PitchBook News - Will OpenAI join the $100B club?

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The Daily Pitch: VC

September 4, 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 Emerging Tech Research covers how blockchain technology could help with fraud prevention, risk management and more

The Olympics put a spotlight on women's sports—will PE follow?

History has shown OpenAI's quest to join the $100B club may not be a smooth road

Our latest Global Markets Snapshot breaks down one month of trends in the equity, debt and commodities markets

PE dealmaking in Europe by investors from outside the region is showing signs of a rebound

Today's Top Stories

OpenAI wants to join the $100B club—history shows it's not a smooth road

OpenAI CEO Sam Altman (Patrick T. Fallon/Getty Images)

OpenAI is reportedly in talks with Thrive Capital to raise billions at a valuation few companies have ever come close to: $103 billion.

If the valuation comes to fruition, it will be the fifth VC deal ever, and second for any US company, to break the $100 billion post-money valuation threshold, according to a PitchBook analysis. But history has shown such ambitious price tags can be hard to defend.

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How blockchain could transform insurtech

As insurtech investment remains muted, integration with blockchain technology may herald new opportunities for investors, according to our latest Emerging Tech Research.

VC dealmaking in the sector rose to $1.2 billion across 106 deals in Q2—increases of over 27% and nearly 4%, respectively, but PE and M&A activity continued to slow. The report also covers how blockchain technology, a digital ledger that records transactions across decentralized networks, could help with fraud prevention, risk management and more.

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Olympic Games open investors' eyes to women's sports

(Michael Steele/Getty Images)

The Paris Olympics put a spotlight on women's sports as potential investment opportunities. With PE firms regularly inking major sports deals over the last four years, investments in women's sports, including rugby, could be on the way.

As audiences grow and more female athletes become household names, private equity money could follow the fame. "People are starting to say hold on a minute, there's been a whole world here that we haven't focused on, and it's a good, solid investment," said Steven Amato, a partner at Deloitte.

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August wrap-up: One month in global markets

Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.

In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on.

read it now

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Apollo co-founder's new firm inks first buyout

(Visoot Uthairam/Getty Images)

26North Partners, founded by Apollo co-founder Josh Harris, has made its first private equity investment by acquiring ArchKey Solutions for more than $1 billion, including debt.

New PE players have been accounting for larger shares of fundraising activity. In the first quarter, over 27% of all middle-market PE capital was raised by emerging managers, according to PitchBook data.

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GP deals soar with efforts to expand reach

(Altayb/Getty Images)

GPs across alternative markets are diversifying their revenue streams by acquiring other managers at a brisk pace.

Asset managers are seeking ways to cater to more investors and expand their footprints in other asset classes, with GP deal count up 84% YTD, according to PitchBook's Q2 2024 US Public PE and GP roundup.

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European PE investment by outside players is on rise

(Chris Rogers/Getty Images)

Following a post-pandemic slump, foreign involvement in European PE deals is rebounding.

With more than a quarter remaining in 2024, non-European investment into European PE deals is already equal to that of 2023, a promising sign.

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Since yesterday, the PitchBook Platform added:

10

VC valuations

1938

People

605

Companies

20

Funds

See what our data software can do

The Daily Benchmark:
2016 Vintage Global Debt Funds

Median IRR

9.67%

Top Quartile IRR

12.00%

0.93x

Median DPI

Select top performers

PAG Enhanced Credit Fund

VSS Structured Capital III

Vistara Capital Partners Fund II

*IRR: net of fees

68 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Circle Pharma, a Bay Area-based biopharma company developing therapies for cancer, raised a $90 million Series D led by The Column Group.

Doccla, a UK-based virtual hospital services provider, secured £35 million in a Series B led by Lakestar.

Fintech startup Unlock Technologies, a provider of equity services for homeowners, raised a $30 million Series B led by D2 Asset Management. The Series B is accompanied by a $250 million capital commitment from D2.

Ziina, a Dubai-based fintech startup, raised $22 million in a Series A led by Altos Ventures.

Web3 cybersecurity company Hypernative raised a $16 million Series A led by Quantstamp.

Treble, an Icelandic sound tech company, netted €11 million in a Series A round led by Kompas VC.

PE Deals

TPG has sold its last minority stake in alternative asset manager Sixth Street back to the firm for about $1 billion, Bloomberg reported.

AirTrunk, an Australia-based data center operator, is in talks to be acquired by Blackstone for AUD $20 billion ($13.53 billion), Reuters reported.

Clearlake Capital acquired MV Credit, a UK private credit specialist with $5.1 billion in AUM.

Cinven entered talks to take over Finaxy, a French multi-specialist insurance broker with over 330 employees.

Impilo acquired Qufora, a Danish manufacturer of medical equipment used by patients with bowel conditions.

Oakley Capital acquired Buddyfit, an online fitness platform headquartered in Italy.

Cambridge Associates agreed to acquire Siglo Capital Advisors, a Zurich-based alternative investment specialist.

Merchandising and marketing services provider SPAR Group, listed on Nasdaq, has been acquired by Highwire Capital for $2.50 per share in a take-private.

Charlesbank Capital Partners made a strategic investment in Front Row Group, an e-commerce and marketing strategies company.

Exits & IPOs

Vitruvian Partners exited Benify, a Swedish payroll software provider, to Apax Partners' portfolio company Zellis Group.

Springer Nature, a Germany-based publisher of academic research, plans to file for an IPO to be listed on the Frankfurt Stock Exchange, Reuters reported.

ReachSuite, a company developing a platform for sales professionals to demo products to buyers, has been acquired by interactive demo specialist Consensus.

VC-backed biotech company BioAge Labs, which develops treatment for metabolic diseases, has filed for an IPO.

Fundraising

Private markets investment platform Titanbay is launching its first fund-of-funds targeting wealth managers, private banks and multi-family offices, Citywire reported.

BNP Paribas Asset Management raised €150 million for its Solar Impulse Venture Fund. A final close is expected before the end of the year.

Germany-based Nord Holding held a third close for its NKB Co-Invest IX fund, reaching its €250 million target. The fund is aiming for a final close at the end of the year.

Chart of the Day

Source: Q2 2024 European VC Valuations Report

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PitchBook News - Will OpenAI join the $100B club?

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Which colleges are churning out founders?

Will Two Sigma shakeup harm its VC brand?

Will Middle East VC cash stop flowing?

VC returns data and new exit strategies

Crypto settlement signals an SEC shift

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