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PitchBook News - PE needs to get creative in 2024

Plus: A first look at the PitchBook-NVCA Venture Monitor, semiconductors lose luster with VC, a liquidity crunch & more
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The Weekend Pitch
January 7, 2024
Presented by Masterworks
(Joey Schaffer/PitchBook News)
Necessity is the mother of invention, so goes the adage. And, while ingenuity and adaptability have always been in private equity's DNA, 2023 was a year when the paradigm shifted dramatically, and PE had little option but to change up its approach.

The coming year is likely to bring greater stability (heavy emphasis on likely), but there is little indication that dramatic changes in market conditions are in the offing.

In short, creative approaches will be just as important in 2024 as they were in 2023—perhaps even more.

So, which of 2023's nascent trends should we watch this year? Secondaries, NAV financing, growth investing and carveout deals are just a few things that I'll be keeping my eye on.

This is the Weekend Pitch, and I'm Marie Kemplay. You can reach me at marie.kemplay@pitchbook.com.
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Trivia
Last year, global VC funding fell from its past highs, down from the $531 billion raised in 2022. How much did VCs raise in 2023?

A) $345 billion
B) $198 billion
C) $423 billion
D) $269 billion

Find your answer at the bottom of The Weekend Pitch!
 

A first look at year-end data for VC markets

(Johner Images/Getty Images)
It seemed like a never-ending list of challenges for VCs last year: the collapse of Silicon Valley Bank, a frozen IPO market, and so many down rounds. Firms are closing the books on a year in which virtually everything—deals, exits, fundraising—plunged.

Dive into our First Look data packs for the PitchBook-NVCA Venture Monitor, global venture ecosystem and European venture ecosystem to get the bigger picture.
 

A liquidity crunch

A frozen IPO market has left a lot of capital tied up in verticals such as SaaS, AI and machine learning, and fintech.

Not only are VCs and their LPs in increasing need of returns, but the IPO drought has left startups with substantial development cycles without the sustained funding they need for growth and innovation.

An IPO comeback in 2024 would channel funding for the next generation of companies back into the VC ecosystem that helped these verticals achieve their initial success.
 

The chips are down for chips

(OsakaWayne Studios/Getty Images)
VCs aren't chipping in on chips. Investment in the semiconductor vertical has been on a downward trajectory, despite major policy shifts and renewed public interest.

Our Emerging Tech Research dives into the key trends and opportunities in the space. With Asia attracting the majority of VC investment in semiconductors in 2023, what's in the store for the vertical is up in the air.
 

Quote/Unquote
"There's a lot of AI for AI's sake like crypto for crypto's sake. When I say that, I mean when you look at a company and the product, is it actually solving a problem, or were people just playing with crypto for the sake of playing with crypto? I think the same is true with AI."

—Morgan Beller, general partner at NFX, speaking to PitchBook on the similarities between the current generative AI fever and crypto.
 

Stay tuned
Keep an eye out for these insights and research reports coming out this week:
  • 2023 Annual US PE Breakdown
  • Q4 2023 PitchBook-NVCA Venture Monitor
  • Q4 2023 Fintech & Payments Public Comp Sheet and Valuation Guide
  • 2023 Annual Mobility Tech Overview
 

Trivia
Answer: A)

In 2023, VCs raised $345 billion globally, a 35% decrease from 2022. You can dive deeper into similar data in our Q4 2023 PitchBook-NVCA Venture Monitor First Look.

This edition of The Weekend Pitch was written by Marie Kemplay, Jacob Robbins and Sam Steele. It was edited by Andrew Woodman and Sam Steele.

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