PitchBook News - Small sums for infrastructure funds

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The Daily Pitch: VC

June 15, 2023

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

Real assets live up to fundraising reputation

Commonfund remains bullish on PE

Startups' challenges and opportunities in ESG

Our ranking of the most active PE lenders

Today's Top Stories

Infrastructure funds struggle to build new capital

In Q1, global real assets fundraising dropped a staggering 96% year-over-year as only six vehicles closed on just $2 billion. None of those unusually small funds was based in North America. But the latest performance data suggests infrastructure funds are living up to their low-volatility, countercyclical reputation.

Fundraising may be down, but infrastructure investing is far from dormant. Our Q1 2023 Global Real Assets Report breaks down the data on strategies including core, opportunistic, generalist and debt, plus a spotlight on sustainable infrastructure and a breakdown on natural resources.

read it now

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Q&A: Balderton's Elodie Broad on why ESG is essential for startups

Elodie Broad (Courtesy of Balderton Capital)

Venture investors are paying more attention to ESG, even to the point of refusing to back startups over sustainability concerns.

We spoke to Balderton Capital's head of impact about the importance of having robust ESG strategies at early-stage companies.

Recommended Reads

Wildfire smoke is bringing fresh urgency to efforts to improve indoor air quality. [Bloomberg]

Visualizing the world's largest lithium producers. [Visual Capitalist]

A look at the companies competing to launch the first flying taxi—and the backers behind them. [Financial Times]

Since yesterday, the PitchBook Platform added:

12

VC valuations

2268

People

623

Companies

31

Funds

See what our data software can do

The Daily Benchmark:
2014 Vintage Global Funds-of-Funds

Median IRR

19.27%

Top Quartile IRR

23.50%

0.90x

Median DPI

Select top performers

Pantheon USA Select 2014

Union Grove Partners Direct Venture Fund

Weathergage Capital Investments 2014

*IRR: net of fees

57 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

AI-driven data analytics startup Primer has raised a $69 million Series D led by Addition.

Paro, which operates a marketplace for on-demand finance and accounting services, has raised a $25 million Series C led by Top Tier Capital Partners.

Income verification startup Truework has partnered with and secured a $24 million investment from credit reporting agency TransUnion, according to reports.

Thinksurance, which offers a platform for business insurance in Germany, has raised €22 million from investors including Viewpoint Ventures, Eight Roads and MTech Capital.

Indian fleet management company Everest Fleet has secured $20 million in a round led by Uber.

Brazilian fintech Kanastra has raised $13 million in seed funding co-led by Valor Capital and Quona Capital.

AptEdge, a startup integrating generative AI into customer support, has raised an $11 million seed round led by Stage 2 Capital.

Magrathea, a materials startup aiming to create metal from seawater, has raised a $10 million seed round co-led by VoLo Earth and Capricorn Investment Group.

Threat intelligence specialist Silent Push has raised a $10 million seed round led by Ten Eleven Ventures.

Winnow, a startup targeting food waste reduction, has raised a $10 million Series C from investors including Arctern Ventures, Mustard Seed and Ingka Investments.

Point72 Ventures has led a $5.5 million pre-seed investment for Glyphic AI, which is developing AI to help sales teams analyze customer interactions.

PitchBook webinar: Emerging Tech Talks with Quantum Health

Healthcare and benefits navigation plays an important role in a healthcare ecosystem with ever-increasing complexity. PitchBook analyst Aaron DeGagne will host Zane Burke of Quantum Health, a PE-backed healthcare navigation company. Key topics include:

Data on current VC and PE funding in care navigation.

An overview of the competitive landscape and what makes Quantum Health's approach different than peers.

Opportunity and growth dividers in the care and health benefits navigation market.

Register now to secure your spot.

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PE Deals

Singapore's GIC and KSL Partners have put in a joint bid of £4 billion for UK holiday resort company Center Parcs, Sky News reported.

Silver Lake will set aside the 50% share owner acceptance threshold for its €2.4 billion offer for German company Software AG, as it looks to stave off a rival bid from Bain Capital.

Gamut Capital Management-backed Extreme Reach, a creative logistics platform used by brands and advertising agencies, has agreed to receive a minority investment from Ares Management.

Naxicap has sold a majority stake in French B2B hospitality equipment distributor ECF to PAI Partners.

Arlington Capital Partners has acquired Pegasus Steel and plans to make the company, which supplies fabricated steel structures to nuclear shipbuilders, a platform for further investment.

RC Capital has acquired James River Cardiology, a full-service practice serving parts of Virginia, to add to its newly created cardiology platform, Aligned Cardiovascular Partners.

Portfolio Companies

Frontier Carbon Solutions, which is backed by PE firm Tailwater Capital, has received a $40.5 million award from the Department of Energy to develop its Sweetwater Carbon Storage Hub project in Wyoming.

Exit & IPOs

VC-backed restaurant chain Cava Group has raised $318 million through its IPO, valuing the company at $2.45 billion. The sale marks the sixth-largest IPO on a US exchange in 2023, Bloomberg reported.

Fundraising

Addition is looking to raise $1.5 billion for its fifth venture fund, TechCrunch reported.

Calera Capital has closed a single-asset continuation fund on roughly $750 million. The vehicle purchased ImageFIRST Healthcare Laundry Specialists from the firm's fifth flagship fund.

Marcelo Claure, the former COO of SoftBank, has launched a new Latin America-focused venture firm, Bicycle Capital, which has $440 million in commitments and a target of $500 million for its inaugural fund. Shu Nyatta, who worked at SoftBank as an international managing partner, is also joining the firm.

Philippines-based VC firm Kaya Founders has closed two funds totaling $12 million to invest in startups across Southeast Asia.

Corporate M&A

UK-listed mobile phone network operator Vodafone and its sector rival Three have agreed to merge, with the former owning 51% of the combined entity. The new operator will be worth around £15 billion.

Chart of the Day

Source: PitchBook's Q1 2023 European Venture Report

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PitchBook News - Small sums for infrastructure funds

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