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In today's Daily Pitch, you'll find: - Europe's mega-funds get even bigger, boosting fundraising totals
- The ESG hurdles investors in Europe and North America face are far from the same
- European unicorns have their own version of the "PayPal Mafia"
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| Red tape vs. red states: Europe, North America diverge on ESG hurdles | |  | | (Alexandre.ROSA/Shutterstock) | | | ESG and impact investing are thriving in Europe and North America, but their sustainable investing scenes are far from the same.
PitchBook's new survey data shows that the regions diverge in the greatest challenges they face: While Europe struggles with logistics like measuring the results of impact investments and parsing new regulations, North America's biggest barrier is the perception of negative returns. | | | | | | | | | Mega-fund closes boost European PE fundraising totals in Q2 | | Europe's private equity market didn't have the greatest of starts to the year, and while there are some signs of recovery, deal activity remained muted in Q2.
Our Q2 2023 European PE Breakdown unpacks what's in store for the rest of the year and reasons for optimism, including strong fundraising activity, which is on track to outpace capital raised in 2022. | | | | | | | |
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| A Message from McDermott Will & Emery | | |
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| How Europe's unicorns are seeding the next crop of founders | |  | | (Luoxi/Shutterstock) | | | As Europe's VC ecosystem continues to mature, it is producing more so-called startup "mafias"—networks of unicorn employees that have launched one or more ventures.
Delivery Hero, Revolut and Klarna are just some of the companies that have seen current and former talent launching their own enterprises. | | | | | | | | | 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 recent 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. | | | | | | | | | UK weighs PE's risks and cures for an ailing system | |  | | (Julia Midkiff/PitchBook News) | | | Around 46,000 UK doctors staged the latest in a series of walkouts over pay and working conditions on July 13. The strike hit just days after Fremman Capital acquired Medinet, an agency tackling National Health Service staffing shortages by hiring NHS doctors and nurses outside their contracted hours.
The crisis and the coinciding deal are revealing of both a health service that is struggling and the opportunities available to PE-backed healthcare companies that have become enmeshed in the nation's socialized medicine system.
But the NHS crisis may heighten risk of backlash against PE involvement at a time when the public is demanding more accountability for a broken system. | | | | | | | | | | Can Wikipedia help teach AI chatbots to get their facts right—without destroying itself in the process? [The New York Times Magazine]
At a global meeting on seabed mining policy, ocean adventurer and investor Victor Vescovo warned of "extraordinarily high" financial risks. [Bloomberg]
Indebted Chinese real estate giant Evergrande reveals a staggering $81 billion loss, nearly two years after its gradual collapse began. [The Washington Post] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 570 Deals | 2046 People | 713 Companies | 36 Funds | | | | | | |
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The Daily Benchmark:
2013 Vintage Global Debt Funds | | | | | | |
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Tractable, which uses AI to provide remote assessments of damage to cars and homes, has raised a $65 million Series E led by SoftBank's Vision Fund 2.
Carbon credit ratings company Sylvera has secured a $57 million Series B led by Balderton Capital.
Hammerspace has raised $56.7 million in a round led by Prosperity7 Ventures. The company's data orchestration system helps users access and leverage unstructured data.
Metaverse specialist Futureverse has raised a $54 million Series A led by 10T Holdings.
VitalConnect, a developer of wearable biosensor technology, has secured more than $30 million in a Series F led by Revelation Partners.
Isometric, a London-based carbon removal registry, has secured a $25 million seed investment led by Lowercarbon Capital and Plural.
ID verification platform Bureau has raised an additional $4.5 million from investors including GMO VenturePartners for its Series A, bringing the round's total to $16.5 million.
Rice Robotics, a Hong Kong-based developer of autonomous robots for businesses, has secured a $7 million pre-Series A. | | | | | |
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Angelo Gordon has held the final close of AG Asset Based Credit Fund on more than $1 billion. The fund aims to make asset-based specialty private credit investments that the firm describes as flexible capital.
Goldman Sachs Asset Management has raised more than $200 million for its first European Long Term Investment Fund, which will allow individual investors access to private markets, according to reports.
Web3- and crypto-focused investment firm CoinFund has closed its Seed IV fund on $158 million. The vehicle will target investments in pre-seed and seed-stage startups. | | | | | |
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"PE paid a median multiple of 4.0x revenue in megadeals of $2.5 billion or more in size, exactly twice the median multiple for all deals. While at first blush that may look like an enormous multiple and premium to pay, it was even higher last year at 4.8x and 117.2%, respectively, reflecting the fact that valuations have fallen harder in this segment of the PE deal market as leverage for large deals grew scarce."
Source: PitchBook's Q2 2023 US PE Breakdown | | | | | |
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