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The Daily Pitch: VC

May 30, 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:

Public PE firms seek GP stakes as fundraising remains strong and exits weak

Alaska's sovereign fund makes a fresh move into PE

Calpers and other huge LPs failed in attempting to remove board members at ExxonMobil

Our analysts sort through EV charging's distinctive categories

Today's Top Stories

Taking a deeper dive into EV charging's distinctive categories

Electric vehicle adoption is facing a chicken-and-egg problem: Prospective drivers are deterred by range anxiety, in turn leading to a lack of investment in EV charging infrastructure. Solving the problem may be as simple as looking toward other countries.

PitchBook's latest Emerging Tech Research provides a detailed look at the EV charging space—which is not monolithic—and its distinct segments and opportunities. It also provides an overview on what other countries like Norway, where plug-in EVs account for 91.5% of new vehicle purchases, are doing to build out charging infrastructure and further supercharge adoption.

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Alaska's sovereign fund ups PE exposure

(Zihao Chen/Getty Images)

Trustees of the Alaska Permanent Fund, the state's nearly $80 billion sovereign wealth fund, acted on Wednesday to raise their allocation to private equity by 3 percentage points to 18% as part of a rebalancing to catch up with a rebound in the stock market.

The fund's portfolio underperformed its own benchmark over the past year. In 2023 chief investment officer Marcus Frampton made headlines when the fund lowered its two-year PE target allocation by 4 percentage points.

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Hardware acceleration drives VC returns in AI

Investors are scattering bets widely in the AI market, but only one category has been a reliable producer of exits for VC-backed companies, our recent Emerging Tech Research explains.

The IPO of Astera Labs, which makes AI hardware for data centers, continued that trend in the first quarter with a towering revenue multiple. That debut followed last year's blockbuster IPO of semiconductor specialist Arm. And there's more to come: Chipmaker Cerebras, last valued at $4 billion, is readying an IPO.

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Since yesterday, the PitchBook Platform added:

14

VC valuations

2002

People

824

Companies

23

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage European Debt Funds

Median IRR

9.47%

Top Quartile IRR

11.03%

0.21x

Median DPI

Select top performers

North Wall European Opportunities Fund I

Pemberton European Mid-Market Debt Fund III

Oaktree European Principal Fund V

*IRR: net of fees

14 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Solutions by Text, a Dallas-based startup developing technology to pay bills via text messaging, raised a $110 million growth round led by Edison Partners and StepStone Group.

Copenhagen-based biotech startup Adcendo extended its Series A with €16 million, bringing the round's total to €98 million. The investment was led by Dawn Biopharma.

Sweden's Natural Cycles, the developer of a birth control app, closed a $55 million Series C led by Lauxera Capital Partners.

Gameto, a biotech startup specializing in women's reproductive health, raised a $33 million Series B led by Two Sigma Ventures and RA Capital Management.

ExpressionEdits, a UK-based biotech startup, secured a $13 million seed investment led by Octopus Ventures and Redalpine.

Iris.ai, an Oslo-based provider of an AI engine for scientific text understanding, secured €7.64 million in a round led by Silverline Capital.

London-based travel-tech startup Swiipr received a £6 million Series A led by Octopus Ventures.

PE Deals

UK firm Perwyn has made a growth investment in Paris-based diamond company Rubel & Ménasché.

Irish digital services provider Zartis has secured €10 million from Dublin-based Development Capital.

Cerberus Capital Management has acquired Texas-based M1 Support Services, a company servicing US government aircraft and aviation.

Ontario-based Athletica Sport Systems, which makes infrastructure for hockey rinks, has been acquired by Reichmann Segal.

Security technology provider Apogee Engineering, a Colorado-based company that services the US government, has been acquired by Bernhard Capital Partners.

Surmodics, a Minnesota-based in-vitro diagnostics specialist, has been acquired by GTCR. Nasdaq-listed Surmodics will become private via the acquisition.

Exits & IPOs

German pharmaceutical group Merck is nearing a $1.3 billion deal to buy London-based ophthalmology biotech startup EyeBio, The Wall Street Journal reported. EyeBio is backed by investors including SV Health Investors and Jeito Capital.

Cloud computing startup CoreWeave is preparing an IPO for early 2025, The Information reported. On May 1, CoreWeave raised a $1.1 billion Series C.

Aerospace technology manufacturer Raptor Scientific agreed to be acquired by TransDigm Group for $655 million in cash.

Fundraising

Goldman Sachs Asset Management has raised a $20 billion fund targeting the private credit industry, according to reports.

BPEA EQT has closed on $1.6 billion for middle-market buyouts in Asia, beating its $750 million target for the fund.

Paris-based Ardian has raised €530 million for Ardian Growth Fund III, beating its €500 million target.

India's Avendus Capital is looking to raise $350 million for a new PE vehicle, Future Leaders Fund III, which will target growth-stage companies in the country.

Wisconsin Economic Development has launched a new VC-focused fund of $100 million targeted at startups across the state. Half of the fund has been raised by private investors, while the other half is federal funding.

Corporate M&A

Parent company International Distribution Services has agreed to sell Royal Mail to Czech billionaire Daniel Kretinsky for £3.6 billion in a deal that values the British postal service at £5.3 billion, including debt.

Chart of the Day

Source: Q1 2024 Global Private Market Fundraising Report

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PitchBook News - A deeper dive into EV charging

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