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PitchBook News - Tricks of the carbon offsets trade

Q&A: Former Northern Trust exec talks impact investing; test your private markets knowledge; Nectar picks up $16.5M for allergy care
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The Daily Pitch: VC
December 23, 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:
  • Learn about the opportunities and limitations associated with carbon offset trading platforms in our latest Emerging Space Brief.

  • We spoke with a former LP executive about the impact investing strategy at his recently launched firm, The Copia Group.

  • Chart of the day: Share of M&A deal value by payment type, from our Global M&A Report.
 
Today's Top Stories  
Building a grand bazaar for carbon offsets
As corporations pursue net-zero commitments, many find that they cannot directly avoid their own emissions. Enter carbon offsets, which allow organizations to buy and sell credits that avoid, reduce or remove carbon emissions.

This market corollary to government mandates is generating an opportunity for carbon offset trading platforms. Our latest Emerging Space Brief lays out the landscape for these marketplaces with an eye toward the technology opportunities, limitations and outlook for the segment.
read the report
 
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Quiz: Did you follow private markets in 2022?
(Jenna O'Malley/PitchBook News)
2022 brought drama galore to the private investment landscape.

The fallout from the war in Ukraine seemed to touch everything—even a Premier League buyout and a European startup competition. Disgraced founders were by turns arrested, sentenced and redeemed. Private equity expanded into blockchain funds and startup loans.

Our quiz has the highlights, the lowlights and everything in between.
take the quiz
 
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Q&A: Ex-Northern Trust leader talks impact investing at new firm
Thomas
We caught up with Shundrawn Thomas, founder and managing partner at The Copia Group and former president of Northern Trust Asset Management, to talk about his firm, which he launched in September alongside partner Anthony Hoye.

The firm uses "nondilutive" strategies—typically in the form of credit solutions—to take a minority stake in portfolio companies and grow their value. For Thomas, Copia's investment thesis is equally strategic and philosophical: "We want to be able to partner with businesses that are truly scalable but also are mission-oriented," he said.
read more
 
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Bigger isn't always better when it comes to private equity funds
PE giants' mega-buyouts dominated the market over the past few years, pushing middle-market funds into the backseat. But this dynamic could shift in the future as take-privates take aim at smaller companies.

In our Q3 2022 US PE Middle Market Report, sponsored by Antares Capital and LBMC, we show how dealmaking could shift to the middle markets as mega-buyouts of over $1 billion become increasingly difficult to finance. The report also explores opportunities and risks in this market segment.
read the report
 
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Recommended Reads
How the world's increasing dependence on a small handful of crops leaves us vulnerable to war, extreme weather and market turbulence. [Bloomberg]

Charting the world's top 10 most innovative countries over the last 12 years. [Visual Capitalist]

Have electric vehicles finally outgrown Tesla? Here are some important milestones the industry hit in 2022. [Vox]
 
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Quick Takes  
  The Daily Benchmark  
  2016 Vintage Global Secondaries Funds  
  VC Deals  
  Aspen Neuroscience gets $40M in debt  
  Gynger raises $21.7M in debt and equity  
  Nectar Life Sciences secures $16.5M for allergy care  
  Automotus nabs $9M in seed funding  
  DarwinAI picks up $6M  
 
 
The Daily Benchmark  
2016 Vintage Global Secondaries Funds
Median IRR
21.22%
Top Quartile IRR
31.77%
1.72x
Median TVPI
Select top performers
Industry Ventures Special Opportunities Fund III
Timber Bay Fund I
Industry Ventures Secondary VIII
*IRR: net of fees
28 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Aspen Neuroscience gets $40M in debt
Biotech startup Aspen Neuroscience has received a $40 million loan from Silicon Valley Bank. The San Diego-based company closed a $147.5 million Series B earlier this year. Aspen creates cell therapies to treat neurological diseases like Parkinson's disease.
View round
 
View 54 competitors »
 
Gynger raises $21.7M in debt and equity
Software financing startup Gynger has launched from stealth, raising $11.7 million in seed funding and $10 million in debt financing. Upper90 and Switzerland's Vine Ventures led the seed round with Gradient Ventures, Alphabet's AI-focused venture firm, also participating. Upper90 is providing the debt financing.
View round
 
View similar company »
 
Nectar Life Sciences secures $16.5M for allergy care
Nectar Life Sciences, a startup that offers an allergy care platform, has closed a $16.5 million Series A. Harmony Partners led the round with participation from Juxtapose and Obvious Ventures.
View round
View similar company »
Automotus nabs $9M in seed funding
Automotus has closed a $9 million seed round led by investors including Quake Capital, Bridge Investments and Los Angeles Cleantech Incubator, TechCrunch reported. The company's software helps cities manage parking, deliveries and curbside safety.
View round
 
View 4 competitors »
 
DarwinAI picks up $6M
BDC Capital has led a $6 million round in AI manufacturing startup DarwinAI. The company has received previous funding from investors including Honeywell Ventures, Obvious Ventures and Inovia Capital.
View round
 
View 34 competitors »
 
 
Chart of the Day  
Source: PitchBook's Q3 2022 Global M&A Report
 
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Honeywell Ventures
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Companies
Alphabet
Aspen Neuroscience
Automotus
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