PitchBook News - Will pensions pivot on clean energy?

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The Daily Pitch: VC

November 8, 2024

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

Today's Top Stories

(Chip Somodevilla/Getty Images)

Pensions' clean energy bets are unlikely to waver under a Trump presidency.

On the heels of former President Donald Trump's reelection, some allocators expect more government support for fossil fuels.

"We might see less movement toward Net Zero and more towards more traditional energy going forward," Calstrs CIO Scott Chan said in a Wednesday investment committee meeting.

But Trump's policy proposals will likely have minimal implications for pension plans with billions of dollars invested into lower-carbon energy infrastructure, Jessica Hamlin reports. Full story.

Also...

🌾 Autonomous farming drove agtech VC dealmaking in Q3, according to our latest Emerging Tech Research. Tractor maker Monarch raised $133 million, and weeding startup Carbon Robotics landed $70 million. Companies improving soil health are also gaining traction. Get the report.

🏛️ The US Federal Reserve cut interest rates by a quarter point, the second reduction this year. Its target range is now 4.5% to 4.75%. Chairman Jerome Powell said he had no intention of leaving office before his term ends in May 2026.

Europe's femtech VC funding notches an early record

(Image courtesy of Flo Health)

With about two months to go in 2024, European femtech startups have already reached new heights for yearly VC funding.

More than €339 million (over $366 million) has been collected across 47 femtech deals so far this year—beating the previous peak of €325 million in 2021, according to PitchBook data. Women's health companies developing apps are attracting more capital than biotech or medical devices startups.

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VC Deals

AI specialist Anthropic is in talks to raise another multibillion-dollar round led by Amazon, The Information reported.

Boldfit, an Indian fitness specialist, raised 110 million rupees (around $13 million) from Bessemer Venture Partners.

Validation Cloud, a Swiss web3 infrastructure platform provider, secured $10 million in a round led by True Global Ventures.

Cytonic, a blockchain technology developer, raised an $8.3 million seed round led by Lattice and Lemniscap.

Glint Solar, an Oslo-based solar software specialist, raised an $8 million Series A led by Smedvig Ventures.

Cybersecurity startup Embed Security raised a $6 million round led by Paladin Capital Group.

PE Deals

Biopharma company Avid Bioservices will be taken private by Ampersand Capital Partners and GHO Capital Partners in a $1.1 billion deal.

BlackRock is in talks to take a minority stake in hedge fund manager Millennium Management, the Financial Times reported.

Ayvens, the car-leasing unit of France-based Societe Generale, is in talks to be acquired by a PE firm with possible buyers including Blackstone, Brookfield Asset Management, and CVC Capital Partners, Bloomberg reported.

London-based regulatory compliance specialist Kaizen raised £42 million from Guidepost Growth Equity.

CVC Capital Partners and Keensight-backed infrastructure and real estate software solutions provider Sogelink acquired Netisys, an infrastructure management software specialist based in France.

Aquiline made a €12 million investment in UK-based VAT compliance and e-invoicing software developer Marosa.

Astorg agreed to acquire a majority stake in Redslim, a data management company based in Switzerland.

Athenium, which provides risk and quality management technology for insurance companies, has been acquired by Hale Capital Partners.

Motive Companies, which is backed by Bison Capital, acquired cellular network startup GXC.

Quantum Design International, which manufactures material characterization instruments for research institutions, received an investment from Yukon Partners and Carlson Private Capital Partners.

Key trends shaping the future of Impact and ESG

Our fifth annual Sustainable Investment Survey reveals a compelling shift in the investment landscape: Despite the controversies surrounding ESG and Impact, practitioners are not just adapting but innovating. With insights from over 1,000 global respondents, including asset owners, VCs and family offices, this survey uncovers the strategies and motivations driving ESG and Impact practitioners. We also delve into the perspectives of those who have opted not to incorporate ESG into their investment programs, shedding light on their rationale and decisionmaking processes.

Our Sustainable Investment Survey is just one of many ESG and Impact research efforts we provide to help investors create a double bottom line of financial returns and positive social or environmental impact. PitchBook Research helps our customers navigate complexity across the entire investment cycle, including contextualizing sustained trends in evolving spaces such as ESG.

Download our report.

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Exits & IPOs

Enterprise Investors-backed Studenac, operator of a food retail store chain store, is planning to raise €80 million from an IPO in Warsaw and Zagreb, Croatia.

PE-backed Intraprise Health, which provides cybersecurity services to healthcare organizations, has been acquired by Nasdaq-listed Health Catalyst.

Quantum network hardware and software startup Qubitekk has been acquired by NYSE-listed IonQ.

WorkRails, a VC-backed company developing a sales and workflow automation platform, has been acquired by Vista Equity Partners-backed BigTime Software.

Fundraising

Brookside Capital Partners raised $393 million at the close of its latest fund, Brookside Capital Fund V.

Emerge, a London-based VC firm that invests in early-stage rounds for education and accessibility companies, raised $73 million for its second fund.

Investors

The entire board of Alberta Investment Management, the managing entity of the Canadian province's pension fund, was fired by the provincial government after the fund's underperformance.

Corporate M&A

Banco BPM is planning a €1.6 billion take-private bid for Italian asset manager Anima.

Chart of the Day

Source: Unicorn companies tracker

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PitchBook News - Will pensions pivot on clean energy?

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