PitchBook News - The paths forward for allocators

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The Daily Pitch: VC

December 16, 2024

Presented by Fidelity Private Shares^SM

🚢 Tariff escalations could boost startups that make supply chain tracking and risk management technology. Businesses will demand more visibility at all steps in the supply chain to protect their operations. These startups stand to benefit.

🧬 Innovation in DNA synthesis services and cell-free manufacturing are luring pharmatech investors. The pace of VC dealmaking in the sector picked up in Q3, with 65 deals completed compared with 47 in Q2, despite a dip to $1.1 billion invested. Get the preview.

2024 Wrap

Key signals for allocators

The economic crystal ball remains cloudy, with an array of scenarios—higher for longer, soft landing or recession—hanging in the balance. Our latest Allocator Solutions report covers the potential macro regimes shaping outcomes for PE, VC, private credit and real estate in 2025.

We unpack the critical signals for allocators, including stretched valuations in buyouts, a more favorable dealmaking environment for VC, the evolving landscape of private credit and a rebound in property fundamentals in real estate.

read the report

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Swapping in success for EV batteries

For electric vehicles, could the future of recharging be as simple as swapping in fresh batteries like for a flashlight? Across China and emerging markets, the ability to quickly replace EV batteries is gaining traction.

Our latest analyst note covers the relatively nascent battery-swapping tech segment of EVs. While some high-profile failures derailed plans for the technology in the past, the approach is having a resurgence as battery-as-a-service models lower the cost of entry to EV ownership.

read the preview

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These mega-funds defied Europe's VC fundraising dip

From left, Index Ventures partners Neil Rimer and Danny Rimer (John Phillips/Getty Images)

It has been a tough year for European VC fundraising with the number of closes this year set to reach its lowest level in a decade. Mega-funds, however, have become more prevalent as the region's VC market becomes more concentrated.

In fact, our breakdown of the largest funds to close this year finds that many come from the same investors. Index Ventures' seventh growth fund is at the top of the list, yet its eighth flagship follows in third. Atomico also has two vehicles on the list, including a growth fund.

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Since yesterday, the PitchBook Platform added:

149

People

58

Companies

1

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage Global Debt Funds

Median IRR

10.58%

Top Quartile IRR

13.27%

0.33x

Median DPI

Select top performers

Chambers Energy Capital IV

Triton Debt Opportunities Fund II

Francisco Partners Credit I

*IRR: net of fees

86 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Liquid AI, a startup developing AI systems based on the brain architecture of a worm, raised a $250 million Series A led by AMD that values the company at $2.3 billion.

Billd, which provides financial technology to subcontractors, raised a $144 million debt financing facility from Atlas SP Partners.

Australia-based Fleet Space, which develops satellite mineral prospecting technology, raised $100 million at a $525 million valuation in a Series D led by Teachers' Venture Growth.

Contract manufacturing startup Zetwerk raised a $70 million round led by Khosla Ventures that values the company at $3 billion.

Berlin-based Baller League, which operates a 6 vs. 6 soccer league, raised over $33 million in a combined round which includes a $25 million Series A led by EQT Ventures.

Video AI startup Twelve Labs raised $30 million from investors including Snowflake, Databricks and SK Telecom.

Neobank Current raised $30 million from investors including Andreessen Horowitz, Wellington Management and Avenir, Axios reported. The company also raised $175 million in other financing.

PE Deals

Blackstone and Bain Capital are both in talks to bid around $3.5 billion for Mitsubishi Tanabe Pharma, a pharmaceutical unit of Mitsubishi Chemical Group, Reuters reported.

Sixth Street bought $4 billion worth of consumer loans from Affirm Holdings, a buy-now, pay-later company.

Shore Capital Partners founder Justin Ishbia is in talks to buy MLB's Minnesota Twins, Bloomberg reported.

The Carlyle Group raised a $318 million unitranche loan in order to acquire Waste Services Group, an Australia-based waste management company, Bloomberg reported.

Exits

Quest Global Services, an India-based engineering services firm owned by The Carlyle Group, is in talks to pursue an IPO, Bloomberg reported.

Hunan Chayue Cultural Industry Development Group, the VC-backed company behind Chinese tea shop chain Sexy Tea, is planning a US IPO instead of a Hong Kong listing, Bloomberg reported.

Turkey-based power company Aydem Enerji is considering an IPO for two of its units: GDZ Dagitim, which could be valued around $2.2 billion, and ADM Dagitim, which could be valued around $1.5 billion.

Investors

Schroders is looking to sell its Indonesian business, which has $4 billion in AUM, Reuters reported.

Bain Capital made a $1.7 billion non-binding, all-cash takeover proposal for Insignia Financial, an Australia-based wealth manager.

Chart of the Day

Source: David Sacks’ ‘AI czar’ role deepens ties between White House and VC

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PitchBook News - The paths forward for allocators

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