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VC-backed IPOs outpace broader market; France/Benelux region develops leading VC ecosystem; The boom in biotech; Clinical trials market on the move
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The Daily Pitch: Research Edition
August 17, 2020
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
Financial markets across the board have been met with record uncertainty and volatility in 2020. Private markets have been no different.

Strategic M&A and private equity activity has declined sharply across the US markets, despite remaining somewhat steady in Europe. Venture markets have fared surprisingly well on a global basis; volume has declined, yet total capital invested remains high as late-stage deals drive capital flows. Best-in-class companies are also garnering an outsize proportion of fund allocations, leaving many companies out of luck as VCs look to allocate capital wisely in a pressing economic environment.

As the year has progressed, we have continued to monitor markets closely across all our various research franchises. To kick the week off, we have put together a special Research Edition of The Daily Pitch comprising select pieces published over the last quarter or so. Should you have any comments or questions, please feel free to reach out to our team at analystresearch@pitchbook.com or to me directly. We hope you find the following reports helpful.

Best,
Nizar Tarhuni
Director of Research & Analysis
nizar.tarhuni@pitchbook.com
VC-backed IPOs outpace broader market
(Spencer Platt/Getty Images)
While the economic uncertainty put a damper on the public stock markets over the first half, VC-backed IPOs have shown some significant price appreciation, especially in Q2, which lifted our VC IPO Index to a one-year return of 78%. Over the last 12 years, performance has been a little more mixed, especially for the market-cap weighted version, which has trailed broad market indices over the medium and long-term. However, the smaller VC-backed IPOs, many of which happen to be biotech startups, have posted extremely robust results in our dataset, driving some impressive returns for the equal-weighted version.

With PitchBook's Index of Venture-Backed IPOs: An Analysis, we have added some narrative investigations to the results of the index. The report examines risk-adjusted returns, correlations to public market indices and other analysis, including:
  • A rebasing of indices to multiple time horizons to determine effect on performance, and the impact of the pandemic

  • And examination of root causes of return gap between the two weighting methods

  • In-depth comparison between the Venture-Backed IPO Index and broad market indices
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A message from BMO
COVID-19 reveals hidden value in middle-market manufacturing
BMO
While the COVID-19 outbreak has slowed the pace of US manufacturing, it has also created opportunities for companies to demonstrate flexibility and resilience. BMO's current issue of Transaction Trends takes a dive into the evolving M&A process and the challenges COVID has presented, assesses middle-market secondary trading or the lack thereof, and discusses staffing as a barometer of economic recovery. In addition, it provides an update on healthcare and consumer multi-site platforms, as well as industry subsector trends over the last quarter.

To learn more, download the full issue of Transaction Trends. You can also contact Stephen R. Isaacs, Managing Director and Head of BMO Sponsor Finance, at stephen.isaacs@bmo.com.
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GP stakes market developing niches, attracting capital
(Ekspansio/Getty Images)
As the market for GP stakes has grown and matured, three distinct segments have developed: GPs targeting the top-end, middle market, and spinout and emerging managers.

With open GP stakes funds hoping to raise nearly $25 billion, this report sheds light on an opaque segment of the PE universe. It also covers the largest managers, expected returns, supply-and-demand dynamics, our predictions, and more for each of the three market segments:
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France/Benelux region raises record sums, develops leading ecosystem
The France and Benelux region (Belgium, the Netherlands and Luxembourg) has emerged as a leading venture ecosystem in Europe. Dealmaking has been resilient despite COVID-19, but as economic repercussions materialize, activity is expected to fall. On the private equity side, the region saw more than $18 billion in capital raised last year—a new record—while government reforms in France have enticed fund managers:
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Opportunistic strategies dominate private debt
(Elizabeth Fernandez/Getty Images)
Private debt managers have quickly adapted to the COVID-19 pandemic, focusing on opportunistic strategies amid widespread economic tumult. Direct lending, on the other hand, has seen a slowdown in fundraising because of its reliance on leveraged buyouts (LBOs)—which have also slowed—for deal flow.

Overall, private debt fundraising is on pace for its slowest year in at least half a decade. But those figures are expected to accelerate in the back half of the year as many of the opportunistic vehicles in the market hold a final close:
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The boom in biotech
(zhangshuang/Getty Images)
In this deep dive on the biotech investment strategy in the private markets, our analysts examine the market’s past as well as its future to make sense of the current boom of investment into the sector.

This note gives insights on the entire company lifecycle from inception to exit, including how these startups fit within the VC model given their high capital intensity and predictable milestones of the drug development process, the three models of successfully executing investments and an outlook on where the industry is going:
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Clinical trials market on the move
(Andrew Brookes/Getty Images)
The pandemic has sped up drug development in an industry that already was surging. By 2025 the market is expected to be worth $65 billion. All that drug research will require a steady flow of patients who are willing to try out new medications, providing an opportunity for startups to help keep the pipeline full. In this research note, Transforming Clinical-Trial Patient Recruitment and Retention, PitchBook analysts find:
  • Startups are aiming to attract and keep patients involved in clinical trials by creating monitoring technology and personalized platforms

  • More complex studies and regulatory requirements are boosting the demand for patients
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Emerging Tech: Mobility tech's robust fundraising
The pandemic has profoundly affected the global transportation system, with social distancing and stay-at-home orders reshaping consumer behavior. Yet despite what will likely be a substantial impact in the near future, long-term prospects for startups in mobility tech remain strong.

Our latest Emerging Tech Research report provides an overview of the mobility tech landscape, market maps of VC-backed companies, and deep dives into segments including autonomous cars and ridesharing. Key takeaways include:
  • Mobility tech companies raised a total of $10.8 billion in Q2, a 7% increase year-over-year

  • Tech investors are expanding their foothold in mobility as legacy automakers grapple with the pandemic

  • Electric vehicles appear to have a bright future as investors, corporates and governments strengthen their commitment to the technology
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Quarterly market updates
While the front half of the year has introduced unprecedented volatility and uncertainty, the deal markets have reacted differently across private equity, strategic M&A and the venture markets. See our most recent updates below:

Private equity Venture capital M&A
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