Public comps: Our newest guides on public company valuations feature trends in recent stock performance, revenue forecasts, and market caps, and what it all could mean for private companies. Download them here: VC sneak peek: Could the venture capital market be starting to stabilize? Our Q2 PitchBook-NVCA Venture Monitor comes out next week, and in advance of the launch, we've published key high-level datasets across US VC dealmaking, valuations, exits, fundraising, and more. Download the data.
Private credit talks: We're hosting a live discussion on Wednesday about the challenges facing the credit markets in 2023, featuring insights from our LCD team. To watch the free event, register here. | | | | | |
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| ESG remains politicized, but majority hold moderate perspectives | | | In our fourth annual Sustainable Investment Survey, we heard from private market investors about their feelings on ESG and Impact investment topics. Given the pervasiveness of polarized headlines, some may be surprised to learn that most respondents expressed moderate views on the subjects. While our responses included a cohort of individuals vigorously supporting or doubting the merits of ESG, the vast majority of our global audience believes there is at least some benefit to considering environmental, social, and governance elements as part of their overall investment process.
As someone who has spent her 30-year career in the investment world, I believe that any tool that could contribute to an investment analysis is worth considering. When debating the topic, I have found that taking the time to explain some uses of ESG can lead to common ground. For example, many investors think it is good practice to examine a company's governance structure to ensure that management is being held accountable for their actions. While Enron was one early example of governance gone wrong, the collapse of FTX shows that vigilance on this topic is still vital. This analysis would be part of the governance toolkit of ESG.
Other investors have noted that improving the employee experience can have a meritorious effect on hiring and turnover, decreasing costs and leading to efficiency improvements as longer-tenured employees get better at their jobs over time. Such policies fall into the social bucket. By considering the E, S, and G aspects of a company and identifying risks and opportunities to decrease the incidence of negative events, some investors feel they are performing their fiduciary duty and improving the risk and return profile of their portfolios.  | | Click to get the data from our sustainable investment survey. | My understanding of ESG is one of risk mitigation and opportunity identification. In my experience, a more extensive due diligence process leads to better investment decision making. Which is why I believe that the politicization of the topic has led some to hold a one-dimensional understanding of ESG, when in fact elements of their investment process fit neatly within the framework. Our survey does show more polarization in the sustainable investment landscape, but the respondents largely lie in the middle, expressing that returns and sustainable investment principles may not be mutually exclusive. The survey, which slices the investment analysis across respondent types (LPs, GPs, both, and other), GP types (VC and non-VC), and region, provides a view into the wide spectrum of perspectives on sustainable investing. To see the full survey data and our analysis, click to download our 2023 Sustainable Investment Survey. | | | | | | | |
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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.
This monthly digest features the datasets our analysts are keeping an eye on as markets remain volatile. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation: | | | | | |
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2023 US Private Equity Outlook: H1 Follow-Up At the start of each year, our analysts share their predictions on how the following months will unfold for US PE. On many counts, the trajectory of the industry hasn't shifted much since 2022, but some things have changed: Public markets rebounded, big banks came back to the LBO business, and the denominator effect on LP allocations eased somewhat.  How have our predictions fared? And what's in store for the second half of 2023? | | | | | |
Anatomy of a Population Health Program
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.
However, bridging the practice of medicine with the data and overhead needed for modern population health analytics has been a challenge.
Our new 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: | | | | | |
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Public Comp Sheets and Valuation Guides for Fintech, Agtech
Share prices for recently public fintech companies have been rebounding faster than the wider market. Still, investors are prioritizing profitability, as traditional IPOs have outperformed SPACs.
In agtech, stocks felt behind the overall market, but animal health specialists are riding the momentum of 2022 and demonstrating steady EBITDA growth.
Our tech research team published new guides for public comps and valuations this week, with the latest data on stock performance, revenue forecasts, and market caps of key publicly traded companies. The fintech guide also includes data from PitchBook’s VC Exit Predictor: | | | | | |
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Upcoming this month: - July 26: As ESG and impact investing arrive in full force, many market participants are curious about investor behavior—and what's beyond the sensational headlines. Our analysts will discuss the data from our Sustainable Investment Survey Report. Register here.
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Our insights and data featured in the press: - US VC deal spending falls by half in second quarter — but the lower deal numbers aren't all bad news. [Bloomberg]
- The dead IPO market is dragging down VCs' ability to raise new funds with returns tied up in startups overdue an exit, analysts say. [Business Insider]
- FOMO on generative AI breathes life into listless tech M&A. [WSJ Pro]
- Amid VC's downturn, some corporate titans are doubling down on startups. [American Inno]
If you're a journalist interested in interviewing our analysts or requesting data, contact our PR team. | | | | | |
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Highlights from our other recent research:
Market updates
Thematic research
Industry & tech research
Coming next week (subject to change) - US PE Breakdown
- PitchBook-NVCA Venture Monitor
- Medtech Comp Sheet & Valuations Guide
- VBC Enablement
- Private Fund Secondaries: Webinar Recap
- PitchBook Benchmarks
- Decentralized Physical Infrastructure Networks
- Secondaries and Liquifying Illiquid Investments Webinar Recap
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| | Since yesterday, the PitchBook Platform added: | | 449 Deals | 1964 People | 612 Companies | 6 Funds | | | | | | |
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