PitchBook News - AI helps boost European VC

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The Daily Pitch: VC

July 18, 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 latest European Venture Report shows AI deals doubled in total value from Q1 to €4.2 billion

Carlyle and KKR team up to acquire a roughly $10 billion portfolio of prime student loans

Our Q2 valuations data for public companies in the mobility tech and enterprise SaaS sectors

Today's Top Stories

AI helps boost European VC in Q2

European VC dealmaking ticked upward in the second quarter amid a recovery in valuations. AI deals saw notable growth, doubling in total value from Q1 to €4.2 billion, according to our Q2 2024 European Venture Report, sponsored by J.P. Morgan. In all, AI companies pulled in €6.3 billion in H1, making it the most-active sector after SaaS.

While there were some bright spots in the IPO market—including the listing of Dutch robotics company RanMarine Technology and Swedish fintech specialist GreenMerc—the exit market remains mixed. So far this year, acquisitions have accounted for 85.6% of VC-backed exit value.

Fundraising in H1 totaled €9.4 billion, with the France and Benelux region accounting for the largest share of capital raised, displacing the UK and Ireland for the first time since 2018.

read the report

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Carlyle, KKR team up for $10B student loan acquisition

(Pla2na/Getty Images)

The Carlyle Group and KKR have agreed to join forces to acquire a roughly $10 billion portfolio of prime student loans from Discover, a prominent example of PE firms' eagerness to expand their presence in the asset-based finance space.

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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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Since yesterday, the PitchBook Platform added:

8

VC valuations

2282

People

745

Companies

34

Funds

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The Daily Benchmark:
2021 Vintage Global Real Estate Funds

Median IRR

12.15%

Top Quartile IRR

19.27%

0.38x

Median DPI

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CapRock Logistics Development Venture

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*IRR: net of fees

85 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Jeffrey Perlman has been named CEO of PE firm Warburg Pincus, succeeding Chip Kaye. Perlman has held the positions of president and head of Southeast Asia and Asia-Pacific real estate at the firm.

VC Deals

Aven, which provides credit cards using home equity, raised a $142 million Series D led by Khosla Ventures and General Catalyst.

NGM Biopharmaceuticals received a $122 million Series A led by The Column Group, which initially took NGM private in February.

Kandji, a company developing a management and security platform for Apple devices, raised $100 million from General Catalyst. Kandji is now valued at $850 million after its Series D.

Again, a Copenhagen-based carbon capture startup, has raised a €39.4 million Series A co-led by GV and HV Capital

Xapien, a London-based AI due diligence provider, has received an £8 million Series A led by YFM Equity Partners.

CultureAI, a Manchester-based human risk management specialist, has raised a €9.1 million Series A led by Mercia Ventures and Smedvig Ventures.

VARM, an insulation startup based in Germany, has secured €5.7 million in seed funding led by Emerge and Pale Blue Dot.

PitchBook webinar: The Allocator's Atlas

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.

PitchBook analysts Zane Carmean and Hilary Wiek will provide private market insights based on PitchBook research as well as fundraising, cash flow, and fund performance data important to LP workflows. This webinar will also feature Brian Hoehn of ILPA, who will discuss SEC private fund development rules and ILPA's advocacy on behalf of LPs for best practices, including in areas such as NAV loans and continuation vehicles.

Register now to secure your spot.

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PE Deals

CVC Capital Partners has made a bid to buy listed Polish software company Comarch, Bloomberg reported. The deal could value the business at 2.57 billion Polish zloty (about $654 million).

Waterland Private Equity invested in Beyond Law Group, which offers corporate and consumer legal services.

Mayfair Equity Partners has acquired VG, a provider of private wealth, corporate and fund administration services.

Tekion, a company developing cloud-built technology for automotive retailers, secured $200 million in financing from Dragoneer Investment Group. Tekion is now valued at over $4 billion.

Matera, a Brazil-based company developing financial software, received a $100 million growth investment from Warburg Pincus.

National Arbitration and Mediation, a company providing dispute resolution services as an alternative to a traditional courtroom process, received a growth investment from Thompson Street Capital Partners.

Ellit Groups, an IT consulting firm in the healthcare industry, has formed a strategic partnership with PE firm Lumerity Capital, a new investor.

Imker Capital led an acquisition of the subsidiaries of Dutch IT services group Centric Holding.

Chappal Energies, a Mauritius-based investment firm, has bought a minority share worth $860 million in the Shell Petroleum Development Company of Nigeria from TotalEnergies.

Fundraising

Italian investor Nextalia has closed Nextalia Ventures on its €150 million hard cap six months after launch. The fund focuses on technology companies in Europe and the US.

13books Capital, a UK-based firm focused on late seed and Series A investments, has reached a £121 million close on its fintech fund.

Menlo Ventures has partnered with AI research specialist Anthropic for a $100 million VC fund targeted at AI companies.

Investors

Credit-focused Oak Hill Advisors has partnered with New York-based asset manager One Investment Management to invest up to $5 billion in European private credit.

Corporate M&A

EssilorLuxottica, a French eyewear manufacturer, has agreed to acquire clothing brand Supreme from VF Corporation for $1.5 billion in cash. The deal is EssilorLuxottica's first pivot from the eyewear and lenses industry.

Chart of the Day

Source: Q2 2024 PitchBook-NVCA Venture Monitor

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PitchBook News - AI helps boost European VC

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