PitchBook News - Offshore energy production sets sail

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The Daily Pitch: VC

July 18, 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:

Floating solar and wind technologies are grabbing global attention despite hurdles

Private credit managers step into the asset-based lending market

VC investment in Israel dropped in H1 as its government's proposed judicial reforms loom

IT buyout giant Thoma Bravo makes a healthcare growth play

Today's Top Stories

Floating solar, wind plants set to soar

Offshore floating wind projects cost 176% more than traditional wind farms to operate—so why would anyone bother investing in them? Stronger and more stable wind, less land use and a burgeoning market are just a few of the reasons, according to our latest analyst note.

Historically the domain of utility giants and oil and gas companies, offshore energy production is picking up steam among solar and wind cohorts. Still, challenges abound for the new technologies.

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As regional banks avoid risky loans, private lenders see opportunity

(Karen Culp/Shutterstock)

Private credit managers should find opportunities in the asset-based lending (ABL) market as banks retreat from lending and purchasing loans from fintech lending platforms.

"There is going to be a consistent flow of loans for sale," said Ed Cong, a partner at Marathon Asset Management, which recently closed on $1.7 billion for its latest ABL fund.

Recommended Reads

A look at what happened to the once-promising Telecom Italia as KKR seeks to pick up some of its assets. [Fortune]

Fed up with AI consuming online content without consent, writers, artists and companies are rebelling. [The New York Times]

PE firms are now casting their nets beyond the Ivy League when searching for young talent. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

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VC valuations

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People

642

Companies

37

Funds

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The Daily Benchmark:
2014 Vintage Global PE Funds with more than $1B

Median IRR

18.82%

Top Quartile IRR

23.33%

1.06x

Median DPI

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Spectrum Equity VII

GTCR Fund XI

Vitruvian Investment Partnership II

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VC Deals

Lithuania's PVcase, which develops software for solar power systems, has raised $100 million from Highland Europe, Energize Ventures and Elephant.

Fintech startup Runway has raised $27.5 million led by Initialized Capital. Y Combinator CEO and Initialized founder Garry Tan will join its board.

Herself Health, a healthcare company providing care to women over the age of 65, has raised a $26 million Series A led by Accretive.

UK-based photonic chip designer Optalysys has secured a £21 million Series A led by Lingotto, Imec.xpand and Northern Gritstone.

Addition has led a $6 million seed round for Egypt-based Flash, TechCrunch reported. The startup offers cashless transactions to businesses via QR codes.

PE Deals

Searchlight Capital has agreed to acquire London-listed alternative asset manager Gresham House for £470 million.

Luminus Management has acquired Jaguar Transportation alongside Lilium Group and other investors. The US-based holding company, with a regional headquarters in Mexico, facilitates cross-border imports and exports between the two countries.

Bowmark Capital has invested in Lendscape, a UK company that offers lending software to the financial sector.

Kartesia and Cornerstone have acquired Ecowipes Group, a producer of personal hygiene products, and its French distribution division Hydra SAS.

Clearlake Capital-backed BBB Industries has acquired Hydraulex, which repairs and remanufactures hydraulic components for industrial uses, from Stonebridge Partners.

Short-term rental data provider AirDNA, a portfolio company of Alpine Investors-backed Predictis, has acquired Arrivalist, which uses mobile location data to deliver insights for the travel industry.

Mill Point Capital-backed Seviroli Foods, a specialty foods importer and frozen food manufacturer, has acquired Mama Rosie's, a frozen pasta maker founded in 1976.

Exit & IPOs

AI-powered beauty company Oddity has raised the target price range for its upcoming IPO to between $32 and $34 per share, up from $27 to $30. At the top end of the range, the listing would value Oddity at more than $1.8 billion and raise around $358 million.

Novartis has acquired DTx Pharma, a biotechnology company developing methods to deliver oligonucleotide therapeutics, for $500 million with the possibility of an additional $500 million in milestone payments.

Fundraising

Swiss asset manager LGT Capital Partners has closed a $930 million VC fund, Crown Growth Opportunities IV. The fund will invest in other funds, secondaries and co-investments globally.

Westlake Village BioPartners has launched a $450 million fund to invest in biotech companies, with a focus on Los Angeles-based startups.

Hauser Private Equity has closed Hauser Private Equity Core Fund IV on $300 million, nearly double the size of its predecessor. The fund will invest 75% of its capital in other funds and about 25% in co-investments.

Swiss VC secondaries investor Giano Capital has launched a €50 million fund to buy shares in late-stage companies from existing investors and employees.

Investors

Ares Management has agreed to acquire Singapore-based PE firm Crescent Point Capital, which invests in consumer-facing companies in Southeast Asia and China. Crescent Point has about $3.8 billion in AUM.

Chart of the Day

Source: 2023 France Private Capital Breakdown

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PitchBook News - Offshore energy production sets sail

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