PitchBook News - Mining the data analytics vertical

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The Daily Pitch: VC

April 5, 2024

Presented by Dropbox DocSend

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

Manulife Investment Management's secondaries team goes all in on GP-led deals

Blue Owl's big move into insurance

Our Data Analytics report outlines the trends and opportunities defining the industry

In France, big PE deals basically disappeared in 2023

Today's Top Stories

Mining the data analytics vertical

The data analytics vertical has reliably produced some of the largest, highest-growth new companies of recent decades, from Snowflake to Palantir. Our first-ever Data Analytics report outlines the trends and critical opportunities that will define the industry in years to come.

We estimate that the data analytics market attracted $201.8 billion in spending in 2023 and will grow at an 18.1% CAGR through 2026.

Since 2019, data analytics companies have raised between 19% and 22% of global software funding each year—demonstrating consistent investor commitment to the space.

Generative AI offers new opportunities for innovation and investment in conventional data analytics categories like data lakes and business intelligence.

read the preview

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VC-backed IPOs leave Europe behind

(Michael M. Santiago/Getty Images)

The US has seen a handful of high-profile public listings of tech companies this year, but the IPO window in Europe remains firmly shut.

Larger rallies in public equities and a more open attitude toward risk is boosting listing activity in the US—and leaving Europe behind.

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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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Manulife unveils debut fund dedicated to GP-led secondary deals

(Wei Fang/Getty Images)

Manulife Investment Management's latest fund is dedicated to GP-led secondary deals. It is the first secondaries vehicle raised by the Toronto-based asset manager to include third-party capital.

Jeff Hammer, co-head of Manulife IM's secondaries business, shared with senior reporter Madeline Shi why he's optimistic about the returns that can be generated by GP-led secondary deals.

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Blue Owl opens fundraising channel with insurance move

(PBNJ Productions/Getty Images)

Blue Owl Capital announced this week it will spend $750 million to acquire Kuvare Asset Management, a boutique investment management firm that services the insurance industry, opening up an additional fundraising channel for the firm.

The firm plans to launch Blue Owl Insurance Solutions, which will tap into the $20 trillion-plus global life and annuity insurance industry and provide additional, permanent investor capital to Blue Owl.

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France sees dearth of PE mega-deals and exits

(Alexander Spatari/Getty Images)

French private equity dealmaking faced a bumpy road in 2023. The year ended on a low, with not a single deal valued at €1 billion or more announced during Q4, as highlighted by PitchBook's Q4 2023 France Market Snapshot.

However, there is some cause for optimism for better performance during 2024 as the French economy is forecast to outperform its European peers.

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Leveraged finance survey: Market conditions strengthen

(Hpphtns/Shutterstock)

LCD's Q1 Leveraged Finance Survey of buy-side, sell-side and advisory professionals showed bullishness toward the leveraged loan asset class. Loan allocations, including for M&A, are expected to increase, and returns could outperform. Default projections for 2024 are down by a full percentage point from the previous quarterly survey.

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Since yesterday, the PitchBook Platform added:

9

VC valuations

2263

People

729

Companies

27

Funds

See what our data software can do

The Daily Benchmark:
2019 Vintage Global Funds-of-Funds

Median IRR

17.75%

Top Quartile IRR

21.33%

0.11x

Median DPI

Select top performers

Blockchain Coinvestors Fund I

HarbourVest Partners XI-Micro Buyout

Franklin Park International Fund 2019

*IRR: net of fees

40 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Indian fintech startup Navi is in talks to raise up to $400 million at a $2 billion valuation, TechCrunch reported.

Paris' Pigment closed a $145 million Series D led by Iconiq Growth for its business planning platform.

California-based Aerospike raised $109 million in growth funding from Sumeru Equity Partners for its AI database, analytics and transaction platform.

SiMa.ai, an AI and machine learning-centric chip startup based in San Jose, raised $70 million in a round led by Maverick Capital.

Swiss biopharmaceutical startup Neurosterix, which specializes in neurological disorders, raised a $63 million Series A led by Perceptive Advisors.

Metabolic health startup Biolinq, which is based in San Diego, raised a $58 million in a round led by Alpha Wave Ventures.

San Francisco-based Coalesce raised a $50 million Series B led by Industry Ventures and Emergence Capital for its data management platform.

Electronica Finance raised $48 million in a round led by LeapFrog Investments. The Indian company provides loans to micro, small and medium-sized enterprises

India's SingleInterface, a marketing software provider, secured $30 million in a round led by Asia Partners.

UK-based biotech startup EnteroBiotix raised £27 million from investors including Thairm Bio, Kineticos Life Sciences and Scottish Enterprise.

Biofidelity, a UK-based developer of genomic analysis technologies, secured $24 million from investors including Octopus Ventures, BlueYard Capital and Longwall Ventures.

PE Deals

Film studio Skydance Media is in merger talks with media company Paramount Global, which recently rejected a $26 billion takeover offer from Apollo Global Management, the Financial Times reported.

TPG agreed to acquire collision repair company Classic Collision from New Mountain Capital.

EQT entered exclusive negotiations to acquire French smart water and heat metering company Ocea Group from ICG Infrastructure.

Commercial electric vehicle charging company EV Realty formed a $200 million joint venture with GreenPoint Partners to develop charging hubs, Axios reported.

BlackRock and KKR sold their 40% stake in Adnoc's oil pipeline network to Lunate, an Abu Dhabi-based firm, Bloomberg reported.

GTCR-backed Once For All acquired Spanish supply chain risk and compliance management software startup Nalanda. PSG, which acquired a majority stake in Nalanda in 2021, will retain a minority stake.

Exits & IPOs

Summit Partners is exploring a sale of men's grooming brand Dr. Squatch for over $2 billion, Reuters reported.

Arsenal Capital Partners sold protective coating and sealing solutions supplier Seal For Life to Henkel.

School meals provider Revolution Foods is working with Kroll Investment Bank on a sale process, Axios reported.

SnapCare has purchased Medecipher, the VC-backed provider of a nurse scheduling platform.

Fundraising

SK Capital Partners held the final close of its flagship Fund VI on $2.95 billion.

Clarion Capital Partners closed its fourth fund, Clarion Investors IV, on $677 million.

Chart of the Day

Source: Q4 2023 Healthcare Services Report

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PitchBook News - Mining the data analytics vertical

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