In today's Daily Pitch, you'll find:
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How generative AI could revolutionize the IT industry
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As everyone keeps an eye on Databricks' road to IPO, infrastructure SaaS is poised for a transformation. Generative AI-powered solutions in network operations, such as those being developed by startups like Sequoia-backed BigPanda and Silver Lake-backed ScienceLogic, have the potential to overhaul IT functions of major organizations, according to our latest Emerging Tech Research The DevOps sector logged 108% quarter-over-quarter growth in VC deal value in the first quarter. Kleiner Perkins-backed Glean, Salesforce Ventures-backed Together and Net Friedman-backed Magic all raised funding—and are spearheading the bleeding edge of generative AI integration in DevOps. |
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Healthcare court win for PE bolsters roll-up strategies
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(Sshepard/Getty Images) |
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On Tuesday, a Texas federal judge threw out a lawsuit that could have killed private equity's bread-and-butter roll-up strategy. In a win for the PE industry against antitrust regulators, a lawsuit against Welsh, Carson, Anderson & Stowe was dismissed after the Federal Trade Commission alleged the PE firm was suppressing competition in the Texas anesthesiology market as a result of its roll-up strategy. |
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Tracking performance across SoftBank's Vision Funds
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The value of SoftBank's Vision Funds remained largely flat in Q1, and the division made few significant new bets. Masayoshi Son's company instead leaned on the stellar performance of semiconductor designer Arm. SoftBank has committed $5 billion for strategic investments this year, emphasizing big bets on artificial intelligence. Our quarterly dashboard tracks trends in deployment and performance for SoftBank's Vision Fund segment. |
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Public PE firms tap varied sources for inflow
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(Daisuke Kondo/Getty Images) |
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The largest PE firms got even larger in Q1, increasing their AUM through inorganic growth and tapping sources of capital including wealthy individuals, insurance and private credit. Deals might also be on the upswing again. |
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An inside look at Calstrs' game plan
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(Joey Schaffer/PitchBook News) |
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The California State Teachers' Retirement System wants more control of its assets.
The $336.2 billion pension fund is ramping up its efforts to cut fund manager fees and boost returns. "We want to bring our assets in-house," Calstrs deputy CIO Scott Chan told PitchBook's Jessica Hamlin at the recent Milken Institute Global Conference.
Find out more about the game plan in her story from this week's Capital Pool. And click here to subscribe to that weekly newsletter. |
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Since yesterday, the PitchBook Platform added:
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10
VC valuations
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2099
People
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756
Companies
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40
Funds
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The Daily Benchmark: 2015 Vintage Global Debt Funds
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San Francisco-based AI robot startup The Bot Company, founded by former Cruise and Tesla employees, raised $150 million in seed funding from investors including Quiet Capital, Daniel Gross and Nat Friedman. San Francisco-based SaaS startup Harness secured $150 million in financing from Silicon Valley Bank and Hercules Capital. ByHeart, a New York-based infant nutrition startup, raised $95 million from investors including D1 Capital Partners, Bellco Capital and Polaris Partners. Dubai-based real estate specialist Property Finder has raised $90 million in debt from Francisco Partners, Bloomberg reported. Aplazo, a Mexico City-based fintech startup, raised a $45 million Series B led by QED Investors. Shanghai-based Gausium, a startup developing cleaning robots, raised a $50 million Series D from undisclosed investors. SmarterDx, a New York-based healthtech startup, raised a $50 million Series B led by Transformation Capital. New York-based Chapter, a Medicare advisory startup, raised a $50 million Series C led by XYZ Venture Capital. London-based Sona, which offers a frontline workforce management platform, has closed a $27.5 million Series A led by Felicis, TechCrunch reported. Enspired, a Vienna-based energy trading company, has secured a €25.5 million Series B led by Zouk Capital. |
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Pitchbook webinar series: The Allocator's Atlas
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The Allocator's Atlas is a specialized webinar series designed for LPs, where you'll gain valuable insights and expert perspectives to effectively navigate your investment strategies and portfolio management. In our inaugural webinar, a panel of PitchBook analysts will provide insights on how macroeconomic challenges have affected private capital returns, capital call and distribution rates across asset classes, and the cash flow J-curves of PE funds more specifically. Key topics include.
- An update on our latest fund performance benchmarks and PitchBook Private Capital Indexes returns.
- Analysis of cash flow patterns by asset classes and what has driven their volatility.
- What J-curves of recent PE fund vintages across strategies and fund sizes look like today and their potential future trajectories.
Register now to secure your spot. |
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A group including Blackstone, the Abu Dhabi Investment Authority and GIC are looking to acquire a controlling stake in Haldiram's in a deal that could value the Indian snack multinational at $8.5 billion, Reuters reported. Apollo Global Management is in exclusive talks with semiconductor manufacturer Intel to finance an $11 billion chipmaking plant in Ireland, the Financial Times reported. Piramal Alternatives, a unit of Piramal Group, has invested 6 billion rupees (around $72 million) in microfinance company Annapurna Finance. 3i Group has agreed to invest around €116 million in Constellation, a French IT managed services provider. Attain Capital has made a minority investment in Excella, a technology consultancy. Warburg Pincus will acquire India's Shriram Housing Finance from Shriram Housing Finance for 46.3 billion rupees (around $554 million). Inflexion has invested in UK-based health and fitness company Ultimate Performance. Omni Partners has invested in Compass Continuing Healthcare, a UK-based company that specializes in securing healthcare funding for patients. CG Environmental, a remediation and waste management provider, has been sold to One Rock Capital Partners-backed EnviroServe. |
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CVC Capital Partners is seeking a valuation of as much as $3 billion for Japanese personal care brand FineToday in a Tokyo IPO, Bloomberg reported. Minneapolis-based Access Point Technologies, a medtech startup, agreed to be acquired by NYSE-listed Stereotaxis. Mynd, a fintech startup specializing in real estate, is in talks to merge with fellow Bay Area startup Roofstock, Bloomberg reported. |
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Don't miss today's webinar
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Though investors continue to wait for European M&A to recover, robust refinancing activity shaped last quarter into leveraged loans' best since 2021. Join our panel of credit market experts to explore the ongoing surge of institutional loan issuance, bonds and CLOs, along with what they expect for Q2 and the rest of 2024. Key topics include:
- CLO issuance hits its second-highest quarterly volume in the 2.0 era—will the surge in new transactions continue?
- Will the syndicated loan market continue to take share from the private credit market?
- M&A is starting to return, but will refinancings continue to dominate deal flow for both loans and high-yield bonds?
Register now to secure your spot. |
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Palo Alto-based VC firm Accel has raised a $650 million fund to back early-stage startups in Europe and Israel. Clearlake Capital has raised $7.5 billion toward its eighth buyout fund, which has a $16.7 billion hard cap, Buyouts reported. Cresta Fund Management, a Dallas-based infrastructure investor, is raising $650 million for a sustainability fund focused on alternative fuels and carbon capture, Axios reported. Life sciences growth equity investor Sands Capital has closed its third fund on $555 million. European middle-market PE firm FSN Capital has launched its small-cap strategy with over €400 million raised, AltAssets reported. RCP Advisors, a subsidiary of P10, has closed on approximately $285 million for its Fund XVIII. Stockholm-based impact investor Norrsken VC has closed its second fund on €320 million to invest in early-stage startups. Paris-based VC firm Blisce has launched a climate-tech fund with a target of up to €150 million. |
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