PitchBook News - New hope dawns for VC

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The Daily Pitch: VC

September 20, 2024

Presented by Deloitte Audit & Assurance

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

Our Quantitative Perspectives report covers how the US Fed's rate cut could break open the IPO window and more

Investors from PE firms to sovereign wealth funds are pouring billions into data centers

TPG's climate fund bets on sustainable jet fuel

Research services specialists breathe new life into pharmatech dealmaking

Today's Top Stories

With US Fed's rate cut, new hope dawns for VC

VCs took a collective sigh of relief this week—the US Federal Reserve's half-point interest rate cut has given them a beacon of hope. Investors anticipate the new easing era will kick-start what has so far been a sluggish recovery and spin the capital flywheel.

Our latest Quantitative Perspectives report covers how the rate cut has the potential to break open the IPO window, accelerate VC fund returns and improve loss ratios across stages. For LPs, closely evaluating managers for early DPI and diversifying across vintage years will be essential.

read the report

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Meet the 10 most active data center investors

(Jason Marz/Getty Images)

The AI boom and surging demand for high-powered cloud computing are fueling a rush to build new data centers. Investors from PE firms to sovereign wealth funds are pouring billions of dollars into the sector.

Our list reveals which firms are at the forefront of this frantic expansion.

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Since yesterday, the PitchBook Platform added:

16

VC valuations

2380

People

946

Companies

37

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage Global Debt Funds

Median IRR

10.84%

Top Quartile IRR

13.71%

0.31x

Median DPI

Select top performers

Onex Senior Loan Opportunity Fund I

Jive Distressed Fund III

Paceline Equity Partners Opportunity Fund I

*IRR: net of fees

79 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Virtuous, a startup providing CRM software to nonprofit organizations, raised a $100 million Series C led by Susquehanna Growth Equity.

Carbon conversion technology company Air Company raised a $69 million Series B led by Avfuel to expand development in the aviation industry.

Cayena, a Brazil-based startup providing facilitation services for the wholesale food supply industry, raised a $55 million Series B led by Bicycle Capital.

DeepDrive, a Munich-based electric motor startup, closed a €30 million Series B led by Leitmotif.

Yonder, a London-based credit card provider, raised £23.4 million in a round led by RTP Global and Repeat.

AI-generated audio and images startup Fal.ai raised $23 million over two rounds, one led by Kindred Ventures and one led by Andreessen Horowitz.

LiquidStack, a startup developing liquid cooling technology for data centers, raised a $20 million Series B extension led by Tiger Global.

Inbolt, a Paris-based developer of robot guidance systems, completed a €15 million Series A led by Exor Ventures.

Ferrum Health, a startup working to bring AI solutions to healthcare, raised a $16 million Series A led by Foundry, Axios reported.

Phlair, a Munich-based carbon removal startup, secured a €14.5 million seed investment led by Extantia.

PE Deals

Trivium Packaging, a company that manufactures packaging products for household items, is in talks to be acquired by Platinum Equity for over $3.5 billion, Bloomberg reported.

Industrial electronic control panel developer Salient has been sold to Trystar, a portfolio company of Blackstone, by LFM Capital.

BenefitHub, a company developing a platform for employee benefits, has received an investment from Balance Point for the acquisition of Abenity.

Cybersecurity and IT services provider BlackPoint IT Services received an investment from Agellus Capital.

Midstream Infrastructure developer Bayou Midstream II received an investment from EIV Capital.

Exits & IPOs

Vistra Vision, a company operating power plants, will be solely owned by Vistra after asset manager Nuveen and Avenue Capital sold a $3.25 billion stake in the company.

Upstream Bio, a biotech company developing treatments for inflammatory disease and allergies, filed for an IPO, according to SEC documents. The company raised a $200 million Series B last year.

Fundraising

Munich-based Capmont Technology has launched a €100 million fund targeting early stage B2B startups.

Era Ventures, a property tech-focused VC firm, raised $88 million for its first fund targeted at early-stage investments in transformative technology startups.

Investors

23andMe, a DNA-testing company that went public in 2021, has lost its board after seven independent directors resigned. CEO Anne Wojcicki plans to take the company private.

Chart of the Day

Source: Paul Graham is right: Startups in ‘founder mode’ do have a competitive edge

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PitchBook News - New hope dawns for VC

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