PitchBook News - A deal backlog in healthcare services

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The Daily Pitch: VC

May 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 industry research unpacks recent PE trends in healthcare services

Our Private Capital Indexes now have asset class returns data as of Q4

Autonomous driving company Wayve scores Europe's biggest VC round for AI

Monad Labs and Partake Foods are among the female-founded startups raising VC funding

Today's Top Stories

Healthcare services deals stick in the pipeline

All eyes are on healthcare consolidation following the FTC's announcement of an "inquiry on impact of corporate greed in healthcare" in March. While lead analyst Rebecca Springer thinks the likelihood of direct antitrust enforcement in the lower and core middle market remains low, the attention could permanently affect PE's reputation among potential sellers and partners in the provider landscape.

Our latest industry research unpacks recent PE trends in healthcare services. The report also highlights the backlog of physician practice management platforms needing an exit and the complex market dynamics facing sponsors entering the continuous glucose monitor distribution market.

read the report

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Here's how indexes of private capital strategies performed in 2023

PitchBook's Private Capital Indexes provide quarterly return benchmarks for the private markets, offering a high-level view of performance in terms of cash flows and changes to net asset values.

Indexed returns are given for PE, VC, real estate, real assets, private debt, funds-of-funds and secondaries, as well as their sub-strategies.

To assist allocators in risk modeling, our analysts provide adjusted returns to account for the inherent return smoothing in private capital strategies. Volatility estimates and correlations to public markets are included for each fund strategy.

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2024 advertising opportunities with PitchBook

Clients trust PitchBook Media for top-tier ad placements in our seven specialized newsletters that connect with 2.1 million highly engaged PE and VC professionals. Backed by our robust global market data, we craft custom research reports and amplify clients' existing thought leadership through partnerships on PitchBook's asset class reports or native sponsored content columns.

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Autonomous driving startup Wayve closes Europe's largest AI VC round

(Image courtesy of Wayve)

London-based Wayve has raised a $1.05 billion Series C for its AI system that enables autonomous vehicles to learn while driving.

The round stands as Europe's largest VC deal for an AI company following a slow start for the year for AI and machine learning.

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Since yesterday, the PitchBook Platform added:

11

VC valuations

2082

People

651

Companies

17

Funds

See what our data software can do

The Daily Benchmark:
2014 Vintage Global PE Funds

Median IRR

17.20%

Top Quartile IRR

23.87%

1.18x

Median DPI

Select top performers

Consonance Private Equity Fund

White Wolf Capital Investment Partners II

Goode Partners Consumer Fund II

*IRR: net of fees

111 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Cloud security startup Wiz raised $1 billion in a round led by Andreessen Horowitz, Lightspeed and Thrive Capital. The raise brings Wiz's valuation to $12 billion.

UK-based lending specialist Abound raised £800 million in debt and equity. The Series B component of the round was led by GSR Ventures.

Iwoca, a fintech startup based in London that offers loans to small businesses, raised a £270 million debt facility from Citibank and Barclays.

Biopharmaceutical startup Zenas BioPharma, which specializes in treating autoimmune diseases, raised a $200 million Series C led by SR One, NEA, Norwest Venture Partners and others.

Apple co-founder Steve Wozniak's space-tech startup Privateer raised a $56.5 million Series A led by Aero X Ventures. The startup also acquired Orbital Insight, a mapping and intelligence services startup.

Legion Technologies raised a $50 million growth round led by Riverwood Capital for its workforce management platform.

Orange, a Tokyo-based manga localization technology startup, closed a 2.92 billion Japanese yen (around $19 million) pre-Series A from investors including Globis Capital Partners, Miyako Capital and Mitsubishi UFJ Capital.

Milan-based edtech startup Futura secured a €14 million Series A from investors including Eurazeo, Axon Partners and United Ventures.

PE Deals

British energy supplier Octopus Energy was valued at $9 billion in a secondary share sale, an increase from $7.8 billion five months ago, Sky News reported. The £300 million deal was led by Al Gore's Generation Investment Management and the Canada Pension Plan Investment Board.

Australian asset manager Perpetual is being broken up and sold to KKR for $1.5 billion, the Australian Financial Review reported.

UK-based Rockpool Investments has invested in 2i, a software testing company based in Scotland.

Blue Owl Capital is nearing a GP stakes deal for a minority interest in healthcare-focused PE firm Linden Capital Partners, Bloomberg reported.

Platinum Equity reached a deal with kitchen and bath company Kohler to acquire a majority stake in Kohler Energy, a spinout that provides energy equipment for residential and industrial applications.

Unlevered buyout firm Tide Rock acquired Memphis-based contract packaging company Premier Packaging.

Turnspire Capital Partners agreed to buy Ashland Neutraceuticals, a division of Ashland that makes health and wellness products.

Exits & IPOs

Cloud company Akamai Technologies agreed to buy Israeli cybersecurity startup Noname Security for about $450 million. Noname was valued at $1 billion in a 2021 Series C led by Lightspeed and Georgian.

Steve Wozniak-backed space data startup Privateer purchased Orbital Insight for an undisclosed sum. Orbital was valued at $323 million in 2021, according to PitchBook data.

Airspace security startup Dedrone has been purchased by Axon for an undisclosed price.

Bluewater sold its stake in ROVOP, an English company that makes remote-controlled vehicles for the energy sector, to marine transportation company Edison Chouest Offshore.

Middle-market PE firm The Halifax Group sold its majority stake in Georgia-based building product company Southern Exteriors to Monomoy Capital Partners.

Fundraising

Partners Group has launched an ELTIF-compliant PE evergreen fund in an industry first. The fund is available to individual investors in Europe and has a minimum investment of $10,000.

German VC firm Armira Partners' growth unit has secured €200M for its debut fund, which is targeted at tech startups in the DACH region, Silicon Canals reported.

Chart of the Day

Source: Q3 2023 Global Fund Performance Report (with preliminary Q4 2023 data)

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PitchBook News - A deal backlog in healthcare services

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