PitchBook News - Forecasting growth for AUM

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The Daily Pitch: VC

May 6, 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 analyst note explores how private capital AUM could expand in the next five years

Can the vertical payments space reenergize enterprise fintech?

The 10 most active VC investors in Latin American startups

Interest rates have taken an unequal toll on PE fund segments

Today's Top Stories

Can the good times roll for private capital?

Private markets now control $14.7 trillion in AUM after growing at an annualized rate of 12.8% from 2012 to 2022, vastly outpacing publicly traded stocks and bonds.

High interest rates and an exit drought are challenging that growth, but LPs appear bullish on private allocations. Our latest analyst note explores how private capital AUM could expand over the next five years.

We forecast global private capital to reach nearly $20 trillion by 2028. That figure could stretch to almost $24 trillion in a positive macro environment.

Not all strategies will benefit equally: PE, private debt, and real assets have a steeper forecasted growth trajectory than VC and real estate.

Secondaries are expected to contribute to the boom, growing from $462.5 billion to over $700 billion in our base-case scenario.

read the analyst note

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Will payments reenergize enterprise fintech?

Enterprise fintech has hit a slump: Deal count and value dropped in Q1 to their lowest quarterly levels since Q2 2018, with 309 deals generating $3.2 billion.

Opportunities remain in the vertical payments space—with startups tackling the processing, integration and embedding of payment solutions into sector-specific software—which touches on several verticals.

PitchBook's Rudy Yang covers the trends, key investors and deals in our latest Emerging Tech Research on the space.

read the preview

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Meet the most active VCs in Latin American startups

(Marco Bottigelli/Getty Images)

Investment in Latin American startups has cooled after a period of explosive growth. But high-profile investments, particularly in fintech, signal that VCs remain committed to the digital transformation in a region of over 600 million people.

We looked at the 10 most active investors in Latin American startups.

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The PE funds hit hardest by interest rates

High interest rates and a stalled exit environment are testing recent fund vintages. But not all PE segments have been affected equally, according to our recent analyst note.

Among the takeaways: Generalist funds have outperformed their specialist peers, with healthcare and IT buyout funds suffering more than most from low exits.

read it now

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2019 Vintage Global Real Estate Funds

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People

Investec has picked Michael Miller as head of its direct lending platform to lead and grow the firm's newly established private credit management team.

VC Deals

Estonia-based ridehailing startup Bolt secured a €220 million credit facility from Barclays, JP Morgan, Goldman Sachs and others.

Reunion Neuroscience, a New Jersey-based biopharma startup specializing in neurological and mental health conditions, raised a $103 million Series A co-led by MPM BioImpact and Novo Holdings.

Gene therapy biotech startup Latus Bio, which is headquartered in Philadelphia, raised a $54 million Series A led by 8VC and DCVC Bio.

Atlanta-based electric vehicle charging startup EnviroSpark secured a $50 million investment from Basalt Infrastructure Partners.

Lamini, which offers an AI platform for enterprise customers, secured a $25 million investment from Amplify Partners, First Round Capital, AMD Ventures and others.

Tel Aviv's Apex raised $7 million in a round led by Sequoia and Index Ventures for its AI security platform.

PE Deals

A consortium led by Clearlake Capital and Francisco Partners is in talks to buy the software integrity unit of chip designer Synopsys for over $2 billion, Reuters reported.

Industrial Opportunity Partners and Goldman Sachs Asset Management have led a $114 million capital infusion and recapitalization of Transcendia, a plastic films manufacturer.

Breck Partners has partnered with NPX One CEO Rudy Cuellar to acquire the food packaging manufacturer.

Rosemont made a minority investment in Northside Capital Management, an investment manager for ultra-high-net-worth individuals.

Summa Equity purchased a majority stake in data storage provider Fast LTA.

Energy Capital Partners is in advanced talks to acquire renewable power assets owner Atlantica Sustainable Infrastructure, Bloomberg reported.

Charger Investment Partners acquired Wolf-Gordon, a designer of interior surface products.

EQT acquired WSO2, a Goldman Sachs-backed software vendor for open-source API management.

Portfolio Companies

Compliance automation specialist Drata acquired Oak9, which offers a cloud security platform. Drata is backed by investors including Salesforce Ventures, Iconiq Growth and Alkeon Capital.

Exits & IPOs

Consumer product companies specialist investor Swander Pace Capital has sold feeding tube formulas provider Functional Formularies to Danone.

ButcherBox bought Truffle Shuffle, which hosts on-demand cooking classes.

Investors

SVB Financial Group agreed to sell its venture arm, SVB Capital to Pinegrove Capital Partners, which is backed by Brookfield Asset Management and Sequoia Heritage.

Chart of the Day

Source: Q1 2024 European Venture Report

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PitchBook News - Forecasting growth for AUM

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