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PitchBook Q4 2023 Agtech Public Sector Report: Mixed Performance
Key Takeaways: PitchBook’s report on Agtech stocks show mixed results in Q4 2023, ranging from 7% growth to a 25% decline. The sector underperformed compared to broader market indexes. Animal biotech stocks were the top performers, while indoor farming solutions lagged significantly. Elanco Animal Health and AgriFORCE were the best and worst performers, respectively. Indoor farm operators faced…
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A love letter to micro funds, the backbone and future of venture capital
A love letter to micro funds, the backbone and future of venture capital
While the Sequoias and the Andreessen Horowitzes of the world continue to swell in size, their influence on venture capital may be heading in the opposite direction as micro funds increase their impact on the industry. Whether you define micro funds as below $50 million or sub-$25 million, these are truly the funds that power the future of the industry. They help venture hubs take off, bring…
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Why Q3’s median valuations actually make perfect sense
Why Q3’s median valuations actually make perfect sense
Valuations have been top of mind for the entire venture industry this year as many VCs try to navigate their overvalued portfolios and founders scramble to conserve cash and grow into their lofty valuations. So one might have predicted that valuations would fall off a cliff this year. But that hasn’t happened because venture investing just isn’t that simple. First, let’s look at the numbers:…
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Private Equity in the Last Decade
According to TermSheet which, in turn, is quoting PitchBook Data, there's some interesting statistics coming from the private equity world during the last decade ending 2010. That includes the following:
Although ~81% of the actuals DEAL QUANTITY originated from medium to mid-sized businesses, over 90% of the actual CAPITAL INVESTED went to large corporate deals of >= $1 billion.
EBITDA multiples peaked in 2008, which was the market peak for private equity. Money was pouring into PE firms and a number of them were chasing the same deals. That led to an egregious inflation in multiples, up to a high of 11.5x EBITDA!!! Wow! What happened to the 3-5x EBITDA that was the de rigeour at the beginning of the decade? Oh, what's that? That's the sound of the glass breaking as those low multiples were thrown out the window!
For more information and statistics, check out PitchBook Data's study.
