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The Daily Pitch: VC

July 6, 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:

Check out the results of our annual Sustainable Investment Survey

Take a first look at data from our upcoming PitchBook-NVCA Venture Monitor

More newly public companies return to PE ownership

Altas Partners commits to its strategy of taking capital deployment slowly

Breaking down one month of trends in the equity, debt and commodities markets

Today's Top Stories

What GPs, LPs really think about impact and ESG

Opinions on impact investing and ESG frameworks in the private markets are often described as politically polarized, and there's no sign that characterization will fade anytime soon. But between the sustainable investing diehards and the anti-ESG stalwarts, there's a much bigger set of investors with nuanced views on how to balance investing for profit and investing for purpose, and why they need not be mutually exclusive.

Hundreds of private market players responded to our Sustainable Investment Survey this year, and our 2023 report provides a window into their overlapping and sometimes conflicting views on impact and ESG.

read the report

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Take a sneak peek at Q2 US VC data

The first half of the year delivered more challenges to venture capital, but those headwinds may be weakening, according to our first look at data from the Q2 2023 PitchBook-NVCA Venture Monitor, sponsored by Insperity, J.P. Morgan, and Dentons.

Valuations continue to fall, but quarterly capital raised by startups has been relatively steady for the past three quarters. Much depends on the revival of the exit environment and, by extension, the flow of capital back into new funds.

Recommended Reads

AI startups' reliance on data centers capable of running AI systems puts tech industry giants in the driver's seat yet again. [The New York Times]

Silicon Valley Bank gets back to lending—but at a slower pace. [The Wall Street Journal]

One writer argues that Wimbledon's AI announcer was inevitable. [The Atlantic]

Since yesterday, the PitchBook Platform added:

10

VC valuations

2188

People

588

Companies

14

Funds

See what our data software can do

The Daily Benchmark:
2010 Vintage Global Real Assets Funds

Median IRR

2.91%

Top Quartile IRR

9.54%

0.72x

Median DPI

Select top performers

KKR Global Infrastructure Investors

Waterton Global Value I

Brookfield Americas Infrastructure Fund I

*IRR: net of fees

28 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Germany-based fitness startup EGYM has secured a $225 million investment led by Jared Kushner's Affinity Partners, TechCrunch reported.

Caddi, a supply chain tech startup, has raised an $89 million Series C co-led by investors including Globis Capital Partners, DCM Ventures and Global Brain.

Neko Health, a Stockholm-based provider of noninvasive medical scanning technology, has secured a €60 million Series A led by Lakestar.

Jewelry brand Giva has raised 2.7 billion Indian rupees (around $32.8 million) in a Series B led by Premji Invest, according to reports.

French accounting startup Dougs has raised €25 million from Expedition Growth Capital.

UK-based challenger bank Tandem has secured £20 million from Quilam Capital.

Gooten, which develops technology to support on-demand manufacturing, has secured an $11 million Series A led by KEC Ventures.

Kinnu, an AI-powered edtech startup, has raised $6.5 million from investors including LocalGlobe, Spark Capital and Cavalry Ventures.

SuperSight, which is developing crypto-focused large language models, has raised a $1 million pre-seed round backed by Blockchain Founders Fund and Animoca Brands, among others.

PE Deals

ArcLight Capital Partners has agreed to acquire Duke Energy's commercial distributed power generation business at an enterprise value of $364 million. The business includes solar assets, a project development pipeline and fuel cell projects.

Ardian has agreed to purchase a 50% stake in MXT Holdings, a Mexico City-based telecommunications company, granting the firm co-ownership and control with Mexico Infrastructure Partners.

Mubadala has agreed to invest alongside KKR in its acquisition of CoolIT, a Calgary-based manufacturer of liquid coolant for high-performance computing, a buyout deal first announced in May.

Arroyo Investors has acquired Mesa Solutions, a distributed power generation solutions provider, from BP Energy Partners and minority investor HarbourVest Partners.

Cibus Fund has acquired Dutch agtech company Duijvestijn Tomaten, which grows tomatoes in glass houses powered by green energy.

DD Group, a UK provider of dental products backed by Sun European Partners, has acquired Dental Promotion & Innovation, a producer and distributor of dental products.

Exit & IPOs

Shein, a Chinese fashion retailer backed by General Atlantic and others, is in talks with investment banks about a potential US IPO, Reuters reported.

Blackstone has agreed to sell drill bit manufacturer Ulterra Drilling Technologies to Patterson-UTI Energy for $370 million in cash and just under 35 million common shares of the buyer's stock.

Mars has agreed to acquire Kevin's Natural Foods. Minority investors TowerBrook Capital Partners and NewRoad Capital Partners will exit through the deal.

ArcLight Capital Partners has sold a 26.5% stake in the offshore Perdido platform, operated by Shell in the Gulf of Mexico, to Third Coast.

AnaCap has sold a majority stake in Spanish tax collection software developer Gestión Tributaria Territorial to Stirling Square. AnaCap will retain a roughly 20% stake.

Japanese conglomerate Mitsui has acquired Stats Group, which provides pipeline maintenance for the energy sector. Business Growth Fund will exit through the deal.

Fundraising

CVC Capital Partners has held a $800 million final close on its latest credit fund, CVC CLO Equity III.

Corporate M&A

Mintra, a Norwegian digital learning platform for the maritime and energy sectors, has agreed to buy peer Seably.

Chart of the Day

Source: PitchBook's Q1 2023 US PE Middle Market Report

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