1. Home
  2. Discover
  3. Business
  4. PitchBook News

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
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
November 21, 2023
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
Ads
In today's Daily Pitch, you'll find:
 
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.
read more
 
Share: Email LinkedIn Twitter Facebook
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.
read the preview
 
Share: Email LinkedIn Twitter Facebook
 
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.
Share: Email LinkedIn Twitter Facebook
 
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.
read it now
 
Share: Email LinkedIn Twitter Facebook
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.
read more
 
Share: Email LinkedIn Twitter Facebook
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.
read the preview
 
Share: Email LinkedIn Twitter Facebook
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.
read more
 
Share: Email LinkedIn Twitter Facebook
 
Ads
Since yesterday, the PitchBook Platform added:
1785
People
623
Companies
20
Funds
See what our data software can do
 
The Daily Benchmark:
2016 Vintage Global Real Estate Funds
Median IRR
11.57%
Top Quartile IRR
15.64%
0.82x
Median DPI
Select top performers
Blackstone Edison Managed Partners
Bensell Host US Fund
Perella Weinberg Real Estate Fund III
*IRR: net of fees
67 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
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
 
Who's in the newsletter today?
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
 
About PitchBook | Terms of use | Advertise with us | Contact
Follow us: in twtr fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

© 2023 PitchBook. Win what's next. All rights reserved.

Older messages

Adding tech unicorns to PitchBook Indexes

Monday, November 20, 2023

Shear takes over at OpenAI; What's hot in generative AI's VC ecosystem?; China takes lead in autonomous car deals Read online | Don't want to receive these emails? Manage your subscription.

Reining in ‘shadow banking'

Sunday, November 19, 2023

Plus: The big bond-yield squeeze, PE's love for European football, VCs still playing video games & more Read online | Don't want to receive these emails? Manage your subscription. Log in

When will PE be PE again?

Saturday, November 18, 2023

Also: Generative AI deal trends by seven key product segments; New rankings for VC investors, lenders, and advisers; See our expanded Unicorn Indexes. Read online | Don't want to receive these

Supply chain tech readies for consolidation

Friday, November 17, 2023

Menlo Ventures bags $1.35B for AI investing; Biden, Xi meet as LP commitments to China dwindle; talking tech with PitchBook analysts Read online | Don't want to receive these emails? Manage your

VC eyes gaming data as vertical dips

Friday, November 17, 2023

Transcend closes early-stage gaming fund; why PE has a collector's eye for European soccer; Mbrace Therapeutics banks $85M Series B Read online | Don't want to receive these emails? Manage your

You Might Also Like

‘We found the thing that gives us joy’: Microchild on the microverse, music, and shared language

Wednesday, March 12, 2025

The wife and husband pair of Shannon Sengebau McManus and Jonathan Camacho Glaser are souls behind the band Microchild. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

🦅 Reminder: Masterclass with Jesse Pujji

Tuesday, March 11, 2025

At 1:00 PM Eastern Time (US and Canada) ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

[Webinar tomorrow] Canadian? How to Grow Your Amazon FBA Business as a Canuck

Tuesday, March 11, 2025

Hey Reader, Are you a Canadian? No? Well, you should never skip a single line on an EcomCrew email but this is one exception and you can continue with your day. Yes? Then congratulations on hitting the

The state of ad serving for brands and agencies

Tuesday, March 11, 2025

How ad-serving technology is changing and unlocking new opportunities ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

♟️ OpenAI's smart chess move!

Tuesday, March 11, 2025

Guess who's sweating? ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

March Madness is here: Tap into the hype with these marketing plays

Tuesday, March 11, 2025

And more insights to drive smarter social strategies and ROI ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

ET: March 11th 2025

Tuesday, March 11, 2025

Exploding Topics Logo Presented by: Exploding Topics Pro Logo Here's this week's list of rapidly trending topics, insights and analysis. Topic #1 Gruns (trends) Chart Gruns is a DTC startup

If SEO is dead…

Tuesday, March 11, 2025

Here's a surefire way to fall behind your competition: Declare SEO as dead and stop optimizing your content. Sure, the strategies that worked five years ago may not work today, but businesses that

Niche = $$$

Tuesday, March 11, 2025

Why Your Tiny Newsletter Could Be an Advertiser's Dream ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Founder Institute targets first VC fund

Tuesday, March 11, 2025

Startups join the M&A big leagues; Hinge Health files for IPO; stablecoin surges with regulation in play; VC-backed IPOs give up post-election gains Read online | Don't want to receive these