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The Daily Pitch: VC

October 17, 2022

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

Our latest PitchBook Benchmarks, updated through Q1 2022, provide data for closed-end fund returns across strategies and vintage years.

Key insights from our latest PitchBook-NVCA Venture Monitor and US PE Breakdown.

Today's Top Stories

PitchBook Benchmarks for PE, VC and more

Given the largely opaque nature of the private markets, finding transparent fund performance information can be a challenge. Adding to that, fund strategies have expanded over the past decade, alongside the increasing capital allocated to alternative assets.

PitchBook Benchmarks provide a detailed snapshot on the latest data for closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q1 2022 with preliminary data for Q2. It features downloadable XLS tables, data visualizations and PDFs that slice the data by fund type and geography.

see the data

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Q3 US venture capital trends in five charts

(hpphtns/Shutterstock)

The third quarter of 2022 saw a less resilient venture landscape—deal activity across all stages recorded signs of distress, and investors dealt with a lack of liquidity in the public markets. On the bright side, fundraising rose to record highs during the quarter.

Here's a closer look at five key insights from our Q3 2022 PitchBook-NVCA Venture Monitor that depict how dealmaking, exits, fundraising and valuations responded to complicated macroeconomic trends.

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A message from Citizens

5 reasons to go private: could your company benefit?

Against a backdrop of headwinds in the equity markets and plentiful capital, private equity funds and other investors may see attractive valuations as an opportunity to acquire select public companies and take them private. Middle-market companies could see a wave of go-privates among peers and competitors.

To help understand these dynamics and decide what's best for your company, our new article discusses:

5 reasons why public companies go private
The 4% bonus for privatization
3 actions for stakeholders at publicly traded middle-market companies to consider

Why companies go private

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PE trends for Q3 explained in five charts

(Chaosamran_Studio/Shutterstock)

US PE dealmaking came under pressure in Q3 2022 as a tightening monetary environment and uncertain economic outlook weighed on the market.

Here is a closer look at five key trends from our latest US PE Breakdown, which explores how PE firms are navigating a challenging market.

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Big tech set to shop for discounted startups

(maxsattana/Shutterstock)

Acquisitions of venture-backed startups slowed to the lowest levels in years in Q3. But investors and deal advisors expect M&A activity to increase significantly later this year and in 2023.

Merger talks were nearly non-existent in the summer, but it all changed around Labor Day. Large public tech companies are gearing up to buy startups at attractive prices.

"There is a lot [of deal activity] in progress right now," said one tech M&A attorney.

Recommended Reads

Germany got rich on exports and cheap Russian gas. Now it is poised for a recession that could drag Europe down with it. [The Washington Post]

Victims claim Coinbase didn't protect them from losing $21 million in a crypto scam. [Forbes]

Microsoft's app store provides opportunities for independent software vendors, but it also solidifies the cloud giant's prominence as more and more enterprise software is purchased through the cloud. [Protocol]

Since yesterday, the PitchBook Platform added:

3

VC valuations

110

People

26

Companies

See what our data software can do

Quick Takes

	The Daily Benchmark
	2015 Vintage North American Real Estate Funds
	VC Deals
	Matchpoint Therapeutics launches with $100M
	CoolR Group raises $10M
	Synonym Biotechnologies picks up $6.3M
	Exits & IPOs
	DiaCarta to go public via SPAC
	Fundraising
	AZ-VC raises $110M to invest in Arizona startups

The Daily Benchmark

2015 Vintage North American Real Estate Funds

Median IRR

12.10%

Top Quartile IRR

14.86%

1.36x

Median TVPI

Select top performers

Cortland Partners Fund II

Oak Street Real Estate Capital Fund III

Abacus Multi-Family Partners III

*IRR: net of fees

63 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Matchpoint Therapeutics launches with $100M

Matchpoint Therapeutics has raised $100 million in a round led by Sanofi Ventures. Based in the Boston area, the company is a developer of precision small molecule medicines focused on immunology.

View round

View similar company »

CoolR Group raises $10M

CoolR has raised $10 million in a round led by First Analysis. The company is a developer of AI-based image recognition technology for consumer brands and retailers.

View round

View 4 competitors »

Synonym Biotechnologies picks up $6.3M

Synonym Biotechnologies has raised $6.3 million from investors including Andreessen Horowitz, Giant Ventures and Blue Horizon, TechCrunch reported. The company is a developer of flexible biomanufacturing facilities for non-pharmaceutical producers.

View round

View similar company »

Don't miss our upcoming webinar

With US midterm elections and potential policy shakeups on the horizon, investors must prepare for possible regulatory changes and their impact on industries such as fintech.

Join Washington, DC, policy analysts John Sonsalla and Ryan Schoen as they share their expected policy outcomes for 2022 and how these may affect credit, partnerships between banks and fintech, crypto and more in the years to come. This discussion will also explore how the Consumer Financial Protection Bureau and the 2024 presidential race may shape the fintech regulatory environment moving forward.

Register now to secure your spot.

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Exits & IPOs

DiaCarta to go public via SPAC

DiaCarta, a molecular diagnostics startup, has agreed to merge with blank-check company HH&L Acquisition. The deal is expected to provide DiaCarta with about $414 million in cash at a pre-money valuation of around $460 million. DiaCarta received venture backing from Fortune Fountain Capital and BVCF.

View details

View 45 competitors »

Fundraising

AZ-VC raises $110M to invest in Arizona startups

Phoenix-based VC firm AZ-VC has closed its first fund on $110 million. The firm is led by former PayPal executive Jack Selby and targets early- and late-stage startups in Arizona. AZ-VC has invested in proptech startup Mosaic and bookkeeping company Uplinq.

View fund

View 2 investments »

Chart of the Day

Source: Q3 2022 PitchBook-NVCA Venture Monitor

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Weekender #44 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

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Here's how they fared... ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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PitchBook News - A new look at fund performance

Key phrases

Older messages

Is PE a Ponzi scheme?

VC data reveals distress

Global approaches to sustainable investing

US VC sends mixed signals

US PE deal value tops $819B

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