PitchBook News - Private debt moves up the ranks

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The Daily Pitch: VC

September 26, 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:

Private debt has overtaken VC among the top private market fundraising strategies, our Global Private Debt Report shows

It's a job-seekers' market for experienced GP-stakes or GP-led secondaries candidates

Party rounds' popularity has waned for startups

Amazon bets up to $4 billion on ChatGPT rival Anthropic as tech giants boost generative AI investments

Today's Top Stories

Private debt fundraising, performance move up the ranks

Private debt has overtaken venture capital among the top private market fundraising strategies, second only to private equity.

Our H1 2023 Global Private Debt Report, sponsored by Triton Debt Opportunities, covers the latest trends and topics in the private debt fund market. Direct lending remained the most favored sub-strategy, with mezzanine financing and special situations close behind.

read the report

Get weekly leveraged finance and private credit market updates in the new PitchBook LCD newsletter, The Credit Pitch.

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Party rounds fall out of favor with VC downturn

(SEAN GLADWELL/Getty Images)

Party rounds for startups grew in number during the VC bull market, but their popularity has waned with the onset of the downturn.

Founders are prioritizing value-add investors to help guide them through the more challenging environment, rather than taking on larger numbers of checks.

Retain top talent while increasing employee productivity and satisfaction

Employee retention has become a focal point for businesses today. The cost of replacing an employee can be up to two times their annual salary, including recruiting, onboarding, and training expenses. Employee happiness is directly linked to productivity, and common reasons for job changes include better pay, career progression, and job fulfillment. There are solutions to improve retention and increase productivity, including four-day work weeks, setting focus time, and providing a clear path for professional growth. Overall, investing in employee well-being and career development not only saves costs but also enhances productivity and job satisfaction.

Check out G-P’s blog 3 Keys to Retaining Top Talent and Driving Workplace Productivity for an in-depth guide on improving the employee experience.

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VC Deals

Traceless Materials, a German maker of a natural alternative to plastic, has secured a €36.6 million Series A led by UB Forest Industry Green Growth Fund and Swen Capital Partners.

Nx, a developer tools startup, has raised a $16 million Series A led by Nexus Venture Partners and Andreessen Horowitz.

Generative AI ecommerce startup Genus AI has raised $11 million from Aleph Group Inc for its seed round.

Rock analysis startup GeologicAI has raised an additional $10 million for its Series A from Breakthrough Energy Ventures, bringing the round's total to $30 million.

Erudit, an AI HR startup, has raised a $10 million Series A led by Conexo Ventures.

Edinburgh-based AI infrastructure planning platform Continuum Industries has raised a $10 million Series A led by Singular.

Notify Therapeutics, a Copenhagen-based developer of non-hormonal fertility treatments for women, has secured €5 million from Lundbeckfonden BioCapital and ND Capital.

TeachMe.To has raised $2 million in seed funding from 1984 Ventures for its on-demand teaching and coaching platform.

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PE Deals

Genstar Capital is considering an auction for TekniPlex, a manufacturing group of healthcare and consumer products, for more than $4 billion, Bloomberg reported.

Zegona Communications, a European technology, media and telecoms-focused PE firm, has confirmed it is in talks to acquire Vodafone Spain.

EQT has sold orthopedic implants maker LimaCorporate to Enovis. The deal is worth roughly €800 million including debt, Reuters reported.

ATS has agreed to acquire Avidity Science, which offers an automated water purification system, for $195 million from ShoreView.

Exit & IPOs

Renk, a manufacturer specializing in transmission systems and engines for defense vehicles, is seeking a share price of between €15 and €18 for its planned IPO on the Frankfurt Stock Exchange. Triton will retain a majority stake in the company after the listing.

BrightSpring Health Services, a healthcare company backed by KKR, has confidentially filed for IPO and aims to raise $1 billion, Bloomberg reported.

Bain Capital-backed Emcure Pharmaceuticals is aiming to raise between $400 million and $500 million in an IPO next year, Reuters reported.

European private credit specialist Hayfin Capital Management is exploring a potential sale, Bloomberg reported.

Fundraising

London-based Dawn Capital has raised $620 million for its fifth flagship fund targeting early-stage B2B software startups. The firm also secured $80 million for its third opportunities fund.

Singapore-based Quadria Capital is aiming to raise up to $1 billion for a specialist healthcare fund, Reuters reported. The PE firm has raised about $500 million so far.

Chart of the Day

Source: H1 2023 Greater China Venture Report

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PitchBook News - Private debt moves up the ranks

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