PitchBook News - Is this the end of co-investments?

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The Daily Pitch: VC

February 7, 2024

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

Will the influx of capital from high-net-worth LPs mean fewer co-investment opportunities?

Our Private Capital Indexes now have asset class returns data as of Q3

Q&A: Why more startups are turning to non-dilutive financing

The enterprise fintech sector looks to payroll tech for innovation

Continuation fund investors are piling into smaller, middle-market vehicles

Today's Top Stories

Q&A: A booming alternative for startups seeking funding

Capchase CEO Miguel Fernandez
(Piaras Ó Mídheach/Getty Images)

Non-dilutive financing has become significantly more popular with startups in recent years.

We spoke to Capchase CEO Miguel Fernandez about how a more challenging VC market has created rising demand for this form of alternative funding, and about what's ahead in 2024.

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Since yesterday, the PitchBook Platform added:

10

VC valuations

2697

People

885

Companies

27

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage North American Secondaries Funds

Median IRR

18.80%

Top Quartile IRR

28.74%

0.18x

Median DPI

Select top performers

Dover Street X

Blackstone Strategic Partners Infrastructure III

RCP Secondary Opportunity Fund III Overage Fund

*IRR: net of fees

14 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Austin-based NinjaOne raised a $231.5 million Series C led by Iconiq Growth for its IT platform.

Starship Technologies, a San Francisco-based developer of autonomous delivery robots, raised $90 million led by Plural and Iconical.

Ambience Healthcare raised a $70 million Series B co-led by OpenAI Startup Fund and Kleiner Perkins. The San Francisco-based company offers AI-powered tools for healthcare providers.

Biotech startup Attralus secured a $56 million investment led by Alpha Wave Ventures.

Ionix, an Israeli cybersecurity startup, raised a $42 million Series A led by Maor Investments.

India's River, an electric scooter startup, raised a $40 million Series B led by Yamaha Motor.

Spanish plant-based meat specialist Heura Foods closed a €40 million Series B from investors including Unovis Asset Management, European Circular Bioeconomy Fund and New Tree Impact.

London's Colossyan secured $22 million in a round led by Lakestar for its AI video generator.

Saleor completed an $8 million seed extension led by Target Global. The Polish company offers an open-source ecommerce platform.

Bulgaria's Evrotrust raised €3.3 million from investors including Silverline Capital for its ID verification platform.

PE Deals

Blackstone is in talks to buy Ireland-based data center builder Winthrop Technologies in a deal that could value the business at around £700 million, Sky news reported.

Blackstone is mulling a bid for Hong Kong-listed skincare firm L'Occitane International, Bloomberg reported.

Copenhagen-based investor Novo Holdings has invested in Indian healthcare provider Manipal Hospitals.

Hellman & Friedman and Valeas Capital Partners have picked up a majority stake in US accounting firm Baker Tilly.

Haveli Investments has agreed to acquire Nasdaq-listed cybersecurity company ZeroFox Holdings for an enterprise value of $350 million.

The Abu Dhabi Investment Authority may buy a minority stake in PAG-backed Zhuhai Wanda Commercial Management Group, the mall operator unit of Dalian Wanda Group, Bloomberg reported.

Keensight Capital and NYSE-listed B2B SaaS company ServiceNow have made a strategic investment in IT consultancy Plat4mation.

Audax Private Equity-backed healthcare consultancy firm Chartis has acquired Chicago-based payer-focused consultant HealthScape Advisors, Axios reported.

Portfolio Companies

HIG Capital has established a resort hotel platform after combining hotel assets in its portfolio. Ella Hotels & Resorts comprises 13 hotels in Greece and plans to expand farther in Southern Europe.

Exits & IPOs

CVC Capital Partners is weighing a sale of Good Choice, Bloomberg reported. The South Korean company develops a travel booking app.

Fundraising

Texas-based PE firm Trinity Hunt Partners closed its Fund VII on $700 million.

Encore Consumer Capital closed its Fund IV on $258 million.

London-based early-stage investor Episode 1 closed its third fund on £76 million. The vehicle will make up to 15 investments a year, primarily targeting UK startups.

Chart of the Day

"While the macroeconomic environment appears to have stabilized somewhat in late 2023 and early 2024, one or two quarters of stronger quarterly returns should not be considered a harbinger of recovery for real estate performance. With the prevailing narrative around real estate focusing on pockets of opportunity in noncore sectors, the subtext is that challenges are expected to persist for office, and to a lesser extent, portions of the multifamily, logistics, and retail sectors, in the coming year."

Source: Q2 2023 Global Fund Performance Report (with preliminary Q3 2023 data)

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PitchBook News - Is this the end of co-investments?

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