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

Battery recycling charges up on VC; how startups can survive the AI washout; Lambda Labs in talks for $800M
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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:
 
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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Global policies steer VC dollars toward battery recycling
As the need for decarbonization solutions grows, carbon and emissions tech startups seem to have weathered the challenging market conditions across the VC landscape. But following a blockbuster year in 2023, deal value is down across the sector, with $2.7 billion invested in Q1 2024, according to our latest Emerging Tech Research.

Lithium battery recycling startups drew the largest share of VC funding—as they continue to navigate changing regulations and standards for battery use, development and disposal. These companies, like others in the sector, are consistently affected by global policy and varying political landscapes.
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June wrap-up: One month in global markets
Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.

In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on.
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Mapping the path forward for LPs
Shifting macroeconomic environments can make room for opportunities for LPs. To help identify some of those potential investments, we look at key risk and return drivers across private markets in the context of that wider environment and provide potential paths forward.

Our recent report, Q2 2024 Allocator Solutions: Private Market Opportunities Midyear Update, dives into the macro dynamics at play across PE, VC, private credit and real estate.
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How startups can survive the AI washout
(Jenna O'Malley/PitchBook News)
More than a year and a half after OpenAI released ChatGPT into the wild and it seemed like a true status quo disruption was upon us, the big tech incumbents appear more entrenched than ever. Generative AI hit like a wave—but in turn lifted few boats. The empire struck back, hard.

Apple's AI suite will roll out this fall. Microsoft looms large over OpenAI. Adobe and Google, despite a slow start, have rushed to integrate AI tools into its services, threatening well-funded prominent startups. Companies like Nvidia, OpenAI and Anthropic have been the biggest winners outside of the incumbent giants.

We spoke to VCs about the path forward and the playbook startups should employ to survive.
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Surveying ESG and impact investing practices
We've launched our revamped 2024 Sustainable Investment Survey to take a closer look at what investors are doing and why—including the current events influencing sustainable investing practices.

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.

All who complete the roughly 10-minute survey will have the opportunity to enter a prize drawing, and for each completion, PitchBook will make a donation to World Central Kitchen.
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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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10 climate-tech startups likely to go public

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Plus: Take our survey on sustainable investing, a new look at pharma research, the path forward for LPs & more Read online | Don't want to receive these emails? Manage your subscription. Log in

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