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PitchBook News - Weight-loss drugs' ripple of effects

SaaS unicorn IPOs to watch for; VCs eye energy efficiency for buildings; digital mortgage lender Perenna nabs £42
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The Daily Pitch: VC
October 2, 2023
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Today's Top Stories  
Weight-loss drugs could have outsize impact on healthcare ecosystem
In just a handful of years, weight-loss drugs have surged in efficacy, usage and importance—not just to pharma companies.

Since the first GLP-1 agonist drug was approved six years ago to treat Type 2 diabetes, brands such as Wegovy and Ozempic have activated a once-stagnant corner of medicine. Now, telehealth companies are racing to pivot to weight-loss prescriptions, and there's potential for future weight-loss drugs to improve on efficacy and administration.

Our analyst note maps out the drugs' short- and long-term implications for investors in biopharma, digital health, healthcare services, medtech and healthcare IT.
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IPO Watchlist: The enterprise SaaS unicorns most likely to go public
(Spencer Platt/Getty Images)
Instacart and Klaviyo's recent public listings signaled the partial reopening of the IPO market for venture-backed tech companies.

To get a sense of the biggest and brightest IPO candidates, we dove into some of the top US venture-backed enterprise SaaS unicorns likely to follow in Klaviyo's footsteps. Our league table is based on PitchBook's VC Exit Predictor, which assesses a startup's prospect of a successful exit.
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Energy crisis sparks VC pursuit of efficient buildings
Improving the energy efficiency of buildings has drawn particular VC interest among efforts for sustainability ever since the spike in energy prices in late 2021. Many technologies are housed within the sector: heating and cooling, energy management and monitoring, solar energy generation, energy storage, lighting, and insulation. The most successful startups in the space are those taking a generalist approach.

Our analyst note breaks down the sector's VC ecosystem and trends, contrasting the strong regional differences in motivation and adoption.
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PE healthcare deals feel a sector-specific squeeze
(FG Trade/Getty Images)
Private equity firms' acquisitions of healthcare practices and IT companies that focus on healthcare have slowed much more than dealmaking in other industries, reaching fresh lows in Q2.

As with the rest of the PE landscape, expensive debt and a buyer-seller disconnect on company valuations have slowed healthcare dealmaking, according to PitchBook data.
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Why PE industry consolidation is a double-edged sword
(Mara Potter/PitchBook News)
The combined factors of a tougher economic environment and a maturing industry are driving consolidation among private equity managers. Even larger firms have become targets of acquisitive peers.

Fund manager mergers have long been a feature of the industry, but some in the industry expect them to accelerate. Such deals have many benefits for both parties. Yet consolidation is a double-edged sword. While investors may be spared the tyranny of choice that comes with a saturated market, fewer players will be bad for competition and may eventually expose LPs to a higher fee burden and less diversification.
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Recommended Reads
A silver lining from pandemic lockdowns: A surge in startups. [The New York Times]

Daniel Lurie started tech's favorite charity. Can he save its favorite city? [The Information]

Could "The Terminator" really happen? Experts assess Hollywood's visions of AI. [The Washington Post]
 
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The Daily Benchmark:
2016 Vintage Global VC Funds
Median IRR
24.15%
Top Quartile IRR
31.89%
0.49x
Median DPI
Select top performers
Medicxi Ventures 1
BY Capital 1
Red Dot Capital Partners
*IRR: net of fees
76 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
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VC Deals  
Digital mortgage lender Perenna has raised over £42 million in a round led by Silverstripe Investment Management.

Mexican neobank Albo has raised a $40 million Series C led by Morpheus Ventures.

Farther, a wealth management company, has raised a $31 million Series B led by Lightspeed.

Framer, an Amsterdam-based no-code website builder, has secured a $27 million Series C led by Meritech Capital.

Trade finance startup Traydstream has secured a $21 million Series B led by Pivot Investment Partners and E& Capital.

Web3 startup IYK has raised a $16.8 million seed round led by a16z crypto.
 
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PE Deals  
The Carlyle Group has been in exclusive talks to acquire majority stakes in two of Medtronic's medical device units: patient monitoring and respiratory interventions, which together could be valued at over $7 billion, Reuters reported.

Macquarie Group, Affinity Partners and a TPG-led consortium are among potential rival bidders for Ramsay Sime Darby Health Care, an Asia-focused hospital group that could sell for more than $1 billion, The Wall Street Journal reported.

Investors including PE-backed Fenway Sports Group, Endeavor Group and KKR co-founder Henry Kravis are among potential investors in PGA Tour, which has been pursuing a deal with Saudi Arabia's PIF, Bloomberg reported.

Stonepeak has agreed to acquire 49% stakes in Spain-based Cellnex Telecom's businesses in Sweden and Denmark for €730 million.

Platinum Equity has agreed to acquire a majority interest in The Cook & Boardman Group, a commercial door and security distributor, from Littlejohn & Co., which will retain a minority stake.

Palatine Private Equity has acquired a minority stake in UK accountancy firm BK Plus.

The Halifax Group has agreed to acquire the global home care division of Paris-listed facilities management company Sodexo.
 
Exit & IPOs  
HGGC is considering launching an auction for Monotype Imaging that could value the font specialist at more than $4 billion, including debt, Bloomberg reported.
 
Fundraising  
VC firm Enza Capital, which invests in startups focused on digitizing African industries, has raised $58 million across two funds, TechCrunch reported.
 
Investors  
Wells Fargo has sold its positions in Norwest Equity Partners and Norwest Mezzanine Partners funds to The Carlyle Group subsidiary AlpInvest Partners, Atalaya Capital Management, Lexington Partners and Pantheon for about $2 billion.

Germany's largest pension fund, BVK, has reappointed Access Capital Partners for its PE investments, Investments & Pensions Europe reported.

Singaporean sovereign wealth fund GIC sold its stake in Vista Equity Partners following the firm's founder being involved in a tax scandal, the Financial Times reported.

Catamaran Ventures UK, the venture firm run by UK Prime Minister Rishi Sunak's wife Akshata Murty, is winding down. Murty used the fund to invest some of her stake in Infosys.
 
Chart of the Day  
Source: 2023 UK Private Capital Breakdown
 
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People
Akshata Murty
Rishi Sunak
Investors
Access Capital Partners
Affinity Partners
AlpInvest Partners
Atalaya Capital Management
BK Plus
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E& Capital
Enza Capital
Fenway Sports Group
HGGC
Henry Kravis
Lexington Partners
Lightspeed
Littlejohn & Co.
Macquarie Group
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Norwest Equity Partners
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Infosys
Medtronic
Monotype Imaging
PGA Tour
Perenna
Ramsay Sime Darby Health Care
Sodexo
The Cook & Boardman Group
Traydstream
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patient monitoring and respiratory interventions
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BVK
GIC
Wells Fargo
 
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