PitchBook News - Cracking Europe's IPO window

Read online | Don't want to receive these emails? Manage your subscription.

Log in

The Daily Pitch: VC

April 22, 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 Quantitative Research offers a way to better benchmark buyout fund performance

Our list of the 10 VC-backed quantum computing companies raising the most capital

Analysts aren't expecting a meaningful rebound in European IPOs until at least 2025

Has Europe finally found a way to open private markets to more investors?

Today's Top Stories

Cracking Europe's IPO window

If you're holding your breath for the IPO floodgates in Europe to open, you may be waiting awhile still, according to our new analyst note. Prolonged uncertainty surrounding interest rate cuts, geopolitical unrest and a slow recovery in valuations will likely push out any meaningful rebound in IPOs to 2025.

The market backlog has peaked at 300 companies, and there's a European exchange brain drain while the public market is particularly inhospitable to unprofitable listings. It looks like a slow road back to breezy times.

read it now

Share:

A better benchmark for buyout funds

It's time to boost your benchmarking tools. Our latest analyst note uses take-private data, quarterly financial statements and historical stock prices to capture the fundamental characteristics of buyout investing in a portfolio of public equities.

Analysts learned that PE funds are no magic bullet, performing mainly in line with public equities. LPs can use this analysis to better benchmark buyout fund performance and more clearly understand their risk-return profiles.

read it now

Share:

These quantum computing companies have pulled in the most cash

(Julia Midkiff/PitchBook News)

As quantum computing inches closer to prime time, the sector is raking in record numbers of deals, despite the technological hurdles. In January, JP Morgan anchored a $300 million round for Quantinuum, giving the Honeywell-owned quantum computing business a pre-money valuation of $5 billion.

Here are the 10 VC-backed quantum computing specialists that have raised the most capital since 2019, according to PitchBook data.

see the list

Share:

5 charts: Q1 European VC trends show sunnier skies

(Massimo Colombo/Getty Images)

European venture deal value rebounded in Q1, suggesting that a recovery is on the horizon for the region's VC ecosystem. Here are five charts from our Q1 2024 European Venture Report that illustrate the key trends shaping the market.

Share:

Since yesterday, the PitchBook Platform added:

44

People

31

Companies

See what our data software can do

The Daily Benchmark:
2016 Vintage Global VC Funds with more than $250M

Median IRR

19.91%

Top Quartile IRR

27.08%

0.51x

Median DPI

Select top performers

Battery Ventures XI Side Fund

Sofinnova Venture Partners X

Index Ventures Growth IV

*IRR: net of fees

28 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Jennifer Li has been promoted to general partner at Andreessen Horowitz.

VC Deals

San Francisco-based defibrillator specialist Avive raised $56.5 million in a round led by Questa Capital, Laerdal Million Lives Fund and Catalyst Health Ventures.

Canadian ecommerce shipping management startup UniUni raised $50 million in a Series C led by DCM.

Pathios Therapeutics, a biotech startup based in the UK, raised a $25 million Series B from Bristol Myers Squibb, Canaan and Brandon Capital.

Pliant, a fintech startup based in Berlin, raised more than €18 million for a Series A extension led by PayPal Ventures.

UK-based space-tech startup Orbex raised a £16.7 million Series C extension from the Scottish National Investment Bank, Octopus Ventures and others.

Blockchain company Centrifuge raised a $15 million Series A co-led by ParaFi Capital and Greenfield.

PE Deals

Apollo Global Management and Sony Group are considering making a joint offer for Paramount Global, Bloomberg reported.

CVC Capital Partners has approached EY to begin talks to acquire its Italian consulting arm, the Financial Times reported.

TDR Capital is nearing a deal to buy billionaire Zuber Issa's 22.5% stake in grocery chain Asda, Bloomberg reported.

French buyout firm Ardian is close to buying over $1 billion in PE fund stakes from public pension fund British Columbia Investment Management, Bloomberg reported.

Blackstone's Strategic Partners unit has sold a portfolio of PE fund interests totaling $1.1 billion to Ares Management, Bloomberg reported.

LDC-backed education media and marketing company Hybrid has acquired digital development agency Crisp Digital

Portfolio Companies

VC-backed grocery delivery company Getir is considering selling or shutting down non-core assets in a bid to cut costs, Bloomberg reported.

Exits & IPOs

Webflow acquired VC-backed Intellimize, the developer of a website personalization platform for marketing teams.

Cultos, the VC-backed developer of a Web3 customer rewards platform, was acquired by fintech company Ov Loop.

Refinery29, a digital news and entertainment website, was purchased by Sundial Media Group from PE-backed Vice Media Group.

Fundraising

German PE firm Maxburg Capital Partners closed its Fund IV on €450 million.

Investors

PE firm Pamplona Capital Management is looking to US investor to help it cut ties with Russian backers, Bloomberg reported. The firm is said to have sought help from investment firm Jefferies and is in talks with Apollo Global Management.

UBS is shutting down up to 17 of its equity and bond China private funds as it cuts operating costs in the country, Reuters reported.

Chart of the Day

"With dealmaking flush, PE capital calls as a percentage of dry powder reached 49.7% in 2021, well above the 35.3% historical average for the asset class going back to 2000."

Source: Surfing Turbulent Cash Flow Waves

About PitchBook | Terms of use | Advertise with us | Contact

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

PitchBook Data Inc., 901 Fifth Avenue, Suite 1200, Seattle WA 98164, United States

PitchBook News - Cracking Europe's IPO window

Older messages

US VCs go hunting for euros

Taking the private out of PE

The world's top startup cities

A comeback for European VC?

AI, EVs and NFTs top emerging spaces

You Might Also Like

Polymarket, Sora, and The Hallmark Killer

ET: December 24th 2024

10 Steps to Improve The Odds You Get Funded

End 2024 with a BANG💥 (Huge GIVEAWAY!)

Survey: Tech VCs ride wave of optimism

The Daily Coach's Picks: 10 Recommended Books of 2024

Here's everything retail media network experts are asking for this holiday season

Hack offline word of mouth

🎯 Stop Planning Your Goals Like An Amateur

🌁#81: Key AI Concepts to Follow in 2025