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| In today's Daily Pitch, you'll find: | | | | | |
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| Discount prices keep global M&A activity afloat | | A persistently gloomy macroeconomic backdrop and near banking crisis drove a decline in M&A activity in Q1 2023, pushing global deal value down 32% from the peak just over a year prior.
But total M&A deal value still topped $1 trillion for the quarter. While certain sellers—think private equity—stepped back in recent months, lower valuation multiples in some cases helped encourage deal flow.
Our Q1 2023 Global M&A Report, sponsored by Liberty GTS, explains which deals are happening and why, diving into dealmaking trends within industries and between regions: - Multiples on PE-led buyouts collapsed by 29% in Q1 after holding firm for two years, reflecting a shift to smaller and cheaper deals.
- Smaller companies—those worth $100 million or less—have seen their median enterprise value drop to a revenue multiple of 1.1x, trailing behind the overall M&A market's median of 1.6x.
- Founder-owned companies made up 85% of all businesses sold in Q1, their highest share of the market ever.
| | | | | | | | | Value-based healthcare is finally viable, but is the industry ready? | | In the US, healthcare models have traditionally pitted the needs of the patient against those of the provider: more visits, more procedures, more money.
Now, payers, providers and policymakers agree that the industry is in the early stages of a shift toward value-based care, which prioritizes preventative care and population health and rewards providers when patients stay healthy. But for all its promise, any change is likely to be a long time coming.
Our latest analyst note spotlights key players in value-based care, highlights investment opportunities and unpacks some of the significant risks providers face when transitioning away from the fee-for-service model. | | | | | | | |
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| The ultimate guide to corporate development reporting | | Access to reliable information is what separates corporate development leaders from their competitors in the dealmaking landscape. By ensuring internal visibility and up-to-the-minute awareness through accurate, timely reporting, firms are more informed, more prepared, and in a stronger position to navigate the market.
With advanced reports, firms can improve corporate development intelligence throughout every stage of every transaction. Download this guide on report types and advanced capabilities that will help drive your corporate development success for the year ahead. | | | | | | | |
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| Greycroft's $1B+ raise underscores trials for mega-funds | |  | Greycroft co-founder Dana Settle
(Piaras Ó Mídheach/Getty Images) | | | Greycroft has closed on more than $1 billion in new capital commitments, which it will use to write checks between $500,000 and $50 million for tech startups.
But observers who are looking for glimmers of hope shouldn't put too much weight on Greycroft's latest funding pool, which took at least 16 months to close and fell short of its reported target. | | | | | | | | | Microsoft to appeal block on Activision Blizzard deal by UK watchdog | |  | | (vfhnb12/Shutterstock) | | | Microsoft will appeal the decision by the UK's competition regulator to block its $68.7 billion acquisition of Activision Blizzard. The Competition and Market Authority cited concerns over Microsoft's control over gaming content and the deal's potential to stifle innovation in the growing cloud gaming market.
The deal was announced after consolidation in the video game industry hit a peak in 2021. If the deal goes through, it will be the biggest-ever game developer merger by some margin. | | | | | | | | | Zombie funds could rise again, but there are antidotes | |  | | (Julia Midkiff/PitchBook News) | | | With exit totals in Q1 on the decline for funds globally, private markets are facing a new liquidity crisis. As more vehicles extend beyond their typical 10-year lifespan, and LPs wait longer for returns, so-called zombie funds could make a comeback.
Fund managers will still have means of generating liquidity for their LPs, chiefly through the secondaries market. But the blockage could be more severe for managers that find themselves overexposed to companies backed at peak valuations that they are now struggling to exit. | | | | | | | | | | A recent court decision threatens to escalate creditor-on-creditor fighting in the normally sedate leveraged loan market. [Financial Times]
Blackstone is in danger of defaulting on a $270 million loan backed by 11 apartment buildings in New York's most expensive borough. [The Wall Street Journal]
Designers and architects are creating a new generation of buildings that emphasize reusable structures and sustainable disassembly. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 515 Deals | 2029 People | 604 Companies | 44 Funds | | | | | | |
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The Daily Benchmark:
2013 Vintage Global PE Funds with more than $1B | | | | | | |
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| Investment bank Moelis & Co. has brought on former SVB Securities executive Jason Auerbach as global head of technology investment banking. The bank has also hired 10 technology-focused managing directors. | | | | | |
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Biotech startup Orbital Therapeutics has raised a $270 million Series A led by Arch Venture Partners, with a16z Bio + Health among the other participating investors.
Ohmium, a green hydrogen energy company, has raised a $250 million Series C growth round led by TPG.
Ursa Major has reportedly raised a $100 million Series D for its rocket engines, TechCrunch reported. Backers include BlackRock and Space Capital.
Replit has raised $97.4 million led by Andreessen Horowitz with participation from investors including Coatue, Cathie Wood's Ark Ventures and Y Combinator. Replit is creating generative AI programs for software development.
Clara, a Mexico-based provider of corporate credit cards, has secured $60 million in funding led by GGV Capital, according to reports.
Biotech startup Evommune has raised a $50 million Series B co-led by Arix Bioscience, EQT Life Sciences and SymBiosis.
Tokyo-based micromobility startup Luup has raised around 4.5 billion Japanese yen (approximately $33.7 million) in a round led by Spiral Capital.
Financial data startup Axoni has raised $20 million led by EJF Ventures.
UniSieve, a Zurich-based provider of technology to decarbonize heavy industry, has secured a $5.5 million seed investment. Investors in the round included Wingman Ventures and Ciech Ventures. | | | | | |
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Singaporean sovereign wealth fund GIC and Spanish energy company Iberdrola have agreed to invest €430 million in the development of electricity transmission networks in Brazil.
FSI has agreed to invest up to €100 million in Rome-based Bancomat, which offers debit card and cash withdrawal services.
TA Associates has agreed to invest in Italian medical diagnostics company Diatech Pharmacogenetics. Alto Partners will exit its stake in the company. | | | | | |
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TPG has closed TPG Tech Adjacencies II, which targets structured and opportunistic minority investments in the tech industry, on $3.4 billion.
Hunter Point Capital has raised $2.66 billion for its first fund, which will target GP stakes.
The Carlyle Group has reportedly closed its latest Asia-focused buyout fund on $950 million.
Capria Ventures has held the first close of its second fund. The vehicle, which has a target of $100 million, will invest in generative AI and climate startups in India, Southeast Asia, Latin America, the Middle East and Africa.
Dutch impact investor Pymwymic has held a €48 million second close for its Healthy Food Systems Impact Fund II.
Oakley Capital is looking to raise €1.2 billion for a continuation fund in order to hold on to German university group IU Group, Secondaries Investor reported. | | | | | |
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Apollo Global Management has earmarked $4 billion for Apollo Clean Transition Capital. The strategy falls within the firm's sustainable investing platform, which is committed to investing $50 billion in clean energy and climate by 2027.
The Institutional Limited Partners Association plans to open a London office before the end of this year. | | | | | |
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