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| In today's Daily Pitch, you'll find: | | | | | |
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| PE owns less than 4% of US healthcare providers by revenue | | Private equity looms large over public debates around the US healthcare system, but it represents a smaller slice of the market than many would assume, PitchBook lead healthcare analyst Rebecca Springer explains in her latest analyst note.
The report lays out the scope of PE investment in healthcare providers to inform future discussion. - PE-backed providers represent an estimated 3.3% of the US healthcare provider ecosystem by revenue.
- Healthcare providers have long been a part of PE portfolios, but growth in the total number of PE-backed companies has slowed over the past six years.
- Deals for hospitals and skilled nursing facilities are currently rare, and there has not been a major PE investment in a US hospital or health system since 2018.
| | | | | | | | | UK's new finance minister offers hope to private markets | |  | | Newly appointed British Chancellor of the Exchequer Rachel Reeves (Jonathan Brady - Pool/Getty Images) | | | New UK finance minister Rachel Reeves on Monday set out her plans to boost UK growth by investing alongside private capital.
Investors that are eager to have a regulatory environment that would see more institutional capital unlocked are cautiously optimistic after the Labour Party's election win. | | | | | | | |
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| The 2024 investment benchmark report: Market trends & top firm analysis | | How do your firm's dealmaking activities stack up against others in private capital?
Find out in Affinity's annual investment benchmark report. With analysis on more than 3,000 global VCs, you'll uncover key trends in deal flow, communications, and network growth.
The report reveals that top VC firms are focusing less on growing their networks—they added 8% fewer contacts to their networks in Q1 2024 compared to their peers.
See what top VCs are focusing on instead, how your firm's dealmaking activities compare, and actionable ways you can update your dealmaking strategies.
Read now | | | | | | | |
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| IPO Watchlist: The cybersecurity startups most likely to go public | |  | | (Thomas Samson/Getty Images) | | | It's been a mixed year for the cybersecurity industry. 2024 started off strong, with publicly listed leaders trading up and the investment bank rumor mill whirring about Snyk and Cato Networks' impending IPOs.
But after Palo Alto Networks adjusted its revenue forecast in March, the security leader's stock price plummeted, dampening industry comparables.
Here are 10 US venture-backed unicorns with a high likelihood of going public. | | | | | | | | | EnCap sells Williston Basin assets, notching another exit | |  | | (World Oil Industries/Getty Images) | | | EnCap Investments scored another exit.
Grayson Mill Energy, a platform created by EnCap in 2016, sold its assets in the Williston Basin to Devon Energy for $5 billion.
EnCap appears to be taking advantage of a wave of consolidation in the energy sector. | | | | | | | | | GPs are cooking up a PE exit recovery | |  | | (Joey Schaffer/PitchBook News) | | | While the PE exit recovery some expected this year has yet to materialize, deal advisers say GPs are busy cooking up plans to offload their fully baked assets as pressure mounts to return capital to LPs.
Market chatter at the start of the year indicated the pipeline of exits was filling up, there were more assets up for grabs and the credit market had a strong appetite for financing high-quality deals.
But more than halfway through the year, reality has fallen short of predictions. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 575 Deals | 1859 People | 630 Companies | 25 Funds | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Secondaries Funds | | | | | | |
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Hebbia, which uses AI to sort through documents, raised $130 million in a round led by Andreessen Horowitz. The company is now valued at about $700 million, which was previously reported by TechCrunch.
Myricx Bio, a UK-based biotech company, raised a £90 million Series A led by Novo Holdings and Abingworth.
Planqc, a Munich-based startup developing quantum computers, raised a €50 million Series A led by family office Catron Holding and Germany's DTCF.
Flux Marine, a startup building electric boat motors, raised $50 million, Axios reported.
Sola Security, a new cybersecurity startup founded by Cider Security founder Guy Fletcher, raised a $28 million seed round led by S Capital, Calcalist reported.
Polystyvert, a Montreal-based plastics recycling company, raised a $16 million Series B. | | | | | |
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Vantive, a spinoff of Baxter International focused on kidney-related medical devices, may be acquired by The Carlyle Group in a transaction worth upward of $4 billion, Reuters reported.
Grifols, a Spain-based pharmaceutical company, will be delisted following a takeover bid by Brookfield and the Grifols family, Reuters reported.
Audit firm Grant Thornton UK is considering selling a stake to PE investors.
Nestlé's baby food brands and franchises in France have been acquired by FnB Private Equity.
Capri-Sun, a company known for its juice pouch beverages, is exploring a minority stake sale which could attract PE buyers, Bloomberg reported.
Archwest Capital, a real estate financing services provider, received a growth investment from Bain Capital. | | | | | |
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Moj eRačun, a Croatian company developing software for administrative and document management processes, was acquired by Visma, marking the Norwegian company's first extension into Croatia.
SciAps, an electronic scientific instruments maker, will be acquired by Spectris for up to $260 million. | | | | | |
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Norwest Capital Advisors, a Minneapolis-based investment firm, has raised $1.4 billion across two funds, Norwest Equity Partners XI and Norwest Mezzanine Partners V.
MetLife's asset management firm, MetLife Investment Management, has closed its Private Equity Partners Fund II on $1.2 billion.
Orion Infrastructure Capital, a New York-based investment firm, has closed its inaugural Infrastructure Growth Fund on $370 million.
Nuveen, a Chicago-based asset manager focused on climate investments, raised $200 million for its second climate inclusion PE strategy.
JF Lehman & Company has closed a continuation vehicle for Puris, which develops wastewater and stormwater infrastructure. | | | | | |
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| Morphic, a Massachusetts-based biopharmaceutical company developing drugs for bowel disease, will be acquired by Eli Lilly and Company for $3.2 billion. | | | | | |
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