PitchBook News - Climate tech's VC dealmaking cools

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The Daily Pitch: VC

April 3, 2023

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

The market downturn appears to be catching up to VC startups in climate tech.

In Japan, corporations play a vital role in the venture capital ecosystem.

Our university rankings compare schools by the number of alumni entrepreneurs who have founded VC-backed companies.

Today's Top Stories

VC dealmaking in climate tech slows dramatically

(Mny-Jhee/Shutterstock)

VC dollars into climate tech slowed to its lowest pace in nearly three years in Q1, in a worrying sign for the industry.

Through the end of 2022, funding for green ventures had stayed resilient. But the startup market downturn may be finally catching up to them.

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The corporations at the heart of Japan's venture market

Corporate venture capitalists may take a back seat to institutional investors in the US and the UK, but in Japan it's a different story. Large corporations are the biggest players in the Japanese private market, and with record cash reserves and government support, CVCs are poised to wield even stronger influence in the domestic venture market down the road.

Our latest analyst note lays out the state of play in Japan's startup ecosystem, exploring market trends and breaking down the opportunities and challenges Japanese CVCs face in a nascent venture market.

read it now

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A message from Deloitte

10 finance and operational considerations for early-stage PE managers

New and early-stage private equity funds and firms often underestimate the time and effort required to initiate the finance and operations (F&O) processes of their new business and therefore may be less familiar with these areas. Underinvestment in these critical functions can create significant risk to the success of the firm.

Deloitte has assembled a list of 10 finance and operations considerations that early-stage private equity firm leaders should consider at the beginning of their journeys. These F&O leading practices are by no means an all-inclusive road map or checklist of everything firms would need to consider—but are a great place to start.

Check out Deloitte's Ten considerations for early-stage private equity managers for more.

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PitchBook Universities: Decision time approaches for undergrads and MBAs

(Joey Schaffer/PitchBook News)

Tech layoffs and a slowing economy are likely to increase the appeal of MBAs and other graduate programs, whose popularity tends to rise when the economy falls.

For many applicants, this is an opportune time to test the entrepreneurial waters. As VC deal activity slows, graduate programs offer an environment where both advisory and financial support for new ideas are readily available.

So where do founders get their degrees? PitchBook's annual university rankings compare schools by tallying up the number of alumni entrepreneurs who have founded VC-backed companies.

explore the list

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With LBOs scarce, refinancings dominate Q1 leveraged loan activity

(Number1411/Shutterstock)

Leveraged loan market activity in the first quarter was a case of two steps forward, one step back. On the plus side, some upcoming loan maturities were put to bed via a surge in refinancings from lower-rated issuers and extensions to existing deals.

The market was not immune to the bank crisis in March, however, which sent the secondary market rally into reverse. LBO volume also remained stuck in a rut, though green shoots did appear.

Recommended Reads

How the comeback of analog computers could reshape the computing world. [Wired]

A look at which countries are seeking alternatives to the US dollar. [Visual Capitalist]

Do Apple and Microsoft hold the fate of the S&P 500 in their hands? [The New York Times]

Since yesterday, the PitchBook Platform added:

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The Daily Benchmark:
2015 Vintage Global Real Assets Funds

Median IRR

10.55%

Top Quartile IRR

12.17%

1.40x

Median TVPI

Select top performers

Pearl Energy Investments

Salient Zarvona Energy Fund II

Old Ironsides Energy Fund II

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VC Deals

Carbon credits startup Agreena has secured a €46 million Series B led by HV Capital.

P97, which facilitates mobile payments at gas stations, has raised $40 million from Portage.

Healthtech startup Wellth has raised a $20 million Series B led by SignalFire.

Singapore's Horizon Quantum Computing has secured an $18.1 million Series A from investors including Sequoia India, Tencent and SGInnovate.

Vape specialist Greentank Technologies has raised $14.5 million in equity from investors including Organigram Holdings and $2 million in debt.

Accounting platform provider Translucent has raised £2.7 million in a pre-seed round led by LocalGlobe.

PE Deals

Apollo Global Management is considering another bid of up to $2.78 billion—around $27 to $28 per share—for aerospace parts manufacturer Arconic, Bloomberg reported.

London-based travel-tech provider Travelport has raised a $200 million investment from its owners, Siris Capital Group and Elliott Management.

Singapore sovereign wealth fund GIC has agreed to invest in WHI Holdings, a Japanese HR software company owned by Bain Capital, with the two investors entering into joint ownership.

HIG Capital has acquired Synecore, which installs and maintains HVAC systems, and Meesons, a physical security solutions provider.

Perwyn has invested in London-based cloud data and AI consultancy company Datatonic.

Exit & IPOs

Life science group Sartorius has agreed to acquire French gene-therapy biotech company Polyplus in a $2.4 billion deal from Warburg Pincus, ArchiMed and Peugeot Invest. The sellers had acquired Polyplus for $600 million in a 2020 LBO.

Investors

Affinity Partners, Jared Kushner's PE firm, has received more than $200 million in commitments from a United Arab Emirates wealth fund and a similarly sized commitment from an unknown Qatari fund, The New York Times reported.

Saudi Arabia-listed media company SRMG has launched a venture capital division, SRMG Ventures. It will invest in early-stage companies in sectors such as media creators, digital media, media enablers and tools.

Chart of the Day

Source: PitchBook's 2022 Annual US VC Valuations Report

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PitchBook News - Climate tech's VC dealmaking cools

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