PitchBook News - VCs pressure LPs for more time

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The Daily Pitch: VC

December 2, 2024

Presented by Fidelity Private Shares^SM

Today's Top Stories

🐘 PE mega-funds are making a comeback. The performance of PE funds valued above $5 billion bested middle-market funds for the third quarter in a row. That streak has reversed five consecutive quarters of underperformance for the category on the heels of the pandemic. Full story.

🌾 VCs want more time to harvest returns and are pressuring their LPs to grant fund extensions. They often cooperate, but the data shows these extensions don’t necessarily translate into the expected distributions. Read more.

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Life sciences sector awaits new US administration

An evolving regulatory and political landscape could introduce new levels of uncertainty in the life sciences sector. Our latest analyst note recaps the MWE Life Sciences Dealmaking Symposium, where industry experts, investors, startup founders and others weighed in on the sector’s outlook. The note discusses regulatory adjustments, alternative financing methods, capital market dynamics, strategic partnerships and more, examining their impact on life sciences companies and investors.

Potential Trump administration policies may introduce change for pharmaceutical companies. However, healthcare IT and pharma services continue to be bright spots for the sector, holding on to investor enthusiasm.

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Meet the startups bringing green thermal batteries to market

(Courtesy of Antora Energy)

How do we make industry greener? One answer is renewable thermal batteries, a relatively young technology that harnesses and stores renewable energy—often in carbon blocks or molten salt—that can power industrial operations.

Here are 10 startups developing renewable thermal battery technology that have raised the most VC funding.

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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.

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Since yesterday, the PitchBook Platform added:

21

People

16

Companies

See what our data software can do

The Daily Benchmark:
2020 Vintage Global Funds-of-Funds

Median IRR

10.90%

Top Quartile IRR

12.58%

0.05x

Median DPI

Select top performers

Banner Ridge DSCO Fund I

INP Technology FOF II

PA Small Co Private Equity Fund IX

*IRR: net of fees

39 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Tembo, a London-based digital savings and mortgage platform, closed a €16.8 million Series B led by Goodwater Capital.

Akhetonics, a Berlin-based developer of all-optical digital processors, raised €6 million in a round led by Matterwave Ventures.

AnyKrowd, a Belgian provider of event management software, secured a €4 million Series A led by Finance&Invest.Brussels.

PE Deals

A consortium led by Starwood Capital and Warburg Pincus is close to a $7 billion deal to take Hong Kong-listed real estate fund manager ESR Group private.

TPG is nearing a deal to acquire the Asian floriculture business, Hasfarm at a $500 million valuation, Bloomberg reported.

MBK Partners exited Japanese jeweler Tasaki & Co to FountainVest Partners and Unison Capital for $660 million, Bloomberg reported.

Blackstone-backed Quality Care India and TPG-backed Aster DM Healthcare are merging in a $5 billion all-stock deal, creating one of India's largest hospital chains. Blackstone will hold a 31% stake in the newly branded Aster DM Quality Care.

Fundraising

Italian growth investor 21 Invest held a €70 million first close for 21 Invest Healthcare Fund. The fund has a €150 million hard cap.

South African investor Ninety One held a $260 million first close for ACO Fund 3 which invests in Africa and emerging market-focused credit opportunities.

Indian early-stage investor Stellaris Venture Partners closed its third fund on $300 million.

Apheon launched a €435 million continuation fund to acquire Dutch technology consultant TMC and French food producer Haudecoeur from Apheon MidCap Buyout IV.

GLP, a Singapore-headquartered real estate investment firm, is considering a Hong Kong IPO eight years after being taken private from the Singapore Stock Exchange, Reuters reported.

Norwegian buyout firm Orkla is considering a $400 million IPO in Mumbai for its Indian business, Bloomberg reported.

Chart of the Day

Source: PitchBook Analyst Note: Private Wealth Unlocks New Growth for Venture Capital

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PitchBook News - VCs pressure LPs for more time

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