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The Daily Pitch: VC

October 7, 2024

Presented by SVB

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

Our expanded Private Capital Barometers go beyond PE funds to cover VC, private debt, infrastructure and natural resources

The PE middle market's recovery in three charts

We've ranked the top European colleges by number of startup founder alumni

The results of our annual Sustainable Investment Survey—does perception of ESG and impact investing match reality?

Today's Top Stories

Our barometer for real-time private market returns

The lag between private market returns and their public market counterparts leads to a months-long wait for a complete picture of fund performance, but we have a solution.

PitchBook's Private Capital Return Barometers, detailed in our Q4 2024 Allocator Solutions report, incorporate fundamental economic and market indicators and spit out a score—between zero and 100—representing our analysts' expectation of a strategy's returns. While this framework was used to evaluate PE funds exclusively, its scope has now been expanded to cover VC, private debt, infrastructure and natural resources.

read the report

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Where do European startup founders go to school?

(Joey Schaffer/PitchBook News)

UK universities are in a league of their own when it comes to graduating future startup founders.

British schools take more than half of the top 50 spots in our rankings of European undergraduate programs with the most startup founder alumni. Oxford and Cambridge took the top two spots on both our undergraduate and graduate lists.

But the British advantage is less obvious among leading MBA programs. French university INSEAD and Spanish schools IE University and ESADE all cracked the top five on the MBA list.

see the data

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A message from SVB

Yes, SVB.

Backed by the strength of First Citizens Bank, a Fortune 500 Company, SVB can deliver even more solutions that can help you stay ahead of the curve. Yes, SVB.

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Are ESG and DEI dead?

In this case, perception may be different from reality. While the ESG and impact investing spaces are fraught with controversy, our fifth annual Sustainable Investment Survey report shows that practitioners are leaning into their investment approaches in new and innovative ways.

With over 1,000 global respondents, including asset owners, VC and PE GPs, and family offices, the survey reveals a number of trends—including a desire to move away from the term "ESG" and a shift toward ESG implementation among both VC and non-VC fund managers.

read the report

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3 charts: Middle market's recovery is underway

(James O'Neil/Getty Images)

The PE middle market is showing signs of recovery, supported by a more favorable lending environment. But the progress is uneven—while dealmaking has seen a noticeable uptick, fundraising and exit activity have struggled to catch up.

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Since yesterday, the PitchBook Platform added:

185

People

41

Companies

10

Funds

See what our data software can do

The Daily Benchmark:
2015 Vintage Global PE Funds

Median IRR

17.02%

Top Quartile IRR

24.43%

1.23x

Median DPI

Select top performers

Oaktree Power Opportunities Fund IV

Gridiron Capital Fund III

Spectrum Equity VII

*IRR: net of fees

128 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

London-based Sovereign Capital Partners hired Fabian Critchlow from Next Wave Partners as investment manager. He will focus on the business services, financial services and healthcare sectors.

VC Deals

TrueLayer, which offers an open banking platform, raised a $50 million Series E led by Northzone. The round values the company around $700 million, down from over $1 billion in 2021.

AI marketing content specialist AirOps raised a $15.5 million Series A led by Unusual Ventures.

Voliro, a Zurich-based aerial mobile robotics startup, received a $12 million Series A led by Cherry Ventures.

Rezilient Health, a startup further developing remote healthcare technology, raised a $10 million Series A led by Govo Venture Partners.

Voltfang, a German green energy storage company, raised over €8 million for its Series A led by Forward.One.

PE Deals

Barnes Group is in talks to be acquired by Apollo Global Management in a take-private deal that could value the aerospace parts manufacturer around $2 billion, Reuters reported.

Temasek is in talks to buy a minority stake in India's Haldiram Snacks. The transaction could value the food manufacturer up to $11 billion, Bloomberg reported.

Fitness center operator Onelife Fitness will be acquired by 26North Partners for a valuation of around $500 million.

London-headquartered Soho Square Capital made a growth investment in UK-based tour operator Newmarket Holidays.

BGF acquired a minority stake in laser show specialist ER Productions.

Portfolio Companies

Autonomous driving startup Waymo has entered a strategic partnership with Hyundai to use the car manufacturer's SUVs in its fleet.

Exits & IPOs

Online fashion seller Shein is preparing early, informal investor meetings for a potential listing in London, Bloomberg reported. The company is still awaiting approvals for the IPO.

Autodoc, a Germany-based auto parts seller, is planning a renewed IPO in Frankfurt after an attempt in 2021, Bloomberg reported.

France-based video game company Ubisoft may be considered for a buyout by its owning family and Tencent, which owns a minority stake, Bloomberg reported.

Chart of the Day

Source: Startup founders and VCs find more equal footing

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PitchBook News - Our expanded private capital barometers

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