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| In today's Daily Pitch, you'll find: | | | | | |
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| Solar's moment in the sun | | Solar module producers like Enpal and Sunroof are reeling in major deals even as total investment value in cleantech has fallen over 40% since last year, our Q1 2023 Clean Energy Report finds.
Investors see an opportunity to expand solar energy production outside of Chinese companies, and the Inflation Reduction Act is giving the vertical a major boost. But there are still roadblocks—including a critical minerals shortage—on the horizon. | | | | | | | | | Investors who commit to ESG are performing on par | |  | | (sattahipbeach/Shutterstock) | | | GPs and funds committed to ESG-aligned investments have risen exponentially in the past decade. One of the factors holding the trend back: critics who believe investing with ESG risk factors in mind can lead to lower returns.
Contrary to that perception, new analysis of private fund data found that those managed by firms that have committed to the Principles for Responsible Investment performed just as well as non-ESG-aligned peers. | | | | | | | |
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| A broader perspective on interest rates | | While recent interest rate increases have gotten a lot of attention, a look at the past 40 years shows that rates remain historically low.
The latest Citizens infographic puts rates in historical context and offers a balanced assessment of current economic conditions—some negative (like inflation), some positive (like the labor market)—to inform your thinking about how to prepare for what comes next.
Find opportunities amid shifting market dynamics | | | | | | | |
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| Generative AI propels future of healthcare IT | | VC deals in healthcare IT have picked up from the vertical's low point in late 2022, with 70 rounds accounting for about $1.3 billion raised in Q1. They're not blockbuster numbers, but the outlook for healthcare IT deals is bullish, particularly for generative AI and technology that supports interoperability.
Our Q1 2023 Healthcare IT Report highlights need-to-know VC and PE deals from the period and addresses which parts of the healthcare system AI could transform first—and when. | | | | | | | | | Growth equity investors shift their focus to margins | |  | | (Pla2na/Shutterstock) | | | Private equity growth investors in Europe are becoming more selective due to tough economic factors such as rising interest rates.
Firms are now moving away from multiple expansion to achieve growth, focusing on companies with strong financials and a clear path to profitability. | | | | | | | | | PE sponsors, leveraged lenders eye return of Europe's take-private LBOs | |  | | (Aleksandrkozak/Shutterstock) | | | With rates rising and the specter of a recession looming, take-private LBOs have been few and far between—as private equity sponsors sit atop a collective store of dry powder. That could change in 2023's second half.
In Europe, sponsors say some companies are fundamentally healthy but starved of capital, and valuations might have slipped enough to create a buying opportunity. This could lead to a revival in LBO activity, which is lucrative for PE sponsors and leveraged lenders alike. | | | | | | | | | | Troubles encircle CareRev, a hospital-staffing startup that raised $100 million during the pandemic. [The Information]
PE firms trying to change the energy industry are racing to hire former corporate leaders who can help them make good on their bets. [The Wall Street Journal]
Gene therapy may offer birth control for cats. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 434 Deals | 2306 People | 641 Companies | 22 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Global PE Funds between $250M-$500M | | | | | | |
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| PitchBook webinar: Exploring generative AI trends and opportunities | | This webinar will explore the dramatic arrival of generative AI. Panelists from the AI industry will join senior emerging technology analyst Brendan Burke to discuss generative AI applications, startup trends, opportunities and alternatives to ChatGPT. Key takeaways include: - Startup funding is shifting from generative applications to infrastructure as enterprises build internal tools.
- New startup categories are forming, but winners are not yet clear.
- Open-source projects are catching fire, yet they may confer limited benefits to startups and be replicated by incumbents.
Register now to secure your spot. | | | | | | | |
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NYSE-listed Univar Solutions, a chemical and specialty ingredients company, has approved its $8.1 billion acquisition by Apollo Global Management.
Bain Capital has offered a take-private deal valuing Chindata, a Chinese data center operator, at $2.93 billion, Reuters reported.
Estia Health has received a $552 million take-private offer from Bain Capital, Reuters reported. The aged-care provider's board has said it will allow the firm to do the due diligence required for a binding proposal.
The Independents, a marketing group for luxury brands, has raised a $400 million round comprised of debt and equity led by FL Entertainment and TowerBrook.
Beyond Music, a music investment firm based in South Korea, has raised a $170 million funding round led by Praxis Capital.
Japanese life insurance company Japan Post Insurance has entered into a strategic partnership with KKR and Global Atlantic.
EIG Global Partners-backed UK oil producer Harbour Energy is in merger talks with sector peer Talos Energy, Reuters reported. The move would allow the combined entity to list in New York. | | | | | |
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| L Catterton has raised around $230 million of its $700 million target for L Catterton Latin America IV, The Wall Street Journal reported. | | | | | |
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| Ecommerce giant eBay is partnering with pre-seed investor Techstars to launch an ecommerce startup accelerator. | | | | | |
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