PitchBook News - 3 charts: Tough times for VC newcomers

LPs lean into climate funds; LTV raises $30M for fund-of-funds; how PE sustains enterprise SaaS M&A
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
July 22, 2024
Presented by Fidelity Private SharesSM
Ads
In today's Daily Pitch, you'll find:
 
Today's Top Stories  
3 charts: Tough times for venture newcomers as larger funds dominate
(Jordan Lye/Getty Images)
While global VC fundraising is on track for its worst performance in nearly 10 years, the pain isn't being felt equally. First-time and emerging managers are facing their worst environment since 2014, while capital continues to become more concentrated among an elite few.

Three charts from the latest PitchBook-NVCA Venture Monitor highlight the difficult landscape for VC newcomers.
read more
 
Share: Email LinkedIn Twitter Facebook
PE comes to the aid of enterprise SaaS M&A
Our latest Emerging Tech Research covers the primary drivers of M&A's recovery in the enterprise SaaS industry. Kicking off regular updates on M&A activity across the sector, analyst Derek Hernandez highlights the stabilizing factors as dealmaking settles into a new normal, starting with PE and leveraged buyouts.

The analyst note also covers key segments in the space and maps trends across six years of data—providing a view of where M&A activity has been and where it may be going.
read it now
 
Share: Email LinkedIn Twitter Facebook
 
A message from Fidelity Private Shares  
Unlocking startup success: cap table optimization & runway extension
Join Fidelity Private Shares for a conversation with industry experts as they delve into essential strategies for cap table optimization, effective fundraising models, and capital efficiency techniques.

In this virtual session, they'll cover how to structure a cap table for better growth and investor relations, best practices for building an investor and fundraising pipeline, as well as how to manage cash flow and fundraising cycles to help extend runway.

Register now
Share: Email LinkedIn Twitter Facebook
 
Fund-of-funds downturn? No problem, says duo of ex-Anthemis VCs
(J Studios/Getty Images)
The fact that VC-focused funds-of-funds have fallen out of favor is exactly what upstart LTV Capital is betting on.

LTV has raised $30 million for its flagship venture multimanager model, with a mandate of writing checks to emerging managers with less than $100 million in assets under management.
read more
Share: Email LinkedIn Twitter Facebook
LPs bet on climate VC funds in energy transition
Bill Gates' Breakthrough Energy Ventures has helped to popularize climate VC funds. (Drew Angerer/Getty Images)
Institutional investors are increasingly leaning into specialist VCs for exposure to next-generation climate tech.

In the first half of 2024, 3% of all VC funds were dedicated to investing in climate startups. These hyper-focused funds require patient LPs that can stomach the risks of developing costly solutions to real-world problems.
read more
 
Share: Email LinkedIn Twitter Facebook
PE hold periods decline, signaling improved exit activity
(Carterdayne/Getty Images)
A year-over-year increase in exit value and a declining median holding period are promising signs of a potential recovery in PE exits. But some data indicates the long-awaited recovery still faces a barrage of setbacks.
read more
 
Share: Email LinkedIn Twitter Facebook
 
Since yesterday, the PitchBook Platform added:
1
VC valuations
186
People
53
Companies
4
Funds
See what our data software can do
 
The Daily Benchmark:
2016 Vintage Global Secondaries Funds
Median IRR
23.49%
Top Quartile IRR
31.52%
1.51x
Median DPI
Select top performers
LTO Fund
ICG Strategic Secondaries Fund II
Industry Ventures Special Opportunities Fund III
*IRR: net of fees
26 Funds in Benchmark Â»
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Saronic, an Austin-based defense-tech startup, raised a $175 million Series B at a $1 billion valuation in a round led by Andreessen Horowitz.

Slope, a San Francisco-based B2B payments specialist, raised $65 million in debt and equity led by JP Morgan Payments.

GRO Biosciences, a Boston-based biotech startup which focuses on amino acids for protein therapies, raised a $60.3 million Series B co-led by Atlas Venture and Access Biotechnology.

Rona Therapeutics, a Shanghai-based nucleic acid research specialist, raised a $35 million Series A+ led by LongRiver Investments.

Arrcus, a hyperscale networking startup, raised $30 million in new funding from General Catalyst, Nvidia, Lightspeed and others.

Freshpaint raised a $30 million Series B led by Threshold. The San Francisco-based company offers a healthcare data privacy and analysis platform.

Q Bio, a clinical diagnostics startup, raised $27 million from investors including Khosla Ventures, Andreessen Horowitz and Founders Fund, according to reports.

Nearby Computing raised €6.5 million in a Series A led by Walter Ventures and JME Ventures. The Barcelona-based company offers a platform for edge computing orchestration and automation.

Wamo, a London-based startup that provides digital accounts for small and medium-sized enterprises, raised $5 million in a round that includes new investor Logo Ventures.

Lumen, a Romanian startup developing smart glasses for people with limited vision, raised €5 million.
 
PE Deals  
Province, an adviser that works within the field of bankruptcy consulting and turnaround, has been acquired by Trivest Partners, The Wall Street Journal reported.

Tikehau Capital has made an investment in Lenox Park Solutions, a software company that provides tools for impact investing.

Software and technology investor Diversis Capital, has acquired Infotech, a SaaS provider for the construction and inspection industries.

Smartsheet, a workplace collaboration software provider, has attracted buyout interest from the likes of Qatalyst Partners, Reuters reported.

Bain Capital, Permira and Veritas Capital are among the remaining suitors looking to acquire EQT-owned school operator Nord Anglia.

Clearlake Capital Group-backed BBB Industries, a sustainable manufacturer for the industrial and energy markets, acquired Atlantic Street Capital-backed All Star Auto Parts.
 
Exits & IPOs  
VC-backed 3D design software company Manycore Tech is seeking to raise as much as $200 million as it looks to file for a Hong Kong IPO, Bloomberg reported.

Equistone Partners sold Dutch mobile perimeter protection company Heras to industry peer Garda Group and exited OTTO Life Science Engineering to SPIE Group.

Ardian and Crédit Agricole Assurances agreed to sell a 49% stake in Italian airport operator 2i Aeroporti to Asterion.

Platinum Equity has sold the Hunterstown power generation facility, a combined-cycle gas turbine generating power plant, to infrastructure investor LS Power.
 
Fundraising  
Metlife Investment Management launched its second PE fund with $1.2 billion in commitments.

Bregal Sagemount has reached its hard cap of $500 million for its first small-cap fund, The Wall Street Journal reported.

Prague-based ZAKA VC reached a €10.5 million first close of its latest fund, which has a target of €15 million.
 
Chart of the Day  
Source: Q2 2024 PitchBook-NVCA Venture Monitor
 
About PitchBook | Terms of use | Advertise with us | Contact
Follow us: in twtr fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

PitchBook Data Inc., 901 Fifth Avenue, Suite 1200, Seattle WA 98164, United States

© 2024 PitchBook. Win what's next. All rights reserved.

Older messages

Old VC funds, new tricks

Sunday, July 21, 2024

Plus: Europe's AI VC deals double, PE aids SaaS M&A, climate-tech deal recovery & more Read online | Don't want to receive these emails? Manage your subscription. Log in The Weekend

213 climate tech funds: a deep dive

Saturday, July 20, 2024

Also: What's going on with NAV loans and continuation vehicles? New comp sheets for mobility tech, agtech, gaming; Checking on our US PE predictions. Read online | Don't want to receive these

Pressure mounts for gaming exits

Friday, July 19, 2024

Pressure mounts for gaming exits; poor performance hounds agtech stocks, unicorns; Pindrop bags $100M for deepfake detection Read online | Don't want to receive these emails? Manage your

AI helps boost European VC

Thursday, July 18, 2024

Enterprise SaaS stocks even out; public mobility tech loses speed; Aven bags $142M for credit cards Read online | Don't want to receive these emails? Manage your subscription. Log in The Daily

Biotech stocks drive hybrid VC funds

Wednesday, July 17, 2024

Fundraising for climate tech swings up; public medtech buyouts may inspire startup M&A; has VC's investor-friendly environment peaked? Read online | Don't want to receive these emails?

You Might Also Like

Hack retention like unicorns do

Monday, December 23, 2024

Inro, Qolaba, MySEOAuditor, ContentRadar, and SEO Pilot are still available til end of this week. Then, they're gone!! Get these lifetime deals now! (https://www.rockethub.com/) Today's hack

The Profile: The CEOs attending psychedelic retreats & the crypto founders getting ‘debanked’

Sunday, December 22, 2024

This edition of The Profile features crypto entrepreneurs, 'psychedelic' CEOs, and more. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

🤔A lingering suspicion...

Sunday, December 22, 2024

Plus, what stands in most marketers' way... hey-Jul-17-2024-03-58-50-7396-PM Here at Masters in Marketing, Caroline, Laura, and I have interviewed some very bright minds from some very bold brands.

Marketing Weekly #211

Sunday, December 22, 2024

Marketing a Virtual Patient: The Quest to Eliminate Medical Error • What if You Could Reduce Returned Products With Just Some Lines of Text? • How to Manage an Omnipresent Social Media Strategy • 3

Salesforce Now Hiring 2,000 Sales Execs To Sell AI

Sunday, December 22, 2024

And the top SaaStr news of the week To view this email as a web page, click here Salesforce: Actually We're Going to Hire 2000 Sales Execs Now To … Sell AI So it was just the other day Salesforce

Sunday Thinking ― 12.22.24

Sunday, December 22, 2024

"When someone shows you who they are, believe them the first time." ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Chokepoints in the AI boom

Sunday, December 22, 2024

Plua: Why 2025 looks like a brighter year for VC, key signals for allocators and more Read online | Don't want to receive these emails? Manage your subscription. Log in The Weekend Pitch December

Brain Food: The Right Grip

Sunday, December 22, 2024

FS | BRAIN FOOD December 22 2024 | #608 | read on fs.blog | Free Version Welcome to Brain Food, a weekly newsletter full of timeless ideas and insights you can use. Before we dive in, a last-minute

🤖 Google Search “AI Mode” Dropping Soon

Sunday, December 22, 2024

The Weekend Update... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

🦄 12 spicy takes

Sunday, December 22, 2024

Prediction markets, phone addiction, ESOP plans and other such things. 🎄 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌