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North America mobilizes for climate tech

GPs look to Asia for fresh capital; takeaways from Paris' VivaTech; PE's pending exit pileup
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The Daily Pitch: VC
July 3, 2023
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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Today's Top Stories  
North American climate startups grab global VC favor
(Galyna Andrushko/Shutterstock)
The Inflation Reduction Act passed in the US has bolstered climate-tech investment in North America, helping the continent capture a majority of global deal value in the sector this year.

"The industry mobilized pretty quickly," said Ben Wolkon, a partner at MUUS Climate Partners, a climate-focused VC firm.
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As exits slow, US PE is headed for a $360B pileup
Fund commitment tallies are lower and debt's been harder to access, but the exit shortfall has been perhaps the greatest challenge to the US private equity industry in 2023. PE firms will soon be grappling with a backlog of maturing investments, weighing on fund performance and reducing distributions to LPs.

Our latest analyst note illustrates the scope of the exit shortfall and discusses the creative measures that some GPs will need to take as they hold on to aging assets.
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A message from PitchBook  
PitchBook's 2023 Media Kit released
With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects.

By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market.

Our 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

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VC fundraising, AI were key at one of Europe's largest tech conferences
The 2023 VivaTech conference in Paris drew more than 150,000 attendees together to discuss LP commitments, the future of generative AI and the current exit scarcity. The consensus is that GP track records remain a critical factor for VC fundraising, and our latest analyst note delves into this and more from the event.
  • Overall sentiment was positive on the possibilities of AI and the impact it can have on society.

  • Lower growth rates, scarcer capital and the muted exit market are forcing GPs and portfolio companies to extend runways.

  • Investors reiterated that capital is available, but securing it quickly is more difficult for founders.
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North American GPs look East for fundraising oasis
(siriwat sriphojaroen/Shutterstock)
In the face of a crowded fundraising market, a handful of GPs in North America are hoping to tap into the Asia-Pacific market for fresh capital, attracted by the region's growing wealth and Asian LPs' newfound interest in the middle market.
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A new returns index for private asset allocators
Capital allocation can be a risky business. PitchBook's new Q4 2022 Private Capital Indexes report offers return, risk and other reference metrics across each of the seven private asset classes and serves as a companion to our Benchmarks and Global Fund Performance reports.

Our inaugural report offers a cross-section of the private markets across geographies, quartile rankings, time period and subclasses. These yardsticks can be used by GPs and allocators to compare asset class performance or construct a well-balanced portfolio.
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Track private markets with these tools
We have a new home for data and tools to help you understand the state of private markets.
  • Market indicators and indexes that approximate the investor-friendliness of VC deals and PE performance, as well as track the performance of unicorns and PE- and VC-backed IPOs.

  • Dashboards that cover female founders, unicorn companies, SoftBank's Vision Funds and public PE firms.

  • Leaderboards that rank the most active lenders and investors, as well as rankings of universities by startup founder alumni.
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Recommended Reads
The IPO window has cracked open and private equity is moving in. [The Wall Street Journal]

AI companies are on the hunt for San Francisco offices. [Bloomberg]

Can China charm its way out of geopolitical tensions with the US? [Financial Times]
 
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The Daily Benchmark:
2018 Vintage North American Debt Funds
Median IRR
10.62%
Top Quartile IRR
14.78%
0.44x
Median DPI
Select top performers
Oaktree Special Situations Fund II
Raith Real Estate Fund II
HCAP Partners IV
*IRR: net of fees
60 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Runway, a generative AI startup specializing in creative tools, has raised a $141 million Series C with backing from investors including Nvidia, Salesforce Ventures and Google.

Seoul-based Alwayz has raised a $46 million Series B led by DST Global for its shopping app, TechCrunch reported.

Risk and compliance startup Unit21 has announced the $45 million Series C it raised in 2022 led by Tiger Global and South Park Commons.

GeologicAI has raised a $20 million Series A from Breakthrough Energy Ventures. The company scans rock samples for digital analysis.

Woodio, a Finnish biomaterial technology startup, has secured €16.3 million in a round led by United Bankers' Forest Industry Green Growth Fund and the European Innovation Council.

Causely, which offers an AI platform for IT professionals, has raised $8.8 million in seed funding led by 645 Ventures.

Nokod Security has secured $8 million in seed funding from investors including Acrew Capital, Meron Capital and Flint Capital. The Israeli company offers an application security platform.

Voice.ai, a startup that allows users to change their voices using AI, has secured $6 million led by Mucker Capital and M13, TechCrunch reported.

ID verification startup Outdid, has raised a $2.5 million seed round led by Jump Crypto.

UK-based computer vision specialist Robok has raised $2.1 million in a round led by Cambridge Enterprise.
 
PE Deals  
Apollo Global Management has bid €9.5 per share in cash for Applus Services, valuing the Spanish industrial testing company at €1.23 billion, Reuters reported. I Squared Capital and TDR Capital are also considering bids.

Silver Lake has increased its stake in Frankfurt-listed Software AG to 63% and intends to take the company private, Reuters reported.

The Carlyle Group has agreed to buy ESG advisory group Anthesis with Palatine remaining as a minority shareholder.

Apax Partners is among the investors interested in buying Finnish credit information provider Enento Group, Bloomberg reported.

Golden Gate Capital has agreed to acquire DMC Power from Bridgepoint. DMC designs and manufactures connection systems for high-voltage power infrastructure.
 
Exit & IPOs  
L Catterton has sold its stake in Italian cycling brand Cicli Pinarello to an undisclosed family office.

KKR-backed Gamma Biosciences has sold Univercells Technologies, a provider of biomanufacturing tech for therapies and vaccine production, to Donaldson Company for about €136 million in cash net of debt.
 
Fundraising  
PE firm Altas Partners has closed its third fund on $4 billion, Buyouts Insider reported.

Varsity Healthcare Partners has closed its fourth fund on $700 million. The vehicle targets growth investments in lower-middle-market healthcare services companies.
 
Chart of the Day  
Source: PitchBook's Q1 2023 Global Real Assets Report
 
Who's in the newsletter today?
Investors
645 Ventures
Acrew Capital
Altas Partners
Apax Partners
Apollo Global Management
Breakthrough Energy Ventures
Bridgepoint
Cambridge Enterprise
DST Global
Donaldson Company
Enento Group
European Innovation Council
Flint Capital
Gamma Biosciences
Golden Gate Capital
Google
I Squared Capital
Jump Crypto
KKR
L Catterton
M13
Meron Capital
Mucker Capital
Nvidia
Palatine
Salesforce Ventures
Silver Lake
South Park Commons
TDR Capital
The Carlyle Group
Tiger Global
United Bankers
Varsity Healthcare Partners
Companies
Alwayz
Anthesis
Applus Services
Causely
Cicli Pinarello
DMC Power
GeologicAI
Nokod Security
Outdid
Robok
Runway
Software AG
Unit21
Univercells Technologies
Voice.ai
Woodio
 
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