PitchBook News - Private funds' last call drags on later

How late-stage startup valuations are trending; CoreWeave floats off with $642M from Fidelity, JP Morgan; PE's busiest life sciences investors
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The Daily Pitch: VC
December 5, 2023
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Today's Top Stories  
Closing time: Last call coming later and later for private funds
There are clear winners and losers in the competition to raise capital for investing in the private markets. New capital for VC and real assets plummeted in the 12 months ending in Q3, while PE secondaries was the only strategy to raise more money, not less.

In this less-than-generous environment, our latest Global Private Market Fundraising Report captures the story of which strategies are thriving and which are out of favor. Plus, our senior strategist has a message for GPs in the thick of raising new funds: Be patient.
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AI cloud startup CoreWeave secures $642M from Fidelity, JP Morgan
(Jasmin Merdan/Getty Images)
CoreWeave closed a $642 million secondary sale that has reportedly brought its valuation to $7 billion, up from $2.5 billion earlier this year. The startup has become popular among generative AI companies that rely on its cloud GPUs for the intensive computing the technology requires.
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A message from Deloitte  
The future of e-commerce & retail
Economic uncertainty remains paramount. However, the US consumer remains resilient in many ways, powering e-commerce retail sales into the hundreds of billions of dollars. Deloitte's latest edition of the Road to Next series explores this unique space to assess how its ongoing transformation points to larger, slower-moving trends and present-day concerns, with areas of focus including:
  • Analysis of datasets on e-commerce retail expansion-stage activity, juxtaposed against models of US recession probability and financing metrics.
  • How broader economic and geopolitical trends are intertwining to impact startup to growth-stage innovation in the space.
  • A spotlight on the unique complexities of manufacturing directly for retailers, but also why they may be more tentatively embracing those challenges.
Read it now
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November wrap-up: One month in global markets
Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.

This month, we look at our new Morningstar PitchBook Global Vertical Industry Indexes for clues on how late-stage startup valuations are trending.
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Meet the 5 most active PE investors in life sciences
(Iana Kunitsa/Getty Images)
PE firms pour billions of dollars into life sciences every year, as GPs and LPs recognize the growth potential of the sector.

The segment has been expanding with strong tailwinds—among them an aging population whose demand for new treatment options is rising, a higher prevalence of chronic disease, and innovations that could accelerate or potentially transform drug development.

We look at the most active PE investors in the space, which includes biotech and medical device companies as well as providers of related tools and services.
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Since yesterday, the PitchBook Platform added:
2
VC valuations
1754
People
492
Companies
38
Funds
See what our data software can do
 
The Daily Benchmark:
2020 Vintage Global Funds-of-Funds
Median IRR
12.33%
Top Quartile IRR
18.28%
0.06x
Median DPI
Select top performers
Banner Ridge DSCO Fund I
RCP SBO Opportunities Fund
PA Small Co Private Equity Fund IX
*IRR: net of fees
36 Funds in Benchmark Â»
Check out the latest version of PitchBook Benchmarks
 
A message from Citizens  

Seven capital management strategies for a mixed economy

In a mixed environment with tighter credit conditions, a mindset of financial flexibility can help middle-market companies align their capital with their strategic plans.

The possibility of a recession, driven in part by high interest rates, is leading many companies to deleverage and conserve cash. At the same time, the potential for continued growth, driven by a robust job market and strong consumer demand, is creating a push for M&A exploration and capex investments.

To help you balance these conflicting priorities, the latest Citizens article shares seven strategies for exercising caution while remaining ready to seize opportunities amid murky market conditions.

Achieve financial flexibility.
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VC Deals  
Seismic Therapeutic, a machine learning-powered immunology company, has raised a $121 million Series B led by Bessemer Venture Partners.

MoveInSync, an Indian employee transportation management startup, is looking to raise up to $60 million, TechCrunch reported.

Software cybersecurity startup ArmorCode has raised a $40 million Series B led by HighlandX.

AM Batteries, an EV battery equipment startup, has raised $30 million led by Toyota Ventures, Axios reported.

Rentman, a Dutch software provider for the events and media production sector, has raised €20 million from Expedition Growth Capital.

Generative AI startup Extropic AI has raised $14.1 million in seed funding led by Kindred Ventures.

Indonesian construction technology specialist Gravel has secured $14 million from investors including NEA and East Ventures.

January has raised a $12 million Series B led by IA Ventures for its debt resolution platform.
 
PE Deals  
Lee Equity Partners and Elements Health Investors recapitalized Carisk Partners, a Miami-based healthcare coordinator specializing in workers' compensation claims that was previously owned by MBF Healthcare Partners.

Francisco Partners sponsored the merger of San Francisco-based Muse Group, a music content and creation company, and Milwaukee-based sheet music publisher Hal Leonard.

Resurgens Technology Partners acquired Seattle-based Valant, which offers cloud-based electronic health records for behavioral health practices, from Gemspring Capital.

Bain Capital-backed Harrington Process Solutions acquired PumpMan, a New Jersey-based on-site wastewater system repair specialist, from Soundcore Capital Partners and Graycliff Partners.
 
Portfolio Companies  
OpenAI agreed to buy $51 million worth of AI semiconductors from Rain, a startup backed by angel investor and OpenAI CEO Sam Altman, Wired reported.
 
Exits & IPOs  
Kester Capital is considering selling UK pet food retailer Jollyes, The Times reported.

Aspen Insurance is planning a $4 billion IPO in New York next year, the Financial Times reported. The Apollo Global Management-owned specialty insurance provider is based in Bermuda but has significant operations in the UK.

Thoma Bravo has completed its sale of US cybersecurity company Imperva to French defense giant Thales.
 
Fundraising  
Intuitive Ventures, the corporate venture arm of Intuitive Surgical, has closed its second fund on $150 million to invest in startups developing minimally invasive medical treatments.
 
Chart of the Day  
Source: Q3 2023 PitchBook-NVCA Venture Monitor
 
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