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The Daily Pitch: VC

August 7, 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:

Healthcare services turned a corner in Q2 with a handful of important platform trades

PE strategies, including buyouts and growth equity, continue to attract individual investors

Limited partners are allocating more and more capital to digital infrastructure strategies

The Baltic VC market shows signs of recovery in 2024. Our map examines the trends.

Momentum for TPG's credit business helps boost the firm's AUM to $229 billion

Today's Top Stories

PE dealmakers see turning point for healthcare services

Deals for healthcare services companies slipped 16.5% in Q2 from the prior quarter, but the market shows signs of turning a corner, our latest Healthcare Services Report explains.

Throughout the year, bankers have said that their pipelines are filling up. Q2 saw a handful of platform trades, and additional large deal announcements are likely to follow. GPs are feeling pressure to both return capital to LPs and deploy it, and they're increasingly confident that rate cuts are near.

We expect a gradual increase in activity as sellers bring their best assets to market and valuation expectations crystallize.

read the report

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VC map: Baltic region shows signs of rebound in 2024

(Wirestock/Getty Images)

The Baltic region's VC market has shown early signs of recovery, with dealmaking picking up in the second quarter of 2024.

Take a look at our overview of the current state of the Baltic VC ecosystem, showcasing dealmaking, fundraising and exit trends.

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Digital infrastructure is LPs' latest hot-ticket item

(George Frey/Getty Images)

Limited partners are allocating more and more capital to digital infrastructure strategies.

Over the past decade, allocators have poured capital into infrastructure and real estate funds investing in digital infrastructure, capitalizing on the sector's historical outperformance. In fact, from 2014 to 2023, private funds with either investments in digital infrastructure or a specified mandate to invest in the sector brought in a collective $800 billion in capital commitments.

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Individual investors remain eager for PE exposure

(Szilard Toth/Getty Images)

PE strategies, including buyouts, growth equity and secondaries, still find favor in the eyes of individual investors, says James Ouderkirk, a business development director at GLASfunds, an investing platform that provides financial advisers of ultrarich individuals with access to private markets funds.

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TPG's fundraising haul boosts AUM to nearly $230B

(Anthony Bradshaw/Getty Images)

TPG, the San Francisco-headquartered PE firm, has experienced strong fundraising momentum this year.

The firm's credit business accounts for the lion's share of capital collected from investors.

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Since yesterday, the PitchBook Platform added:

7

VC valuations

2052

People

794

Companies

39

Funds

See what our data software can do

The Daily Benchmark:
2021 Vintage Global Real Assets Funds

Median IRR

8.05%

Top Quartile IRR

13.67%

0.03x

Median DPI

Select top performers

QL Capital Partner Fund

CIM Infrastructure Fund III

Nuveen AG Infrastructure Fund

*IRR: net of fees

37 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

President and co-founder Greg Brockman, co-founder John Schulman and product leader Peter Deng have all left or taken leaves of absence from OpenAI, The Information reported.

Estonia-based BaltCap has picked Ege Metsandi as its CEO and board member. Metsandi previously held managerial positions at several Nordic and Baltic financial institutions including Swedbank, Swedbank Investment Funds, Nordea and Trigon Capital.

VC Deals

San Francisco-based Abnormal Security, a cybersecurity startup utilizing a human-behavior AI platform, raised a $250 million Series D led by Wellington Management.

Stori raised a $212 million round, comprising $105 million in equity led by investors including Notable Capital and BAI Capital, and $107 in debt led by Goldman Sachs and Davidson Kempner. The Mexican company provides banking cards and deposit accounts.

Riverlane, a UK-based specialist for quantum error correction technology, received a $75 million Series C led by Planet First Partners.

Seeq, a startup developing technology to accelerate analytics for industrial processing, raised a $50 million Series D led by Sixth Street.

Mechanical Orchard, a San Francisco-based startup developing software for transitioning to cloud-based systems, raised a $50 million Series B led by GV.

Knime, a Swiss company offering an open-source data science and AI platform, raised $30 million from Invus.

Prorata.ai, which is developing an AI chatbot that can attribute and share revenue with the sources of its information, raised a $25 million Series A from Mayfield, Revolution Ventures, Prime Movers Lab and Idealab Studio, Axios reported.

Spineology, a Minnesota-based medical device startup developing spinal fusion treatments, raised a $25 million Series AA led by SV Health Investors.

Punch, a Mumbai-based option trading specialist, received a $7 million seed round from investors including Stellaris Venture Partners and Innoven Capital.

EtherealX, an Indian space-tech startup, secured $5 million in a round led by YourNest Venture Capital.

PE Deals

NYSE-listed NCR Voyix will sell its digital banking unit to Veritas Capital for $2.45 billion.

FGS Global, a PR firm focused on financial communications, will be sold to KKR by London-based advertising company WPP for about $800 million, the Financial Times reported.

Brightnight, which designs and operates renewable power systems, raised $440 million in a strategic investment from Goldman Sachs Alternatives.

ASP Global, which provides medical products across the healthcare sector, was acquired by Platinum Equity.

Vivace, a New Orleans-based company manufacturing devices used in space and defense vehicles, received a growth investment from Cerberus.

Pollen Street is acquiring Etops, a Switzerland-based SaaS company serving the wealth and asset management industry.

Apax Partners invested in GreytHR, a cloud-based HR software provider, via Apax Digital Fund II.

Vortex Capital Partners acquired a majority stake in TP Tuned, an Amsterdam-based company specializing in transfer pricing automation.

Bridgepoint made a partial exit from Vitamin Well, a Stockholm-based provider of protein bars and sport and health beverages, after selling a stake to Cinven.

Exits & IPOs

Black Sesame, a Chinese company backed by Xiaomi that makes chips for autonomous driving systems, priced its Hong Kong IPO at the low end of its marketed range amid pressure from the global market selloff, Bloomberg reported.

Good Eggs, a grocery delivery startup specializing in fresh produce, was acquired by Grubmarket in a deal valuing the company at over $22 million, TechCrunch reported.

Boldend, a company developing government cybersecurity products utilizing electronic warfare components, was acquired by Sixgen.

Fundraising

New York-based infrastructure firm Stonepeak raised $3.15 billion for its latest fund, the Stonepeak Opportunities Fund. Stonepeak focuses on sectors including transportation, logistics, and energy.

TPG has raised a total of $580 million at the close of its first fund targeted at the life sciences sector.

Chart of the Day

Source: Infrastructure Investors Capitalize on the Digital Revolution

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PitchBook News - Healthcare services heats up

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