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The Daily Pitch: VC

August 29, 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 Healthcare Funds Report offers a guide to nearly 500 healthcare and life sciences specialist managers across PE and VC

Content Partners, a Carlyle-backed PE firm focused on entertainment IP, is creating a private debt strategy

Six charts break down the rise of European mega-funds

CVC Capital Partners' latest deal reflects growing PE interest in real estate companies

Today's Top Stories

An H1 checkup for healthcare funds

Our H1 2024 Healthcare Funds Report offers a guide to nearly 500 healthcare and life sciences specialist managers across PE and VC, providing a window into their performance.

PE healthcare specialists are outraising the broader asset class, with bigger fundraises and more frequent above-target closes. But VC healthcare and life sciences fundraising declined as a proportion of overall venture fundraising.

As allocators continue to reevaluate their alternatives mix, PitchBook lead healthcare analyst Rebecca Springer breaks down capital formation in the sector.

read the preview

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How one small endowment trumped the Ivys

(Chloe Ladwig/PitchBook News)

The University of Iowa Center for Advancement outperformed all of the Ivy League endowments last year, and its chief investment officer thinks it will happen again in fiscal year 2024.

CIO Jim Bethea attributes last year's success to the portfolio's higher weighting to public and private equities and lower tilt to VC, which underperformed compared to buyout strategies last year.

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Carlyle-backed entertainment investor sprouts private debt arm

(Chuchart Duangdaw/Getty Images)

Content Partners, a Carlyle Group-backed PE firm specializing in acquiring entertainment IP, is forging a new private credit strategy that originates loans to the content development industry.

"We see a billion-dollar-plus marketplace that is just unloved and not tapped at this moment," said Alphonse Lordo, an entertainment banker who recently joined Content Partners from Truist Securities to head up its debut private debt platform.

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All eyes on the Fed in September

As investors lick their wounds from August's stock market volatility and a weak jobs report for July, many are now turning their attention to whether the Federal Reserve will finally cut interest rates for the first time since 2020. Meanwhile, buyout fund returns are on track for a bounce-back year, while private debt and infrastructure continue to attract LP dollars.

With 80 pages of charts, our Quantitative Perspectives report peers into PE, VC, real estate, real assets and debt through a macroeconomic lens.

read it now

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6 charts: Record year for European PE mega-funds on the horizon

(NurPhoto/Getty Images)

European PE mega-funds are on track for another record-breaking fundraising year after collecting more than €96 billion (roughly $107 billion) in 2023, a sign that there is still plenty of room to grow before becoming a more mature market like that of the US.

LPs will be focusing on how well GPs deploy record quantities of dry powder as outperformance becomes more of a challenge.

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CVC Capital backs Swedish property manager Odevo

(Gopixa/Getty Images)

In what could be one of Europe's biggest PE real estate deals of 2024, CVC Capital Partners is investing in Swedish property manager Odevo.

PE investment in European real estate has been on the rise in the past few years, reaching record levels in 2023.

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Since yesterday, the PitchBook Platform added:

7

VC valuations

1995

People

554

Companies

21

Funds

See what our data software can do

The Daily Benchmark:
2019 Vintage Global PE Funds

Median IRR

16.50%

Top Quartile IRR

24.88%

0.18x

Median DPI

Select top performers

Incline Elevate Fund

Bertram Growth Capital III Annex Fund

Sterling Investment Partners IV

*IRR: net of fees

166 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

OpenAI is in talks to raise a multibillion-dollar round led by Thrive Capital that could value the company at over $100 billion, The Wall Street Journal reported.

Comun, a New York-based startup that offers banking services to Latino immigrant populations, raised a $21.5 million Series A led by Redpoint Ventures.

Space and Time, a startup integrating blockchain and AI technology, raised a $20 million Series A from investors including Framework Ventures, Lightspeed Faction and Arrington Capital, Fortune reported.

Pylon secured a $17 million Series A led by Andreessen Horowitz. The San Francisco-based company is developing a B2B communications platform.

Bland AI, which is building a platform that uses AI to answer phone calls, raised a $16 million Series A led by Scale Venture Partners.

Seat Unique, the London-based developer of a ticketing platform, raised £14.5 million in a round led by Nickleby Capital.

Wattalps, a French developer of lithium power systems, raised an €11 million Series A from investors including Supernova Invest, Move Energy and Ring Capital.

Double Jump.Tokyo, a game development startup working on blockchain infrastructure, secured a $10 million Series D led by SBI Investment.

GSTS raised a C$11 million (roughly $8 million) Series A from Fonds de solidarité FTQ and Export Development. The Canadian company is developing safety solutions for the maritime industry.

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PE Deals

Apax Partners acquired a controlling stake in Veriforce, a Texas-headquartered company that verifies services offered by contractors, from Thoma Bravo.

One Equity Partners agreed to acquire EthosEnergy, which provides services for power-generating turbines.

Capitol Meridian Partners led an $80 million investment in defense-tech company Parry Labs.

Exits & IPOs

Bridge Growth Partners agreed to exit Boston-based data management software developer Syniti to French IT services company Capgemini.

Freshgogo, the New York-based developer of a grocery delivery platform specializing in Asian ingredients, has been acquired by food ecommerce company GrubMarket.

National Marine Dredging Company, an Abu Dhabi-based company that provides services for the energy industry in the UAE, will file for a 3.22 billion dirham (about $877 million) IPO.

UK-based wellness products company Applied Nutrition is preparing to file an IPO in London.

Fundraising

Pemberton Asset Management, a London-headquartered private debt manager, is aiming to raise €3.75 billion for Pemberton Strategic Credit Fund IV.

Lemniscap, a VC firm investing in startups focused on blockchain and Web3 development, raised a $70 million fund.

Whiteboard Capital, an Indian early-stage investor, closed its second fund on 3 billion rupees (around $36 million), The Economic Times reported.

Leo Capital, a Singapore-based VC firm, held a €25 million first close of its new fund targeting B2B startups in the Nordic region.

Chart of the Day

"Blackstone's Q2 deployment totaled $6.4 billion, marking the third consecutive quarter of sequential increases exceeding $1 billion and the most among public peers. On a trailing 12-month basis, the firm's deployment reached $11.5 billion, reflecting a 10.5% YoY decline."

Source: Q2 2024 US Public PE and GP Deal Roundup

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