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PitchBook News - OpenAI's secondary buyers vanish

Battery energy storage startups score mega-deals; banks' critical role in Japan's VC market; lenders pull back from club deals
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The Daily Pitch: VC
November 21, 2023
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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Today's Top Stories  
Altman's ouster from OpenAI spooks secondary investors
Former OpenAI CEO Sam Altman
(Andrew Caballero-Reynolds/Getty Images)
Investor interest in OpenAI shares on the secondary market has come to a near standstill as prospective buyers wait for news following the surprise termination of CEO Sam Altman on Friday.

Buyer interest in OpenAI stock totaling around $100 million all but evaporated between Thursday and Monday morning, according to Javier Avalos, CEO of secondary trading platform Caplight.
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The era of battery energy mega-deals
Cleantech companies raised $4.5 billion in VC funding in Q3, making it a slightly depressed quarter compared with 2022 levels, according to our latest Clean Energy Report.

Nonetheless, battery energy storage and hydrogen startups are still bringing in the big bucks, driven by federal funding boosts and investor enthusiasm to address the bottlenecks likely to arise during the energy transition. Up rounds for startups Verkor, Electric Hydrogen, and Juniper Green Energy are just a few examples of the excitement rampant in those emerging spaces.
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A message from RBC Capital Markets  
M&A and IPO opportunity vs. market disruption
The equity capital market is technically open and some big IPOs have been delivered. Yet many investors and issuers still prefer to wait rather than act. Less market activity means assets have grown larger, and private equity dry powder is at a record level. Taken together, these ingredients should support IPO volumes and drive M&A momentum. But with geopolitical uncertainty, elections, and high interest rates in the mix, will the market be back in full swing in 2024? Hear from RBC's expert bankers on Strategic Alternatives, the RBC podcast.
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Japanese banks fill critical role in region's VC market
The VC market in Japan almost had a big problem. Many of the traditional venture firms don't have sufficient capital to support late- and growth-stage companies. Our latest analyst note explores how this void created an opportunity for a few groups of deep-pocketed investors—among them, Japanese banks.

In recent years, banks have become active participants. Most prominently, the country's three megabanks—MUFG Bank, Sumitomo Mitsui Banking and Mizuho Bank—have set up corporate venture arms, committed swaths of capital to VC funds and invested directly in startups.
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European pension funds cool to private markets in 2023
(Stocknshares/Getty Images)
The number of commitments being made by European pension funds into the region's private markets funds has slumped this year.

As it stands, 2023 will see the lowest level of such investing in the last decade. It comes at a time when policymakers have been trying to encourage pension funds to invest more into private capital.
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Are VCs returning to agtech?
It's been a long dry spell for agtech funding, but early signs indicate VCs are starting to return. Total deal value improved nearly 20% in the third quarter, according to our recent Emerging Tech Research.

Median deal sizes and valuations are nearing record highs, with startups making leaps in areas such as biopesticides and agroforestry.
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Private credit lenders shy away from club deals
(Twomeows/Getty Images)
In today's market, increased risk and economic uncertainty are making it harder to get multiple lenders on the same page, which is hamstringing some lenders' willingness to lead a club deal.

PitchBook LCD data shows that, in Q3, only 6% of leveraged buyouts financed by private credit lenders were club deals—the lowest share since Q1 2022. In contrast, over 70% of private credit loans financing LBOs were supplied by a single lender.
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VC Deals  
LucidLink, the creator of a cloud collaboration platform for creatives, raised a $75 million Series C led by Brighton Park Capital.

UK-based Advanced Electric Machines raised £23 million in a Series A led by Legal & General Capital and Barclays Sustainable Impact Capital for its electric vehicle motors.

Malou, the Paris-based developer of a marketing platform for the restaurant industry, raised €10 million from investors including HenQ and Bleu Capital.

Dutch healthcare specialist RespiQ was awarded a €4 million grant from the European Innovation Council.

Spanish fintech startup Fence raised €1.8 million in a pre-seed round led by Semantic Ventures.
 
PE Deals  
Antin Infrastructure Partners agreed to buy Swedish gas and fire safety technology provider Consilium Safety Group from Nordic Capital.

Aurelius and UK telecoms group BT are in talks to take over London-listed electronics retailer MusicMagpie.

Gilde Healthcare acquired Germany-based Koscher & Würtz, a contract manufacturer for precision surgical tools.

Greenbriar Equity Group recapitalized Vive Collision, a New York-based operator of 35 collision repair facilities in the Northeast that previously received funding from Garnett Station Partners.

Kuwait-based Gulf Investment Corporation acquired a minority stake in oil pipeline inspection company Pipecare Group, Reuters reported.
 
Exits & IPOs  
TPG is considering selling its 35% stake in insurance provider Singapore Life, Bloomberg reported. Singlife could be valued at close to $3 billion.

McDonald's agreed to acquire The Carlyle Group's 28% stake in the partnership that runs the fast-food company's operations in China, Hong Kong and Macau.

SK Capital Partners acquired New Jersey-based J&K Ingredients from Core Industrial Partners.
 
Fundraising  
Riverwood Capital closed its fourth fund on $1.8 billion. The California-based PE firm tends to invest $25 million to $100 million per deal in midsize tech businesses.

Material Impact announced its $352 million third flagship fund to invest in material sciences startups.

Romania's Underline Ventures reached a $20 million close on its first fund, which will target early-stage investments in Eastern Europe.
 
Chart of the Day  
Source: Q3 2023 PitchBook-NVCA Venture Monitor
 
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Investors
Antin Infrastructure Partners
Aurelius
BT
Barclays Sustainable Impact Capital
Bleu Capital
Brighton Park Capital
Core Industrial Partners
European Innovation Council
Garnett Station Partners
Gilde Healthcare
Greenbriar Equity Group
Gulf Investment Corporation
HenQ
Legal & General Capital
Material Impact
McDonald's
Nordic Capital
Riverwood Capital
SK Capital Partners
Semantic Ventures
TPG
The Carlyle Group
Underline Ventures
Companies
Advanced Electric Machines
Consilium Safety Group
Fence
J&K Ingredients
LucidLink
Malou
MusicMagpie
RespiQ
Singapore Life
Vive Collision
 
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