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PitchBook News - Fusion fantasy, solar substance

Plus: Clean energy defies market turbulence, checking in on unicorns, VCs tackle impact investing & more
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The Weekend Pitch
December 18, 2022
Presented by Masterworks
(Joey Schaffer/PitchBook News)
Earlier this month, scientists shot a cluster of lasers at helium isotopes and—for the briefest of moments—got an inkling of what it would be like to control a star.

The experiment at the Lawrence Livermore National Laboratory in California marked the first time that a fusion reaction spun off more energy than was used to create it. It's an important milestone, but commercial fusion is likely still decades off, even if things go well.

The task at hand is upending the global energy system, so more moonshots are certainly merrier. But the climate is not waiting, and dozens of other clean energy technologies are ready for prime time. Moreover, politicians finally seem ready to spend money to accelerate their deployment.

Venture investors say the primary challenge for climate-tech startups is no longer tech breakthroughs. It's time to scale. But how do they do it? New business models, big-name partnerships and gigatons of software.

Welcome back to The Weekend Pitch. I'm James Thorne and you can reach me at james.thorne@pitchbook.com or on Twitter @jamescthorne.
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A message from Masterworks  
A million-dollar Banksy got everyday investors 32% returns?
Mhm, sure. So what's the catch?

It sounds too good to be true. But it's not only possible—it's happening—and thousands of investors are benefiting, thanks to the fine-art investing platform Masterworks.

These results aren't cherry-picked. This is the whole bushel. Masterworks has built a track record of eight exits, the last three realizing +13.9%, +17.8%, and +21.5% net returns each—even while financial markets suffered.

But art? Really?

That's right. Here are the numbers. Contemporary art prices:
  • Outpaced the S&P 500 by 131% over the last 26 years.
  • Have the lowest correlation to equities of any asset class.
  • Remained stable through the dot-com bubble and '08 crisis.
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Trivia
In 2021, 596 companies gained enough value to cross the $1 billion threshold and become unicorns. How many companies have become unicorns through the end of November this year?

 A) 645
 B) 254
 C) 443
 D) 308

Find your answer at the bottom of The Weekend Pitch!
 

All fuel, no flames
(fokke baarssen/Shutterstock)
VC investment in clean energy is pacing to match the $15 billion high point set in 2021, making it a rare bright spot for startups. Thanks to a double whammy of high energy prices and generous stimulus from the US government, the sector is set up for significant near-term growth.

The upshot: Fusion breakthroughs will need to come a whole lot faster if the technology wants to partake in this energy transition.

Our first-ever Clean Energy Report details the state of play.
 

Quote/Unquote
"I am as bearish on private equity as I've been in my career."

—Marcus Frampton, CIO of the Alaska Permanent Fund Corporation, discussing the fund's target PE allocation at a board of trustees meeting. Many institutional investors, including public pension plans, are wrestling with how to structure their allocations for next year.
 

VC impact funds make a splash
(Pasuwan/Shutterstock)
Some say venture capital is not the right strategy for impact investing. Don't these sprouting companies already have a difficult enough path ahead? That's wrong, others say. Why not start a business out with a strong foundation for sustainable activities or fund the products that make a better world?

While PE raised more capital overall for impact funds closed between 2007 and September 2022, VC surprised some by swooping in for a larger proportion of the number of impact funds raised. While PE accounted for 24.6%, VC's slice was 42.7%. Learn more in PitchBook lead analyst Hilary Wiek's latest deep dive on impact investing.
 

Infrastructure funds are ballooning in size
Data centers, wind turbines and telecom equipment aren't cheap to build, and the rising number and scale of new projects mean that vehicles designed to invest in these assets might need to grow too.

Funds focused on infrastructure are only getting bigger, and more mega-funds—over $5 billion—closed in 2022 than in recent years. Among them, four raised at least $14 billion apiece.

With lots of money comes ample opportunity to spend it. Check out PitchBook's latest Real Assets Report for insights into who raised the most capital and how infrastructure fits into a real assets private investing strategy.
 

Stay tuned
Keep an eye out for these insights and research reports coming out this week.
  • 2023 US Private Equity Outlook

  • Analyst note: Analyzing the state of cross-border M&A

  • 2023 European Private Capital Outlook

  • Q3 2022 Insurtech Update

  • 2023 Emerging Technology Outlook

  • Analyst note: The postdigital era

  • Emerging space brief: Carbon offsets
 

Recommended Reads
Can child care be a big business? Private equity thinks so. [The New York Times]

A psychologist spent five years studying World Cup penalty shootouts. Here's what he learned about performance under pressure. [The Wall Street Journal]

How the West fell out of love with economic growth. [The Economist]
 

Trivia
(Arina P Habich/Shutterstock)
Answer: D)

Billion-dollar company creation has declined sharply year-over-year, with only 308 private startups crossing the threshold this year through November.

This edition of The Weekend Pitch was written by James Thorne and Chris Noble. It was edited by Chris Noble and Sam Steele.

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