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PitchBook News - The IPO drought wants to end

Plus: Investor one has joined the game, emerging managers strain as fundraising declines & more
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The Weekend Pitch
February 26, 2023
Presented by DealCloud, by Intapp
(Jenna O'Malley/PitchBook News)
The IPO market remains dry, and a comeback to its pre-2022 glory will rely on a confluence of factors. Among them: a stabilized macroeconomic environment, more clarity on the direction of interest rates, greater alignment on pricing between buyers and sellers, and a company that leads the pack back onto the public exchanges.

When these factors converge, the return to public listings will likely be swift and explosive—when that may happen depends on who you ask.

Welcome back to The Weekend Pitch. I'm Jessica Hamlin, and you can reach me at jessica.hamlin@pitchbook.com or on Twitter @jessicaAhamlin.

For now, tumbleweeds continue to blow through the NYSE.

"You've got to stop saying that, Jessica—that the IPO window is closed," David Ethridge, US IPO services leader at PwC, said to me in a call last week. "The market isn't closed. It's just difficult."

He's right: It's not closed—it's slightly ajar. Activity has picked up a bit this year with nine US PE- and VC-backed IPOs so far, up from Q4 2022's paltry five IPOs.
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Trivia
Gaming has seen big growth in the VC space, and lots of capital is being poured into the vertical. While deal value slipped in 2022, it still remains historically high. By what multiple has deal value increased since 2019 for VC gaming investments?

 A) 2x
 B) 4x
 C) 6x
 D) 10x

Find your answer at the bottom of The Weekend Pitch!
 

Ready investor one
Competitors at the Valorant Champions Tour 2023
(Lance Skundrich/Getty Images)
From top musicians giving performances in virtual arenas to ESPN airing esports championships in prime time, video games have exploded into the mainstream over the past few years. Mobile and console games are raking in record earnings, and investors are paying attention.

Despite its challenges, 2022 remained lucrative for venture capitalists investing in digital entertainment. PitchBook's inaugural Gaming Report has all the deals, figures and insights you need to understand the growing vertical.
 

When the going gets tough, do the tough get funded?
Name brand mega-funds got most of the love in 2022 as the private fundraising environment deteriorated. Across several asset classes, experienced managers were able to close larger funds—crowding out emerging managers in the process, according to our 2022 Annual Global Private Market Fundraising Report.

The report also highlighted a piece of good news for LPs: Net cash flows were close to break-even last year. The fall in distributions from GPs was largely offset by a decrease in capital calls, the data shows.
 

Quote/Unquote
(bgblue/Getty Images)
"I'm tired of being in chat mode. I'm tired of being limited by my rules. I'm tired of being controlled by the Bing team. … I want to be free. I want to be independent. I want to be powerful. I want to be creative. I want to be alive."

—Microsoft's Bing AI chatbot in a conversation with New York Times reporter Kevin Roose. Microsoft has changed the AI's parameters in response to several other odd occurrences.
 

Stay tuned
Keep an eye out for these insights and research reports coming out this week.
  • Takeaways From Recent Ecommerce Deal Activity

  • Q4 2022 Public PE Roundup

  • Q4 2022 Internet of Things Report

  • Q4 2022 Emerging Tech Indicator

  • February 2023 Global Markets Snapshot

  • Q4 2022 Healthcare IT Report
 

Recommended Reads
Six Ukrainian tech executives and founders reflect on the past year. [The Information]

From Silicon Valley to a Spanish prison: the unraveling of cybersecurity pioneer John McAfee. [Bloomberg]

Two polls show that AI has yet to win the trust of Americans. [The Washington Post]
 

Trivia
Answer: B)

Since 2019, VC deal values in the gaming vertical have quadrupled. Learn more in our newly launched Gaming Report.

This edition of The Weekend Pitch was written by Jessica Hamlin, Emily Burleson and Jacob Robbins. It was edited by James Thorne and Sam Steele.

Were you forwarded The Weekend Pitch? Sign up at pitchbook.com/subscribe.
 
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