SpaceX tender offer boosts secondary sales

Read online | Don't want to receive these emails? Manage your subscription.

Log in

The Daily Pitch: VC

December 4, 2024

Presented by Fidelity Private Shares^SM

Today's Top Stories

🤝 GP consolidation is at an all-time high as BlackRock's $12 billion acquisition of HPS Investment Partners adds to a wave of deals sweeping the industry. The all-stock combination creates a private credit powerhouse with $220 billion in client assets, positioning BlackRock to compete with major players like Carlyle, KKR and Apollo. Full story

🛰️ SpaceX's planned tender offer at a reported $350 billion valuation cements a blockbuster year for secondary share sales of VC-backed companies. By allowing existing shareholders to cash out their holdings, these deals have relieved pressure on tech companies to go public—potentially at the expense of LPs awaiting home run returns. Read more.

🦘 Australia will get a new fund with $39 billion under management after pension funds Equip Super and TelstraSuper agreed to merge. The large pool of capital provides a major tailwind for private markets as the superannuation funds look to increase their exposure. Go deeper.

Was this email forwarded to you? Subscribe here.

Australia eyes dealmaking boost amid stubborn headwinds

Australia has seen relatively flat VC and PE markets this year as inflation and higher interest rates remain major headwinds. Venture capital in the country is still struggling to recapture the foreign investment of 2021, while PE remained quiet with the increased cost of borrowing, according to our debut Australia Market Snapshot.

But the abundance of local capital offered by superannuation funds, which are looking to increase their exposure to private assets, could boost dealmaking as rates begin to fall.

read it now

Share:

A message from Fidelity Private Shares

Founders, shouldn't managing your equity and investors be simple?

Who here is feeling overwhelmed by cap table management? Day-to-day due diligence? Juggling all your investors?

Dealing with equity can be confusing. And fundraising shouldn't have to be your full-time job.

A solution: Fidelity Private Shares^SM.

Fidelity Private Shares helps you:

More easily manage your cap table and data room
Get faster, more accurate 409A valuations
Do sophisticated scenario modeling
Fully automate your next funding round

Fidelity also has a vibrant startup community for access to exclusive events for founders and VCs.

Visit FidelityPrivateShares.com. Mention PitchBook to get 20% off your first-year paid subscription.

PitchBook and Fidelity Private Shares LLC are not affiliated

Share:

November wrap-up: One month in global markets

Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.

In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on.

read it now

Share:

OMERS dives into IT with Integris acquisition

(Istvan Kadar Photography/Getty Images)

One of Canada's largest pension plans just made its first direct investment in IT management. The Ontario Municipal Employees Retirement System has agreed to acquire Integris, a provider of IT, cloud and cybersecurity services, from Chicago-based buyout firm Frontenac.

Share:

Since yesterday, the PitchBook Platform added:

2034

People

607

Companies

37

Funds

See what our data software can do

The Daily Benchmark:
2016 Vintage Global PE Funds

Median IRR

18.29%

Top Quartile IRR

23.74%

0.98x

Median DPI

Select top performers

Francisco Agility Fund

Renovus Capital Partners II

Gemspring Capital Fund I

*IRR: net of fees

134 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

AI computing startup Tenstorrent has raised a $693 million Series D at a $2 billion pre-money valuation led by Samsung Securities and AFW Partners.

Digital banking specialist Lumin Digital has raised $160 million in a round led by Light Street Capital, NewView Capital and Partners Group.

KPay, a Hong Kong-based SMB financial management specialist, has raised a $55 million Series A led by Apis Partners.

Yurts, which offers an AI-powered chat assistant for US government and defense agencies, has raised a $40 million Series B led by XYZ Venture Capital.

Orthopedic surgical device specialist Ossio has raised $27.6 million in a round led by Questa Capital.

Israeli startup Droxi, which is developing a platform for medical administrative tasks, has raised a $21 million Series A led by Drive Capital.

Carbmee, a Berlin-based carbon management specialist, secured a €20 million Series A led by CommerzVentures.

Space-tech specialist SpinLaunch has raised $11.5 million of a planned $25 million, according to a regulatory filing.

Orakl Oncology, a Paris-based precision oncology startup, raised an €11 million seed investment led by Singular.

StretchDollar, which offers a health benefits platform for small businesses, raised a $6 million seed investment led by Fika Ventures and Oscar Health.

PE Deals

Crane Company has sold its engineered materials business, Crane Composites, to an affiliate of KPS Capital Partners at a $227 million valuation.

Blackstone and Greater Sum Ventures have made an equity investment in Inhabit, a property management software developer.

RJW Logistics, a supply chain specialist focusing on consumer packaged goods, has received a strategic investment from Berkshire Partners.

Accounting and consulting specialist UHY has received an institutional investment from Summit Partners.

Ridgewood Infrastructure has invested in Valley Cold Storage & Transportation, which provides temperature-controlled storage and logistics solutions to the food, agricultural, retail and pharmaceutical sectors.

H.B. Fuller has sold its flooring unit to Pacific Avenue Capital Partners, valuing the business at $80 million.

Exits

AI-powered financial services specialist Uptiq has acquired UpSwot, a VC-backed financial data integration provider.

United Bankshares has received regulatory approval to merge with Piedmont Bancorp, a VC-backed banking services company.

Great Hill Partners has sold its portfolio company Mission Cloud Services, a cloud management and service provider, to publicly traded CDW.

Summit Midstream Partners, an affiliate of Summit Midstream Corporation, has completed its acquisition of Tall Oak Midstream Operating from an affiliate of Tailwater Capital in a transaction valued at $155 million.

Publicly traded VSE Corporation has completed its acquisition of Kellstrom Aerospace Group from AE Industrial Partners.

Fundraising

Cadenza, a pre-seed and seed VC firm, has raised $50 million for its early-stage AI fund.

Chart of the Day

Source: Q3 2024 Launch Report: Aerospace & Defense

About PitchBook | Terms of use | Advertise with us | Contact

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

PitchBook Data Inc., 901 Fifth Avenue, Suite 1200, Seattle WA 98164, United States

SpaceX tender offer boosts secondary sales

Older messages

Should VCs spend slowly?

Crypto VCs size up Trump's SEC pick

Why VCs should slow down

The great AI gap: consumer startups

Trump-VC ties deepen

You Might Also Like

Building a 1000+ Blog Post Content Strategy Plan

Little Stream Software digest for the week of 2024-12-11

WTF is geo-based omnichannel measurement?

European Crypto ETPs are becoming popular

YouTube... A Podcast App?

Gift-Giving Goldmine: $2.4M Per Month Product Idea [Trending Products]

Build a custom GPT dream team

Scoping out medtech's future

Holding Steady

'Everybody’s Job Is Everybody’s Job': Leadership, Mortality, and Meaning