PitchBook News - Sizing up the 2022 IPO market

Revisiting our top 7 articles of 2021; GenFleet gathers $75M; Delivery Hero takes over Glovo; Energy Impact Partners pulls SPAC plans
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The Daily Pitch: VC
January 3, 2022
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
In today's Daily Pitch, you'll find:
  • A decade-long buildup of VC-backed startups promises a busy US IPO market in 2022.

  • PitchBook analysts predict a big year in 2022 for US private equity.

  • From 'solo VCs' to the rise of climate tech, our most-read articles of 2021.
Today's Top Stories
Analysts forecast a huge 2022 for US PE
(Nora Carol Photography/Getty Images)
The AUM of the big five public alternatives managers will eclipse $3 trillion this year. Funds over $5 billion will collectively raise $250 billion, including the three largest-ever buyout funds. And PE firms will close at least 400 middle-market software deals.

These are just a few of the forecasts that PitchBook analysts made for private equity this year. Our Private Equity Outlook details seven predictions in US PE, including a big IPO year for private capital managers and new exit opportunities for PE-backed healthcare provider platforms.
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What to watch for in the 2022 IPO market
(Andriy Onufriyenko/Getty Images)
After a standout year for public listings that padded the pockets of investors, the US IPO market has entered 2022 from a position of strength. Household names like Reddit and Chobani are lining up offerings, and a large volume of IPO-ready companies should keep the supply coming.

But there are headwinds—from rising interest rates to declining sentiment for IPOs and SPACs—that threaten the market's momentum.
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2021 in review: Our top 7 articles
From record-breaking valuations to game-changing funds, check out some of our best content of the year.

US VC valuation trends in seven charts

Rivian, mobility and the race for a net-zero future

PitchBook's 2021 university rankings: The top 50 colleges for founders

Is Sequoia's fund restructuring really a game-changer for VC?

Wall Street wins signal the start of a synthetic biology revolution

How 'solo VCs' are changing the venture game

Why investors are raising climate tech funds at a torrid pace
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Recommended Reads
How Tiger Global changed venture capital dealmaking in 2021. [Business Insider]

The EU hopes to classify some natural gas and nuclear power investments as climate-friendly. But what makes an investment "green"? [The Wall Street Journal]

After a year dominated by Mars and space tourism, companies and governments are turning their attention to the moon in 2022. [The New York Times]
Since yesterday, the PitchBook Platform added:
VC valuations
See what our data software can do
Quick Takes
  The Daily Benchmark  
  2018 Vintage European PE Funds  
  Oak HC/FT promotes Chandramouli to partner  
  VC Deals  
  GenFleet Therapeutics raises $75M  
  Voyant Photonics raises $15.4M Series A  
  Amberstone Biosciences picks up $12M  
  Curi Bio lands $10M Series A  
  Exits & IPOs  
  Energy Impact Partners pulls SPAC plans  
  Delivery Hero takes over Spain's Glovo  
The Daily Benchmark
2018 Vintage European PE Funds
Median IRR
Top Quartile IRR
Median TVPI
Select top performers
TDR Capital IV
Nordic Capital Fund IX
V4C Poland Plus Fund
*IRR: net of fees
30 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
Oak HC/FT promotes Chandramouli to partner
Oak HC/FT, a VC and growth equity firm that focuses on the fintech and healthtech sectors, has promoted Vig Chandramouli to partner. Chandramouli focuses on investing in healthcare companies.
View details
View 91 investments »
VC Deals
GenFleet Therapeutics raises $75M
GenFleet Therapeutics has raised a $75 million Series C led by Huagai Capital. Investors including Suxin Venture Capital, Cherami Investment Group, ABC International, DYEE Capital, Qiaojing Eastern Investment, Baidu Venture and Wenzhou Capital also participated. The Shanghai-based company develops treatments for cancer and autoimmune diseases.
View round
View 37 competitors »
Voyant Photonics raises $15.4M Series A
Voyant Photonics has raised $15.4 million in a round led by UP.Partners, with support from LDV Capital and Contour Ventures. The company is a developer of LiDAR systems fabricated on semiconductor chips.
View round
View similar company »
Amberstone Biosciences picks up $12M
Amberstone Biosciences has raised a $12 million Series A co-led by Viva BioInnovator, Co-win Ventures and Sinovation Ventures. Founded in 2018, the Laguna Hillls, Calif.-based company is a developer of immunotherapeutics intended to treat solid tumor cancers and other diseases.
Additional Investors:
Changrong Capital, Lifespan Investments
View round
View similar company »
Curi Bio lands $10M Series A
Curi Bio has raised $10 million from investors including Dynamk Capital and DS Asset Management. Based in Seattle, the company is a creator of human stem cell-based products designed to aid the development of genetic medicines and cell therapies.
Additional Investor:
UTC Investment
View round
View similar company »
Exits & IPOs
Energy Impact Partners pulls SPAC plans
ESG investor Energy Impact Partners has withdrawn its IPO registration for EIP Acquisition Corp I. The blank-check company was intended to target a business in the energy transition and decarbonization sector. EIP Acquisition had been seeking $300 million in its IPO.
View details
View similar company »
Delivery Hero takes over Spain's Glovo
Delivery Hero has agreed to acquire a 39.4% stake in Glovo, bringing its holdings in the Spanish delivery app provider to more than 83% and valuing Glove at €2.3 billion, Reuters reported. The Barcelona-based startup has raised funding from investors including Luxor Capital, Mubadala, Drake Enterprises, Idinvest Partners and Lakestar.
View details
View 36 competitors »
Chart of the Day
Source: PitchBook's All In: Female Founders in the US VC Ecosystem Report
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