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| In today's Daily Pitch, you'll find: | | | | | |
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| One health system's story of success in value-based care | | The value-based care framework's gradual but inevitable takeover of the US healthcare system has opened a vast array of investment opportunities to healthcare industry-savvy VC and PE firms. But bridging the practice of medicine with the data and overhead needed for modern population health analytics has been a challenge.
Our latest analyst note examines how one nonprofit health system made a successful transition to offering value-based care. It provides a case study for healthcare IT and services investors, for whom health systems are crucial customers and partners. | | | | | | | | | Unicorn creation at lowest levels since 2017 | |  | New unicorns by half year
(PitchBook News) | | | With the first half of 2023 in the books, unicorn creation remains mired in a slump not seen in years. - Only 44 billion-dollar startups were minted in the first six months of the year, the lowest number since the first half of 2017.
- Information technology companies are king, accounting for about 41% of all unicorns created in 2023. Notable examples include OpenAI, the company behind ChatGPT, and Replit, which allows programmers to collaborate with AI to build software.
- Nearly half of all unicorns created in 2023 are based in North America, with 20 based in the United States alone. Asia comes in second with 14 unicorns.
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| PitchBook's 2023 Media Kit released | | With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects.
By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market.
Our 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
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| 'Investor-friendly' terms rankle startups' early backers | |  | | (Dziobek/Shutterstock) | | | Founders struggling to raise a new round are having to put out fires on their cap tables as they turn to structured term sheets and down rounds in a bone-dry dealmaking market.
Startups are quietly closing bridge rounds with liquidation preferences as high as 4x to get themselves over the line to positive revenue numbers, but in doing so, are risking burning bridges with their earliest investors. | | | | | | | | | No easy road for PE as recession risk rises | | It's looking increasingly likely that the US economy could enter a recession in the next 18 months, according to PitchBook's quantitative model. Meanwhile, PE buyout deals are starting to slow, and exits are declining to extents rarely seen in the past two decades.
As things stand, portfolio companies are using more cash flow than usual for interest payments, thus squeezing returns. But a full economic slowdown dragging down interest rates would create thornier problems for PE investors.
Using data visuals, our Quantitative Perspectives report tells the story of the macroeconomic factors and debt complications leading PE to pump the brakes. | | | | | | | | | Tiger Global opens full portfolio to individual bids | |  | | (winfinity/Shutterstock) | | | Tiger Global has been trying to generate liquidity from its pandemic-era shopping spree for months. After its initial attempt to sell a curated portfolio of assets in a secondary strip transaction didn't result in a deal, Tiger told a select group of secondary investors they could bid on any individual private company in its portfolio.
By offering to sell its assets piecemeal, Tiger is showing more pressure for liquidity compared to other venture firms, said one investor who has been having conversations with Tiger's adviser about buying direct stakes. | | | | | | | | | 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. | | | | | | | | | | From 17.5 tons of olives to $42,500 in calculators, one year in weird robberies. [Bloomberg]
Scientists are looking for new technologies to keep people cool without air conditioners. [The Wall Street Journal]
Increased tourism to Antarctica is only hastening the continent's decline. [The Atlantic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 502 Deals | 1827 People | 659 Companies | 22 Funds | | | | | | |
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The Daily Benchmark:
2012 Vintage Global Real Estate Funds | | | | | | |
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Sustainable packaging startup Pulpex has raised a Series C from investors including CMPC, Diageo and Pilot Lite. The round is worth between £20 million and £25 million, Sky News reported.
Kenyan online pharmacy MyDawa has secured $20 million from Alta Semper Capital, according to reports.
Shipping container marketplace Boxhub has raised a $12.4 million Series A led by AlleyCorp.
Camena Bioscience, a UK-based DNA synthesis company, has raised a $10 million Series A led by Mercia.
Nigerian invoice financing startup Zuvy has secured $4.5 million in equity and debt in a round led by TLG Capital, according to reports.
RoboDeck, an Israeli startup developing deck maintenance robots, has raised $2 million in a pre-seed round led by SOSV. | | | | | |
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OMERS and APG have agreed to acquire Netherlands-based Kenter from Alliander in a deal that would value the company at €700 million, including debt, Reuters reported.
Czech Republic-based Draslovka has been pursuing a new round of at least $200 million in growth equity funding, Reuters reported.
Investcorp has picked up a majority stake in Italian-headquartered public relations company SEC Newgate for around $100 million. The deal values the business at more than $250 million.
Advent International and GTCR are among those looking to acquire London-based online payments company Worldpay, the Financial Times reported.
IK Partners has agreed to invest in Swiss wealth management firm Cinerius Financial Partners, joining existing investor Summit Partners. | | | | | |
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IK Partners has entered exclusive negotiations with The Carlyle Group to sell its stake in French cybersecurity company Pr0ph3cy. Upon acquisition, the company will rebrand as Neverhack.
Chipmaker Nvidia has acquired VC-backed OmniML, which shrinks large language models used to train generative AI programs, The Information reported. | | | | | |
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"Even if we assume a rebound to the pre-COVID-19 norm, the industry is running out of time to complete an orderly disposition of portfolio holdings within the time frames initially allotted to its funds."
Source: PE Exit Timelines and the Impending Maturity Wall | | | | | |
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