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PitchBook News - Revisiting 2022 predictions for Europe

Charting cooldown in M&A deals; PE hones strategies in European apparel sector; Variant closes two Web3 funds; Novasenta lands $40M
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The Daily Pitch: VC
August 1, 2022
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Today's Top Stories  
Assessing PitchBook's 2022 predictions for Europe's private markets
At the end of last year, few could have anticipated how different the landscape would look for private markets in 2022.

Macroeconomic headwinds, including rising inflation and public market volatility, have created a more pressurized environment for both private equity and venture capital in Europe, one that is in stark contrast to the heady days of 2021. Now, midway through the year, our analysts revisit their December predictions in our 2022 European Private Capital Outlook: H1 Follow-Up.

Our 2022 predictions that we revisit include:
  • Global carveout deal value will hit a new high of €200 billion in 2022.

  • European VC deal value will hit a record €175 billion in 2022.

  • VC-backed public listings will decline in value and count from 2021 highs.
read it now
 
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Charting the cooldown in global M&A deals
(the_burtons/Getty Images)
Perceptible macroeconomic headwinds took a toll on global M&A activity in Q2 2022, as investors and companies contended with persistent inflation, geopolitical tension, pandemic-induced supply chain issues and lower valuations.

Our latest Global M&A Report examines how M&A activity has performed as volatility picks across the market. Here are four key takeaways from the report.
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Does PE still have a taste for European fashion?
(Ming Yeung/Getty Images)
PE investment in European apparel companies has cooled off, but as the industry faces economic upheaval, changing consumer behavior and technology disruption, there are opportunities to create value.

Investors note how the fashion industry is changing and why a one-size-fits-all approach to strategy may not always work.
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Recommended Reads
The case for making public transit free everywhere. [Wired]

Air taxis keep crashing and bursting into flames in testing, but advocates say accidents are a healthy sign that the industry is pushing the envelope. [Bloomberg]

Big Tech's biggest names have all attempted, in one way or another, to upend the healthcare industry. Now they're trying a more classic strategy: buy well-known brands. [Protocol]
 
Since yesterday, the PitchBook Platform added:
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Quick Takes  
  The Daily Benchmark  
  2016 Vintage North American VC Funds  
  VC Deals  
  Novasenta lands $40M Series A  
  Space and Time raises $10M  
  UneMeta picks up $5M  
  Fundraising  
  Variant closes $450M across two Web3 funds  
  Zedcrest commits $10M to African startups  
 
 
The Daily Benchmark  
2016 Vintage North American VC Funds
Median IRR
31.85%
Top Quartile IRR
39.57%
2.47x
Median TVPI
Select top performers
USV 2016
Forerunner Partners III
Mayfield Select
*IRR: net of fees
55 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Novasenta lands $40M Series A
Novasenta has raised $40 million in a round led by UPMC Enterprises. The company offers a drug discovery platform for cancer therapies.
View round
 
View similar company »
 
Space and Time raises $10M
Space and Time, the developer of a decentralized data analytics platform, has raised $10 million in a seed round led by Framework Ventures, according to reports.
View round
 
View similar company »
 
UneMeta picks up $5M
UneMeta has raised $5 million in a round led by the Jasmy Foundation. The company provides NFT incubation, trading and social networking services.
 
Don't miss our upcoming webinar
Join our supply chain webinar to get up to speed on the substantial changes in this industry over the past two years and what to expect in the future. Though supply chains have struggled to meet demands through the COVID-19 pandemic, the space continues to see innovation and VC interest.

In this webinar, our analysts will explore some of the new technologies expected to address major industry pain points and how this may impact future VC activity. Key topics include:
  • The trajectory of supply chain developments.
  • Past and present VC deal activity.
  • Emerging tech opportunities that could help global supply chain industries.
Register now to secure your spot.
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Fundraising  
Variant closes $450M across two Web3 funds
VC firm Variant has raised a $150 million seed fund and a $300 million opportunity fund to invest in Web3 companies. The investor's current portfolio includes decentralized exchange Uniswap and ethereum scaling platform Polygon.
View fund
 
View 44 investments »
 
Zedcrest commits $10M to African startups
Financial services firm Zedcrest has raised $10 million for the earliest stage startups in Africa, TechCrunch reported.
View details
 
View 33 investments »
 
 
Chart of the Day  
"As a result of the tougher fundraising market, we expect extended fundraising timelines, fund step-ups to soften, some high-profile fundraising failures, and less fund closures from smaller and inexperienced GPs who haven't invested through recessionary markets."

Source: PitchBook's Q2 2022 European PE Breakdown
 
Who's in the newsletter today?
Companies
Novasenta
Polygon
Space and Time
Uniswap
Investors
Framework Ventures
UPMC Enterprises
Variant
Zedcrest
 
 
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