How PE will navigate the macro labyrinth

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The Daily Pitch: VC

May 31, 2022

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

How PE firms may be well-positioned to handle the complexities of the current macro environment.

Dealmaking in France and the Benelux region remained robust in Q1, but tougher market conditions lie ahead.

Today's Top Stories

How PE firms will navigate the complex macro environment

(Colin Anderson Productions/Getty Images)

Against the most fraught global macroeconomic backdrop in years, investors are considering how to handle circumstances that are both volatile and rapidly evolving—of which the ultimate impacts are far from certain. Questions abound regarding how this new reality will affect current and prospective investments.

Our new analyst note, the latest in a series of reports on how the macro landscape is affecting private markets, breaks down how private equity firms are likely to adapt, with respect to dealmaking, holding periods, fundraising and more.

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Private markets dealmaking remains robust in France, Benelux

Private market activity in France and the Benelux region got off to a strong start in Q1 after record years for both private equity and venture capital deal activity. Despite macroeconomic headwinds and continued uncertainty stemming from the Ukrainian war, deal value and volume have both kept up momentum, but tougher market conditions lie ahead.

Our 2022 France & Benelux Private Capital Breakdown explores the key trends that shaped the recent PE and VC markets in France, Belgium, the Netherlands and Luxembourg. Highlights include:

Carveout activity ballooned in Q1 with deal value eclipsing all annual figures except for 2018.

Late-stage deals accounted for 73.7% of the total value of VC deals in the region.

PE fundraising slowed, with the year on track to see the lowest fund count in nearly a decade, while VC vehicles are on pace to raise a record amount by year's end.

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A message from Pillsbury

How are climatetech and mobilitytech industries contending with the VC slowdown?

Climatetech has established its staying power in the world of venture capital but has not been immune to the throttling of deal activity amidst recent macro uncertainty. Mobilitytech is one of the most prominent subsegments within climatetech, bolstered by the electric vehicle industry. Pillsbury Winthrop Shaw Pittman's Climatetech: Spotlight on Mobilitytech report highlights notable trends in the space including:

Climatetech median deal size rising over 50.0% YoY despite pullback in overall VC activity
Mobilitytech pre-money valuations spiking in Q1 2022
Industry expert discussion of policy proposals and their impact on mobilitytech

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NFTs, Chelsea FC and macro effects on the private markets: Our top 7 articles of May

(Jamie McDonald/Getty Images)

From recent exclusives to our best data visualizations and analyses, here are some of our best articles of the past month.

SoftBank's losses signal the end of a VC era

Exploring the record-breaking Chelsea sale

VCs hit with 'fundraising pain' as LPs deal with venture overexposure

After a crash, what comes next for NFTs?

Reckoning looms for past VC excesses as market forces valuation reset

Which tech investing strategies win when the markets lose?

Tracking trends in private equity IPOs, mergers and buyouts

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Is plant-based protein still on the VC menu in 2022?

(Aamulya/Getty Images)

After a record-breaking 2021, VC funding in plant-based protein startups has fallen significantly so far this year. As macroeconomic conditions put pressure on the venture market, foodtech startups are finding smaller investor appetites.

Recommended Reads

Keeping at-home test takers honest has become a multimillion-dollar industry, but startups are facing blowback as complaints of invasiveness, glitches and false allegations of cheating continue to surface. [The New York Times]

More than two dozen companies that merged with SPACs in 2020 and 2021 are warning that they may not survive much longer. [The Wall Street Journal]

A new prediction market lets investors bet big on almost anything. [Bloomberg]

Since yesterday, the PitchBook Platform added:

17

VC valuations

1647

People

613

Companies

24

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2006 Vintage Global Secondaries Funds
	VC Deals
	Blockchain startup StarkWare valued at $8B with Series D
	Fintech startup Jar eyes $350M valuation
	RedBud brings in $46M
	Joywell nabs $25M
	Fundraising
	Volt Capital collects $50M for crypto fund

The Daily Benchmark

2006 Vintage Global Secondaries Funds

Median IRR

7.71%

Top Quartile IRR Hurdle Rate

11.10%

1.36x

Median TVPI

Select top performers

Industry Ventures Secondary Fund IV

AIG Private Equity Partners IV Secondary

Partners Group Secondary Fund

*IRR: net of fees

16 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Blockchain startup StarkWare valued at $8B with Series D

StarkWare Industries has raised $100 million in a round led by Greenoaks Capital and Coatue, with participation from investors including Tiger Global. The Series D values Starkware, which develops technology to scale blockchain, at $8 billion.

View round

View 8 competitors »

Fintech startup Jar eyes $350M valuation

Jar is planning to raise $50 million in a Tiger Global-led round at a $350 million valuation, TechCrunch reported. The Bengaluru-based company makes an investment platform to help users save money and invest in digital gold. Jar raised a $32 million Series A in February.

View round

View similar company »

RedBud brings in $46M

RedBud has raised a $46 million round led by Satori Capital, with support from Sands Capital and VMG Partners. The company's shared services infrastructure helps consumer packaged goods and digital consumer brands launch products and expand operations.

View round

View similar company »

Joywell nabs $25M

Joywell has raised a $25 million Series B led by Piva Capital. The company uses microbial fermentation processes to produce sweet proteins that mimic the taste of sugar.

View round

View 2 competitors »

Don't miss our upcoming webinar

The investing environment has fundamentally shifted in the past several months, with inflation at a 40-year high, the Fed tightening monetary policy and growing fears of an economic recession.

In this webinar, our analysts will discuss the broader macroeconomic backdrop, how it has influenced the recent volatility and sell-off in public equity markets, and what it means for private markets now and going forward. The webinar will be held on June 7 at 8 a.m. PT/11 a.m. ET.

Register now

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Fundraising

Volt Capital collects $50M for crypto fund

Volt Capital has raised $50 million to invest in early-stage crypto companies, The Wall Street Journal reported. The firm has backed companies including Thirdweb, Coinshift and Slingshot.

View fund

View 27 investments »

Chart of the Day

Source: PitchBook's H2 2021 Global Real Estate Report

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How PE will navigate the macro labyrinth

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