Our guide to specialized healthcare funds

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The Daily Pitch: VC

February 27, 2024

Presented by Morgan Stanley at Work

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

Our analysts' guide to investing in specialized healthcare funds

Fidelity marks up its Stripe holdings as the outlook improves for IPO hopefuls

Mistral AI's Microsoft deal deepens generative AI startups' complex ties to Big Tech

Our Netherlands Market Snapshot maps a muted mix of PE and VC dealmaking

Today's Top Stories

A guide to investing in specialized healthcare funds

Specialized healthcare funds are having their moment in the sun as allocators demand greater sector focus of their managers. Propped up by the industry's complex regulatory frameworks and scientific rigor, healthcare specialist PE fundraising activity hit an all-time high in 2023.

Our H2 2023 Healthcare Funds Report is a resource to help LPs, GPs and other market players capitalize on this moment. The report offers a comprehensive view of healthcare specialists—identifying trends across PE, VC and corporate venture funds focusing on diversified healthcare, healthcare services and life sciences.

read the preview

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The business of winding down startups is booming

(Megan Woodard/PitchBook News)

In a sign of the times, companies that help startups wind down their operations are growing rapidly.

Sunset, SimpleClosure and Carta Conclusions are a few of the services now available to founders faced with the thankless task of shutting down the company, returning capital, and dealing with tax documents.

Turns out, failing gracefully isn't as simple as walking away. Founders who do it wrong risk offending their investors, who often prefer a swift end that allows them to write off the investment and avoid any liabilities tied to the defunct company.

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Netherlands' muted year for private market activity

PE dealmaking in the Netherlands ended 2023 on a disappointing note, with both deal count and value dipping in Q4 from the previous quarter. But VC saw an uptick in deal count while total value for the strategy remained stable in Q4, according to our Netherlands Market Snapshot.

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Hydrogen fuel heats up

The recent collapse of Convoy—the "Uber for trucking" startup that had promised to revolutionize freight logistics—sent a chill through supply chain investors, according to our recent Emerging Tech Research. But despite the high-profile bankruptcy, trends point toward a more positive 2024.

For those still pumping the accelerator, there are plenty of opportunities for investors to get in on the ground floor of emerging fields like hydrogen fuel and cold-chain logistics solutions—and with a smaller first check.

read the preview

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Since yesterday, the PitchBook Platform added:

20

VC valuations

1844

People

630

Companies

31

Funds

See what our data software can do

The Daily Benchmark:
2021 Vintage Global Real Assets Funds

Median IRR

7.41%

Top Quartile IRR

13.73%

0.03x

Median DPI

Select top performers

Ultra Capital Sustainable Infrastructure Fund II

Waterous Energy Fund II

QL Capital Partner Fund

*IRR: net of fees

39 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

DeepX, an AI-specific chipmaker, is in talks to raise 120 billion South Korean won (around $90 million) from investors including Skylake Equity Partners and Timefolio Asset Management, Bloomberg reported.

AI healthcare startup Reveleer, which is based in California, has secured $65 million from Hercules Capital.

RobCo, a Munich-based robotics specialist, has raised a $42.5 million Series B led by LightSpeed.

B.well Connected Health, a Baltimore-based healthcare platform provider, has raised a $40 million Series C led by Leavitt Equity Partners.

Founders Fund and Dragonfly have led a $27 million seed round for Web3 infrastructure startup Avail.

Canada's Helcim, a payments startup, has raised a C$27 million (about $19.9 million) Series B led by Headline.

Baseimmune has raised a £9 million Series A led by MSD Global Health Innovation Fund and IQ Capital. The UK-based company uses AI to predict future pathogen mutations for vaccine development.

SQM Lithium Ventures participated in a $9.43 million Series A extension for UK-based clean technology company Altilium for a total of $12 million.

AI customer-service startup NLX, which is based in New York, has raised a $12 million Series A led by Cercano.

Don't miss our upcoming webinar

This webinar aims to address the complexities and evolving nature of the crypto market. PitchBook senior analyst Robert Le will be joined by Marc de Kloe of Theta Capital, an LP to numerous major crypto VC funds, and Matt Walsh of Castle Island Ventures, which manages around $240 million. Key topics include:

The latest strategies and best practices in raising capital for crypto venture funds and how the fundraising process is different from conventional VC.

Key investment themes driving the crypto market, including opportunity areas like tokenization, DePIN and blockchain infrastructure.

Crucial metrics or signals investors look for and how startups can position themselves as attractive targets.

Predictions on market trends, regulatory developments, TradFi adoption and more.

Register now to secure your spot.

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PE Deals

KKR is nearing a roughly $4 billion deal to buy a software unit from Broadcom, Bloomberg reported.

Italy's Sogefi agreed to sell its filtration business unit for €374 million to Pacific Avenue Capital Partners.

Barings, Kline Hill Partners and Adams Street Partners invested in TRP Capital Partners' continuation fund for GenOx Transportation.

As part of a consortium led by Paine Schwartz Partners, Driscoll's has taken a stake in Australian fresh produce specialist Costa Group.

Singapore-based Capital Square Partners made a growth equity investment in Trianz, a digital transformation software company.

Neuberger Berman made a minority investment in TA Associates-backed Benecon, a medical benefits program specialist.

Luxor Capital Group, Goldman Sachs and BlackRock invested in hospitality management company Montage International.

Fundraising

Norwegian growth investor Verdane has raised €1.1 billion for Edda III, which will target startups digitalizing and decarbonizing Europe's economy.

Healthcare venture firm ORI Capital has raised $260 million for its second fund.

Investors

Goldman Sachs Asset Management has secured a $1 billion deal from Abu Dhabi's Mubadala to partner up on private credit co-investments in Asia, focusing on India.

Chart of the Day

Source: 2023 Annual US PE Breakdown

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Our guide to specialized healthcare funds

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