PitchBook News - Have VC predictions panned out?

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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

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

Our analysts reveal which of their 2023 US VC market predictions came true

High-net-worth individuals are piling into PE as asset managers pave the way

Ares Management picks up a $3.5 billion loan portfolio from PacWest

Databricks makes a $1.3 billion generative AI play for MosaicML

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.

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

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PitchBook News - Have VC predictions panned out?

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