fallen 13% year-over-year.
That's despite the private real estate world's dogged outperformance of publicly traded REITs, whose assets are more vulnerable to fluctuations in value. Some observers have questioned how long private real estate can soar above the rest.
Our latest Global Real Estate Report provides clarity on the opaque investing strategy, with details on fundraising and challenges in various sub-strategies. | | | | | | | | | Banking crisis puts pressure on PE money supply | |  | | (John Blottman/Shutterstock) | | | Private equity is typically insulated from volatility in public markets, but the current banking crisis is threatening to have long-term implications for the asset class as it further hinders firms' abilities to secure leverage.
Firms have been struggling with a stricter lending environment since the Federal Reserve's rapid tightening brought the bank-led leveraged loan market to a halt in the latter half of 2022. To cope with this, GPs are looking for new and creative ways to finance deals and focusing on smaller businesses. | | | | | | | |
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| A message from DealCloud, by Intapp | | |
| The 4 steps of a successful venture capital deal | | Transactions for venture capital firms in the capital markets industry are often complex, involving much more than simply writing checks in hopes that you've found the next unicorn. Despite this, investors and early-stage deal sponsors want to move quickly to close, leaving unprepared VC firms struggling to keep up.
The more equipped a VC firm can be, the fewer hang-ups and hold-ups there will be throughout the deal. Deal flow is then improved, along with the reputation of the VC firm.
Learn more | | | | | | | |
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| Startups have opening to break ground on self-driving heavy equipment | | Self-driving vehicles bristling with sensors are no longer a surprising sight on the street, even in busy traffic. But what about on a construction site? While Caterpillar and other heavy-equipment manufacturing leaders have been exploring driverless systems for specialized use, startups have a broad avenue of opportunity to revolutionize the global construction industry and introduce solutions anywhere heavy equipment is used.
Our latest analyst note lays out the potential, including how this technology could free up workers as the labor market tightens, enable more precise operation of machinery and reduce injuries or deaths. | | | | | | | | | Ares, Mubadala join forces with $1B for fast-growing private debt secondaries | |  | | (Rapeepat Pornsipak/Shutterstock) | | | Abu Dhabi sovereign wealth fund Mubadala and US PE firm Ares Management have announced the formation of a joint venture for private debt secondaries deals, the latest sign of investors' interest in the burgeoning—but still undercapitalized—market.
The market for secondhand private debt stakes has grown as the market downturn drove more LPs and GPs to gain liquidity through secondary deals. The supply of capital, however, falls short of the massive supply of private debt assets flowing into the market. | | | | | | | | | The 10 most active VCs in European early-stage deals | |  | | (symbiot/Shutterstock) | | | European early-stage venture deals are expected to continue to fall in number this year as the downturn slows dealmaking.
We take a look at the 10 most active VC investors in European early-stage deals over the past five years by total deal count. | | | | | | | | | | Even as the cryptocurrency hype fizzles, the environmental toll of bitcoin could be higher this year than last. [The Atlantic]
Asset manager Aperture Investors tried out a performance-based fee model. Five years in, Aperture's CEO says it's a success. [Institutional Investor]
Data shows that recessions are often preceded by a cyclical low in the unemployment rate, perhaps a sign that the economy has peaked. [Visual Capitalist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 201 Deals | 706 People | 273 Companies | 10 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Global Debt Funds | | | | | | |
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Precision oncology biotech startup Flare Therapeutics has raised a $123 million Series B led by GordonMD Global Investments and Pfizer Ventures.
Cognito Therapeutics, a clinical-stage neurotechnology company, has raised a $73 million Series B led by FoundersX Ventures.
Icelandic video game developer CCP Games has raised $40 million in a round led by Andreessen Horowitz.
Cybersecurity startup Dope.security has raised a $16 million Series A led by GV.
Direct-to-consumer home insurance company Kin has secured an additional $15 million for its Series D from Geodesic Capital, QED Investors and others, bringing the round's total to $109 million.
HT Materials Science, a developer of smart heat transfer fluids, has secured a $15 million Series A from investors including Aramco Ventures and CDP Venture Capital.
Endeit Capital has led a €10 million Series A for IPRally Technologies. The startup's tech allows intellectual property and research and development professionals to find, analyze and classify patent information.
Piclo, a marketplace for energy flexibility services, has secured an £8.3 million Series B led by Future Energy Ventures and Clean Growth Fund.
Windfall Bio, which converts methane into fertilizer products, has raised a $9 million seed round led by Mayfield and Untitled.
Ampere.cloud, which offers a renewable energy management platform, has raised a €5 million Series A led by Point Nine Capital.
Skincare brand True Botanicals has raised a Series B investment from NextWorld Evergreen, a growth-equity firm focused on ethical consumer brands. | | | | | |
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Inflexion is selling London-based social media marketing company The Goat to advertising agency WPP. Inflexion first invested in the company in 2021.
JP Morgan has agreed to acquire VC-backed investment analytics company Aumni. The bank will pay a sum roughly equal to the startup's 2021 valuation of $232 million, CNBC reported. | | | | | |
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Sverica Capital has closed its Fund VI on a hard cap of $750 million. The PE fund's focus will be on middle-market companies with valuations under $250 million.
Paris-based venture investor Emblem has secured €50 million for its seed fund, TechCrunch reported. The vehicle, which will target startups in France, Denmark and Sweden, is expected to raise as much as €75 million by the end of the year.
Carya Venture Partners has raised a $20 million micro-fund to invest in AI, deep-tech and B2B startups. | | | | | |
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| Japanese power company Jera has agreed to buy Belgian offshore wind platform Parkwind for roughly €1.55 billion from Virya Energy. | | | | | |
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