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| In today's Daily Pitch, you'll find: | | | | | |
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| A new returns index for private asset allocators | | Capital allocation can be a risky business. PitchBook's new Q4 2022 Private Capital Indexes report offers return, risk and other reference metrics across each of the seven private asset classes and serves as a companion to our Benchmarks and Global Fund Performance reports.
Our inaugural report offers a cross-section of the private markets across geographies, quartile rankings, time period and subclasses. These yardsticks can be used by GPs and allocators to compare asset class performance or construct a well-balanced portfolio. | | | | | | | | | Foodtech startups forge ahead despite limited funding | | VC funding for foodtech startups hit its lowest level since 2017 in Q1, but a few noteworthy deals bucked the downward trend. Meal replacement provider YFood snagged $230 million, while niche segments like fermented protein as well as kitchen tech and robotics stood out with 83.6% and 99.8% quarter-over-quarter growth, respectively.
Our latest Emerging Tech Research lays out VC trends, key players and emerging opportunities in foodtech. | | | | | | | |
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| Attract sustainable investment with the modern capital raise template | | Gone are the days when securing capital was solely about profits. To meet investor demand and attract investment, organizations need to prove their commitment to sustainability.
Ansarada's modern capital raise template was built to unlock opportunities and eliminate risk. Traditional templates fail to outline sustainability requirements, putting you at risk of sub-par ESG disclosures and lost capital.
Use Ansarada's modern template to scale your business sustainably—both for long-term, stable growth, and to future-proof it in the greater sense of "good."
Increase business value by structuring ESG documentation that makes it easy to diagnose and prioritize before it's scrutinized by investors. Impress investors with robust ESG due diligence and establish the foundations for your long-term sustainability journey.
Access your free modern capital raise template | | | | | | | |
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| SoftBank's Son is ready to invest again | |  | Masayoshi Son
(Tomohiro Ohsumi/Getty Images) | | | After a long stretch on the defensive, SoftBank chief Masayoshi Son is ready to launch an offensive.
The sudden shift is being driven by Son's excitement over the potential of generative AI as well as new cash from the sale of Alibaba stock and an upcoming IPO for chipmaker Arm. The change could reinvigorate SoftBank's tech investments, which have been largely dormant in the past year. | | | | | | | | | Are 'ESG investors' underperforming? | | As the crowd of ESG critics has grown, funds raised by asset managers that have made public commitments to ESG have garnered trillions of dollars. Some say considering ESG factors is integral to making and managing prudent investments. Others think ESG is a distraction and that its adherents sacrifice returns.
Our recent analyst note examines the returns of Principles for Responsible Investment signatory funds, as well as vehicles whose managers didn't commit to upholding those guiding ESG principles. We determine how their performance compares across private equity, private debt, real assets and real estate from 2010 to 2018. The findings might surprise ESG-savvy investors and their critics. | | | | | | | | | US investors scale back on European VC deals | |  | | (OnePixelStudio/Shutterstock) | | | | US investors have reduced their participation in European VC deals as the downturn intensifies. The collapse of Silicon Valley Bank and other macroeconomic events have pushed US VCs to refocus their resources on core markets. | | | | | | | | | | Hippo Holdings has SPAC remorse two years after the merger that valued the insurtech specialist at $5 billion. [Fortune]
Visualizing BlackRock's top equity stakes in public companies. [Visual Capitalist]
An argument for why the internet is more like a city sanitation system than a metaphorical town square. [The Atlantic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 444 Deals | 2162 People | 678 Companies | 15 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage European PE Funds | | | | | | |
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Aledade, a network of primary care providers, has raised a $260 million Series F led by Lightspeed. The latest round valued the healthtech company at $3.5 billion, Reuters reported.
DexCare, which helps health systems to predict and meet patient demand, has raised a $75 million Series C led by Iconiq Growth.
Global payments startup Volt has raised a $60 million Series B led by IVP.
Fintech company TreasurySpring has raised a £15 million Series B from backers including Balderton Capital and Black Lion, Sifted reported.
Outbound AI, a startup developing conversational AI to assist with administrative work in healthcare, has raised a $16 million seed round led by Madrona and SpringRock Ventures.
Industrial manufacturing optimization software startup Fero Labs has raised a $15 million growth round led by Climate Investment.
Consumer foodtech startup BetterBrand has raised $6 million at a $170 million pre-money valuation in a Series A led by Verso Capital.
HiJiffy, a Portuguese startup offering an AI chatbot service for hotels, has raised €3.8 million in a round led by Caixa Capital. | | | | | |
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| Don't miss our upcoming webinar | | With fewer avenues available, PE and VC exits through H1 2023 have remained slow. As a result, allocators are continuing to turn to the secondary market through LP-led transactions. GPs with seasoned portfolios are approaching LPs with opportunities, too.
In this webinar, our panel of industry experts will discuss the increasingly creative liquidity solutions that provide capital to market participants. Key topics include: - The overall secondary market volume through H1 2023, expectations for H2, and factors that are driving these trends.
- Specific dynamics, such as pricing, facing both the LP- and GP-led secondary markets.
Register now to secure your spot. | | | | | | | |
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| Actis has agreed to sell BTE Renewables, an African renewable energy developer, to a pair of buyers, giving the company an enterprise value of about $1 billion. Engie will buy the company's South African portfolio and team while Meridiam will acquire the Kenyan portfolio and team. | | | | | |
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Former GitHub CEO Nat Friedman and Daniel Gross, ex-partner at Y Combinator, have raised a $1 billion fund to invest in AI and infrastructure companies, according to reports.
Avaana Capital, a climate-focused VC firm headquartered in Mumbai, has raised $70 million in the first close of Avaana Climate and Sustainability Fund, according to reports.
Cloud storage company Dropbox has unveiled a $50 million venture fund to invest in AI startups.
Madrona Venture Labs, Madrona's accelerator studio, has raised $11 million for its fifth fund to invest in AI companies.
Two former co-founders of bankrupt hedge fund Three Arrows Capital, Su Zhu and Kyle Davies, have launched 3AC Ventures, a partner venture fund to fintech company OPNX. | | | | | |
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New York-based middle-market firm Bonaccord Capital Partners has picked up a minority stake in London-based peer Synova, Private Equity International reported.
Cox Enterprises has announced the launch of its venture arm, Socium Ventures.
Vitol and Riverstone Credit Partners have formed Valor Upstream Credit Partners, which targets structured credit investments in North American oil and gas companies. | | | | | |
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"In Q1 2023, US PE middle-market buyout activity stalled again after attempting to rebound in the final quarter of 2022. ... These declines were not as steep as those in the buyout market overall, and as a result, the middle-market share of all buyout deals expanded to 76.5% in Q4 2022 and 75.6% in Q1 2023 for the highest back-to-back readings in five years."
Source: PitchBook's Q1 2023 US PE Middle Market Report | | | | | |
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