PitchBook News - The 9 VCs that ruled 2024 fundraising

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The Daily Pitch: VC

December 12, 2024

Presented by Silicon Valley Bank

🏈 PE bought its first piece of the NFL: The Miami Dolphins sold a stake to Ares Management, and the Buffalo Bills struck a deal with Arctos Partners. Both deals were reportedly for a 10% share, the max allowed under new rules. Our dashboard tracks every PE connection to US pro sports. Dive in.

🥇 Our ranking of PE lenders just dropped.

🚘 VC investment in mobility tech fell more than 37% in Q3, as fears lingered over the future of the US EV subsidy. But strong fundraising by EV-enabled companies like Monarch Tractor and Rapido signal a path forward. Get the preview.

2024 Wrap

9 VC firms collected half of US fundraising in 2024

Marc Andreessen, co-founder of Andreessen Horowitz
(Paul Chinn/Getty Images)

In 2024, 30 firms raised 74% of all capital committed to VC funds in the US, a powerful signal of how the tech pullback is concentrating influence among venture's heavyweights.

At the top of the heap: Andreessen Horowitz, which accounted for 11% of LP commitments.

The days of small, boutique firms elbowing each other aside for the best deals have been replaced by an elite cohort of mega-fund brands dictating rules and valuations.

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Ranking PE's most active lenders

Twelve lenders took part in at least 50 deals each for US PE-backed companies in the third quarter, with the most active five tallying at least 60 apiece.

Which firms led the way? Explore our interactive Q3 2024 PE Lending League Tables, sponsored by TPG Twin Brook Capital Partners. Slice the data by deal type, geography, sector and more.

see the rankings

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People

David Bonderman, the co-founder of alternative asset manager TPG, which has about $239 billion assets under management, died at age 82.

VC Deals

Noema Pharma, a Swiss biotech startup, raised a 130 million Swiss franc (around $147 million) Series B from investors including EQT Life Sciences, Forbion and Jeito Capital.

Angitia Biopharmaceuticals, which develops treatments for bone and muscle diseases, raised a $120 million Series C led by Bain Capital Life Sciences.

Connecticut-based Veradermics, which develops drugs to treat skin and hair conditions, raised a $75 million Series B led by Suvretta Capital Management.

Sports safety and insurance specialist Players Health, based in Minneapolis, raised a $60 Million Series C Led by Bluestone Equity Partners.

Montreal-based Flare, a startup developing a cyber threat intelligence platform, raised a $30 million Series B led by Base10 Partners.

Mynt, a Stockholm-based corporate credit card and spend management startup, secured €22 million in a Series B led by Vor Capital.

Albert Invent, which develops an AI platform for use in chemical research, raised a $22.5 million Series A led by Coatue.

Biomemory, a Paris-based biodigital data storage provider, raised an $18 million Series A led by Crédit Mutuel Innovation, Bpifrance and Blast Club.

SpotmyEnergy, a German smart meter startup, raised a €10.5 million seed investment led by Norrsken VC.

PE Deals

Bain Capital launched a $4.3 billion counterbid for software company Fuji Soft after KKR offered $4.1 billion last month.

Nasdaq-listed dental products distributor Patterson has been acquired by Patient Square Capital in a $2.8 billion deal.

FIGS, a NYSE-listed healthcare apparel company, is in talks to be taken private by Story3 Capital Partners in a deal that could value the company over $1 billion, The Wall Street Journal reported.

Bosch is considering a sale of its security systems assets to Triton Partners in a deal that could value the operations at around €700 million, Bloomberg reported.

Blackstone is in talks to back out of its joint bid with TPG to acquire eye care products company Bausch + Lomb, The Financial Times reported.

Workplace supply and uniform company Vestis may delist from the NYSE, with PE firms including Advent International and Apollo Global Management interested in a take-private, Reuters reported.

Klaxoon, a Eurazeo-backed French B2B startup that develops visual collaboration software, was acquired by San Diego-based Wrike, which is backed by STG Partners.

Insight Partners-backed Echo AI, which uses generative AI in a customer conversation platform, was acquired by Thoma Bravo-backed customer interaction analytics specialist Calabrio.

Main Capital acquired a majority stake in TMA, a Netherlands-based talent management company.

Exits

VC-backed Elios Vision, a company that develops a minimally invasive glaucoma procedure, has been acquired by Bausch + Lomb.

DeA Capital sold its 30% stake in OMB Saleri, a sustainable mobility components producer.

Fundraising

Energy Capital Partners will launch its sixth fund in January 2025 targeted at $5 billion in capital commitments, Infrastructure Investor reported.

UAE-based Iliad Partners has launched a $50 million MENA-focused fund targeting early-stage B2B software startups.

Investors

Hamilton Lane is looking to offer tokenized versions of its funds via the Allfunds Blockchain platform.

Chart of the Day

Source: Unicorn companies tracker

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PitchBook News - The 9 VCs that ruled 2024 fundraising

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