PitchBook News - Bright spots in a rocky PE landscape

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The Daily Pitch: VC

July 21, 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:

US PE deal activity totaled $529 billion through Q2, but a slowdown is on the horizon, according to the latest edition of our US PE Breakdown.

Charting six recent trends in Europe's private equity dealmaking.

We explore the most active PE investors in Europe's tech sector.

Today's Top Stories

Take-privates and tech remain bright spots in a rocky PE landscape

US PE got off to a shaky start in the first quarter of 2022, but on the heels of a record-shattering year, investors remained cautiously optimistic. Three months on, the outlook is starkly different, and the future deeply uncertain.

Until the macroeconomic environment stabilizes, deal activity as a whole will likely remain weak, yet there are areas of opportunity for private equity investors, according to our Q2 2022 US PE Breakdown, sponsored by Stout, West Monroe, Twin Brook Capital Partners and Ontra. Highlights include:

Deal value in the first half of 2022 totaled $529 billion, a healthy figure by historical standards, but activity is expected to slow in the next six months.

Take-private deals could be struck more easily, as PE firms look to deploy large amounts of dry powder and falling public market valuations make assets less expensive.

PE appetite for technology investments remained strong, topping $24 billion in aggregate and accounting for more than 27% of deal activity in Q2.

Strategic acquisitions dominated exit activity in Q2, as sponsor-to-sponsor exits slowed and IPOs all but vanished.

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2022 half-year update: Female founders remain resilient

(Ponomariova_Maria/Getty Images)

During the first half of 2022, US startups with one or more female founders raised $20.8 billion in venture funding, 93% of the deal value raised in the first half of 2021.

For more data, check out our half-year update on venture capital funding for female founders in the US.

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A message from Allvue Systems

Access a comprehensive list of ESG KPIs

Institutional investors' embrace of ESG has taken hold in the private capital space, and fund managers are sure to feel the shift.

But ESG is a broad, evolving concept. To be able to meet the needs of their investors—especially when holding a diverse portfolio across various industries—managers need to be able to have a complete picture of the ESG landscape. And to do that, they first need an extensive understanding of ESG KPIs.

Allvue Systems' comprehensive ESG KPI list gives managers just that. Download the list now for a full picture of the ESG landscape, industry by industry.

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Europe's most active PE tech investors

(Surasak Suwanmake/Getty Images)

UK-based firm Hg was the most prolific private equity investor in European technology in the first half of 2022, as PE continued to put its faith in the sector.

Deal flow has been driven by the ongoing digitalization of companies, which accelerated during the pandemic and continues to be a major theme for the space.

Recommended Reads

Why young investors aren't ready to give up on risk. [Financial Times]

As many bus drivers seek to retire or find higher-paying jobs with less in-person contact, the US is facing a transit crisis. [Bloomberg]

Startups like Bolt offered employees loans against the value of their stock. But amid the downturn, the trend is reminding some of the dot-com era, when many tech workers were burned by loans related to their stock options. [The New York Times]

Since yesterday, the PitchBook Platform added:

20

VC valuations

1815

People

547

Companies

24

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2020 Vintage Global Secondaries Funds
	VC Deals
	Camp4 Therapeutics secures $100M
	BigHat Biosciences raises $75M for antibody therapies
	ForSight Robotics nabs $55M
	Crunchbase brings in $50M Series D
	Dot Compliance picks up $23M
	Fundraising
	FirstMark collects $1B+ across two funds
	General Catalyst wraps up $670M fund
	Boeing, AE Industrial launch second VC fund

The Daily Benchmark

2020 Vintage Global Secondaries Funds

Median IRR

89.79%

Top Quartile IRR

92.27%

1.48x

Median TVPI

Select top performers

RCP Secondary Opportunity Fund III Overage Fund

Dover Street X

Greenspring Secondaries Fund IV

*IRR: net of fees

15 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Camp4 Therapeutics secures $100M

Camp4 Therapeutics has raised a $100 million Series B led by Enavate Sciences. Based in the Boston area, the company is using regulatory RNA and gene expression to develop therapeutics for a wide range of diseases.

View round

View 17 competitors »

BigHat Biosciences raises $75M for antibody therapies

BigHat Biosciences, a biotechnology company developing antibody therapies using machine learning and synthetic biology, has raised $75 million in a Series B led by Section 32.

View round

View 30 competitors »

ForSight Robotics nabs $55M

ForSight Robotics has raised a $55 million Series A led by The Adani Group. Based in Israel, the company is the developer of a robotic platform for ophthalmic surgery.

View round

View similar company »

Crunchbase brings in $50M Series D

Crunchbase, which provides a proprietary information database on private markets, has raised $50 million in a round led by Alignment Growth. OMERS Ventures and Mayfield Fund also participated.

View round

View 29 competitors »

Dot Compliance picks up $23M

Dot Compliance has raised $23 million in a Series B led by Israel Growth Partners. The company provides a quality and compliance platform for pharmaceutical and medical device companies.

View round

View similar company »

Fundraising

FirstMark collects $1B+ across two funds

FirstMark Capital has raised roughly $1.1 billion for its sixth flagship fund and fourth opportunity fund. Founded in 2008, the New York-based VC firm has invested in companies including Carta, Justworks and Pendo.

View fund

View 182 investments »

General Catalyst wraps up $670M fund

General Catalyst has closed its Health Assurance Fund II on $670 million. The vehicle's predecessor, which closed last year, raised $600 million. The strategy targets companies supporting the digital transformation of the healthcare industry.

View details

View 673 investments »

Boeing, AE Industrial launch second VC fund

Boeing and AE Industrial Partners have launched their second venture fund through their joint partnership, AEI HorizonX. The vehicle has a target of $250 million, of which Boeing has already committed $50 million, and will be used to back aerospace and defense startups.

View fund

View 111 investments »

Chart of the Day

Source: PitchBook's 2022 France & Benelux Private Capital Breakdown

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PitchBook News - Bright spots in a rocky PE landscape

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