PitchBook News - Supply chain tech looks to Japan

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The Daily Pitch: VC

November 15, 2024

Presented by Golub Growth

Today's Top Stories

UK pensions shake-up to unlock $100B+

The UK is on the cusp of unlocking billions in capital to invest in long-term assets due to a massive rule change to British pensions.

Private markets are cheering the move to consolidate pension funds into eight so-called mega-funds because it will likely lead to higher allocations to PE and VC.

During her maiden Mansion House speech—an annual address made by the UK finance minister—Chancellor of the Exchequer Rachel Reeves called it the "biggest set of pension reforms in decades." Full story.

Chancellor of the Exchequer Rachel Reeves
(Christopher Furlong/Getty Images)

Also...

🤕 Healthcare IT is stuck in a venture rut. Tech leaders at health systems say they're tired of niche software solutions, and old valuations are still hard for new investors to stomach, our latest Emerging Tech Research explains. Read it now.

🌲 CVC Capital plans to launch its first evergreen PE fund in the first half of next year. The Luxembourg-based firm, which released its first Q3 results since going public in Amsterdam earlier this year, is part of a wave of managers expanding its offerings to private wealth clients. Go deeper.

Japan could be the next hot spot in supply chain tech

There were few bright spots in supply chain tech dealmaking over the past quarter. Startups raised $2.3 billion across 126 deals in Q3, which marks a quarter-over-quarter decline of more than 15% and over 32%, respectively. Our latest Emerging Tech Research highlights factors that are contributing to heightened caution in the sector.

Japan's aging trucker population and new regulations have sparked concerns related to the country's dependence on road freight. For supply chain tech companies, this might not be a bad thing. While Japan may not have enough people willing to drive trucks, companies are starting a promising new wave of innovation in autonomous vehicles and other last-mile delivery services instead.

read the preview

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Private debt headlines capital return indexes

PitchBook's Q2 2024 Private Capital Indexes provide a view of private capital returns across active, closed-end funds, covering data on $4 trillion in fund NAV. The report also includes insights and quarterly return benchmarks for the private markets, offering a snapshot of performance over the last quarter.

Our data indicates that private debt has been the best performer over the last year, while VC and real estate funds continue to struggle. The report also provides indexed returns for PE, real assets, funds-of-funds and secondaries.

read it now

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PE posts tasty quarter for food and beverage deals

(Westend61/Getty Images)

Private equity sponsors are increasingly focused on the food and beverage CPG sector, reaching a quarterly high of 149 deals in Q3 as they seek early-stage, high-growth brands.

With shifts toward products like nonalcoholic beverages and celebrity-backed ventures, the sector's appeal is matched by its volatility as managers race to stay ahead of changing tastes and regulatory risks.

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VC Deals

Databricks is in talks to raise $1 billion from Thrive Capital in a share sale valuing the enterprise software specialist at around $55 billion, Bloomberg reported.

London-based AI startup Tessl secured a $100 million Series A led by Index Ventures.

Radiant Industries, a company developing nuclear microreactors, raised a $100 million Series C led by DCVC.

Elicit Plant, a France-based agtech specialist developing biotech to reduce crop water use, raised a $48 million Series B led by Carbyne Equity Partners.

OpenAirlines, an eco-flying software solutions provider based in France, raised €45 million in a funding round led by Eiffel Investment Group.

Cleantech startup Vaulted Deep, which removes carbon dioxide from the atmosphere and injects it into underground wells, raised a $32.3 million Series A led by Prelude Ventures.

Stepful, a startup developing AI-powered training for entry-level jobs in the healthcare industry, raised a $31.5 million Series B led by Oak HC/FT.

Tourlane, a Berlin-based travel solutions provider, secured a €25 million Series D led by Sequoia.

Indian electrical vehicle company ePlane raised a $14 million Series B co-led by Speciale Invest and Singapore's Antares Ventures.

Dutch upcycling facility C2CA secured a €10 million Series A led by a consortium of impact-driven financial investors.

Don't miss our upcoming webinar

European collateralized loan obligations are on track to end the year with record issuance, which boosted loan demand and set off 2024's third repricing wave in September. Meanwhile, there is hope for a resurgence of M&A activity. In this webinar, our credit experts will discuss how supply and demand technicals are driving conditions across syndicated markets as demand for debt takes pricing back toward pre-2022 levels. Key topics include:

Supply and demand dynamics in the broadly syndicated market.

Impact of a declining rate environment for bond and loan issuance.

The exit puzzle private credit lenders face.

Register now to secure your spot.

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PE Deals

Blackstone is eyeing a 20% stake in Indian snack brand Haldiram's at an $8 billion valuation, Reuters reported.

Brookfield Asset Management is receiving final offers from banks for an €11 billion debt package to back a take-private deal for Grifols, a Spanish biotech company focusing on plasma products.

Shell is looking to sell its carbon offsets business. Potential buyers include PE firms, and Shell will likely maintain a minority stake.

TVM Capital Healthcare invested in DEBx Medical, an Amsterdam-based medical company specializing in advanced wound care.

ECI Partners made an investment in Insurance Insider, a London-based news publisher catering to the insurance industry.

Three Hills invested in Operam Education Group, an education specialist providing temporary teachers to underserved schools.

Exits

Liquid natural gas supplier Venture Global LNG is planning an IPO that could raise over $3 billion and value the energy company at more than $100 billion, Bloomberg reported.

API marketplace startup Rapid has been acquired by Nokia. Rapid was valued at $1 billion in 2022.

The North American business of Whitebridge Pet Brands, which owns a variety of pet food labels, has been acquired by General Mills from PE firm NXMH.

PayU, a fintech company providing payment and lending services backed by Prosus, is planning a 2025 IPO at a valuation between $5 billion and $7 billion.

Telecommunications services provider Circles.Life may be put up for sale by owner Circles Global, which is backed by Warburg Pincus, Bloomberg reported.

Ukraine-based telecommunications provider Kyivstar, which is owned by VEON, may pursue an IPO in the US in 2025.

Fundraising

Founderful, a Switzerland-based VC firm, raised €133 million for its second fund.

Crypto-focused VC firm Portal Ventures raised $75 million for its second fund and will target early-stage startups.

Corporate M&A

Tapestry, the owner of several handbag and clothing brands such as Coach and Kate Spade, has terminated its deal to merge with fellow luxury brands owner Capri. The deal, worth $8.5 billion, was blocked by the FTC last month.

Chart of the Day

Source: PitchBook Universities: Female founders edition

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PitchBook News - Supply chain tech looks to Japan

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