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Do VC specialists outperform generalists?; mobility tech levels out; foreign investors retreat from Greater China's VC market
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The Daily Pitch: VC
September 22, 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  
Introducing pre-seed to PitchBook datasets
Global pre-seed dealmaking has grown rapidly over the past decade. However, there is a lack of consensus on how "pre-seed" is interpreted among investors, despite the term's popular use.

Our latest analyst note defines this stage as we launch a new dataset to better capture pre-seed deals—and allow investors to more thoroughly evaluate pre-seed opportunities. The methodology includes company age, current backing status, geography and more.
read the note
 
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Do the VC world's specialists outperform generalists?
(leolintang/Getty Images)
VC funds have become increasingly specialized over the last few years as differentiation becomes a key way to attract LP commitments.

But do specialists deliver better returns than generalist funds? We looked at the performance of nearly 2,000 funds to find out.
read more
 
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A message from CIBC Innovation Banking  
How do start-ups find stability in an unpredictable market?
When markets are unpredictable, high-growth companies can find it harder to meet their funding needs. That's why some start-up founders are turning to a banking partner that specializes in the innovation economy. CIBC Innovation Banking combines deep expertise of early stage companies with the historical stability of one of North America's leading banks. And they're helping their clients find the steady footing they need.

Discover what makes CIBC Innovation Banking the banking partner of choice for companies from coast to coast here.
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VC's road for investing in mobility tech levels out
VC funding for mobility tech companies flattened out in Q2 on a quarter-over-quarter basis. Deal count declined 1.7%, while deal value fell just over 10%. Activity had declined substantially in Q1. Deals in the electric vehicle segment are driving VC's renewed interest in mobility tech, our latest Emerging Tech Research shows.
  • Year-over-year deal value declined nearly 64% in Q2, with deal count down 33%.

  • Solid-state batteries could be the next step for electric vehicles if their success persists outside the lab.

  • EV charging networks, while not an emerging technology, remain an area in need of development.
read the preview
 
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Fintech on display: 65 companies take the stage at FinovateFall
Our analysts share key takeaways from New York's annual FinovateFall conference—including highlights on noteworthy fintech startups, thoughts from VCs and PitchBook VC Exit Predictor scores for 30 of the presenting companies.

Generative AI took center stage, but investors still have their reservations. Meanwhile, embedded finance remains one of the largest opportunities in payments, and carbon-tracking fintech specialists will need to go above and beyond to stand out from the crowd.
read it now
 
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Goldman Sachs closes world's fourth-largest PE secondary fund
(Andria Patino/Getty Images)
Goldman Sachs Asset Management has closed its largest-ever PE secondary fund, bringing the firm on par with competitors like Blackstone, Ardian and Lexington Capital Partners.

GSAM's Vintage IX closed on $14.2 billion, making it the fourth-largest secondary fund in the world.
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Foreign investors retreat from Greater China's VC market
(Wong Yu Liang/Getty Images)
Amid rising tensions between the US and China, foreign investor participation in VC deals in Greater China—defined as mainland China, Taiwan, Macau and Hong Kong—has fallen significantly this year.

Only 10% of rounds have featured non-Chinese investors, the lowest percentage recorded.
read more
 
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Recommended Reads
How Rupert Murdoch built his media empire. [The New York Times]

An AI tool pinpoints genetic mutations that cause disease. [Scientific American]

Estonian startups are coming up with new ways to save the country's trees. [Sifted]
 
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Funds
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The Daily Benchmark:
2020 Vintage Global Funds-of-Funds
Median IRR
10.19%
Top Quartile IRR
26.80%
0.05x
Median DPI
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Banner Ridge DSCO Fund I
PA Small Co Private Equity Fund IX
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VC Deals  
Curve, a London-based financial app provider, has raised an additional £58 million for its Series C, bringing the round's total to over £133 million. Investors included IDC Ventures, Outward VC and Britannia Financial Group.

Lepaya, which offers a corporate training platform, has secured $38 million in a round led by Endeit Capital.

Mesh, a digital asset management startup, has raised a $22 million Series A led by Money Forward.

Kyp.ai, a German provider of productivity software, has closed an $18.7 million Series A led by OTB Ventures.

Electronic visa startup Atlys has raised a $12 million Series A led by Peak XV Partners.

Rencore, a cloud collaboration specialist, has secured an $8 million investment from UVC Partners.

Crypto analytics startup CoinScan has emerged from stealth with $6.3 billion in funding led by angel investor Shalom MecKenzie.

Finnish gaming studio Spectarium has raised a €5 million seed investment led by Bitkraft Ventures.
 
Don't miss our upcoming webinar
Enterprise cyberattack defenders are looking for more functionality out of fewer tools. PitchBook senior emerging technology analyst Brendan Burke and Citadel Control Services CEO Josh Knighton will assess the readiness of the endpoint security market for the latest cyberthreats and identify technical opportunities with cutting-edge AI techniques. Key topics include:
  • Overview of the nation-state cyberthreat landscape.

  • Emerging uses of AI in attack triage, reporting and attribution.

  • How product consolidation can disrupt the endpoint detection and response market.
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PE Deals  
Japan Industrial Partners' $14 billion takeover bid for Toshiba has been successful, the Japanese conglomerate has confirmed.

Woori Private Equity Asset Management has acquired South Korea's Polaris Shipping for 600 billion won (around $447.5 million).

EQT and PSP have acquired Radius Global Infrastructure, a real properties leasing company.

A consortium backed by Blackstone and including Permira is exploring an acquisition of Adevinta, a publicly listed online classifieds company.

TotalEnergies is investing $300 million in a renewables venture with the Adani Group, the Financial Times reported.

Varde Partners-backed WiZink, a Spanish online lender, is considering a stake sale of its Portugal unit, Reuters reported.
 
Exit & IPOs  
KKR-backed Japanese chip equipment maker Kokusai Electric is planning an initial public offering on the Tokyo Stock Exchange on Oct. 25.
 
Fundraising  
SkyKnight Capital has raised its Fund IV with $1 billion in commitments.
 
 
Investors  
GGV Capital has split its Singapore-based China operations into a separate entity.

The FTC has filed a suit against private equity firm Welsh Carson, alleging suppression of competition for the sake of higher profit from medical services in Texas.
 
Corporate M&A  
Digital communications conglomerate Cisco has acquired Splunk, a cybersecurity software maker, in a $28 billion take-private.
 
Chart of the Day  
Source: Q2 2023 US Public PE and GP Deal Roundup
 
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Who's in the newsletter today?
Investors
Adani Group
Bitkraft Ventures
Blackstone
Britannia Financial Group
EQT
Endeit Capital
GGV Capital
IDC Ventures
Japan Industrial Partners
KKR
Money Forward
OTB Ventures
Outward VC
PSP
Peak XV Partners
Permira
Shalom MecKenzie
SkyKnight Capital
TotalEnergies
UVC Partners
Varde Partners
Welsh Carson
Woori Private Equity Asset Management
Companies
Adevinta
Atlys
Cisco
CoinScan
Curve
Kokusai Electric
Kyp.ai
Lepaya
Mesh
Polaris Shipping
Radius Global Infrastructure
Rencore
Spectarium
Splunk
Toshiba
 
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