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The Daily Pitch: VC

September 25, 2024

Presented by SVB

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

Our analysts find private debt funds are gaining traction with new investors

Call center startup Ujet lands $76M as investors pin hopes on AI agents

Vista Equity Partners and Blackstone have teamed up to take Smartsheet private

Europe's VC funding for climate tech slips

HSBC Asset Management wants to raise $1 billion for its first NAV lending fund

Today's Top Stories

AI ambitions lift call center startup Ujet

(Luis Alvarez/Getty Images)

Ujet, a startup making software for call centers, raised a $76 million Series D as investors seek ways to automate the more than $40 billion industry with generative AI.

Investors and market leaders see the potential to improve the customer service industry using AI. But not everyone agrees that fully embracing the technology is the right path—including Ujet's Co-CEO Vasili Triant.

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Private debt is attracting a new crowd

Private debt funds are gaining traction with new investors, according to our H1 2024 Global Private Debt Report. Notably, there is significant interest from individual investors and insurers, with the US wealth channel alone expected to contribute $60 billion to private debt funds this year.

The robust fundraising trend is partially attributed to the superior fund performance of private debt, which delivered a net return of over 9% in 2023, almost matching the 10.5% return achieved by private equity.

read the report

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A message from SVB

SVB's State of the Markets H2 2024 report breaks down the latest VC trends

SVB's outlook and analysis of the trends shaping the innovation economy is back with the H2 2024 State of the Markets report.

Explore the factors driving more capital flow to US startups this year than in 26 of the last 30 years—despite US VC investment falling below previous peaks. While many companies are finding it harder to raise, the best are making it happen—led by those capitalizing on the boom in AI.

Discover the dynamics at play as SVB breaks down the uneven recovery and the process of recalibration across venture-backed company operations, fundraising, investments and exits.

Get the report

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Europe slips behind peers for climate-tech VC funding

While widely considered a leader in climate-tech development and adoption, Europe is lagging other regions for VC investment in the sector. North America and Asia have pulled in more VC funding this year, according to our latest analyst note.

However, Europe's share of climate-tech deal value is increasing, accounting for nearly 32% of the global total last year, its highest percentage yet. Reducing Europe's reliance on Russian fossil fuels has been a key driver in increasing interest in the space.

read it now

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Vista, Blackstone club deal will take Smartsheet private

(Andrey Maximenko/Getty Images)

Vista Equity Partners has partnered with Blackstone in an $8.4 billion take-private acquisition of Smartsheet, a project management software provider.

In the current environment of elevated capital costs, club deals—buyouts involving more than one PE sponsor—allow managers to share the risk of a large transaction. This is the fourth-largest club deal in the US this year.

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HSBC AM targets $1B for maiden NAV lending fund

(John Keeble/Getty Images)

HSBC Asset Management is looking to raise $1 billion for its first NAV lending fund as demand for liquidity continues to grow in the market.

The vehicle will primarily provide senior loans to mid-market European PE funds. The firm sees demand from both fund managers and investors for longer hold periods.

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UVA's endowment returns, explained

(Joey Schaffer/PitchBook News)

The University of Virginia's endowment returns for the fiscal year ending in June missed their benchmark by a long shot, largely because over a quarter of the portfolio is invested in the private markets. Its less-than-stellar returns reintroduced the debate of the Yale model versus a simpler portfolio with 60% invested in stocks and 40% in bonds.

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Since yesterday, the PitchBook Platform added:

2511

People

895

Companies

47

Funds

See what our data software can do

The Daily Benchmark:
2016 Vintage Global Real Assets Funds

Median IRR

8.25%

Top Quartile IRR

11.44%

0.44x

Median DPI

Select top performers

AIM Storage

AIM Landfill

Kayne Private Energy Income Fund

*IRR: net of fees

49 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Quantum Systems, a German aerial data intelligence company, raised over €100 million for its Series B from investors including Notion Capital and Porsche.

India-based M2P Fintech, a company that provides banking services and infrastructure API, raised a $100 million Series D led by Helios Investment Partners.

Centivo, a startup creating a healthcare plan as an alternative to employer-provided benefits, raised $75 million from investors including Cone Health Ventures, MemorialCare Innovation Fund and B Capital.

Sublime Systems, a startup developing technology for manufacturing low-carbon cement, raised $75 million from CRH and Holcim.

Geothermal energy company Dandelion Energy raised a $40 million Series C led by GV.

Apron, a London-based B2B payments startup, received a $30 million Series B led by Zinal Growth.

Distyl, a startup developing AI for use in enterprise applications, raised a $20 million Series A led by Coatue and Dell Technologies Capital.

Hlpy, an Italian motor-assistance startup, secured an €18 million Series B led by Nextalia and Alkemia Capital.

Milan-based Jet HR, which offers an HR management platform, raised a €12 million seed round led by Picus Capital.

Letta, an AI startup emerging from the University of California, Berkeley, received a $10 million seed round led by Astasia Myers.

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PE Deals

D.E. Shaw Renewable Investments, an operator of wind, solar and battery assets in the US, received a $1.73 billion minority investment from Macquarie Group.

CDPQ is buying a 25% stake worth £500 million in UK-based hydropower plant owner First Hydro Company.

Enterprise software developer Campfire Interactive received a $37 million investment and will be acquired by Invictus Growth Partners.

EQT has sold its minority stake in data center solutions provider EdgeConneX to Sixth Street.

Synple Chem, a company developing chemical analysis and drug discovery technologies, has been acquired by eMolecules, a portfolio company of Avista Healthcare Partners.

Exits & IPOs

Salesforce has agreed to buy data management specialist Zoomin. The New York-based company's investors include Salesforce Ventures, Bessemer Venture Partners and General Atlantic.

Attain, whose software provides commerce data for brands, acquired Boston-based consumer-rewards company Merryfield. Both companies have venture backing.

FrontView REIT has its eyes on up to $277.2 million for its IPO, with shares to be priced at between $17 and $21 each, according to an SEC filing.

Fundraising

TPG will close its first secondaries fund on $1.8 billion, Bloomberg reported.

Switzerland's Pictet raised more than $200 million for its latest PE fund, which is targeted at technology investments.

Pangaea Ventures raised $85 million for its fifth tech venture fund.

Regulatory News

Baba Nadimpalli, the former CEO of San Francisco-based Skael, a SaaS startup for automating business tasks, has been charged with fraud by the SEC after reporting false metrics to investors.

Chart of the Day

Source: Outside the AI boom, it’s a buyer’s market for cash-strapped startups

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PitchBook News - AI ambitions lift call center startup

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