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The Daily Pitch: VC

July 12, 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:

PitchBook Benchmarks offer the latest fund performance data across PE, VC and more

GHO Capital is back on the fundraising trail, targeting $3.25 billion for its fourth PE fund

Our analysts chart healthcare dealmaking in the Asia-Pacific region

The UK's financial watchdog has finally released its long-awaited revision of listing rules

Today's Top Stories

PitchBook Benchmarks for private markets

PitchBook Benchmarks provide a detailed snapshot of the latest data for closed-end fund returns across strategies. The new edition is now available, updated through Q4 2023 with preliminary data for Q1 2024. It features PDFs and visualizations that break down the data by geography and fund type. Additional data and vintage years are available in Excel data packs for PitchBook clients.

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GHO Capital targets billions for latest healthcare buyout fund

(SeventyFour/Getty Images)

GHO Capital is in the market to raise $3.25 billion for its latest healthcare buyout fund.

The London-based healthcare specialist is riding high on the back of a lucrative exit from FairJourney Biologics, a contract research group it had backed since 2020.

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China leads in Asia-Pacific biopharma dealmaking

With VC deals down across the US and Europe, it's no surprise that the Asia-Pacific region has also fallen well below 2021's highs. Healthcare VC deal value in the region has remained consistent, at $2.6 billion in the first quarter—with companies in the sector attracting 16.4% of VC investment, according to our recent analyst note on the APAC market.

PE dealmaking continues to be highlighted by firms such as MBK Partners, Blackstone and The Carlyle Group finding opportunities in the region. China has become a top target for healthcare investors as companies capitalize on opportunities for more affordable medicine.

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Since yesterday, the PitchBook Platform added:

13

VC valuations

2242

People

672

Companies

30

Funds

See what our data software can do

The Daily Benchmark: 2013 Vintage Global PE Funds between $250M-$500M

Median IRR

13.36%

Top Quartile IRR

25.34%

1.31x

Median DPI

Select top performers

Harren Investors III

Thoma Bravo Special Opportunities Fund I

DFJ Growth 2013

*IRR: net of fees

29 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Helsing, a startup developing AI software for the defense sector, has raised €450 million at a €5 billion valuation. The round includes new investors Accel and Lightspeed.

Element Biosciences, a healthtech company developing a DNA sequencing platform, raised a $277 million Series D led by Wellington Management.

Regard, which is using AI to develop a platform for clinicians to analyze patient data, raised a $61 million Series B led by Oak HC/FT.

Fireworks AI, a California-based startup developing an inference engine for AI, raised a $52 million Series B led by Sequoia. The round values Fireworks AI at $552 million.

Armada, a startup developing software to decentralize front-end applications, raised a $40 million round led by M12.

Adona Medical, a developer of medical treatments for heart failure, raised a $33.5 million Series C led by Cormorant Asset Management and TCP Health Ventures.

Lemon.markets, a Berlin-based digital brokerage specialist, has raised €12 million led by CommerzVentures.

Dynelectro, Danish sustainable energy solutions startup, has raised €11 million led by Denmark's Export and Investment Fund.

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PE Deals

Blackstone has agreed to acquire a larger stake in Tallgrass Energy, a Colorado-based oil and gas transportation company, after Spain's Enagás sold its stake for $1.1 billion.

Benchmark Analytics, a Chicago-based company developing an enterprise analytics platform, has received an investment from PSG Equity.

Earned Wealth, which offers advisory services to help doctors manage their finances, raised $200 million in growth financing led by Summit Partners and Silversmith Capital Partners.

Skerritts, a UK-based independent financial advisory backed by Sovereign Capital Partners, has made two add-on acquisitions: Black Swan Financial Planning and KMG.

AffiniPay, a company providing payment processing software to businesses like law firms and accounting firms, is in talks to sell a stake to Genstar Capital, Reuters reported.

Aprio, an accounting and business advisory firm, received an investment from Charlesbank Capital Partners.

Héroux-Devtek, a Canadian publicly listed company that manufactures landing gear for planes, agreed to be acquired by Platinum Equity Advisors in a deal valuing the company at about $1.35 billion.

EmpowerMX, a provider of aviation maintenance software, was acquired by PE-backed IFS.

Exits & IPOs

Silo AI, a company developing and deploying AI solutions to businesses, agreed to be acquired by Nasdaq-listed AMD for about $665 million.

GMM Music, a Bangkok-based music publishing company, is planning an IPO. The company was last valued at about $700 million.

Acumen, a consulting company, and Albanero, a data management company, have been acquired by Infor.

Fundraising

AXA IM Alts, the alternatives unit of French insurer AXA, has raised over $2.5 billion for a new vehicle targeting bank risk transfers.

RCP Advisors, a Chicago-based PE firm, is launching its latest fund with a target of $800 million, according to SEC filings.

Chart of the Day

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

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