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PitchBook News - Mismatched valuations stall secondaries

Mapping the alternative protein market; have our US PE predictions panned out?; private credit keeps PE's favor
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The Daily Pitch: VC
July 24, 2023
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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Today's Top Stories  
Valuation disconnect stands in the way of secondaries dealmaking
(New Africa/Shutterstock)
Global secondary market dealmaking declined roughly 25% year-over-year to $43 billion in the first six months of 2023, a product of persistent pricing gaps, lower asset supply in Q1 and easing pressure from the denominator effect, according to data from advisory firm Jefferies and dealmakers participating in the secondary market.
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Market Map: Foodtech serves up big ideas as deals shrink
(Courtesy of Upside Foods)
From lab-grown chicken to woolly mammoth meatballs, there have been several mouthwatering breakthroughs in the foodtech industry in recent months.

Our latest market map explores the alternative proteins segment, which has been bolstered by the US Department of Agriculture granting Upside Foods and Good Meat approval to sell lab-grown meat to the public.
explore the map
 
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A message from PitchBook  
PitchBook's 2023 Media Kit released
With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects.

By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market.

Our 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

Click here to download it today or to speak to someone on the media team.
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Have our 2023 predictions for US PE panned out?
At the start of each year, our analysts predict how the following months will unfold for US PE, from the exit-to-investment ratio to take-privates of recently public companies.

On many counts, the industry's trajectory hasn't shifted much since 2022, but some things have changed: public markets rebounded, big banks came back to the LBO business, and the denominator effect on LP allocations eased somewhat. In our 2023 US Private Equity Outlook: H1 Follow-Up, PitchBook analysts take stock of how their forecasts fared and what's in store for the year's second half.
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Direct lending slows but still laps the field
(Pavel1964/Shutterstock)
The still-hot private credit segment saw its share of challenges during 2023's second quarter, with risk investors wary of increased distressed activity and defaults as debt coverage ratios among borrowers shrink.

But direct lenders are still on the lookout for lucrative leveraged buyout deals, and private credit continues to be the dominant source of overall leveraged loan activity.
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Recommended Reads
Startups are producing real dairy without a cow in sight. [The Economist]

Inside Binance's botched efforts to outwit regulators in Europe. [Forbes]

One-time unicorn Cameo struggles for new funding as its growth fizzles in the wake of the pandemic. [The Information]
 
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PE Deals  
Bain Capital has increased its offer for German-listed SoftwareOne to as much as 3.3 billion Swiss francs (around $3.8 billion), after the company rejected an earlier bid.

Inflexion Private Equity Partners has agreed to acquire UK-based law firm DWF Group in a £342 million take-private deal.

Seraya Partners-backed Cyan Renewables, an offshore wind services provider, has fully acquired service operation vessel Groenewind, which is under a long-term charter in Belgium with Siemens Gamesa, from DEME Group.

Energy-focused PE firm Bluewater's new platform, Fox Innovation & Technologies, which works on compressors and turbines in the energy and industrial markets, has made its first acquisition: Houston-based Revak.

Levine Leichtman Capital Partners has invested in California-based med spa manager and operator SEV, which has 27 offices in seven states.

Tikehau Capital is buying Dutch cycling infrastructure and sustainable street furniture company Crowd.

9altitudes, a Belgian consulting group backed by Waterland Private Equity, has acquired Spanish peer Integral Group.
 
Portfolio Companies  
Failed cryptocurrency exchange FTX has sued four former executives, including founder Sam Bankman-Fried, for more than $1 billion over misuse of funds, according to reports.

VC-backed Cerebras Systems has partnered with Group 42, a UAE-based technology company, to develop up to nine AI supercomputers. The deal is worth around $100 million, according to reports.

The SEC subpoenaed Bolt, an ecommerce startup, over allegations that former CEO Ryan Breslow misled investors while raising its $355 million Series E, The Information reported.
 
Fundraising  
Bracket Capital, which focuses on late-stage and venture-growth investing, has closed its third flagship fund on $150 million. It has raised an additional $300 million to invest across co-investment and evergreen funds.
 
Corporate M&A  
French aerospace manufacturer Safran Group has agreed to acquire the flight control systems business of North Carolina-based, RTX-owned Collins Aerospace at an enterprise value of $1.8 billion.
 
Chart of the Day  
"While only 8% of GPs reported that they decreased their focus on sustainable investing, 20% of all respondents thought that GPs were doing so. Respondents also perceived LPs to be decreasing their focus more than LPs reported doing so, with 23% saying that they thought LPs were pulling away from sustainable investing compared with 17% of LPs expressing that view of themselves."

Source: PitchBook's 2023 Sustainable Investment Survey
 
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People
Ryan Breslow
Sam Bankman-Fried
Investors
9altitudes
Bain Capital
Bluewater
Bracket Capital
Fox Innovation & Technologies
Group 42
Inflexion Private Equity Partners
Levine Leichtman Capital Partners
RTX
Safran Group
Seraya Partners
Tikehau Capital
Waterland Private Equity
Companies
Bolt
Cerebras Systems
Collins Aerospace
Crowd
Cyan Renewables
DEME Group
DWF Group
FTX
Revak
SEV
Siemens Gamesa
SoftwareOne
 
 
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