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The Daily Pitch: VC

November 6, 2024

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

Today's Top Stories

(J. Countess/Getty Images)

Trump swings to victory in US election

Donald Trump has won a second term in office after securing the 270 Electoral College votes needed to secure the White House. The markets have reacted accordingly, with the dollar on course for its biggest one-day rise against its peers since March 2023 and Bitcoin reaching an all-time high.

For the private markets, there will be long-term factors to consider as the new president's policy agenda—which will have a far-reaching impact on issues such as immigration, international trade, and geopolitics—is put to work in the coming months. For a deeper dive on what investors should look out for across all sectors see our Presidential Election Guide.

Also...

💸 Apollo is streamlining its products to target individual investors, who have been clamoring for access to private markets. The firm has a 5-year plan to raise $150 billion from private wealth, and it's on track to raise 50% more from the category than last year. Full story.

⚽ Investigators raided the Paris offices of CVC Capital Partners and French soccer's governing body, Ligue De Football Professionnel, amid a probe into alleged corruption. The searches are reportedly related to an investigation into the misappropriation of public funds launched in July. Read more.

🚀 VC investors are looking to the stars for lucrative opportunities within commercial space launches. Our latest Emerging Space Brief is a primer on the segment, which spans advanced propulsion systems and companies assisting pioneering research missions. Get the report.

⚙️ EQT offered $1.4 billion to take Swedish industrial components trading specialist OEM International private. It's set to be the largest deal of its kind in the country this year. Go deeper.

A return to the dot-com era for gaming startups

VC dealmaking in the gaming sector is leveling out after investment hype during the pandemic era. After a sharp decline in funding over the last two years, total deal value rose modestly for the fourth consecutive quarter in Q3—with nearly $2 billion invested across 143 deals, according to our latest Emerging Tech Research.

A pull back to the dot-com era of browser-based gaming experiences could represent a market opportunity. With several VC-backed companies taking steps to rejuvenate browser-based entertainment reminiscent of Adobe Flash, the report highlights how developers are capitalizing on the reach of the web.

read the preview

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Funding for decentralized AI startups triples to $436M

(MF3d/Getty Images)

Driven by a demand for faster and more secure computing resources, investors are turning to decentralized AI startups as a novel solution. These companies, which use infrastructure like blockchain and cryptography to handle AI workloads, have seen a rapid rise in VC funding.

Decentralized AI specialists have raised more money this year than the previous three years combined, according to PitchBook data. Investment has been concentrated in companies trying to ease the burden of intense AI workloads by creating networks where unused computing resources can be rented out.

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Since yesterday, the PitchBook Platform added:

2586

People

1030

Companies

53

Funds

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The Daily Benchmark:
2020 Vintage Global Real Estate Funds

Median IRR

7.08%

Top Quartile IRR

13.25%

0.18x

Median DPI

Select top performers

Turnberry Portfolio

Exeter Industrial Value Fund V

Blue Owl Real Estate Capital Fund V

*IRR: net of fees

54 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Blackstone Tactical Opportunities chief operating officer Chris James will become the global head of the business, succeeding David Blitzer, who is transitioning to a new role as chairman.

VC Deals

AI-powered search engine provider Perplexity is in talks to raise a $500 million round led by Institutional Venture Partners at a $9 billion valuation, according to reports.

Inquis Medical, a Bay Area-based company developing technology to remove blood clots, raised a $40 million Series B led by Marshall Wace.

Dash0, a German developer of observability tools, raised a $9.5 million seed investment led by Accel.

Berlin-based Xavveo, which manufactures distributed radar systems for autonomous vehicles, received an $8.6 million seed round from investors including Vsquared Ventures and Imec.xpand.

PE Deals

JC Flowers acquired Pepper Advantage, a London-based credit management firm with operations in Europe and Asia.

The Riverside Company agreed to sell HealthTech BioActives to Miura Partners after holding it for five years.

ENovate Biolife, a Mumbai-based specialist in botanical ingredients, has been acquired by OmniActive Health Technologies. Both companies are backed by TA Associates

Packaging distribution company Veritiv, a portfolio company of Clayton, Dubilier & Rice, has acquired the businesses of PAX Global.

Riccobene Associates Family Dentistry, which owns and operates 62 dental clinics, has been acquired by Comvest Private Equity.

Exits & IPOs

Advent International and KKR-backed NielsenIQ, which provides consumer data to businesses, is considering an IPO that could value the company around $10 billion, Bloomberg reported.

Peak6 Investments has sold its minority stake in the Wolverhampton Wanderers, a Premier League soccer team, to Fosun Sports Group for $50 million, Bloomberg reported.

Sullivan Street Partners sold UK-based grounds maintenance company Tivoli to the Nurture Group after six years.

Brazil-based Votorantim is in talks to pursue an IPO of its cement business based in North America, Bloomberg reported.

Dazz, an Israel-based cybersecurity startup, is in talks to be acquired by Wiz, the Calcalist reported. The company was last valued at around $400 million.

VC-backed Surefyre, a San Francisco-based company operating a cloud-based submission and underwriting platform, has been acquired by Vertafore.

Fundraising

Capital Dynamics closed Capital Dynamics Global Secondaries VI at $1.1 billion. The fund is already $875 million invested across 41 projects.

Pelican Energy Partners raised $450 million for its first nuclear energy services fund targeted at buyout and growth investments.

Saw Mill Capital, a firm investing in industrial and professional services, raised $435 million at the close of its third fund.

Chart of the Day

Source: Europe’s PE-backed companies see an IPO recovery

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PitchBook News - VC ready for launch

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