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| In today's Daily Pitch, you'll find: | | | | | |
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| A second front in the fight against inflation | | March was chaotic for both private and public markets. In response to the threat of bank runs in the era of instant communication, the Federal Reserve and other central banks took action to shore up available liquidity and stave off a financial disaster.
Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt, and commodities markets, tracking returns across a range of indexes and sectors. It also features private markets activity, including major deals, fundraising, IPO performance, lending volumes and unicorn creation. In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on as markets remain volatile. | | | | | | | | | Newly public fintech companies streamline in pursuit of profit | | As low valuations of newly public fintech companies continue to stress the market, these companies are prioritizing profit over growth. This sentiment is expected to diminish the rate of revenue growth as fast-growth, low-profit companies cut costs to compete. However, first-time M&A activity has provided a path for fintech companies to unlock new streams of growth.
Our Q1 2023 Fintech & Payments Public Comp Sheet and Valuation Guide tracks stock performance, revenue, EBITDA and earnings-per-share forecasts as well as market caps of key publicly traded companies. This quarter's guide also includes new data on gross income and a list of public fintech and payments M&A deals. | | | | | | | |
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| A message from Allied Advisers | | |
| Brief Analysis (SaaS): Rule of 40—1H 2023 Update | | Allied Advisers' updated Rule of 40 report shows that software companies that exceed Rule of 40 continue to trade at significant premium valuations compared to companies that fall below Rule of 40. In today's challenging market conditions, clients and prospects that meet or exceed Rule of 40 are getting bids at higher valuation multiples than their peers that don't meet this benchmark.
Rule of 40 continues to become more fashionable in today's capital-constrained environment and is a useful tool for founders, management teams, and investors to keep in mind as they build their companies for optimal financing and exit valuation.
Allied Advisers is a global technology-focused investment bank specializing in M&A and capital raises for middle-market companies.
Read the full report here | | | | | | | |
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| Cure Ventures debuts with $350M life sciences fund | |  | From left, Cure Ventures managing partners Lou Tartaglia, Richard Lim and David Fallace
(Kathy Tarantola Photography/courtesy of Cure Ventures) | | | The formation of new life sciences-focused venture firms is rare, even in strong markets. Despite biotech and pharma VC investments slowing significantly this year, biotech researchers and entrepreneurs can now tap another potential source of capital.
Cure Ventures, a firm launched by biopharma veterans, today announced its inaugural $350 million fund for backing both novel drugs and medicines already undergoing clinical trials. | | | | | | | | | WWE-Endeavor blockbuster pumps up Silver Lake's media bets | |  | Endeavor Group CEO Ari Emanuel
(Chris Unger/Getty Images) | | | As one of private equity's top investors in the digital economy, Silver Lake has been amping up its bets on sports and entertainment through cut-and-dried PE dealmaking of buyouts and large minority stakes.
Over the weekend, however, the firm's entertainment portfolio gained one of its most significant additions in years without relying on either of those tactics. Silver Lake, which is the biggest shareholder in entertainment mogul Ari Emanuel's Endeavor Group, is doubling down on theatrical fighting as a result of Endeavor's blockbuster acquisition of World Wrestling Entertainment Inc. | | | | | | | | | Gain an edge with our new VC exit predictor | | Of all the startups, which ones are worth putting time into as an investor? With our new VC exit predictor, answering that question just got easier. The tool uses machine learning and PitchBook data to provide insights into startups' prospects for a successful exit.
Our analyst note lays out how the tool works. Our analysts found that in a backtest of active VC-backed startups as of February 2018, those companies that ranked in the top decile were 3.1x more likely to exit successfully. | | | | | | | | | The 10 most active PE investors in European energy | |  | | (urbans/Shutterstock) | | | London-listed Foresight Group is ranked as the most active investor in the European energy sector, having completed 27 deals since 2018, according to PitchBook data.
Last year saw a greater combined deal value in the European energy sector than 2021, although this came from fewer deals. | | | | | | | | | | PE buyout firms love investing in industries in distress, but the US banking sector presents a challenge. [The Wall Street Journal]
No one responds to polls anymore. Researchers are now asking AI instead. [The Atlantic]
Researchers say viruses can kill antibiotic-resistant microbes and help treat infections. Regulators have to figure out how to get them on the market. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 589 Deals | 2258 People | 626 Companies | 28 Funds | | | | | | |
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The Daily Benchmark:
2013 Vintage Global Funds-of-Funds | | | | | | |
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M&G is one of three major shareholders in UK events company Hyve that plan to vote against a takeover by US PE firm Providence Equity Partners, the Financial Times reported. Hyve's board accepted the £481 million (about $595.6 million) bid last month, with its largest shareholder, Strategic Value Partners, saying it would vote in favor of the offer.
Boston-based PE firm Ethos Capital has acquired Newforma, a project management software specialist, from Battery Ventures.
Infrastructure investor Ancala Partners has acquired a majority stake in Noventa, a renewable energy specialist.
GreenGroup, an industrial recycling company backed by Abris Capital Partners, has acquired Lithuanian waste management company Zalvaris.
BC Partners plans to acquire a majority stake in Metropolitan College and AKMI IEK, providers of further education in Greece.
BGF has made a £3.75 million follow-on investment in UK fabless semiconductor company Forefront RF. | | | | | |
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"It is worth noting that the number of Japan-based active CVCs ("active" defined as an investor that has made at least one deal over a given year) has consistently and substantially exceeded that of Japan-based traditional VC firms throughout the past decade."
Source: The State of CVCs in Japan | | | | | |
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