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The Daily Pitch: VC

July 2, 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 analysts find lithium battery recycling startups drew the largest share of VC funding in the carbon and emissions space in Q1

Union Square Ventures is targeting $275 million for its 2024 vintage fund

Our latest Global Markets Snapshot breaks down one month of trends in the equity, debt and commodities markets

Our Q2 2024 Allocator Solutions report examines the dynamics at play across PE, VC and more

Today's Top Stories

Top-performing VC Union Square Ventures targets $275M fund

Fred Wilson, co-founder of Union Square Ventures, during TechCrunch Disrupt NY 2016. (Noam Galai/Getty Images)

Union Square Ventures is targeting $275 million for its 2024 vintage fund, according to a regulatory filing.

As it courts LPs, the early-stage investor can lean on its reputation as one of the top-performing VC firms of the last decade, with flagship funds that have consistently generated an internal rate of return above 25%.

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We would also like to hear what the term "ESG" means to private market participants and whether concessionary returns are implicit in impact investing. We invite you to share your firm's approach.

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The Daily Benchmark:
2015 Vintage North American PE Funds

Median IRR

18.13%

Top Quartile IRR

27.00%

1.24x

Median DPI

Select top performers

Gridiron Capital Fund III

Oaktree Power Opportunities Fund IV

Brookfield Capital Partners IV

*IRR: net of fees

76 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Lambda Labs, a cloud computing startup partnered with Nvidia, is in talks to raise $800 million, the Financial Times reported.

SmartHR, a Japan-based developer of HR software, raised a $140 million Series E led by KKR and Teachers' Venture Growth.

K Health, which is developing an AI-powered chatbot for primary healthcare services, raised $50 million led by Claure Group. The round values the company at $900 million, Bloomberg reported.

Strohm, a Netherlands-based company that develops and builds pipelines for conventional and renewable energy, raised €30 million in a round led by German investment firm Senco.

Kanvas, a biotech startup specializing in microbiome-based drug discovery, raised a $12.5 million round led by DCVC and Lions Capital.

Vytal, a Germany-based provider of reusable packaging solutions, raised €6.2 million in a round led by Emerald Technology.

PE Deals

Preqin, which offers a private capital database with data on PE, hedge funds, and other asset classes, will be acquired by BlackRock for £2.55 billion.

An investor group led by Kamjar Hajabdolahi agreed to acquire the payments business of Sweden's Klarna, Klarna Checkout, for 5.4 billion Swedish kronor (around $509 million).

Mutares agreed to acquire Swedish construction group Serneke Sverige from Serneke Group

Fortino Capital invested in ProMark, a Nordic provider of workforce management software.

Untitled Entertainment, a talent management company, has been acquired by TPG.

Inflexion sold its stake in UK pensions market data specialist ITM to Lumera, a PE-backed insurtech company in Sweden.

AP Moller Capital is a frontrunner to buy Global Infrastructure Partners' 57% stake in India's Pristine Logistics & Infraprojects, Mint reported.

Ambienta acquired Babcock Wanson Group, an industrial process heating equipment company based in France, while Kartesia has reinvested in the business.

Exits & IPOs

Niva Bupa, an Indian health insurer owned by UK insurer Bupa, has filed for a Mumbai IPO, in which it seeks to raise $360 million.

TDR Capital is looking to sell UK education business BPP, the Financial Times reported.

Europastry, a Spanish bakery backed by MCH Private Equity, has postponed its IPO, citing election volatility. The company was looking to raise €500 million.

Providence Equity Partners has made a partial exit from Globeducate, a K-12 education group in Spain, after selling part of its stake to investment firm Wendel Group.

Northern Data, a public company based in Germany, is considering a US IPO of its AI cloud computing and data unit, Bloomberg reported. The unit could be valued at up to $16 billion.

Fundraising

New Mountain Capital, a New York-based alternative investment firm, closed its latest fund on $15.4 billion.

Ardian, a Paris-based PE firm, raised $3.2 billion for its latest fund, Ardian Co-Investment Fund VI. The firm will utilize its co-investment strategy to deploy the funding.

Bridgewater, a Connecticut-based hedge fund manager, raised $2 billion for its latest fund targeting investments in machine learning.

Lee Equity Partners, a New York-based PE firm, raised $1.3 billion for its fourth fund. Lee invests in companies in the financial and healthcare sectors.

Carbon Equity, an Amsterdam-based VC focused on climate-related investments, reached a €60 million first close of its Climate Tech Portfolio Fund III, which is targeting €125 million.

Corporate M&A

Boeing has agreed to re-acquire airplane parts manufacturer Spirit Aero Systems in a deal that values Spirit at $4.7 billion. Boeing originally spun off the company in 2005.

Chart of the Day

"Private investment into natural resources, on the other hand, has been declining for many years. Dry powder and AUM figures show just how divergent the trend is: Private infrastructure dry powder came to $380.4 billion as of Q3 2023. The total overhang for natural resources over the same period was $36.8 billion, with oil & gas comprising $18.3 billion of that total."

Source: Q1 2024 Global Real Assets Report

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PitchBook News - USV keeps it simple with $275M target

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