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The Daily Pitch: VC

September 12, 2024

Presented by SVB

In today's Daily Pitch, you'll find:

Our analysts track PE's pivot toward the healthcare IT sector

The largest public PE firms are increasingly relying on credit strategies for growth

ICG's fundraising haul for its latest private debt vehicle shows the popularity of the asset class

Our latest ranking of PE's most active lenders

The PE market in the Middle East and North Africa has fallen off last year's brisk pace

Today's Top Stories

Healthcare IT takes center stage as investors diversify exposure

As PE managers diversify their healthcare portfolios away from direct-care delivery, dealmaking in healthcare IT has proven to be relatively resilient. Our latest Healthcare IT Report estimates that 69 deals were completed in Q2 and predicts that the sector will grow in importance within healthcare PE.

In its first edition exclusively focused on PE trends in healthcare IT, the report presents an updated taxonomy and identifies key themes to watch—including established playbooks such as electronic health records and revenue cycle management. It also covers growth categories such as remote patient monitoring, specialty cost containment and benefit navigation.

read the report

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What's driving PE's asset growth? These days, it's credit.

(Tim Platt/Getty Images)

Asset growth at the largest public US PE firms is increasingly linked to credit, even as most have their roots in leveraged buyouts.

The seven largest public PE firms—encompassing Blackstone, KKR, Apollo Global Management, The Carlyle Group, Ares Management, TPG and Blue Owl—spent a whopping $121 billion on private credit strategies, in contrast with $11.3 billion in PE deployment.

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Since yesterday, the PitchBook Platform added:

14

VC valuations

2021

People

738

Companies

27

Funds

See what our data software can do

The Daily Benchmark:
2015 Vintage Global Secondaries Funds

Median IRR

16.70%

Top Quartile IRR

23.30%

1.06x

Median DPI

Select top performers

Siguler Guff Secondary Opportunities Fund

SG/NMERB Secondary Fund I

Ion Pacific Phillion I

*IRR: net of fees

14 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Belgium's PanTera, a radioisotope producer, raised a €93 million Series A led by EQT Life Sciences.

Qualifyze, a German supply chain risk management company, received a $54 million Series B led by Insight Partners.

Neat, a Paris-based embedded insurance startup, secured a €50 million Series A led by Hedosophia.

Massachusetts-based medical imaging startup SpectraWave has raised a $50 million Series B from Johnson & Johnson, S3 Ventures, Lumira Ventures and others.

PhoreMost, a UK-based biopharmaceutical company, raised over $50 million for its Series B from investors including Parkwalk Advisors, Amadeus Capital and Astellas Venture Management.

CorFlow Therapeutics, a Swiss medical device startup, secured a €44 million Series B led by Broadview Ventures and Panakes Partners.

Radiant Biotherapeutics has raised a $35 million Series A co-led by the Bill & Melinda Gates Foundation and Amplitude Ventures for the Toronto-based startup's antibody therapies.

Battolyser Systems, a Dutch electrolyser manufacturer, received a €30 million Series A from Global Cleantech Capital, Innovation Industries and Invest-NL.

Spare, a Vancouver, Canada-based ridesharing specialist, has raised a $42 million CAD (about $31 million) Series B led by Inovia Capital.

Egyptian payments startup Paymob has extended its Series C with $22 million led by EBRD Venture Capital.

PE Deals

GTCR is in talks with Bain Capital and Cinven about acquiring German drugmaker Stada, Bloomberg reported.

Maven exited its investment in CB Technology to Elite Electronic Systems, having generated a 2.85x return on its investment.

Renovus Capital Partners has struck a deal to acquire Springfield-based QualX Corp., a provider of records and information management. The deal will allow for the company to enhance its product, team, and market footprint as it seeks to improve solutions for federal government agencies.

Europe Snacks, a company specializing in the private label manufacturing and co-manufacturing of snacks in the European market, has agreed to be acquired by an affiliate of One Rock Capital Partners.

Coalesce Capital has acquired Miller Environmental Group, a waste, industrial and environmental service provider. The deal will focus on developing the company through talent recruitment, investing in technology and making add-on acquisitions.

Rundle Partners has acquired Halifax-based Iris Booth, a photography technology company focused on providing accessible and affordable headshots. The deal will focus on the company’s next stage of growth as it continues to build on its capabilities like AI-powered photo editing.

Exits & IPOs

The wearable technology company Oura has purchased Veri, a metabolic health startup for an undisclosed amount.

The organ transplant technology startup Paragonix Technologies has been bought by Getinge for $477 million.

Bloomfield, an agtech monitoring startup, has been acquired by the North American affiliate of the Japanese machinery corporation Kubota.

Fundraising

Berlin-based impact investor AENU has closed a €170 million fund targeting seed and Series A investments in energy transition and carbon economy startups.

Los Angeles-based Fika Ventures has raised $160 million for its fourth flagship fund, The Wall Street Journal reported.

Next Frontier Capital has closed its fourth flagship fund with $102 million in total commitments.

For its second flagship fund, eGateway Capital has raised $94 million.

Chart of the Day

Source: PitchBook Analyst Note: The Rise of European Megafunds: Part II

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PitchBook News - Investors pivot to healthcare IT

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