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The Daily Pitch: VC

February 26, 2024

Presented by Morgan Stanley at Work

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

Our 2023 Global League Tables, ranking the top investors, advisers and more across PE and VC

A survey of fund managers found a clue for confidence in the market

VC interest in hydrogen storage has ignited in the clean energy sector

Investors being choosy with biopharma bets pushed valuations up in a sea of declines

Today's Top Stories

Ranking the busiest investors of 2023

The world's most active PE firm notched 183 deals last year, and the busiest VC firm closed 397. Who else made the leaderboard? Our interactive Global League Tables for 2023 are now available, spanning the full spectrum of private market activity. We rank everything from the most active law firms in the venture universe to the busiest PE investors by region.

see the rankings

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VCs focus on the grid, hydrogen storage

VC funding for the clean energy sector dipped by about $5 billion in 2023 compared to the previous year. But the industry has been ignited by pressure from the COP28 conference and the Biden administration's hydrogen hubs, according to our latest Emerging Tech Research.

VCs are paying more attention to the systems underpinning the clean energy revolution, with grid infrastructure and hydrogen storage joining the dealmaking spotlight.

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A word from Morgan Stanley at Work

Unlocking the value of equity and liquidity in today's market

Today, private companies must navigate complex headwinds as they plan for a liquidity event or potential option repricing. They may be looking for strategies to help educate employees, realize the full potential of equity or take their plans global.

Watch as Morgan Stanley at Work explores topics impacting private companies today, from understanding valuation practices to demystifying tender offers and improving participant experience.

Morgan Stanley at Work and Shareworks services are provided by Morgan Stanley Smith Barney LLC, member SIPC and its affiliates, all wholly owned subsidiaries of Morgan Stanley.

Morgan Stanley Smith Barney LLC (Morgan Stanley) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.

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Survey: GPs plan to ramp up fees in show of confidence

(Cavan Images/Getty Images)

Some asset managers plan to ramp up management fees in 2024—a sign of renewed confidence in the dealmaking market. In a survey of 100 GPs by Dynamo Software, about 20% expect to increase fees, a significant bump from just over 5% in 2023.

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37% of first-time VCs might not be able to raise a second fund

2021 was the heyday for new entrants in venture capital: First-time fundraising reached a peak of $14.7 billion, including to more inexperienced managers without bulletproof track records or networks. Now that LPs have retreated, those same fund managers are in trouble, according to our recent analyst note.

More than 247 first-time managers that closed funds between 2019 to 2021 won't be able to raise a sophomore fund, according to PitchBook estimates. Those particularly at risk of being incapable of raising a second VC fund will likely be managers of funds with less than $10 million in commitments and those in emerging US markets.

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Since yesterday, the PitchBook Platform added:

58

People

44

Companies

See what our data software can do

The Daily Benchmark:
2017 Vintage Global VC Funds with more than $250M

Median IRR

19.70%

Top Quartile IRR

26.75%

0.45x

Median DPI

Select top performers

Flagship Pioneering Fund VI

Frazier Life Sciences IX

Oak HC/FT Partners II

*IRR: net of fees

25 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Robotics startup Figure AI is seeking to raise $675 million from backers like OpenAI and Jeff Bezos, Bloomberg reported.

Generative AI healthcare startup Abridge, which is based in Pittsburgh, raised a $150 million Series C led by Lightspeed.

Biotech company Frontier Medicines raised an $80 million Series C led by Deerfield Management Company and Droia Ventures.

Orchestration and workflow management startup Orkes secured a $20 million investment led by Nexus Venture Partners.

Elve, a California-based wireless connectivity specialist, raised a $15 million Series A from backers including Lockheed Martin Ventures and Yu Galaxy.

UK-based battery recycling startup Altilium received a $12 million Series A from investors including SQM Lithium Ventures.

SensiBel, a Norwegian developer of micro-electro-mechanical system microphones, raised €7 million in a round led by Sennheiser.

Tuned, a hearing healthcare specialist based in New York, secured a $3.2 million seed round led by Unum Group.

Device Authority raised $2 million from Mercato Partners. The a UK-based company develops identity and access management software for enterprise internet-of-things ecosystems.

PE Deals

EQT and the Canada Pension Plan Investment Board are considering a strategic exit from Nord Anglia, an international school operator, Bloomberg reported.

Dominion Energy is selling a 50% stake in its Coastal Virginia Offshore Wind project to Stonepeak.

WCAS has acquired pharmacy services software developer AssistRx for around $600 million, Axios reported.

Identity governance company Fastpath has been acquired by Delinea, a cybersecurity specialist backed by Thoma Bravo, Insight Partners and Public Sector Investment Board.

Nautic Partners has acquired Michigan-based SurfacePrep, which provides specialty coatings for surfaces.

Mayfair Capital Partners has acquired Baseline Fitness, a North Dakota-based franchisee of Planet Fitness.

Fundraising

Horizon Capital has reached a final close on $350 million to support Ukrainian companies through its fourth growth vehicle.

Sequoia's Sequoia Heritage has pledged $200 million to the debut secondaries fund of investment firm RenWave Kore, The Wall Street Journal reported.

Berlin-based Earlybird Venture Capital has raised €173 million for its latest healthcare-focused fund.

Amsterdam-based GapMinder has launched its second flagship fund with a target of €80 million. It will invest in seed-stage tech startups.

Chart of the Day

Source: Q4 2023 PitchBook-NVCA Venture Monitor

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PitchBook News - Ranking 2023's busiest investors

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