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Exit hangover: 2024's fundraising dilemma

Plus: Our analysts offer outlooks for PE and VC in 2024, latest Emerging Tech Research highlights the hotspots & more
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The Weekend Pitch
December 31, 2023
The Weekend Pitch is powered by PitchBook’s industry-defining research and best-in-class data
(Drew Sanders/PitchBook News)
Private investment managers may be raising champagne glasses to better days ahead, but poor fund distributions and interest rates are likely to spoil the party.

The downtrodden exit environment has hit PE and VC investors alike with some of the lowest returns in years. Less cash leaving old funds means LPs are strapped for new commitments.

Meanwhile, those LPs are being lured by less risky bets. Higher yields on bonds and cash continue to make it easier to hit institutional investor return targets—typically 7% to 9%—with fewer alternative assets.

This is the Weekend Pitch, and I'm James Thorne. You can reach me at James.Thorne@PitchBook.com or on X @jamescthorne.

Our analysts have a few predictions for what's in store for fundraising in 2024.

Let's dive in.
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Trivia
(Hofred/Getty Images)
PitchBook News examined the performance of a dozen tech verticals and found that, from agtech to ecommerce, all hauled in fewer dollars and deals in 2023. Which vertical saw the biggest dive in deal value, falling 77% year-over-year?

A) Ecommerce
B) Defense tech
C) Climate tech
D) Crypto and blockchain

Find your answer at the bottom of The Weekend Pitch!
 

Ready for 2024? Take an early look with our analysts

(Jayk7/Getty Images)
We're a day away from 2024, and our analysts are ahead of the game with a full slate of reports looking at what next year may have in store. They've made their projections and accompanied them with data to let you consider those views and finalize your own.

Read these reports peering into 2024:

Plug into our latest tech research


(Surasak Suwanmake/Getty Images)
From transit tech to space tech, PitchBook's Emerging Tech Research team regularly explores new areas of opportunity for investors. The playing field changes quickly. Let our analysts keep you up to date.

Recent coverage areas include:
  • Biopharma
  • AI and machine learning
  • Generative AI VC trends
  • Digital health
  • Foodtech
  • Insurtech
    		•
     

    Quote/Unquote
    (Gguy44/Getty Images)
    "Based on my discussions with bankers, I think it's going to be another quiet year."

    —Ran Ben-Tzur, a Fenwick IPO attorney speaking to PitchBook News about the IPO outlook for next year.
     

    Trivia
    Answer: A)

    The ecommerce vertical saw a 77% decline in deal value year-over-year in 2023. You can read more about the verticals that led and those that took dives this year in our article.
     

    Stay tuned
    Keep an eye out for these insights and research reports coming out this week:
    • Vertical Snapshot: Semiconductors
    • Q4 2023 PitchBook-NVCA Venture Monitor First Look
    • December 2023 Global Markets Snapshot
    • Analyst Note: Vertical Opportunities in a Reopened IPO Window

    This edition of The Weekend Pitch was written by James Thorne and Jacob Robbins. It was edited by Ron Prichard.

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