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PitchBook News - Pensions size up allocations

LBOs test buyout market; Europe's take-private slowdown; Europe's strategy on Russian gas; Zappi nabs $170M
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The Daily Pitch: VC
December 14, 2022
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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In today's Daily Pitch, you'll find:
  • Public pensions plans weigh their allocations to private equity for 2023.

  • UK-listed companies were still the biggest draw for private capital in Europe in 2022, despite PE-backed take-privates slowing.

  • Chart of the day: Median PE capital raised by type, from our European PE Breakdown.
 
Today's Top Stories  
Will public pensions stick to their PE targets in 2023?
(Madison Thompson/PitchBook News)
As limited partners consider their target allocations to private equity in 2023, public pension plans are taking varying approaches. Calpers and the Iowa Public Employees' Retirement System, for example, are expanding the asset class's position in their portfolios, while the Alaska Permanent Fund Corporation's CIO is more bearish on the value of the space.

Despite the different approaches, a core—and consequential—chunk of institutional portfolios remains dedicated to private equity.
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L.B.OMG: The deals that tested the buyout market in 2022
(Justin Sullivan/Getty Images)
Investors inked a flurry of big-ticket leveraged buyouts this year, no mean feat in a dealmaking environment that tested big banks and private lenders alike.

Facing heightened uncertainty brought on by political risks and Fed's hawkish rate hikes, Wall Street banks encountered twists and turns on their path to syndicate some of their debt commitments.

At the same time, direct lenders encroached on the leveraged loan market and took on some of the risky—but also lucrative—pieces in the debt deal. We take a look at four high-profile buyouts that captured the drama in LBO-land this year.
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A Message from DealCloud, by Intapp  
Five questions to ask your deal conflicts software provider
To prosper in an increasingly competitive environment, capital markets firms and investment banks must adhere to evolving regulatory rules, compliance requirements, and professional standards. To meet this challenge, teams need integrated, purpose-built conflicts management technology.

In this piece, we review five questions to ask your deal conflicts software provider that should help you increase your firm's efficiency and profitability, and ensure you're making a wise, long-term investment in your future growth.

Download the guide
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Europe take-privates slow down, but UK still attracts PE buyers
(Sven Hansche/Shutterstock)
UK-listed companies continue to be the biggest draw for private capital in Europe, with eight of the top 10 take-private deals involving UK firms.

The largest of these deals was Permira's €5.5 billion ($5.8 billion) acquisition of UK email security firm Mimecast, which was completed in May.
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Sizing up Europe's strategy to drop Russian gas
(Wojciech Wrzesien/Shutterstock)
Europe has an ambitious plan to eliminate dependence on Russian natural gas by 2027, but investors are skeptical. Can it really be done?

Morningstar analysts agree that the plan will likely fall short of its goals—due in part to a shortfall in renewables, hydrogen and other new energy sources. But the bulk of the plan is reasonable and likely to succeed by 2030. Here's a look at the companies institutional investors should be considering in this highly volatile energy market.
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Recommended Reads
With deals scarce, PE firms are holding on to some of their most promising portfolio companies longer, rolling them into new funds. But most asset owners are passing on these so-called continuation funds. [Institutional Investor]

From Charles Ponzi to Bernie Madoff, here's a brief history of financial skullduggery. [The Washington Post]

US nuclear scientists have achieved the long-sought goal of a fusion ignition—but don't expect this clean technology to power the grid yet. [Wired]
 
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Quick Takes  
  The Daily Benchmark  
  2019 Vintage North American Real Assets Funds  
  A message from PitchBook Media  
  PitchBook's 2023 Media Kit released  
  VC Deals  
  Snyk cuts valuation with $196.5M Series G  
  Zappi rakes in $170M  
  HistoSonics raises $100M round  
  Vic.ai secures $52M  
  Ngrok closes $50M Series A  
  Tellus Therapeutics nabs $35M  
  Post News targets $250M valuation  
  Fundraising  
  Fifth Wall raises $866M fund for real estate tech  
 
 
The Daily Benchmark  
2019 Vintage North American Real Assets Funds
Median IRR
15.10%
Top Quartile IRR
27.00%
1.28x
Median TVPI
Select top performers
North Hudson Fortuna III
Ridgewood Energy Oil & Gas Fund IV
Scout Energy Partners V
*IRR: net of fees
28 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  
Snyk cuts valuation with $196.5M Series G
UK-founded Snyk has raised $196.5 million in a round led by QIA, valuing it at $7.4 billion. The company, which provides cybersecurity for software developers, was previously valued at $8.6 billion following its 2021 Series F.
View round
 
View 29 competitors »
 
Zappi rakes in $170M
Automated market research startup Zappi has closed a $170 million round led by Sumeru Equity Partners. Founded in 2012, the London-based company counts PepsiCo, McDonald's and Heineken among its clients.
View round
 
View 110 competitors »
 
HistoSonics raises $100M round
Biotech startup HistoSonics has raised a $100 million round led by the investment arm of pharmaceutical giant Johnson & Johnson. Previous investors Venture Investors, Lumira Ventures and Yonjin Venture also participated.
View round
 
View 10 competitors »
 
Vic.ai secures $52M
AI accounting startup Vic.ai has closed a $52 million Series C led by previous investors GGV Capital and ICONIQ Growth. Cowboy Ventures and Costanoa Ventures also participated in the round.
View round
 
View 30 competitors »
 
Ngrok closes $50M Series A
Network management and application delivery startup Ngrok has closed a $50 million Series A led by Lightspeed. This is the company's first venture-backed financing round since its founding in 2013.
View round
 
View similar company »
 
Tellus Therapeutics nabs $35M
Neonatal healthcare startup Tellus Therapeutics has raised a $35 million Series A led by Perceptive Advisors and Xontogeny.
View round
 
View similar company »
 
Post News targets $250M valuation
Twitter rival Post News is seeking a $50 million round that would peg the startup at a $250 million valuation, Axios reported. Noam Bardin, the former CEO of Waze, leads the company.
View round
 
View similar company »
 
 
Fundraising  
Fifth Wall raises $866M fund for real estate tech
Venture capital firm Fifth Wall has closed a $866 million vehicle for investments into real estate technology startups, both in early and later stages.
View fund
 
View 124 investments »
 
 
Chart of the Day  
"PE growth/expansion funds have been very popular in 2022, representing 29% of capital raised in European PE funds. This fund strategy is at the cross-section between PE and VC as it targets growth companies that are well-established but still young, fast-growing, and seeking minority stakes. These tend to have higher returns than more mature PE targets, and are less risky than the less-established companies targeted by VCs."

Source: PitchBook's Q3 2022 European PE Breakdown
 
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Who's in the newsletter today?
Investors
Costanoa Ventures
ICONIQ Growth
Johnson & Johnson
Lumira Ventures
Noam Bardin
Perceptive Advisors
QIA
Snyk
Sumeru Equity Partners
Venture Investors
Yonjin Venture
Companies
Cowboy Ventures
Fifth Wall
GGV Capital
Heineken
HistoSonics
Lightspeed
McDonald's
Mimecast
Ngrok
PepsiCo
Permira
Post News
Tellus Therapeutics
Vic.ai
Waze
Xontogeny
Zappi
 
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