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| In today's Daily Pitch, you'll find: | | | | | |
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| Exclusive: Tribeca raising $200M downturn-oriented VC growth fund | |  | Manhattan's Tribeca neighborhood
(Ryan DeBerardinis/Shutterstock) | | | Tribeca Venture Partners, a New York-focused early-stage firm, is raising its second growth-stage fund with a target of $200 million, according to people familiar with the firm's plans.
Hundreds of late-stage companies may have no choice but to raise a down round over the next couple of years. While existing investors may be reluctant to lower the valuation of their portfolio companies, Tribeca can use its growth fund to play the "bad guy" and price the round fairly. | | | | | | | | | New opportunities buoy insurtech's outlook | | With such a long history, insurance has had to continuously evolve to meet new challenges and push forward. How are insurtech startups helping with that?
Our latest insurtech report examines the vertical's performance, trends and growth opportunities for investors. While Q4 2022 brought some headwinds, our analysts believe there are many areas for fast-moving and nimble startups to flourish. Key takeaways include: - $1.2 billion was invested across 110 deals in the insurtech space in Q4—representing a year-over-year decline of 35.7% and 62.9%, respectively.
- Two emerging opportunities for investors include startups developing claims automation software and parametric insurance. We've tracked several deals over $100 million for companies in these segments.
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| A message from the American Investment Council | | |
| Top states and districts for PE | | From urban centers to rural America, the American Investment Council's Top States & Districts Report highlights how private equity is supporting communities in every corner of the country. While states like California and Texas top some lists, more than a dozen states took in at least $20 billion from PE sponsors, including New Jersey, North Carolina, Ohio, Nevada, and Colorado.
In conjunction with PitchBook, AIC has released Top States & Districts in 2022. The figures in this report are more than just data points—they're business owners, employees, and retired public servants who found a steady partner in PE in uncertain times.
To download the report and learn more, click here | | | | | | | |
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| PE buyers lock down $13B Australian energy deal | |  | | (IVAN KUZKIN/Shutterstock) | | | After months of due diligence and negotiation, Origin Energy has agreed to be taken private by a team of private equity firms at a valuation of roughly $13 billion, making it the largest energy buyout of 2023.
As an Australian integrated gas and electricity company, Origin doesn't own any renewable assets. But for buyers Brookfield and EIG, the deal represents a major energy transition play. | | | | | | | | | Private debt endured 2022's market upheaval | | Private debt assets proved resilient amid a challenging macroeconomic environment last year, according to our 2022 Annual Global Private Debt Report. GPs enjoyed robust fundraising momentum through most of the year, despite a short-lived lull in the first quarter. Demand for private debt loans has grown over the past decade. Key takeaways include: - Funds dedicated to private debt—which includes direct lending and other strategies—raised over $200 billion last year.
- Preliminary data shows a rebound in the performance of private debt funds has pulled fund returns out of the negative territory in Q3, making this the third-best-performing private market strategy.
- The popularity of mezzanine funds grew, driven by high demand for paid-in-kind loans, which help borrowers preserve cash.
| | | | | | | | | | AI researcher Margaret Mitchell was fired by Google. Now she's the chief AI ethics scientist at one of its startup rivals. [The Information]
While stock prices and sales for companies like Peloton and Zoom have dropped off since the end of pandemic quarantines, Crocs is a different story. [The New York Times]
Italy's shift away from Russian gas clashes with its climate targets. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 499 Deals | 2093 People | 696 Companies | 27 Funds | | | | | | |
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The Daily Benchmark:
2019 Vintage US PE Funds | | | | | | |
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Advent International has launched its sale of Idemia, a French biometrics company, Les Echos reported. The deal is expected to be in the range of €5 billion to €6 billion.
NASDAQ-listed Blackbaud has rejected a buyout offer valuing the cloud software company at $3.78 billion from its largest shareholder Clearlake Capital.
Brookfield Asset Management is in talks to acquire Paris-based data-center operator Data4 from Axa Investment Managers in a deal valuing the company at nearly €3 billion, Reuters reported.
Activist investor Elliott Management is looking to take over parts of London-listed Cineworld, Sky News reported. The firm is interested in the company's operations in Eastern Europe and Israel.
SoftBank has agreed to a take-private of AI and robotics company Berkshire Grey. SoftBank, already a shareholder in the company, will pay $375 million in cash for the remainder.
Sound Partners and Calico Group have announced a joint acquisition of Tradewinds Mechanical, an HVAC and refrigeration services company.
Heartwood Partners has acquired NativeSeed Group, which offers native seeds and erosion control solutions. | | | | | |
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Parthenon Capital has closed Parthenon Investors VII on over $4.5 billion, more than twice the size of the vehicle's predecessor.
VC firm OpenView has closed its seventh fund with $570 million to support software startups in the expansion stage.
DW Healthcare Partners has closed its latest vehicle on $210 million. The fund, which targets lower-middle-market healthcare companies, has already invested in TubeWriter and DermLite.
Investment firm Monarch Collective, which will invest exclusively in women's sports, has raised $100 million for its debut fund, according to reports. | | | | | |
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| Qatar's Sheikh Jassim bin Hamad Al Thani has made an offer to take over English soccer club Manchester United, Sky News reported. The bid came after Al Thani asked for a deadline extension Wednesday, according to the report. | | | | | |
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"When comparing Q2 2022 to the previous five quarters, however, there has been a significant decline in secondaries returns ... This trend in declining returns likely reflects the markdowns in NAV that occurred over 2022 across fund strategies, as well as the extension of fund lives while exit conditions remain difficult. IRRs are heavily influenced by length of holding period."
Source: PitchBook's 2022 Global Fund Performance Report | | | | | |
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