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The Daily Pitch: VC

July 31, 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 Global Manager Performance Score League Tables rank top-performing fund families across PE and VC strategies

Florida's largest pension plan made over half a billion dollars in commitments to PE managers in Q2

The carbon-tech industry is chasing its 2023 VC dealmaking high—can it recapture it?

European VC dealmaking has lagged last year's pace, but Q2 numbers reveal positive signs

Today's Top Stories

Our annual manager performance rankings

PitchBook's Global Manager Performance Score League Tables rank an asset manager's various fund families by strategy, using a proprietary methodology. The latest edition is now available to help LPs cut through the opaque process of evaluating a manager's track record.

Typical benchmarking metrics that scrutinize a fund manager's firm-level performance regardless of asset class can be too wide—and focusing on funds by IRR quartiles can be too narrow. That's where our Manager Performance Scores come in, providing an objective measure of a fund family's track record. Our league tables rank the top-performing families in 10 select strategies. Who led the way?

see the rankings

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Carbon tech chases 2023 dealmaking high

While other VC sectors hit a slump after the heights of 2021, the carbon and emissions tech industry remained strong, with dealmaking peaking in 2023. But if VC dealmaking stays on pace for the second half of 2024, carbon-tech companies will raise nearly $12 billion—which would amount to the lowest yearly figure for the sector since 2020, according to our latest Emerging Tech Research.

The startups receiving the most funding in Q2 were recycling and green chemical specialists. Our analysts also spotlight companies that focus on carbon capture, polymer recycling and geospatial technologies.

read the preview

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Clients trust PitchBook Media for top-tier ad placements in our seven specialized newsletters that connect with 2.1 million highly engaged PE and VC professionals. Backed by our robust global market data, we craft custom research reports and amplify clients' existing thought leadership through partnerships on PitchBook's asset class reports or native sponsored content columns.

Explore our Media Kit for more information or email us at mediasales@pitchbook.com.

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Improving fortunes: 5 charts show uptick in European VC activity

(Jacek Kadaj/Getty Images)

While European VC dealmaking in the first half of 2024 lagged behind last year's pace, second-quarter numbers reveal positive signs in the market.

We look at five key trends from our Q2 2024 European Venture Report that demonstrate how Europe's VC market has performed in the first half of this year.

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Florida pension doubles down on PE commitments

(Denis Tangney Jr/Getty Images)

Florida's largest pension plan made over half a billion dollars in commitments to private equity managers in Q2 2024.

The State Board of Administration, which invests the proceeds of the nearly $260 billion Florida Retirement System Pension Plan, made $642 million in commitments to various PE funds over the course of the last three months, signaling continued institutional appetite for exposure to the asset class.

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As Congress debates kids' online safety, startup k-ID has raised $51M

(Carlos Ruben Hernandez Blasco/Getty Images)

The US Senate yesterday passed the Kids Online Safety Act and the Children and Teens' Online Privacy Protection Act, sweeping pieces of legislation that would set new standards for how kids use online platforms. The bills' future in the House is uncertain.

Ahead of this legislation, PitchBook spoke with Kieran Donovan, a former privacy lawyer turned CEO and founder of k-ID, an online kids gaming safety and privacy startup that has raised $51 million over three rounds in nine months. Donovan told us that safety concerns and the current patchwork of rules created an ideal launchpad for his startup.

"We'd be pitching and we'd walk into a room," he said, "and they would say, 'I am a parent, I get this.' "

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Arctos Partners backs management buyout of Hayfin

(Delmaine Donson/Getty Images)

Arctos Partners is backing a management buyout of Hayfin from British Columbia Investment Management Corp. The deal values the alternative fund manager at roughly $1.3 billion (€1.2 billion), according to a person familiar with the matter.

Arctos, via its Keystone strategy—which provides partnerships to financial sponsors through growth capital and liquidity solutions—said it will underwrite 100% of the funding.

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Since yesterday, the PitchBook Platform added:

9

VC valuations

2289

People

864

Companies

29

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage Global Secondaries Funds

Median IRR

26.20%

Top Quartile IRR

30.10%

0.49x

Median DPI

Select top performers

PA Secondary Fund VI

AlpInvest Partners Fund VII—Secondary Investments

Blackstone Strategic Partners Infrastructure III

*IRR: net of fees

21 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Flo Health, a London-based femtech startup, secured a $200 million Series C led by General Atlantic.

Rapido, an Indian bike taxi app, reached unicorn status following a $120 million Series E led by WestBridge Capital.

Gradient AI, a startup developing software for insurance companies that utilizes AI, raised a $56.1 million Series C led by Centana Growth Partners.

Again, a Copenhagen-based startup creating technology to turn carbon dioxide into emission-free chemicals, raised a $43 million Series A led by HV Capital and GV.

Faye, developer of a platform for travel insurance and related financial solutions, raised a $31 million Series B led by Portage.

Credo AI, a startup developing a governance and ethical responsibility platform for AI, raised $21 million from investors including CrimsoNox Capital, Mozilla Ventures and FPV Ventures.

LTZ Therapeutics, a biotech startup developing immunotherapy treatments, raised a $20 million Series A led by Lapam Capital.

Intelmatix, a startup focused on bringing AI capabilities to businesses in the Middle East and North Africa, raised a $20 million Series A led by Shorooq Partners.

Zoe, a London-based nutrition startup, raised $15 million from Coefficient Capital.

Monto, an Israel-based startup developing an AI-powered B2B payment platform, raised a $9 million seed round led by Scale Venture Partners.

PE Deals

Retail Opportunity Investments, a Nasdaq-listed company that owns retail stores and shopping centers on the US west coast, is in talks to be acquired by Blackstone, Reuters reported.

Winky Lux, a cosmetics brand under Glow Concept, has been acquired by Core Industrial Partners.

NYSE-listed Parker Hannifin Corporation's aerospace and defense division, North America Composites & Fuel Containment, has agreed to be acquired by SK Capital Partners.

L&J Technologies, a company developing equipment for industrial storage tanks, has been acquired by CogneSense, a company founded by L Squared Capital Partners for buy and build strategies.

Capital Industries, an Indiana-based company integrating robotics automation systems, has been acquired by Acieta, a portfolio company of Angeles Equity Partners.

Exits & IPOs

Innova Capital agreed to sell Romania-based eyewear retailer Optical Investment Group to EssilorLuxottica.

Canva acquired Leonardo.ai, an Australian generative AI platform that counts AWS Startups and Blackbird Ventures among its backers.

EPE Capital Partners, FirstRand and Old Mutual are looking to sell Primedia Group in a deal that could value the South African broadcaster at between $300-500 million, Bloomberg reported.

Specialty Building Products, a company distributing construction products, is seeking $750 million in an IPO, Bloomberg reported. SBP is currently owned by The Jordan Company.

Fundraising

Hidden Harbor Capital Partners, a Florida-based PE firm, closed its third fund on $800 million.

Conviction Partners, a VC firm investing in AI-native software companies, is targeting $230 million for its second flagship fund, according to SEC filings.

StoneTree Investment Partners, a Dallas-based PE firm focused on industrial businesses across North America, closed its first fund on $155 million.

Moxxie Ventures, a VC firm investing across fintech, healthtech, climate and more, has closed its third fund after raising $95 million.

Investors

Singapore's state-backed investor Temasek said it plans to invest up to $30 billion in the US over the next five years, Reuters reported.

Chart of the Day

Source: Q2 2024 European PE Breakdown

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PitchBook News - Our annual manager performance rankings

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