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PitchBook News - Have VC predictions panned out?

Databricks' $1.3B generative AI play; Haystack Ventures raises $75M for seventh fund; infrastructure investors struggle to fundraise
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The Daily Pitch: VC
June 27, 2023
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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In today's Daily Pitch, you'll find:
 
Today's Top Stories  
Checking in on our 2023 US VC predictions
Back in December, we made a list of predictions for the US VC industry in 2023. Six months on, we return to our forecasts in the 2023 US Venture Capital Outlook: H1 Follow-Up.

The first half of the year came with some surprises. The S&P 500 and Nasdaq are in the green, median pre-money valuations for seed-stage companies are going steady at $11 million, and even pre-seed is strong. But a flurry of startups is headed for liquidity limbo. Check out which of our predictions have panned out so far and what's to come in H2.
read it now
 
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How PE is paving the way for private wealth
(Joey Schaffer/PitchBook News)
Wealth managers and private banks serving high-net-worth individuals have been increasing their allocations to private equity. At the same time, GPs are looking for additional sources of capital as institutional investors dial back their overexposure to the private markets.

Retail investing platforms, curated investments and semi-liquid funds are some of the ways these players are paving the road into PE for private wealth.
read more
 
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A Message From Deloitte  
The next stage for AI & ML after billions in investment
Since 2017, over $130 billion in dealmaking at the expansion stage occurred across the AI & ML landscape. Although the pace of investment has slowed thus far in 2023, it remains resilient. Deloitte's latest edition of the road to next report series explores why this deceleration is more indicative of a key phase of the sector's evolution than of market tremors. Other highlights include:
  • Analysis of AI & ML dealmaking and key developments across major segments like healthcare and cybersecurity
  • Perspectives from Deloitte partners on the variances in AI adoption across practice areas
  • Metrics on AI & ML dealmaking at the expansion stage including valuations, key segments and more
Read it now
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Databricks to acquire MosaicML for blockbuster $1.3B as M&A freeze thaws
(IB Photography/Shutterstock)
Databricks, a software unicorn backed by Andreessen Horowitz, is making a big play into generative AI with a $1.3 billion deal to acquire MosaicML.

Amid a muted exit environment and an ongoing rivalry between Snowflake and Databricks, the acquisition may signal a reversal of the exit drought.
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Ares snaps up $3.5B loan portfolio from PacWest
(William Potter/Shutterstock)
Ares Management's purchase of a $3.5 billion loan portfolio from PacWest is another example of private credit lenders taking an opportunity to expand in the credit market following regional banking turmoil.
read more
 
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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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Recommended Reads
Why Calpers is taking a second look at its insider-trading policy. [Pensions & Investments]

How Y. Michele Kang went from healthcare IT company founder to women's soccer team owner. [The New York Times]

Mapping the average internship salary by US state in 2022. [Visual Capitalist]
 
Since yesterday, the PitchBook Platform added:
18
VC valuations
1674
People
512
Companies
22
Funds
See what our data software can do
 
The Daily Benchmark:
2015 Vintage European PE Funds
Median IRR
18.26%
Top Quartile IRR
26.97%
0.89x
Median DPI
Select top performers
DouglasBay Capital II
Waterland Private Equity Fund VI C.V.
Main Capital IV
*IRR: net of fees
28 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Singapore-based Utu has raised a $33 million Series B led by SC Ventures. The travel technology company has also acquired fintech startup CardsPal.

Balderton Capital has led a $29 million Series B in London-based investment platform TreasurySpring.

Real estate investing startup Picket has raised a $20 million Series B led by LL Funds.

BentoML, a machine learning specialist, has raised a $9 million seed round led by DCM Ventures, according to reports.

Insurtech startup Raincoat has raised a $6.5 million seed round led by Two Sigma Ventures.

Germany's Colonia, which offers a platform for sharing commercial vehicles, has secured a €6 million seed investment led by Octopus Ventures.
 
Don't miss our upcoming webinar
With fewer avenues available, PE and VC exits through H1 2023 have remained slow. As a result, allocators are continuing to turn to the secondary market through LP-led transactions. GPs with seasoned portfolios are approaching LPs with opportunities, too.

In this webinar, our panel of industry experts will discuss the increasingly creative liquidity solutions that provide capital to market participants. Key topics include:
  • The overall secondary market volume through H1 2023, expectations for H2, and factors that are driving these trends.

  • Specific dynamics, such as pricing, facing both the LP- and GP-led secondary markets.
Register now to secure your spot.
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PE Deals  
Real estate investor Prologis has inked a deal to buy a $3.1 billion portfolio of US warehouses and distribution spaces from Blackstone, The Wall Street Journal reported.

An Apollo Global Management-led consortium is investing $2 billion in semiconductor producer Wolfspeed, Bloomberg reported.

NYSE-listed Enfusion, a SaaS provider for the investment management industry, has been approached about a possible takeover by Francisco Partners, Vista Equity Partners and Irenic Capital Management, Reuters reported.

Apollo Global Management will invest in Singaporean healthcare firm HMI's holding company, PanAsia Health.

AC Milan owner RedBird Capital has joined actor Ryan Reynolds' Maximum Effort Investments and sports investor Otro Capital in buying a 24% stake in the Renault-backed Alpine Formula 1 racing team for €200 million.

KKR has invested about €200 million in Swedish wealth manager and corporate insurance provider Söderberg & Partners.
 
Exit & IPOs  
Vista Equity Partners has agreed to sell Apptio, a US financial operations software company, to IBM for $4.6 billion.
 
Fundraising  
Quantum Energy Partners has raised more than $2.5 billion for its eighth flagship fund, which will invest in both fossil fuel and clean energy companies, The Wall Street Journal reported.

Oaktree Capital Management has closed its Life Sciences Lending Fund on more than $2.3 billion.

Healthcare investment firm Vertex Ventures HC has launched its third fund with $200 million.

Haystack Ventures has closed a $75 million seventh fund, according to an SEC filing.
 
Chart of the Day  
Source: PitchBook's Q1 2023 Global Private Market Fundraising Report
 
Who's in the newsletter today?
Investors
Apollo Global Management
Balderton Capital
Blackstone
DCM Ventures
Francisco Partners
Haystack Ventures
IBM
Irenic Capital Management
KKR
LL Funds
Oaktree Capital Management
Octopus Ventures
Prologis
Quantum Energy Partners
RedBird Capital
Renault
Ryan Reynolds
SC Ventures
Two Sigma Ventures
Vertex Ventures HC
Vista Equity Partners
Companies
AC Milan
Apptio
BentoML
CardsPal
Colonia
Enfusion
HMI
Picket
Raincoat
Söderberg & Partners
TreasurySpring
Utu
Wolfspeed
 
 
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