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The Daily Pitch: VC

December 13, 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:

New firm Lex Ferenda has entered the litigation-finance market with a first close on a fund targeting $100 million.

Real assets funds are getting bigger—and better—according to our latest Global Real Assets Report.

Chart of the day: Business products and services M&A activity, from our Global M&A Report.

Today's Top Stories

Real assets funds get bigger, give better returns

Fundraising for private real assets investing slowed in Q3, but the vehicles collecting LP commitments are ballooning in size. Meanwhile, returns are sitting at 15-year highs, the most recent data shows.

Infrastructure funds' rolling one-year IRR reached a post-global financial crisis peak of 16.7% through Q1. That's good news for the overall strategy, as infrastructure investments have made up the vast majority of real assets in 2022.

As the often long-term, low-risk strategy attracts more attention for its recent achievements, our Q3 2022 Global Real Assets Report breaks down who is investing in what, and why.

Increasingly large infrastructure funds are likely to continue the big take-private dealmaking of 2021 and 2022.

LPs' commitments to riskier types of infrastructure funds are far higher than five- and 10-year averages.

Oil and gas fundraising has dwindled through Q3 as more investors embrace energy infrastructure with lower emissions.

read the report

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Startup whiplash hits some sectors harder than others

(Yellow_man/Shutterstock)

There is no denying that 2022 has been a challenging year for startups. But it has not been equally difficult for every sector of the VC-backed ecosystem.

We use PitchBook data to examine how the deal value, deal count and valuations of 11 verticals have fared in 2022. In a weird year, these were VC's most resilient and weakest tech sectors.

Recommended Reads

How Laurel Bowden became one of Europe's top investors by skipping the hype. [Forbes]

Survival lessons from past tech downturns. [The Wall Street Journal]

Visualizing (and understanding) an inverted yield curve. [Visual Capitalist]

Since yesterday, the PitchBook Platform added:

20

VC valuations

1961

People

532

Companies

23

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2016 Vintage European PE Funds
	A message from PitchBook Media
	PitchBook's 2023 Media Kit released
	VC Deals
	NotCo takes home $70M
	MessageGears secures $62M
	Partly grabs $21M
	Nillion raises $20M, nets key hires
	Kiyatec brings in $18M for cancer research
	Heatlhcare SaaS startup SaVia Health nabs $8.5M

The Daily Benchmark

2016 Vintage European PE Funds

Median IRR

20.76%

Top Quartile IRR

24.40%

1.68x

Median TVPI

Select top performers

Bridgepoint Development Capital III

Ufenau V German Asset Light

Synova Capital III

*IRR: net of fees

32 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from PitchBook Media

PitchBook's 2023 Media Kit released

Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.

The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

Click here to download it today or to speak to someone on the media team.

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VC Deals

NotCo takes home $70M

Tiger Global, Princeville Capital and Jeff Bezos' family office joined in a $70 million Series D extension for NotCo, a plant-based food startup, Bloomberg reported.

View round

View 33 competitors »

MessageGears secures $62M

Cloud communications startup MessageGears has raised $62 million from Atlanta Ventures and Long Ridge Equity Partners. The Argentum Group, a previous investor, also joined in the round.

View round

View 52 competitors »

Partly grabs $21M

Car part ecommerce platform Partly has closed a $21 million Series A led by Octopus Ventures and Shasta Ventures. Angel investor and Square co-founder Randy Redigg also joined in the round.

View round

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Nillion raises $20M, nets key hires

Web3 infrastructure startup Nillion has raised over $20 million in a round led by Distributed Global. The company also announced that it has filled several key leadership roles. Conrad Whelan, Uber's founding engineer, has joined as CTO, while former Hedera SPV general partner Alex Page is serving as CEO.

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View similar company »

Kiyatec brings in $18M for cancer research

Oncology treatment company Kiyatec has closed an $18 million Series C led by Bruker. Previous investors Seae Ventures, VentureSouth and LabCorp also joined.

View round

View 60 competitors »

Heatlhcare SaaS startup SaVia Health nabs $8.5M

Electronic medical records and healthcare SaaS company SaVia Health has closed an $8.5 million seed round led by Intel Capital, the VC arm of the chip giant. Peterson Ventures also participated in the round.

View round

View similar company »

Don't miss our upcoming webinar

The crypto market has lost some of its luster since its resurgence in 2021, with values dropping and companies and investors alike leaving the industry. But there is still ongoing VC interest, and we predict a significant amount of deployed capital in the next few years.

Join our webinar to get the perspectives of industry investors and PitchBook emerging tech senior analyst Robert Le on how this technology can move forward. Key topics include:

How this crypto bear market is different from past downturns.

What investors are avoiding in this market and where they see opportunities.

Viewpoints on risk management, security flaws, regulations and other crypto trends.

Register now to secure your spot.

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Chart of the Day

"What attracts corporate and PE buyers alike is [business products and services'] high proportion of boot-strapped and founder-owned businesses. There have been 7,641 acquisitions of private boot-strapped business products and services companies so far this year, twice as many as any other sector."

Source: PitchBook's Q3 2022 Global M&A Report

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PitchBook News - Real assets funds power through

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