PitchBook News - The AI unicorns likely to go public

Blended-wing aircraft designs fueling change; PE-led group to snag MLB's Orioles; are take-privates taking off again?
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The Daily Pitch: VC
February 1, 2024
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Blended-wing aircraft designs could fuel change
The aviation industry has a carbon emissions problem, but the solution may not be that far off. Our latest analyst note dives into blended-wing aircraft. This more fuel-efficient design has been around for decades, but it's now finding support among startups looking to disrupt the aerospace sector.
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The AI and machine learning startups most likely to go public
(Alexander Spatari/Getty Images)
The IPO window remains shut despite Instacart and Klaviyo's listings last year. But an AI-driven frenzy may be just the thing to restart the flow for startups.

Using our VC Exit Predictor, we've assembled a list of the AI and machine learning unicorns most likely to go public this year.
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Are take-privates taking off again in 2024?
(Epixx/Getty Images)
Take-private dealmaking may not have reached the same dizzying heights last year as 2021 and 2022, but it was still a strong year.

Several take-private mega-deals—including the two largest PE buyouts of the year—pushed through along with a wave of smaller deals, encouraged by lower valuations. Will we see more of the same in 2024?
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Orioles to join PE-backed pro sports ranks with $1.7B+ Carlyle deal
Carlyle co-founder David Rubenstein
(Anna Moneymaker/Getty Images)
Baltimore Orioles owner John Angelos has reportedly agreed to sell the pro baseball franchise to a group led by David Rubenstein, co-founder of The Carlyle Group. The deal values the team at $1.725 billion and includes backing from Ares Management co-founder Michael Arougheti.

If the buyout is approved, the Orioles would become the 10th MLB team to be backed by private equity, according to our dashboard of PE's pro sports ties. Currently, 30% of MLB teams have PE backing and an additional 30% are owned by individuals with ties to the industry.

The deal must receive approval from 75% of the league's 30 teams, and the process could take months, according to reports. Peter Angelos, John Angelos' father, purchased the team for $173 million in 1993.
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Correction: M&A marks 2nd-worst year in a decade
(Alexander Spatari/Getty Images)
Total M&A deal value in 2023 was among its lowest since 2013. At an estimated $3 trillion, it is second only to dealmaking during the lockdown-induced global slump of 2020. Sectors feeling the effects include B2C businesses, healthcare and financial services.

(A previous version of this article misstated the combined value of deals announced in 2023. The total was $3 trillion, not $3 billion. Updated Jan. 31, 2024.)
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Repricing wave hits Europe's leveraged credit market
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A repricing wave has hit the European leveraged loan market, allowing issuers of riskier debt to shave costs. The surge partly reflects how the loan investor market is becoming less averse to risk, which in turn is driving trading prices higher in the loan secondary market.
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Strategic Value Partners has added two London-based managing directors, Timo Koch and Ahmed Khan, to jointly lead its European structured capital team.
VC Deals  
Metronome, a usage-billing startup for SaaS companies, has raised a $43 million Series B led by NEA. OpenAI and Nvidia also participated in the deal.

Oasis Security, an Israeli cybersecurity company, has received $40 million led by Sequoia.

San Jose-based Incognia, a cybersecurity startup, has raised a $31 million Series B led by Bessemer Venture Partners.

Utah-based Halia Therapeutics, which develops drugs to treat inflammation, has raised a $30 million Series C led by angel investor Todd Pedersen.

Madrid-based home energy software startup Clevergy has raised €1.5 million in a round led by Zubi.
PE Deals  
London's McWin Capital Partners bought a 95% stake in Sticks'n'Sushi in a deal valuing the Japanese restaurant chain at around $80 million, the Financial Times reported.

Scanmed, a Polish healthcare business backed by Abris Capital Partners, acquired its peer Med-Lux.

BlackRock invested in Malaysian renewable energy developer Ditrolic Energy via its public-private finance vehicle, Climate Finance Partnership.

BlackRock made a strategic investment in Lone Peak Dental Group, a pediatric dental support specialist.

Clayton, Dubilier & Rice acquired a minority stake in homebuilding materials company Foundation Building Materials, which is majority-owned by American Securities.

Thompson Street Capital Partners and Cequel III bought a controlling interest in DDC Cabinet Technology, which manufactures data center cooling products.

Blackford Capital acquired Data Science Automation, an automation engineering services specialist.
Portfolio Companies  
Kriya, a UK-based B2B payments fintech backed by Northzone and Banco Santander VC arm Mouro Capital, has secured a £50 million debt facility from Viola Credit.
New York's TJC, formerly known as The Jordan Company, raised $6.85 billion for its latest buyout vehicle, Resolute Fund VI, exceeding its $6 billion target, The Wall Street Journal reported.

Templewater is seeking up to $800 million for two funds that would target midsize Asian businesses and clean energy technology companies, Bloomberg reported.
Chart of the Day  
Source: Q3 2023 France Market Snapshot
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