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| In today's Daily Pitch, you'll find: | | | | | |
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| Private fund managers report feeling a squeeze on fees | |  | | (courtneyk/Getty Images) | | | Data shows private market funds closed in the last two years have maintained a consistent headline price for management fees, but some advisers and fund managers report more fee pressure behind the scenes.
Scores of GPs managing private market strategies lowered fees to stay competitive in a challenging fundraising market, they say. | | | | | | | | | August wrap-up: One month in global markets | | 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. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.
In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on as markets remain volatile. | | | | | | | |
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| Canada resilient in attracting inbound M&A | | Although global M&A activity continues to drag under the weight of economic uncertainty, higher interest rates and uneven stock market performance, the Canadian market has remained relatively resilient in attracting inbound M&A.
Canada remained the second most popular destination for U.S. outbound M&A by deal volume over the first half of 2023, a position it enjoyed throughout each of 2022, 2021 and 2020. A relatively weaker Canadian dollar has also been a positive factor on this front as well as in spurring continued global inbound M&A into the country.
Throughout the turbulence (highs and lows) of the last three-plus years, FASKEN has consistently led Canadian M&A deal tables, and to further assist dealmakers it has prepared a comprehensive overview of Canadian Public M&A. | | | | | | | |
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| Startup Radar: VCs on Black-founded startups you need to know | |  | MaC Venture Capital's Marlon Nichols
(Phillip Faraone/Getty Images) | | | Black founders have long been overlooked by the venture community, raising only a minuscule portion of overall capital invested.
We asked five VCs who invest in Black-founded startups to highlight two businesses—one in their portfolio and one not—that they're excited about. | | | | | | | | | LPs push GPs to tie fund fees to impact goals | |  | | (Chloe Ladwig/PitchBook News) | | | As private equity experiences a slowdown in fundraising across the board, impact-minded LPs are becoming more selective with commitments.
Increasingly, GPs raising impact funds are being asked to put some skin in the game by aligning the fees they earn with the fund's sustainability outcomes. | | | | | | | | | For clean energy founders, it feels like 2021 again | | In their best quarter since 2021, VC-backed clean energy startups brought in $5.4 billion in Q2, indicating the vertical's resilience. Driving the industry's success is major investment into solar and hydrogen technologies, per our recent Emerging Tech Research, another impact of the US Inflation Reduction Act and the Department of Energy's Hydrogen Shot initiative.
For new opportunities in the buzzy vertical, investors should brush up on nuclear fusion and geothermal energy, where engineers are recording breakthroughs in technologies targeting our reliance on fossil fuels. | | | | | | | | | | The internet was supposed to kill in-person shopping. Did retailers bet wrong on America's feelings about stores? [The Atlantic]
Burying power lines prevents wildfires, but there's a cost. [Wired]
New data shows just how much money New York and California lose when financial firms migrate south. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 378 Deals | 2102 People | 790 Companies | 18 Funds | | | | | | |
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The Daily Benchmark:
2019 Vintage Global PE Funds with more than $1B | | | | | | |
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| Don't miss our upcoming webinar | | In this discussion, PitchBook analyst Eric Bellomo hosts CEO Drew Marconi from Techstars-backed Intelligems, which offers a profit optimization and price A/B testing platform for ecommerce merchants. Key topics include: - Misconceptions and assumptions of online merchants surrounding their pricing strategies.
- Technical challenges and opportunities in optimizing and analyzing product pricing.
- Risks and challenges that both online merchants and enablement platforms are facing.
Register now to secure your spot. | | | | | | | |
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| Permira has agreed to buy UK-listed biopharma services company Ergomed for around £703.1 million. | | | | | |
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SoftBank-backed UK chip manufacturer Arm is now looking to raise between $5 billion and $7 billion from its US IPO, down from its previous target of up to $10 billion, Bloomberg reported.
OQ Gas Networks, the pipeline division of Oman's state-owned oil company, OQ, plans to list up to 49% of its shares in what would be the largest IPO in the country in almost 20 years.
Apollo Global is helping Victory Park Capital find a buyer for its Amazon aggregator Perch, Bloomberg reported. Apollo is said to have previously pledged as much as $500 million in debt to Victory Park. | | | | | |
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"Across the globe, the push for energy transition continues to create M&A opportunities for companies seeking to meet energy initiatives and incentives. In May, Japanese energy firms NTT and JERA acquired Tokyo-based Green Power Investment for $2.2 billion in one of the country's largest-ever deals for a renewable energy company. ... The deal comes amid rising expectations in Japan for the use of renewable energy toward a carbon-neutral society by 2050."
Source: PitchBook's Q2 2023 Global M&A Report | | | | | |
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