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The Daily Pitch: VC

December 3, 2024

Presented by Fidelity Private Shares^SM

Today's Top Stories

👻 Huge discounts on startup secondaries are vanishing, a sign that demand for these minority stakes is finally catching up to supply. Relative to their last funding round, prices of direct secondaries have gone from trading at an average discount of 50% in early 2023 to 12% in September. Full story.

🏭 The $11 billion Healthcare of Ontario Pension Plan named energy and infrastructure veteran Annesley Wallace as its new president and CEO. The midstream energy executive assumes the role as HOOPP rapidly expands its relatively new infrastructure portfolio. Read more.

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Private funds pine for a post-election pop

Now that the US presidential election is in the rearview mirror, optimism is growing for a boom in dealmaking and exits—potentially driving distributions for LPs and making future fundraising easier, according to our latest Global Private Market Fundraising Report.

Not that fundraising has been bad: While the latest numbers can be deceptive given a lag in reporting, PitchBook senior strategist Hilary Wiek believes the last 12 months have been a strong period for private market fundraising. Infrastructure vehicles experienced a surge in Q3, and secondaries are benefiting from a cyclical bump as large asset managers close their latest vintages.

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Clean energy bets powered up in Q3

Q3 was the best quarter for VC deal flow into clean energy companies since Q4 2022. Investors are taking bigger swings on battery energy storage, grid management and even fusion, according to our recent Emerging Tech Research.

The AI industry's demands on data centers are pushing investors into uncharted territory. Ten fusion startups raised VC rounds in Q3, including four rounds over $50 million.

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EQT, GIC grab UK smart meter group Calisen

(Courtesy of Calisen Group)

EQT and Singapore's sovereign wealth fund GIC are acquiring a majority stake in UK smart meter company Calisen Group from BlackRock, Goldman Sachs Alternatives and Mubadala.

The energy transition trend has helped spark investor demand in the sector.

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Since yesterday, the PitchBook Platform added:

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People

Nuveen Private Capital hired Otto Donner from M&G Investments as head of Nordics business development.

VC Deals

New York-based investment platform developer Public raised $135 million in a round led by Accel that included $105 million in equity and $30 million in debt.

Upwind, a cloud security startup, raised a $100 million Series A led by Craft Ventures that values the company at $900 million.

9fin, a London-based AI-powered analytics platform for debt capital markets, secured a $50 million Series B led by Highland Europe. KKR, The Carlyle Group and Mubadala also have shown interest in the company, The Financial Times reported.

Stablecoin infrastructure developer Usdx.money raised a $45 million round from investors including NGC, BAI Capital, Generative Ventures and UOB Venture Management.

Inotec, a UK-based developer of oxygen treatments for wound care, raised a $33 million Series C led by investors including Amadeus Capital Partners, Meltwind and Puhua Capital.

Raidium, a Paris-based precision radiology startup, secured a €16 million seed investment led by Newfund and Kurma Partners.

Vooma, a startup developing a freight logistics AI platform, raised a $13 million Series A led by Craft Ventures.

PE Deals

HKBN, a Hong Kong-based internet service provider, has received a bid from I Squared Capital to take the company private. The offer is higher than last month's takeover bid from China Mobile, Bloomberg reported.

Worldline, a France-based publicly listed payments company, is in talks to be acquired by a private equity firm, with Bain Capital among others exploring takeover options, Reuters reported.

Qatar Investment Authority acquired a minority stake in Audi's Formula One team via a $510 billion fund.

Pacific Equity Partners is buying Singapore Post's Australian business, Freight Management, for A$1 billion (about $651.2 million).

Stirling Square Capital-backed Sustainable Agro Solutions acquired Pevesa Biotech's agroscience division from Kerry Group.

Freshstream Investment Partners acquired G2V Group, a UK-based staffing and recruitment specialist.

Whiterock invested in Solarfix, a Belfast-based solar panel maker.

Exits

Citi is planning an IPO of Citibanamex, one of the company's Mexico-based commercial banks.

LIV Golf, which is backed by Saudi Arabia's Public Investment Fund, is in talks to merge with the Europe-based DP World Tour, Bloomberg reported.

Nice One Beauty, a Saudi Arabia-based online cosmetics retailer, is looking to raise 1.21 billion riyals (about $322 million) in a Riyadh IPO.

Fundraising

Mumbai-based PE firm EverSource Capital, which focuses on investing in renewable energy, is launching a new fund targeted at $1 billion. The firm received a commitment from the U.S. International Development Finance Corp. for the fund.

Mark Capital Management closed its urban logistics fund Crossbay II on €660 million.

Munich-based early stage investor Alstin Capital closed its third fund on €175 million to back B2B software startups.

Investors

Nebius, a Nasdaq-listed AI infrastructure company formerly known as Yandex NV, raised $700 million from investors including Nvidia, Accel and Orbis for expanding into the US.

Chart of the Day

Source: Q3 2024 Clean Energy Report

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PitchBook News - Discounts on startup secondaries fading

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