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PitchBook News - Cross-border M&A market hangs tough

Gazing into tech's crystal ball; Round Hill scores deal with U2 producer; Microsoft, OpenAI to team up against Google; Nexus Ventures eyes $700M fund
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The Daily Pitch: VC
January 5, 2023
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:
  • The cross-border M&A market holds steady and, despite unique risks, keeps its eyes on the long game.

  • From a tightening debt market to lengthening holding periods, here's what private equity investors expect to see in Europe's 2023.

  • Chart of the day: Time to close real assets funds dispersion, from our Global Real Assets Report.
 
Today's Top Stories  
Cross-border activity by North American acquirers holds firm
The market for cross-border M&A, in which GPs and corporations seek new markets via acquisitions in other countries, held steady in 2022. Cross-border activity by North American acquirers has fully recovered from 2020 lows and closed slightly higher in value despite a decline in the overall M&A market.

Buying overseas companies has always involved a higher degree of risk and return due to unexpected changes in currencies and foreign regulations as well as geopolitical tensions. North American companies that successfully navigate these risks have reaped large gains, and the stability in last year's activity suggests their appetite is still intact.

In our recent analyst note, PitchBook analyst Jinny Choi takes region-by-region snapshots of the market and explores where potential headwinds could lead.
read it now
 
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Startup whiplash hits some sectors harder than others
(Yellow_man/Shutterstock)
There is no denying that 2022 was a challenging year for startups. But it wasn't 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 fared in 2022. In a weird year, these were VC's most resilient and weakest tech sectors.
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Peering into tech's crystal ball
Which tech verticals are poised for greater investment and which are headed toward rougher waters? Our 2023 Industry and Technology Outlook compiles predictions for the year ahead.

But what comes after 2023? Paul Condra, our head of Emerging Technology Research, has you covered with his recent analyst note on the post-digital era that envisions the next tech supercycle.
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Round Hill Music's latest deal is a 'back door' to hitmaker royalties
CDs and artwork of rock band U2. (Kraft74/Shutterstock)
For private equity firms looking to tap into top artists' music royalties, the price tags can be daunting, with some catalogs fetching $500 million for a single artist.

Round Hill Music's acquisition of rock-and-roll producer Steve Lillywhite's royalty rights is giving the firm discounted access to artists like U2 and the Dave Matthews Band, the firm's chairman and CEO said.
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Private equity forecast: Europe's investors brace for 2023
(eamesBot/Shutterstock)
The year ahead presents challenges for private equity, as many of the issues that impacted the market in 2022 are expected to persist.

We spoke to industry participants to get their perspectives on what to expect in Europe in the new year.
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Recommended Reads
The University of California's deal with Blackstone to invest in its BREIT fund signals both good and bad news to investors. [The Wall Street Journal]

Growth slows at companies once PE firms exit, but new research finds they are still better off than those never taken over by buyout firms. [Institutional Investor]

Why are energy prices so high? Some experts blame deregulation. [The New York Times]
 
Since yesterday, the PitchBook Platform added:
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VC valuations
2349
People
599
Companies
27
Funds
See what our data software can do
 
Quick Takes  
  The Daily Benchmark  
  2015 Vintage Global VC Funds  
  VC Deals  
  Belharra emerges with $130M  
  SirionLabs extends Series D to $110M  
  Saudi fintech company nabs $28M  
  Product Science takes home $18M  
  Portfolio Companies  
  Microsoft will work with OpenAI to challenge Google  
  Crypto company Wyre shutters  
  Exits & IPOs  
  PE, VC-backed grocery startup Kurly halts IPO  
  Fundraising  
  Nexus Ventures wants $700M fund for Indian, US startups  
 
 
The Daily Benchmark  
2015 Vintage Global VC Funds
Median IRR
24.35%
Top Quartile IRR
37.70%
2.29x
Median TVPI
Select top performers
Outlander 1 Archimedes
Index Ventures Growth III
360 Square
*IRR: net of fees
72 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Belharra emerges with $130M
Biotech startup Belharra Therapeutics has come out of stealth with $130 million. The funding comprises a $50 million Series A led by Versant Ventures and $80 million from pharmaceutical company Genentech for a multiyear collaboration. Belharra specializes in drug discovery.
View round
 
View similar company »
 
SirionLabs extends Series D to $110M
SirionLabs, an AI-powered contract lifecycle management specialist, has secured an additional investment from Brookfield Growth, bringing its Series D total to $110 million. Partners Group led the round. Tiger Global and Sequoia India also participated.
View round
 
View 38 competitors »
 
Saudi fintech company nabs $28M
Manafa has closed a $28 million Series A led by STV and oil giant Aramco's venture arm, Wa'ed Ventures, according to reports. The Saudi Arabia-based startup was founded in 2018 and offers crowdfunding as a way for enterprises to access capital.
View round
 
View similar company »
 
Product Science takes home $18M
App performance testing startup Product Science has landed $18 million in seed funding from backers like Slow Ventures, Coatue, and Mantis Ventures, TechCrunch reported. The startup was founded in 2021 by former Snapchat employees.
View round
 
View similar company »
 
 
PitchBook webinar: Emerging technology outlook
Join us for a webinar examining what lies ahead for emerging tech in 2023. From the fall of FTX to the rise of climate-tech investments, our analysts will dive into the findings from our recent analyst note about the industry and technology outlook for 2023, including the current trends and events that will affect spaces like crypto, AI, healthcare, and climate tech. Key topics include:
  • What emergent properties are likely to develop from continued innovation in foundational generative AI models.

  • How the Inflation Reduction Act may be fueling an increase in climate-tech investments.

  • What 2023 holds for the private market healthcare ecosystem, including the wider adoption of telehealth and the implications of lowering genomic sequencing costs on precision medicine.
Register now to secure your spot.
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Portfolio Companies  
Microsoft will work with OpenAI to challenge Google
Bing, Microsoft's search engine competitor to Google, could get a generative AI update, The Information reported. Microsoft is planning to team up with OpenAI, the creator of chatbot ChatGPT, to integrate the technology into its search engine. Microsoft previously invested $1 billion in OpenAI, according to the report.
View details
 
View 28 competitors »
 
Crypto company Wyre shutters
Despite its previous valuation of $1.5 billion, crypto payments specialist Wyre is shutting down, Axios reported. Wyre's former backers include Samsung's venture capital arm and Polaris Capital. Fintech startup Bolt was in talks to purchase Wyre, but the deal fell through in September.
View details
 
View 51 competitors »
 
 
Exits & IPOs  
PE, VC-backed grocery startup Kurly halts IPO
Grocery delivery service Kurly is calling off its plan to offer an IPO, TechCrunch reported. The South Korean startup's valuation, initially set at $3.3 billion, has reportedly dropped to $669 million. Kurly previously received funding from Anchor Equity Partners, Sequoia China and other investors.
View details
 
View similar company »
 
 
Fundraising  
Nexus Ventures wants $700M fund for Indian, US startups
Nexus Venture Partners, an India-based firm, is seeking to raise $700 million for a fund targeting US and Indian tech startups, Reuters reported.
View fund
 
View 182 investments »
 
 
Chart of the Day  
Source: PitchBook's Q3 2022 Global Real Assets Report
 
Who's in the newsletter today?
Investors
Anchor Equity Partners
Bolt
Brookfield Growth
Coatue
Genentech
Mantis Ventures
Microsoft
Nexus Venture Partners
Partners Group
Polaris Capital
STV
Samsung's venture capital arm
Sequoia China
Sequoia India
Slow Ventures
Tiger Global
Versant Ventures
Wa'ed Ventures
Companies
Aramco
Belharra Therapeutics
Google
Kurly
Manafa
OpenAI
Product Science
SirionLabs
Snapchat
Wyre
 
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