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The Daily Pitch: VC

April 12, 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:

PitchBook Benchmarks offer the latest fund performance data across PE, VC and more

Rubrik's upcoming IPO will test whether the old rules of growth-over-profitability still apply

SPACs have been grabbing headlines, but the value of companies that recently went public via SPACs is still falling in 2024

Today's Top Stories

PitchBook Benchmarks for PE, VC and more

PitchBook Benchmarks provide a detailed snapshot of the latest data for closed-end fund returns across strategies. The new edition is now available, updated through Q3 2023 with preliminary data for Q4. It features PDFs and visualizations that break down the data by geography and fund type. Additional data and vintage years are available in Excel data packs for PitchBook clients.

see the data

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Investors see a test for loss-making startups in Rubrik's IPO

(Joey Schaffer/PitchBook News)

Information security startup Rubrik has filed to go public, following on the heels of the successful IPOs of Reddit and Astera Labs. Unlike those companies though, Rubrik has seen its losses widen year-over-year to $354.2 million—even as its subscription annualized recurring revenue swelled 47%.

For investors, the upcoming IPO is a test of whether the old rules of growth-over-profitability still apply.

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SPAC performance worsens despite marquee deals

You could be forgiven for thinking that SPACs are hot again.

Former President Donald Trump's media platform Truth Social is worth about $4.5 billion following its successful blank-check merger.

A SPAC backed by Sam Altman and Michael Klein is trading at a premium as it works to take nuclear company Oklo public at a roughly $850 million valuation.

Webull, the trading app backed by General Atlantic and Coatue, was valued at about $7 billion in a deal with blank-check firm SK Growth Opportunities.

Despite the encouraging headlines, the value of companies that recently went public via SPACs has fallen 13.8% in 2024, our IPO indexes show, adding to years of negative performance. Meanwhile, PE- and VC-backed IPOs are up double-digit percentages this year.

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How much larger can Europe's mega-funds get?

Just five funds accounted for more than half of the capital raised by European GPs in 2023—a record fundraising year for vehicles over €1 billion. But what's driving the rise of these mega-funds?

In our latest analyst note, PitchBook's Nicolas Moura explores the drivers behind Europe's extra-large vehicles, from North American LP commitments and lower management fees to a shift toward experienced managers and a democratization of the asset class.

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New opportunities aplenty in organ transplant

The state of organ transplantation is evolving: A combined market opportunity of at least $7 billion tees up innovation and investment, writes PitchBook analyst Aaron DeGagne in our recent Emerging Tech Research. AI is emerging as a new tool for crossmatching and assessing rejection risk, while government involvement in the space is opening new avenues for startups to jump in.

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Since yesterday, the PitchBook Platform added:

8

VC valuations

674

People

267

Companies

24

Funds

See what our data software can do

The Daily Benchmark:
2019 Vintage Global Real Estate Funds

Median IRR

10.90%

Top Quartile IRR

17.85%

0.18x

Median DPI

Select top performers

Lubert-Adler Workforce Housing Fund

Longpoint Realty Fund I

Lone Star Fund XI

*IRR: net of fees

60 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Boston-based Nexamp, a renewable energy provider, raised $520 million in a round led by Manulife Investment Management.

Hong Kong's Windrose Technology, which makes electric trucks, raised a $110 million Series B from investors including HSBC, HITE Hedge Asset Management and the Goodman Group.

Barcelona-based Factorial raised $80 million from General Catalyst for its HR platform.

Raft, a defense-tech data startup headquartered in Virginia, raised $60 million in a growth investment from Washington Harbour Partners.

Solar energy data startup Arcadia raised $50 million in growth capital from Macquarie Asset Management, G2 Venture Partners, Energy Impact Partners and others.

Carbon capture startup Captura, which is based in Los Angeles, raised a $43.5 million Series A from Japan Airlines Innovation Fund, National Grid Partners and others.

Minnesota-based medtech startup Elucent Medical raised a $42.5 million Series C led by Vensana Capital and RC Capital.

London's Mimo raised £15.5 million from investors including Northzone, Cocoa VC and Seedcamp for its financial management platform for small businesses.

PE Deals

Blackstone and CVC Capital Partners are among the potential buyers for Superstruct Entertainment, a European festivals organizer, at a possible valuation of $1.9 billion, Reuters reported.

Hg is nearing a deal to buy a majority stake in Focus Group that would value the UK telecom group at £800 million including debt, Sky News reported.

US PE firm STG Partners acquired UK fintech company Gresham Technologies in a £146.7 million cash deal.

HIG Capital has completed the acquisition of Segers, an aerospace engine maintenance, repair and overhaul company that services the US military.

Lionheart Capital has entered an agreement to purchase Sunseeker International, a manufacturer of yachts, from an affiliate of Dalian Wanda Group, Bloomberg reported. The deal is expected to close next month.

Inverness Graham has acquired BenefitHub, a platform that provides benefits and employee engagement to clients including Amazon, Johnson & Johnson and Target.

Exits & IPOs

Surge Ventures acquired VC-backed data integration startup Kovair as it launches its own wealth management platform.

Nuvation Bio purchased VC-backed biotech company AnHeart Therapeutics.

Onfido, a VC-backed identity verification startup, was acquired by Entrust.

Fundraising

Hellman & Friedman closed its 11th flagship fund on roughly $22.3 billion, according to reports.

Los Angeles-based PE firm Lone View Capital closed its first fund on $850 million.

European VC firm Lakestar raised $600 million across its fourth early-stage fund and its second growth vehicle.

St. Louis-based PE firm Compass Group Equity Partners closed its Fund III on $408 million.

Boston-based Asymmetric Capital raised $125 million for its second fund, The Boston Business Journal reported.

Kline Hill Partners is partnering up with Cendana Capital for a joint fund that raised $105 million to invest in seed-stage companies, TechCrunch reported.

Chart of the Day

Source: H2 2023 Global Real Estate Report

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