PitchBook News - LPs return to warming crypto market

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The Daily Pitch: VC

May 2, 2024

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

Crypto-focused GPs are returning to the fundraising market

Calstrs plans to boost its direct lending strategy by bumping down public equities exposure

Our latest Global Markets Snapshot breaks down one month of trends in the equity, debt and commodities markets

Why Middle Eastern nations are pouring capital into AI startups

Today's Top Stories

LPs warm back up to crypto as bitcoin rallies

(Roslan Rahman/Getty Images)

After a long winter for cryptocurrency, GPs are returning to the LP fundraising market, newly buoyed by a bitcoin rally and the SEC's approval of bitcoin exchange-traded funds.

Two of the most well-capitalized crypto-focused firms, Pantera Capital and Paradigm, are reportedly in talks to raise new vehicles of $1.25 billion and roughly $750 million, respectively. Pantera's prospective Fund V would invest in early-stage and liquid tokens as well as startup equity, Bloomberg reported.

And the two firms are not alone.

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People

Ethan Kurzweil is leaving his role as partner at Bessemer Venture Partners to start his own early-stage venture firm.

VC Deals

New Jersey-based CoreWeave, an AI cloud computing startup, raised a $1.1 billion Series C led by Coatue.

BlackRock led a $47 million investment in San Francisco's Securitize, which offers a security platform for digital asset trading.

Oasis Security, an Israel-based identity verification startup, raised a $35 million Series A extension co-led by Accel, Cyberstarts and Sequoia.

Arris, which manufactures composite materials, raised $34 million from Bosch Ventures, Modern Venture Partners, Standard Industries and others.

Traceable AI, a San Francisco-based cybersecurity startup, raised $30 million from investors including Citi Ventures, IVP and Sorenson Capital.

Peregrine, a data startup in San Francisco specializing in state and local government agencies, raised a $30 million Series B led by Friends & Family Capital and Fifth Down Capital.

Danish challenger bank Lunar raised €24.1 million from existing investors.

Vitestro, a Dutch developer of autonomous blood drawing tech, secured $22 million in a round led by Sonder Capital and NYBC Ventures.

PE Deals

PG&E has entered exclusive negotiations to sell a minority stake in its power plants fleet, a subsidiary called Pacific Generation, to KKR, The Wall Street Journal reported.

Atlanta-based asset manager BIP Wealth has agreed to acquire The Money Advisor Group, which provides investment and retirement-planning management services.

TA Associates has made a growth investment in Edmunds GovTech, a software provider for US local governments and utility authorities.

Miami-based private investment firm Trivest Partners has made a minority growth investment in Alta Pest Control, a residential pest control provider.

Cavallo Ventures-backed farm management software provider AgCode has been acquired by SaaS investor Arcadea Group.

Bridgepoint, Cinven and New Mountain Capital are among potential investors who have approached UK-listed financial services consultancy Alpha Financial Markets Consulting to discuss a takeover deal, Sky News reported.

English soccer club Everton is in talks with restructuring advisers as US-based 777 Partners struggles to complete its takeover first announced in September, according to reports.

Exits & IPOs

Spanish beauty and fragrance group Puig has set the price for its Madrid IPO at €24.50 a share, the top of its range. The offering values the company—which owns brands including Rabanne and Penhaligon's—at €13.9 billion, making it the country's biggest IPO in nearly a decade.

Rippl, a dementia-focused care provider, acquired VC-backed Kinto, which offers an AI-powered dementia care platform.

Tamarix Equity Partners and Pacific General Holdings are working with advisory firm North Point to gauge interest in a potential sale of acai bowl chain Playa Bowls at an over $300 million valuation, Reuters reported.

Abu Dhabi-based Emirates Telecommunications is weighing acquiring BC Partners-backed TV operator United Group at an €8 billion valuation, Bloomberg reported.

Fundraising

Golub Capital held the final close of its sixth credit opportunities fund on $2 billion.

ChrysCapital raised $700 million for a continuation fund that allows it to keep its stake in the National Stock Exchange of India, Reuters reported.

India-based Stride Ventures raised $165 million for its third flagship fund.

Renegade Partners closed its second flagship fund on $128 million.

Hyde Park Venture Partners raised $98 million for its second flagship fund.

Investors

Saudi Arabian sovereign wealth fund PIF is set to commit $5 billion to BlackRock through a new entity, BlackRock Riyadh Investment Management, that would grow the firm's presence in the country, Bloomberg reported.

Chart of the Day

Source: PitchBook's Q1 2024 US PE Breakdown

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PitchBook News - LPs return to warming crypto market

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