PitchBook News - Ranking Q1's most active investors

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The Daily Pitch: VC

May 17, 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 Q1 2024 Global League Tables rank the top investors, advisers and more across PE and VC

Mid-market fintech buyouts have been hot, and our M&A review of the space includes a list of targets for firms on the lookout

Lead analyst Rebecca Springer reports back on the state of healthcare dealmaking from the McGuireWoods HCPE conference

European VC valuations are off to a strong start in 2024

Today's Top Stories

Ranking the most active investors of Q1

Our interactive Global League Tables are now available for Q1 2024, covering the full range of private market activity. We rank everything from the most active law firms in the venture universe to the busiest PE investors by region. Who made the leaderboard?

see the rankings

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As mid-market fintech M&A heats up, we've nominated top PE targets

PE has its sights locked on middle-market fintech and payments buyouts for the growth, margins and stability. This has continued to fuel the comeback for enterprise fintech M&A in recent quarters. Our latest analyst note includes a deal-sourcing resource for middle-market firms.

In Q1, companies offering industry-specific payments tools paired with workflow software flew off the shelves.

As corporations plan for a soft landing, large corporate M&A has been on the rise.

read it now

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Industry experts unpack the state of healthcare dealmaking

Lead analyst Rebecca Springer reports back from the 20th annual McGuireWoods Healthcare Private Equity and Finance conference, where both PE portfolio companies and firms were in high attendance. Key takeaways include:

Healthcare deal activity is picking up but has yet to materialize into announcements as dealmaking proceeds haltingly.

The future of physician practice management investing is in flux as valuations and growth expectations reset.

PE firms are bullish on pharma services, despite life sciences' greater volatility and concentration risk.

read it now

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Q1 European VC valuations in 5 charts

(Jayk7/Getty Images)

Europe has seen a strong start to the year for venture capital valuations, with almost all stages posting an increase from last year.

Take a look at five charts from our latest European VC Valuations Report that highlight the state of valuations for European startups.

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Since yesterday, the PitchBook Platform added:

15

VC valuations

1905

People

681

Companies

21

Funds

See what our data software can do

The Daily Benchmark:
2018 Vintage Global PE Funds

Median IRR

18.11%

Top Quartile IRR

25.40%

0.34x

Median DPI

Select top performers

SSC Partners I

LVC USD Fund I

Greenbriar Equity Fund IV

*IRR: net of fees

156 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Vercel, a cloud-based software startup headquartered in the Los Angeles area, raised a $250 million Series E led by Accel.

Sigma, a San Francisco-based data analysis startup, raised a $200 million Series D led by Spark Capital and Avenir Growth Capital.

Dallas-based fintech startup Yendo has received $150 million in debt from i80 Group and $15 million in equity from undisclosed investors—a total raise of $165 million.

PolyAI, a London-based conversational AI startup, raised a $50 million Series C from investors including Hedosophia, Nvidia Ventures and others.

CinDome Pharma, a startup developing treatment for gastrointestinal diseases, raised a $40 million Series B from investors including Perceptive Advisors and CinRx Pharma.

Israeli fintech startup Agora raised a $34 million Series B led by Qumra Capital.

Voxel51, a Michigan-based visual AI startup, raised a $30 million round led by Bessemer Venture Partners.

Berlin-based Caeli Wind, which provides a digital platform for wind energy sites, has closed an €11 million Series A led by Notion Capital.

German HR software startup Veda raised €17 million from CIBC Innovation Banking.

Native Teams, a London-based provider of payments and employment tools for freelancers and remote workers, has raised €6.3 million from investors including Eleven Ventures, Begin Capital and Fil Rouge Capital.

Don't miss our upcoming Tech Talks webinar

After soaring to dizzying heights during the COVID-19 pandemic, gaming investments have returned to earth and reached a new steady state. Q1 2024 presented modest increases in deal value while deal count reached parity with Q4 2023.

As the midpoint of 2024 approaches, PitchBook gaming analyst Eric Bellomo sits down with a panel of leading gaming investors to discuss expectations for the coming year, key trends within the sector, and sub-segments that are demonstrating meaningful innovation. Key topics include:

Foundational elements of gaming that separate it from other categories of technology and entertainment.

Emerging trends investors and startups must be mindful of within this steady state.

Key industry insights from years of working within games.

Register now to secure your spot.

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PE Deals

KKR is set to offer remedies to EU regulators in an attempt to secure approval to buy Telecom Italia's fixed-line access network, Reuters reported.

Malaysia's sovereign wealth fund Khazanah Nasional and state-backed Employee Provident Fund have offered to acquire all the shares they don't already own in Malaysia Airports, increasing their combined share in the national airport operator to 70%.

Uniquity Bio, which focuses on immunology and inflammation, has emerged from stealth with $300 million in financing from Blackstone Life Sciences.

The Watermill Group has agreed to acquire Musser Lumber, a wood fiber product manufacturer.

Exits & IPOs

VC-backed Chinese electric vehicle-maker Aiways is to merge with US blank-check company Hudson Acquisition in a deal that could value the business at around $400 million.

HIG Capital-owned The Sleep Group has acquired Sleepeezee, a UK-based bed maker that counts the British monarchy among its clients, from French PE firm Perceva.

AOTI, a US-based wound-care technology developer, is preparing to list on London's junior AIM market as soon as next month, Sky News reported. The company is hoping to raise $50 million at a valuation of around £160 million.

Indonesian paper company April Group has acquired Origami Cellulo, an Indian tissue paper manufacturer backed by BanyanTree.

Insurance giant Aflac is buying a 40% stake in private credit provider Tree Line Capital Partners, The Wall Street Journal reported.

Bain Capital-backed frozen desserts manufacturer Dessert Holdings has acquired Kenny's Great Pies, a Kaho Partners-backed pie manufacturer.

Blackstone has entered a definitive agreement to acquire a majority stake in enterprise SaaS provider Priority Software. TA Associates and Fortissimo Capital will roll their stakes.

Payroll software provider IRIS Software Group has acquired Swipeclock, a company backed by Leonard Green & Partners and Hg that offers workforce-management solutions for business.

Fundraising

Leonard Green & Partners is targeting $1.5 billion for its first GP-led secondaries fund, Bloomberg reported.

London-based early-stage investor Plural has raised an additional €100 million for its second fund, bringing the total to €500 million.

Singapore-based VC firm Golden Gate Ventures has held a first close for its $100 million fund focusing on the Middle East and North Africa region.

Investors

Ares Management, Caisse de dépôt et placement du Québec and Schroders have agreed to provide €750 million in financing to Vantage Data Centers an operator of data centers in Europe, the Middle East and Asia.

Chart of the Day

Source: Q1 2024 European VC Valuations Report

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PitchBook News - Ranking Q1's most active investors

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