PitchBook News - Unpacking Tiger's downsized fund

Alternative proteins showcased at Future Food-Tech; AXA IM to pick up secondaries specialist; Alsym Energy bags $78M for rechargeable batteries
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The Daily Pitch: VC
April 4, 2024
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In today's Daily Pitch, you'll find:
 
Today's Top Stories  
3 charts explain Tiger Global's downsized $2.2B fund
(Angelina Bambina/Getty Images)
Tiger Global closed its latest VC fund with $2.2 billion, its smallest in a decade and the latest sign of shrinking ambitions among large investors.

Tiger's downsized ambitions come at a time of strain for LPs, whose VC bets have returned little cash due to a lack of IPOs. The smaller fund also reflects declining capital requirements for growth-stage investing.
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AXA Investment Managers to pick up PE secondaries specialist
(John Keeble/Getty Images)
Major European asset manager AXA Investment Managers has agreed to acquire PE secondaries specialist W Capital Partners.

The transaction comes as interest grows in secondaries as both an investment strategy and a liquidity tool.
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A message from Dropbox DocSend  
What last year's pre-seed round can tell us about today's fundraising landscape
DocSend's latest pre-seed data shows investors' focus on long-term profitability as VCs place increased emphasis on due diligence and scalability over rapid growth. Dive into the full report to learn about what the trends can tell us about the current landscape, and how successful founders have shifted their approach to meet the moment.

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Alternative protein commercialization a key focus at foodtech conference
Senior analyst Alex Frederick shares key takeaways from the Bay Area's Future Food-Tech conference in our latest analyst note, including:
  • Alternative proteins took center stage, with a focus on scaling and commercialization in a challenging fundraising environment.

  • The adoption of GLP-1-boosting drugs like Ozempic and Wegovy will have widespread implications for the food industry as diets and shopping habits shift.

  • VCs and large food companies are taking a more cautious approach to spending, according to a panel on investor projections and predictions.
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Leveraged loan defaults drop as outlook brightens
(ImageFlow/Shutterstock)
The leveraged loan default rate fell in March, adding to improving indicators this year. Fewer loans are priced at distressed levels, and the downgrade-to-upgrade ratio is also declining.

LCD breaks down the data on distressed exchanges, which have accounted for a rising share of overall default activity. The exchanges are more likely to preserve the equity stake held by PE owners.
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Will private capital's soccer frenzy continue with Tottenham Hotspur?
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English Premier League soccer team Tottenham Hotspur is in talks to sell a stake as private capital dealmaking in the sport ramps up.

Financial pressures stemming from the pandemic and booming private markets have led to a rise in European soccer-related deals.
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People  
Kelley Hodge has joined VC firm Greycroft as head of marketing. Tammy Schlosberg has also joined as head of investor relations, while Hank Zhou has been promoted to general counsel and Jimmy Charters to vice president of finance.

G2 Venture Partners has hired Ellie McDonald as an investor and Jeannine Sargent as an operating partner.
 
VC Deals  
Massachusetts-based biotech startup Obsidian Therapeutics raised a $160.5 million Series C led by Wellington Management.

Alterome Therapeutics, a San Diego-based precision oncology biotech startup, raised a $132 million Series B led by Goldman Sachs Alternatives.

Biotech company Diagonal Therapeutics raised $128 million in a Series A co-led by BVF Partners and Atlas Venture.

Stockholm's Scayl emerged from stealth with €100 million for its debt financing platform.

Brim Financial, a Toronto-based fintech infrastructure startup focused on payments, raised an $85 million Series C led by EDC Investments.

Massachusetts-based rechargeable battery specialist Alsym Energy raised $78 million in a round led by General Catalyst and Tata Limited.

Iceberg Data Lab closed a $10 million Series A led by Beringea. The Paris-based company provides environmental data and analytics.
 
PitchBook Tech Talks Webinar: Tracking the LLM app stack
PitchBook research finds that large language model pilot projects can take up to six months to deploy even in successful cases. Buyers must compare a variety of models, orchestration frameworks and deployment services to balance cost and performance.

In addressing this opportunity, companies in our large language model operations market map have nearly closed more VC deals in the last 14 months than in the prior three years combined. To track how these new products fit together, PitchBook senior analyst Brendan Burke will discuss the structure and state of the large language model app stack with AI developer community leader Yujian Tang, a senior developer advocate at Zilliz. Key topics include:
  • How software engineers select orchestration tools to build for the two biggest use cases: retrieval-augmented generation and AI agents.

  • Data preparation techniques to bring unstructured, multimodal data to large language model applications.

  • Deployment tradeoffs with new, small models and hardware constraints.
Register now to secure your spot.
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PE Deals  
BC Partner's credit unit has made a $400 million investment comprising convertible preferred equity and debt in Riddell, an NFL helmet-maker backed by Fenway Partners.

Azimut is selling its stake in Kennedy Lewis, a private credit fund, to Goldman Sachs' Petershill Partners for $225 million.

Switzerland's Brera Partners has purchased 70% of Rome-based GBSAPRI Group's shares. Brera will support the insurance broker in add-on deals for its Italian peers.

Accel-KKR made a majority equity investment in Finland's Aico Group, a fintech company that provides month-end closing software to large businesses.

A group led by Novo Tellus and 65 Equity Partners has acquired 100% of DConnex, the Singapore-based precision manufacturing business of Hong Kong-listed Tongda Group.

West Lane Capital Partners acquired Seven, a haircare products manufacturer based in Seattle.

Broad Sky Partners has backed Punctual Pros, which operates franchises of Pennsylvania-based HVAC, plumbing and electrical service providers for Authority Brands.
 
Exits & IPOs  
VC-backed satellite management technology startup Satelles has been acquired by Iridium Communications for an undisclosed amount.

CVC Capital Partners has sold its 5% stake in Vietnamese commercial lender Asia Commercial Bank for $220 million, Reuters reported.
 
 
Fundraising  
European enterprise software investor Main Capital Partners has closed its two latest buyout funds, Main Capital Fund VIII and Main Foundation II, on a combined hard cap of €2.44 billion.

Crypto-focused VC firm Paradigm is in talks to raise up to $850 million for a new fund, Bloomberg reported.

Mauritius-based Adenia Partners, a PE firm investing in growth opportunities in Africa, has closed its fifth fund on a hard cap of $470 million.

Amsterdam-based gaming-focused VC firm Laton Ventures has raised $35 million for its debut fund.

Maniv has raised $140 million for its third flagship fund focused on seed- and early-stage investing.
 
Corporate M&A  
Swiss specialty chemicals company Clariant has completed a $810 million acquisition of Canadian cosmetics-maker Lucas Meyer Cosmetics from International Flavors and Fragrances.
 
 
Chart of the Day  
"Lately we are seeing signs of distressed selling. As recently as Q3, the trailing 12-month (TTM) median multiple seemed to be holding firm at 2.4x revenue, but that collapsed to 2.0x for all of 2023."

Source: 2023 Annual US PE Middle Market Report
 
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