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The Daily Pitch: VC

November 16, 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 Q3 2023 Global League Tables rank the top investors, advisers and more across PE and VC

Our new dashboard tracks the PE investors buying into Europe's most popular sport

Tech to turn waste streams into sustainable fuel is ripe for sustainable investing

PE's falling fundraising forecasts could make rebounding bonds all the more ideal for LPs

Today's Top Stories

Waste-to-fuel as a sustainable investing opportunity

Growing demand for low-carbon energy and greater waste management capacity has surged investor interest in technologies that turn waste streams into sustainable fuel and chemical types.

In the latest edition of our Emerging Sustainable Investing Opportunities analyst note series, we look at how waste-to-fuel technologies offer an opportunity for financial returns, progress toward net-zero targets, and participation in the circular economy movement, to name a few upsides. Waste-to-fuel is especially attractive in industries such as aviation where other clean energy solutions, like EV batteries, aren't yet viable.

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Every PE connection to Europe's top soccer clubs

(Marc Atkins/Getty Images)

Private investment firms are looking to score financial returns in Europe's "Big Five" soccer leagues.

More than a third of teams are now backed by PE, VC or private debt firms. And multi-club owners have a stake in nearly 42% of teams in the current season, while US owners are represented in 36.5% of teams.

Our new dashboard tracks every connection between Europe's elite soccer clubs and VC, PE and private debt firms and partners, as well as MCO- and US-backed teams.

explore the dashboard

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A message from SS&C Intralinks

Fundraising slows, but some strategies and managers still attract interest

The broad fundraising slump that began in 2022 continues to weigh on private fund managers, with funds raised year-to-date (YTD) representing just over half the amount raised last year across notably fewer funds. Sentiment may be gloomy, but private funds maintain significant capital reserves. SS&C Intralinks' Global Fundraising Outlook breaks down private fundraising dynamics and examines which strategies and managers have been able to keep up momentum in today's difficult environment.

Read the report here

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Ranking the most active investors of Q3

The latest edition of our Global League Tables is now available for Q3 2023, spanning the spectrum of private market activity. The interactive tables rank everything from the busiest PE investors by region to the most active law firms in VC. See who led the way.

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Treasury yield comeback threatens PE's tenuous fundraising outlook

(Douglas Sacha/Getty Images)

Private equity firms seeking fresh capital from LPs—namely, almost all of them—could soon face mounting competition from investment-grade and US Treasury bonds.

Yields on those tried-and-true investments have recovered, even reaching 15-year highs, making long-term bonds more appealing for institutional investors. Meanwhile, PE fundraising is forecast to fall 30% short of trend levels in 2024.

Portfolio companies that can create more cash are better positioned

According to the October 2023 EY PE Pulse, 80% of the professionals surveyed indicated they're paying more attention than usual to helping companies get visibility into cash and liquidity needs. In the current market, this is mission critical. The portfolio companies that can create extra cash will be more resilient. Plus, the excess cash can be used to fund growth when the competition is struggling to stay afloat.

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VC Deals

Danish biotech startup NMD Pharma raised an $80 million Series B led by Jeito Capital.

UK-based T-Therapeutics raised a $59 million Series A led by Sofinnova Partners, F-Prime Capital, Digitalis Ventures and Cambridge Innovation Capital.

SiLC, a silicon photonics startup based in California, secured $25 million. New investors include Hokuyo Automatic, Hankook & Company and Rohm Semiconductor.

Anti-money laundering specialist Refine Intelligence raised $13 million in a seed round led by Glilot Capital Partners and Fin Capital.

Retorio, the German developer of an AI coaching platform for sale teams, raised €9 million in a Series A led by SquareOne.

Barcelona's Last.app raised €5 million led by Nauta Capital for its restaurant management platform.

Pathway secured a $5 million seed round led by Yamaha Motor Ventures for its medical knowledge platform.

PE Deals

Japanese pharmacy chain Tsuruha is considering finding a buyer in a deal that could value the company at $4 billion or higher, Bloomberg reported. Tsuruha reached out to multiple PE firms to gauge interest.

German soccer league DFL Deutsche Fußball Liga is again considering selling a stake in its broadcasting rights to PE investors for up to €1 billion after a previous proposal failed to secure a majority vote in favor, Bloomberg reported.

KKR-backed French malt producer Malteries Soufflet completed its acquisition of Australian industry peer United Malt Group for A$1.5 billion (around $978 million).

Kinderhook Industries-backed value-based healthcare provider network Better Health Group, based in Florida, received $175 million in growth capital.

Washington Harbour Partners acquired Sixgen, a Maryland-based provider of cyber solutions for US national security, intelligence and defense groups, as well as critical commercial industries.

Granite Creek Capital Partners acquired New Jersey-based burlap and packaging manufacturer NYP.

Portfolio Companies

BlackRock-backed DSD Renewables received a $250 million investment from Cox Enterprises. New York-based DSD develops solar and storage projects for commercial, industrial and municipal customers.

Fundraising

Coatue raised a $1.4 billion companion vehicle to its $7.7 billion VC growth fund, The Information reported.

Kinderhook Industries closed a $1.3 billion continuation fund capitalized by AlpInvest Partners. The fund will acquire nine portfolio companies in Kinderhook's fourth and fifth funds and includes $300 million in unfunded capital for organic growth initiatives and strategic acquisitions.

California-based L Squared Capital Partners held the final close of its fourth fund on $840 million.

Netherlands-based Gilde Healthcare reached a €740 million final close of its Venture & Growth VI fund.

Gridmatic held the second close of its inaugural energy storage-focused fund on $50 million.

Chart of the Day

Source: Q3 2023 US VC Valuations Report

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PitchBook News - How VC can boost sustainable fuel tech

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