PitchBook News - Ranking Q2's most active investors

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The Daily Pitch: VC

August 17, 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 Q2 2023 Global League Tables rank the top investors, advisers and more across PE and VC

Here's how first-time fund managers can set themselves up for fundraising success

A surging financial services sector defies Europe's PE slowdown

VC funding for information security has flattened, but there are reasons for optimism

Today's Top Stories

Ranking the most active investors of Q2

Our interactive Global League Tables are now available for Q2 2023, covering the full range of private market activity. The tables break down the most active investors by region, industry, deal type and more, along with ranking advisers, acquirers and law firms. Who led the way?

see the rankings

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How first-time fund managers can gain fundraising edge

A number of boutique PE firms have nabbed inaugural funds in a tough fundraising market. Several strategies supported these managers, including deploying capital during fundraising to provide LPs with greater visibility into assets that will help comprise the pool of investments.

At the same time, certain emerging managers—such as independent sponsors that have built their track record by investing on a deal-by-deal basis, and GPs with an industry specialization—can stand out in a crowded market.

Recommended Reads

Climate change, inflation and global instability have thrust companies that sell insurance to insurers into the spotlight. [The New York Times]

PE firms that specialize in founder-owned businesses called the recent surge in dealmaking activities abrupt and significant. [Institutional Investor]

China's deepening property crisis threatens trouble. [The Economist]

Since yesterday, the PitchBook Platform added:

37

VC valuations

1819

People

560

Companies

21

Funds

See what our data software can do

The Daily Benchmark:
2013 Vintage Global Real Assets Funds

Median IRR

5.20%

Top Quartile IRR

13.20%

0.66x

Median DPI

Select top performers

Macquarie Infrastructure Partners III

Rockland Power Partners II

EQT Infrastructure Fund II

*IRR: net of fees

32 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Crypto wallet company BitGo has raised a $100 million Series C at a $1.75 billion valuation.

Autonomous driving startup Helm.ai has raised a $55 million Series C led by Freeman Group.

London-based Lindus Health, which offers a clinical trials platform, has secured an $18 million Series A led by Creandum.

Highlight, the provider of an in-home product testing platform, has raised an $18 million Series A led by Acre Venture Partners and HearstLab.

Consumer data intelligence startup Caden has raised a $15 million Series A led by Nava Ventures.

Quantum computing startup Phasecraft has raised £13 million from investors including Albion Capital and the UCL Technology Fund.

Transit-tech company Zeelo has secured $14 million from investors including FlatzHoffman and Ireon Ventures.

Configu has raised $3 million in a pre-seed round led by Cardumen Capital. The Tel Aviv-based company offers a configuration management SaaS platform.

PitchBook webinar: Why allocators should rethink manager benchmarking

Allocators employing traditional, quartile-based benchmarking methodologies to screen private fund managers face challenges in capturing historical performance. These techniques not only fail to capture the range of performance within each quartile, but also fail to offer a simple way to aggregate performance across multiple funds within the same strategy and compare that performance against similar strategies.

In this webinar, analysts from our Quantitative Research team will discuss a new framework for analyzing manager performance and unpack its implications for the due diligence process.

Register now to secure your spot.

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PE Deals

Energy Transfer, a pipeline group, is planning to buy Crestwood Equity Partners for $7.1 billion, the Financial Times reported.

EY has rejected TPG's offer to buy the Big Four firm's consulting arm, the Financial Times reported.

Coalesce Capital has backed its first company, compliance healthtech business Examinetics, The Wall Street Journal reported.

Warburg Pincus and Kelso are in talks to acquire Mexico-based Coca-Cola bottler Femsa in a deal worth around $5 billion, Bloomberg reported.

Exit & IPOs

The Carlyle Group has agreed to sell Africa-based oil exploration and production company Assala Energy to Euronext-listed peer Maurel & Prom for $730 million. Carlyle first backed Assala in 2017.

Silver Lake is considering a sale of Swiss-listed tax-free shopping company Global Blue Group, Reuters reported.

Fundraising

UK FinTech Growth Partners has launched its FinTech Growth Fund, which will invest in Series B to pre-IPO fintech companies. The fund's backers include Barclays and London Stock Exchange Group.

Investors

Apollo Global Management is set to lend more than $4 billion in net asset value loans to fellow PE firms struggling to raise cash, Bloomberg reported.

Corporate M&A

Intel has canceled its $5.4 billion acquisition of Israel's Tower Semiconductor after failing to receive regulatory approval in time.

Chart of the Day

Source: Q2 2023 PitchBook-NVCA Venture Monitor

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PitchBook News - Ranking Q2's most active investors

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