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The Daily Pitch: VC

April 8, 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:

Our latest market map dives into the physician practice management segment of healthcare services

Recent movement in the beauty industry shows potential PE exit opportunities

Our analysts outline the state of ESG and impact investing in the private markets

Today's Top Stories

The current state of ESG and impact

After extreme backlash against ESG in the US, some asset managers have been reconsidering their allocations to funds using the framework. Various investors have backed away, while others have leaned in.

In the impact investment arena, LPs are considering different approaches with commitments dedicated to either broad mandates or individualized missions. Our recent analyst note outlines the risks and opportunities still present under these umbrellas.

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Market Map: Tracking the shifting momentum in healthcare services

(Nora Carol Photography/Getty Images)

PE deals in healthcare services have declined amid labor crunches and high interest rates. Among the bright spots in the sector are PPMs—physician practice management companies—that operate in areas like vision, oncology and clinical trials.

Our latest market map dives into the PPM space, highlighting the segments with the highest concentration of platform companies.

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A message from PitchBook

2024 PitchBook Media Kit released

Volatility is on the rise, everywhere. Dealmakers are looking for insights, services and tools to navigate challenging, complex market environments—and you can help them. By partnering with PitchBook Media, you can reach over two million industry professionals spanning the C-suite to flagship GP offices. Customize a unique array of options from the brand-new 2024 PitchBook Media Kit, including:

Sponsorship of market-leading reports such as the PitchBook-NVCA Venture Monitor
Placement in the most widely read industry newsletters such as the Weekend or Credit Pitch
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Investors dine and dash on foodtech

Rising food costs and inflation have led to a difficult environment for foodtech: This was the second year in a row that annual VC investment in foodtech fell by more than half. Q4 2023 saw $1.7 billion in deal value generated across 279 deals, declines of 39.8% and 9.7%, respectively.

There are still reasons to be optimistic about the vertical, writes senior analyst Alex Frederick. From startups operating within the plant-based proteins space to a resurgence in the food ecommerce segment, our Q4 2023 Foodtech Report serves up the trends, key players, and data sure to make investors full.

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PE sees potential resurgence in beauty deals

(Tanja Ivanova/Getty Images)

Recent deals in the beauty industry may lead PE firms to consider exit options. Monogram Capital Partners agreed Tuesday to acquire a majority stake in Tru Fragrance & Beauty. Then on Thursday, Bloomberg reported that L'Oreal has been exploring the possibility of acquiring Amouage.

The anticipated pickup in the M&A market could trigger movement in the sector. We've scoped out other recent announcements in the beauty sector and the PE-backed beauty companies that may be ripe for an exit.

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Early-stage SaaS boasts best expected exit success rate for VCs

(Smith Collection/Getty Images)

SaaS is the bread and butter of venture, offering capital-lite business models with high profit margins.

VC's focus on enterprise SaaS isn't a coincidence. Historically, it's proven to be one of the most lucrative areas for investors, reporter Rosie Bradbury writes. And research from PitchBook, developed using the machine learning-enabled VC Exit Predictor, shows that the expected future returns for SaaS far outpace other venture tech verticals.

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Investcorp looks to capitalize on growing China-Middle East ties

(Mazen Mahdi/Getty Images)

Bahrain-based investment manager Investcorp is reportedly in talks to raise $800 million from China's sovereign wealth fund for its pre-IPO vehicle.

China has been fostering closer ties with the Middle East as relations with the US turn sour.

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Since yesterday, the PitchBook Platform added:

20

People

1

Companies

See what our data software can do

The Daily Benchmark:
2016 Vintage Global VC Funds

Median IRR

21.81%

Top Quartile IRR

28.99%

0.60x

Median DPI

Select top performers

Medicxi Ventures 1

7Wire Ventures Fund

BY Capital 1

*IRR: net of fees

71 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

In-space manufacturing startup Varda, which is based in California, raised a $90 million Series B led by Caffeinated Capital.

Binx Health, a Boston-area sexual health startup, raised a $65 million Series F led by Hildred Capital.

Colorado-based clean energy startup ION Clean Energy raised $45 million from oil giant Chevron New Energies.

Blockchain fintech startup Ellipsis Labs raised a $20 million Series A led by Paradigm.

Berlin-based Ikas closed a $20 million Series A led by International Finance Corporation and Re-Pie Asset Management for its ecommerce platform.

France's Antidot raised a €15 million Series B led by Kennet Partners for its content delivery and data management platform.

AI foundational model developer Archetype AI, which is based in Palo Alto, raised a $13 million seed round led by Venrock.

PE Deals

Australian investment firm Macquarie led a €750 million deal to buy part of Digi Communications' fiber network in Spain.

Swedish entertainment investment firm Pophouse acquired rock band Kiss' music, brand name and other intellectual property. Terms weren't disclosed, but the deal was reportedly worth more than $300 million.

Middle-market PE firm One Equity Partners acquired Associated Spring from Barnes Group. The company makes springs and other components for the aerospace, medical device and transportation industries.

PE firm Valesco made its second platform acquisition with the purchase of American Bedding, a Tennessee-based manufacturer of mattresses and bed frames. Four Bridges Capital advised American Bedding on the deal.

Aurora Capital Partners finalized its recapitalization of petrochemical logistics provider PSC Group. Middle-market PE firm TJC, formerly The Jordan Company, invested alongside Aurora in the recapitalization.

Warburg Pincus, Permira, EQT, Bain and TPG are considering joining the bidding process for Advent International-backed Indian pharmaceutical company Bharat Serums and Vaccines, The Economic Times reported, in a deal that could be worth more than $1 billion.

Exits & IPOs

The Carlyle Group is considering a sale of aircraft maintenance service provider StandardAero that could value it at around $10 billion including debt, Reuters reported.

San Diego-based biotech Contineum Therapeutics has announced an IPO at $16 per share, raising $110 million.

Tiger Global Management and Viola have reportedly sold $200 million to $300 million worth of shares in a secondary sale of data startup Redis.

Fundraising

Thoma Bravo is targeting $20 billion for its next flagship fund, Bloomberg reported. The tech buyout giant is also said to be targeting around $7 billion for a middle-market fund.

Spanish PE firm Miura Partners raised more than €200 million for its Dent&Co fund to back European dental distribution company Proclinic.

Tamarack Capital is raising $100 million for a new early-stage fund targeting software and hardware startups, Axios reported.

JFFVentures, the venture arm of nonprofit Jobs for the Future, raised $15 million for its second flagship fund targeting $50 million, focusing on investing in founders from underrepresented backgrounds.

Indian VC firm Centre Court Capital is raising $42 million for a fund focused on sports technology and gaming startups, Bloomberg reported.

Corporate M&A

Johnson & Johnson agreed to pay $13.1 billion in cash for Shockwave Medical, a manufacturer of cardiovascular medical devices.

Chart of the Day

Source: H2 2023 Global Real Estate Report

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PitchBook News - Mapping healthcare services' market

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Is fundraising back?

A low for VC since 2016

Mining the data analytics vertical

Unpacking Tiger's downsized fund

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